FBiH Government Offers Agrokomerc Assets to Arabs

The Government of the Federation of Bosnia and Herzegovina has offered the multi-million assets of Agrokomerc in Velika Kladuša to unnamed Arabs, Patria reports. 

The Arabs were brought to Velika Kladuša directly by the director of BBI Bank, Amer Bukvić, last Saturday. Accompanying them was also the advisor to the Federal Prime Minister, Suvad Osmanagić. The Arabs interested in Agrokomerc were presented as investors. They are reportedly from the state investment fund of Dubai. It was not possible to learn more details about the potential buyers of Agrokomerc. 

The Radio-Television of the Una-Sana Canton provides photographs of the Arabs, Bukvić, and Osmanagić in Agrokomerc's halls. They all walked through this company for several hours. 

Patria's reporting has been confirmed that Agrokomerc could soon be purchased. And that, most likely, with capital owned by BBI Real Estate. It was precisely with the help of BBI Real Estate from Sarajevo that the wealthy Arabs had earlier acquired some of the most attractive locations in the capital of Bosnia and Herzegovina. 

Panorama Sarajevo is a complex of residential buildings in the strict city center above Baščaršija, which was built with capital from BBI Real Estate. Those apartments were offered for sale to Sarajevans. 

In addition to this project, BBI Real Estate d.o.o. in Sarajevo is building or has built several other residential projects, of which the residential buildings near the Sarajevo Brewery, on Ispod Budakovića Street, have been completed. Also mentioned are the Nedžarići residential building project and the Alipašino Polje residential building project.

The largest project of this company is certainly the BBI Center on the site of the former Sarajka department store. So, this is not about serious investments, about reviving the BiH economy, but about an attempt at quick profit. 

It is hard to believe that Arab investors will restart production in Agrokomerc. Most likely, they are interested in the assets of this company, which are enormous.

Economic analysts warn that Bosnia and Herzegovina needs investments and serious investors. Even those from wealthy Arab countries. But the Government should not sell off land. And, that is exactly what is happening in the FBiH. 

Croatia found itself in similar problems a few years ago, after millionaires from Russia began buying parts of its islands. In Croatia, land can now only be obtained under a concession. Even the Arabs do not sell their land to others. They offer it to anyone, but only on a lease, never as ownership.

Real Estate d.o.o. was originally founded under the name BBI Leasing & Real Estate, and in 2009 it was re-registered as BBI Real Estate d.o.o. for real estate Sarajevo.

Ownership shares in the company BBI Real Estate d.o.o., headed by Sead Živalj, are held by the Islamic Development Bank with 99.97 percent, and BBI with 0.03 percent. The total founding capital is 40 million KM.

The Islamic Development Bank is a multilateral financial institution founded by the member countries of the Organisation of Islamic Cooperation (OIC) exactly 43 years ago.

At the head of BBI Bank is Amer Bukvić, extremely close to the President of the SDA and member of the BiH Presidency, Bakir Izetbegović, Patria reports.