Mohamed Alabbar sells penthouse in Belgrade Waterfront

Mohamed Ali Alabbar, the Emirati billionaire behind large developments in the region, has agreed to sell his 344-square-metre penthouse in one of the first towers at Belgrade Waterfront, according to records in the Serbian Real Estate Cadastre. The apartment is in the BW Residences complex and the contract gives the buyer until mid-December this year to pay the agreed sum and complete the purchase.

The transaction was confirmed by Alabbar’s Serbian company, Eagle Hills, which described the deal as a private property matter. The sale has revived questions about Alabbar’s future presence in Serbia and the longer-term outlook for the Belgrade Waterfront project.

Visit to North Macedonia and local ties

Alabbar has visiting ties to North Macedonia: in late December 2025 he posted videos of walks in Skopje and Bitola and wrote, translated here, “North Macedonia — the land of Alexander the Great. A nation with a proud history, shaped by rivers, mountains and fertile valleys. Defined, above all, by the warmth and hospitality of its people.” One of his companions in the footage was Sasho Markovski, an advisor to the prime minister, and the post was liked by Prime Minister Hristijan Mickoski.

Government officials have publicly discussed the possibility of Emirati investments in Macedonian projects such as developments in Ohrid, Chebren and Galiste, Popova Shapka and a proposed landmark near the Ilinden barracks in Skopje after a government visit to the UAE in April 2025. So far, however, no Emirati investments in North Macedonia have been confirmed.

The sale of Alabbar’s Belgrade penthouse has also drawn attention because he entered the Belgrade Waterfront development during the administration led by the Serbian Progressive Party and its long-time leader and former president, Aleksandar Vučić. That government and party suffered defeat in the most recent early parliamentary elections at the hands of a rival student-led list, which prompted public debate about the project’s future.

In its statement, Eagle Hills added, translated here, “Mr. Alabbar has a deep affection for Serbia, which he considers his second home. His personal and business ties with Serbia remain very strong, as does his commitment to the continued development of the country and the success of the Belgrade Waterfront project.”

Public registry details list the buyer as Aleksandar Zheleznikov, a name that appears to match several individuals in open-source searches, including a Moscow lawyer and a Russian activist who sought asylum in Finland. One domestic online record matches the exact full name to a farmer on a Russian website.

Construction at Belgrade Waterfront continues on individual plots between the Old Sava Bridge and the Gazela Bridge, with additional works progressing toward the fairgrounds area. Alabbar has previously said that €4 billion has been invested in the project to date and that the Serbian state received €1.2 billion in taxes related to the development.

Photo: EPA/ANDREJ CUKIC