Karbala, Iraq needs 500 hotels: business council

[Sara Johnson]

Karbala, Iraq needs 500 hotels: business council

Karbala, Iraq needs 500 hotels: business council

construction week online - [5/18/2011]

Growing religious tourism has created a huge demand for large-scale developments in Iraq.

“We require at least 500 hotels to be built in Karbala based on the current influx of pilgrims,” said Iraqi National Businessmen Council chairman Ibrahim Al Baghdadi.

Al Baghdadi was speaking at a recent 'Investment in Iraq' summit at the DIFC in Dubai, organised and sponsored by Range Hospitality.

“Religious hospitality is our expertise, and this is one sector which goes unaffected by changing economic scenarios,” said Range Hospitality vice-chairman Mohammed Asaria.

“Religious tourism in Iraq is on a growth trajectory. There are absolutely no hotels in Karbala and Najaf which would be graded three-star or above by international standards. Coupled with the growing number of pilgrims, a number of large-scale developments are required to ensure this gap is addressed,” said Al Baghdadi.

A current project in Karbala is the Al Rawdatain Residences by Shaza. “Construction has commenced at the site of Al Rawdatain Residences in Karbala. We are on schedule to handover the project in 2013. Currently we have signed firm contracts for over 60% of our inventory to a diverse mix of buyers,” said Asaria.

“Furthermore, our construction cost is fully funded, and we have passed this benefit to our buyers by offering them an attractive payment plan. Investors can now pay 10% upon reservation, 10% on groundbreaking, 10% on completion of foundation and the balance upon handover,” explained Asaria.

“More than 33% of total investment and foreign commercial activity in Iraq is attributed to the real-estate sector. There has been a sizeable increase in foreign investment in Karbala and Najaf over the last year,” said Dunia Frontier Consultants MD Kyle Stelma.

In 2010, foreign firms and investors reported $42.668bn in investments, service contracts and other commercial activities across Iraq, an estimated 48.7% increase in total deal value over the previous year.

Stelma also highlighted that Iraq has some of the most favorable foreign investment laws in the Middle East, which will make Iraq one of the most lucrative markets in the region.

Range Hospitality was founded to develop hospitality projects in emerging markets and areas that benefit from significant volumes of pilgrims.

“We were proud to have arranged this seminar, bringing together leading multinational companies operating in Iraq on one platform. The seminar was arranged to provide an insight into religious hospitality and the investment dynamics in Iraq,” said Range Hospitality CEO Munaf Ali.

http://www.iraqdirec...com/en/news.asp

[Jmcc]

Sara Johnson, I have no idea how you find all these little tidbits, but they do show that Iraq is trying to do some good in their own way. Love to read this stuff that is off the radar. Thanks!

[HYDRANT]

WOW WILL CREATE ALOT OF JOBS---- AND ALOT OF OTHER THINGS TOO

[lavender]

Thanks Sara, after RV these hotels might be a good investment for us!