While Montenegro has struggled to secure investments from the UAE, countries like Turkey, Brazil, and Serbia have successfully attracted billions by offering proactive incentives, legal certainty, and strategic partnerships.
Turkey
Turkey has built strong economic ties with the UAE, attracting over $6 billion in recent years. The country offers tax breaks, customs exemptions, employment subsidies, and even free or symbolic land for strategic tourism projects. Special economic zones and tech parks provide further incentives. Notable investments include real estate developments by Emaar, port investments by DP World, and acquisitions in banking and industry. A comprehensive economic partnership agreement (CEPA) signed in 2023 further facilitates trade and investment. High-level political engagement, including direct lobbying by President Erdoğan, has ensured investor confidence.
Brazil
Brazil, Latin America’s largest economy, is becoming a major destination for Emirati capital. Since the 2010s, over $5 billion has been invested, particularly by Abu Dhabi’s Mubadala fund in sectors such as energy, petrochemicals, and even sports. Recent agreements under President Lula include plans for up to $100 billion in urban development and green infrastructure, with $19 billion earmarked for Rio de Janeiro. Incentives include tax holidays, land grants for agriculture, and public-private partnerships with guaranteed returns. Brazil leverages its vast market, resources, and global reputation to attract capital while ensuring local benefits.
Serbia
Nearby Serbia has also succeeded in attracting UAE investments, notably the $3+ billion Belgrade Waterfront project by Eagle Hills. The Serbian government offered generous incentives, including free land, regulatory fast-tracking (lex specialis), and tax relief. UAE has also provided favorable loans, invested in agriculture (e.g. grain-for-financing deals), and supplied military equipment. Strong political ties and flexibility in negotiations have been key.
Key factors for success
Countries that attract large UAE investments share common traits: political will, streamlined bureaucracy, legal clarity, attractive incentives (like tax breaks and land grants), and high-level diplomatic engagement. They often adapt laws to accommodate investors, offer profit-sharing, and require local job creation to ensure mutual benefit.
Risks and balance
Over-incentivizing investors can risk public interest, but with well-structured contracts, states can protect themselves while remaining attractive. Turkey, for example, includes clauses on profit-sharing and local employment. Montenegro, by contrast, has struggled due to inconsistent policies, lack of transparency, and missed opportunities—despite having a much smaller market that can’t afford to turn away major capital.
