European property developer opens office in Dubai


A European property developer Preatoni, has set up a subsidiary in Dubai to advance and grow its portfolio in the Middle East and Mena Region.

"We have built high-class tourism and residential complexes, hotels and leisure centers worth 2.5 billion euros in the Mena region, such as the Domina Coral Bay Resort in Sharm El Sheikh Egypt," said Ernesto Preatoni, Founder and Chairman of Preatoni Real Estate.

By opening its headquarters in Dubai, Preatoni aims to expand its portfolio of residential and commercial complexes, as well as hotel and touristic developments, to add to its number of hotels around the world, some of which are their own properties, while others fall in ‘management’ and ‘management and franchising’ categories.

Ernesto Preatoni said: “We are confident about the prospect of success the Middle East, especially Dubai. Even apart from the Expo 2020, has got all the fundamentals right for robust property investments… The whole world is talking about Dubai; it has its own distinctive charm for tourists as well as residents. You can enjoy and do business here; that’s what makes Dubai attractive. We are very happy to be welcomed in this country.”

He added: “Dubai has matured and made rapid strides in corporate governance not to mention that it is revolutionary in its thinking, which inspires investors to be creative and execute ideas that are not possible anywhere else. We would look at expanding to other emirates which are becoming more attractive for foreign investors thanks to the vision of the UAE.”

Preatoni has regional headquarters in Milano, Italy; Tallinn, Estonia; Vilnius, Lithuania; Riga, Latvia; Moscow, Russia; Sharm El Sheikh, Egypt and Dubai.

More developers are needed to grow the Dubai desert landscape into the oasis which it has promised by 2020.  

All is possible but only the private developers start investing in Dubai.  With so many historical projects on hold and not completed the real question is will investors trust private developers to deliver on their promises??

Are tougher rules on developers required to make them deliver or pay penalties in order to give investors confidence? 

Or Should the rules be relaxed in order to get developers to start developing?

Share your thoughts on the matter.
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