The Abu Dhabi-based Eagle Hills, which is led by Emaar founder Mohamed Alabbar, has clinched a deal to build a massive waterfront development in the Serbian capital of Belgrade.

The developer plans to spend $3 billion building the Belgrade Waterfront development, which will include Serbia’s largest mall, hotels, office buildings and apartments for 14,000 people, Reuters reported.

The agreement between Serbia and Eagle Hills was signed on Sunday, it was reported, and construction works are set to commence in September.

Belgrade Waterfront will span 1.8 million square meters and be 68% owned by Eagle Hills, with the rest held by the Serbian government, according to Bloomberg.

Some have reportedly objected to the cost and scale of the project, and have claimed it was approved without proper planning.

The Serbian government, however, says that it will draw in billions of euros in investment and create 20,000 jobs.