Businessmen from the United Arab Emirates (UAE) plan to invest in construction of a housing complex and a five-start hotel in Grozny, Chechnya, RIA Novosti cites the press-service of the Chechen leader Ramzan Kadyrov on Wednesday as saying.
Royal Group is the investor. Construction is planned to start in the near future.
A group of businessmen from the UAE visited Grozny last month. They observed construction in the republic and investment projects presented by the Chechen government. Sheikh Tahnun bin Zayed Al Nahyan, head of the Abu Dhabi investment fund and president of the Royal Group, signed the agreement on construction. Prince Muhammed bin Zayed Al Nahyan decided to construct a five-star hotel in Grozny, Chechen senator Ziyad Sabsabi said.
Sheikh Tahnun said that they plan to build a sports camp for athletes from UAE and other Arab states.
