February 26 (SeeNews) - Serbian company Luss Protect opened a textile factory in Raska District, in the country's south, funded by the Khalifa bin Zayed Al Nahyan Foundation, the United Arab Emirates (UAE) foreign ministry said on Tuesday.
The factory was officially opened in the presence of Serbian president Aleksandar Vucic who thanked the Khalifa bin Zayed Al Nahyan Foundation for its assistance and financial support to build the factory, the UAE foreign ministry said in a statement.
The factory was built by Khalifa bin Zayed Al Nahyan Foundation, and its operation was entrusted to Luss Protect, the Raska District government said in a separate statement on Monday.
Luss Protect plans to hire a total of 300 employees at the factory by the end of this year and to increase their number to 700 in the next five years, Vucic said in his personal website last week.
During the groundbreaking ceremony in September 2016, Vucic said the total investment in the construction of the factory will stand at 9 million euro ($10.2 million) and the financing will represent a grant from UAE president Khalifa bin Zayed bin Sultan Al Nahyan.
The factory is located in the village of Draganici and will produce protective equipment and uniforms under the Armis brand, data from the corporate website of Luss Protect shows.
According to data from Serbia's business register, Luss Protect is 50%-owned by Belgrade-based company Luss Investment and Serbian citizen Sava Mitrovic. Luss Investment, in turn, is a wholly-owned subsidiary of UK company Luss Investments LP.
($ = 0.880195 euro)