Investors from UAE Came to Chechnya

15/04/2011 at 16:50 1 comment

Abu Dhabi-based Royal Group is eyeing investments in Chechnya including a luxury hotel and a sports complex, the Chechen government said on Thursday.

“A delegation of one of the largest construction companies of the United Arab Emirates ‘Royal Group’ was in Grozny recently to determine areas for the construction of a modern five-star hotel, sports facility and a housing complex,” said a statement from the press service of the Chechen Republic government.

The Royal Group delegation was received by Muslim Khuchiyev, mayor of Grozny and they toured Chechnya’s capital, Grozny, before heading to the mountains surrounding the city to find a site for a potential sports facility. The investors were shown a potential 45-hectare area in Grozny for the hotel and housing complex. During the tour, Ziyad Sabsabi, a member of Federation Council from Chechen Republic accompanied to the Royal Group delegation.

The Royal Group’s manager for sports construction as saying it wanted to build a sports complex where athletes from the United Arab Emirates and other Arab countries could train for international competitions.

Recall that Ramzan Kadyrov, had earlier asked the United Arab Emirates to invest 68.9 billion roubles ($2.44 billion) in some 17 projects, mostly hydro-electric power plants, in the province on Russia’s southern border.



Entry filed under: News.

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