Czech diamond boss Říha will build a hotel complex in the Emirates

Prague - Czech diamond dealer Luboš Říha will build a hotel complex in the United Arab Emirates for more than 200 million US dollars (almost five billion crowns). The complex will be operated by one of the world's hotel chains, which includes interest from the company of American billionaire Donald Trump. Říha stated this in an interview with ČTK.

"We will start building a five-star hotel and a residential building there, the project's budget is over 200 million dollars," Říha told ČTK. He noted that the area will be built based on the design by architect Tony Ashai in the northernmost emirate of Ras Al Khaimah, located about 40 minutes from Dubai.

"The complex will be managed by one of the world's largest hotel chains. We are currently in talks with Viceroy, which belongs to a sheikh from Abu Dhabi, and with Donald Trump's Trump International," Říha stated. The connection with Trump was established by Říha's company DIC last year when it became a supplier of crowns for the international beauty competition Miss Universe, organized by the American billionaire.

Říha expects the permit for the building to be completed by mid-2018. "Preparatory work is already underway on the site, excavation work and foundation laying will begin by the end of the year. The actual construction is planned to start in early 2016," the businessman told ČTK. According to him, the hotel and residence will cover an area of over 24,000 m². There will be more than 500 accommodation and residential apartments and eight villas in a tropical garden with direct access to the sandy beach. In addition to Říha, Arab banks are also financially participating in the construction of the complex. Money for the hotel construction will also come from the sale of apartments in the residential building.

A basic apartment in the residential part of the complex can be purchased for about 150,000 US dollars (3.68 million crowns). "The model will work in such a way that you buy an apartment, which will be taken care of by the hotel, that will rent it out during your absence. For this, you will receive an annual return of eight to ten percent. You will have the apartment available for the period you set during the year," Říha stated. Clients will also receive UAE residency visas and a local bank account. "Of course, there will also be an option to use the apartment year-round," he added.

Říha anticipates that there will also be Czech customers at the hotel. Therefore, he is negotiating with an unnamed Czech travel agency that is interested in offering accommodation in the emirate of Ras Al Khaimah to its clients.

Říha's company DIC (Diamonds International Corporation) was founded in 2005 and focuses on selling investment diamonds, diamond jewelry, and luxury watches. It operates in Central Europe but is also penetrating markets in Russia, China, and Vietnam. Říha told ČTK that the company is also preparing to enter the Latin American market.