Italy's Preatoni buys Dubai Star Tower

(MENAFN) Italian property developer Ernesto Preatoni said it has recently bought the 191 meter-tall Dubai Star Tower within the Jumeirah Lakes Towers development to increase its business in Dubai's property market, according to Arabian Business. Preatoni, who is best known for developing the Sharm El-Sheikh resort in Egypt, has fully bought the 48-storey Dubai tower, which is being built by Al Rashad Contracting company. The project, which hit trading problems in the wake of the financial crisis, placed four of its seven funds into bankruptcy proceedings.