Massive construction is underway on one of the artificial peninsulas being created off the UAE's coast. The Czech company Preston Capital is now investing in a four-star hotel complex there. It plans to invest $50 million (€48 million) in Ras al-Khaimah, E15.cz reported.
The construction of a four-star hotel in the United Arab Emirates, in which Czech company Preston Capital will invest, is planned to start as early as 2023. The hotel, with 250 apartments on eight floors, will be built using a modular system that will speed up construction so that the hotel should open as part of the international Earth Hotels chain as early as 2024.
"Real estate investment in tourist areas is on the rise, with investors eager to put their money into these projects. Our company focuses on a real estate outside the European Union and the project in the United Arab Emirates is a great opportunity for Czech investors," said Filip Navrátil, owner of Preston Capital. Czech company Preston Capital focuses on the real estate business and offers a portfolio of investment products since its establishment in 2016, it has mainly sought and financed real estate projects outside the European Union.
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