Range Hospitality successfully concludes Investment in Iraq Summit in Dubai

Press release
Published May 23rd, 2011 - 05:49 GMT
Al Rawdatain Residences in Karbala
Al Rawdatain Residences in Karbala

Range Hospitality organized and sponsored a seminar on 15th May 2011 entitled “Investment in Iraq Summit 2011” at DIFC Dubai. The event was attended by over one hundred professionals encompassing entrepreneurs and investors representing a diverse mix of business background. Mr. Munaf Ali, CEO Range Hospitality commemorated the event with a welcome speech. He introduced the key note speakers to the audience which included Mr. Ibrahim Al Baghdadi, elected Chairman of the Iraqi National Businessmen Council and Board Member of the National Investment Council of Iraq; Mr. Mohammed Al Assam, Chairman and Managing Director, Dewan Architects and Engineers; Mr. Mohammed Asaria, Vice Chairman, Range Hospitality; Mr. Kyle Stelma, Emerging Markets Managing Director, Dunia Frontier Consultants; Mr. Khaled Saqqaf, Head of Jordan and Iraq offices, Al Tamimi & Company and Mr.William Wakeham, Founder and Principle shareholder in AAIB Insurance Brokers.

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

Mr. Ibrahim Al Baghdadi said at the event that, “Religious tourism in Iraq is on a growth trajectory. There are absolutely no hotels in Karbala and Najaf which would be graded 3 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. We require at least 500 hotels based on the current influx of pilgrims to be built in Karbala.”

Mr. Mohammed Asaria, Vice Chairman Range Hospitality presented the project, Al Rawdatain Residences by Shaza and remarked, “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. Religious Hospitality is our expertise and this is one sector which goes unaffected by changing economic scenarios“.

“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 ground breaking, 10% on completion of foundation and the balance upon handover.” Mr. Asaria added.

Mr. Asaria said that, “Al Rawdatain Residences by Shaza is accessible to all thorough our unique fractional ownership proposition, Mulkiya Intifa’a, which is fully secure and provides flexibility to our investors“. 

Mr. Kyle Stelma complemented Mr. Asaria’s statement in his presentation and said that, “more than 33% of total investment and foreign commercial activity in Iraq is attributed to real estate sector. There has been a sizeable increase in foreign investment in Karbala and Najaf over the last year. In 2010, foreign firms and investors reported US$ 42.668 billion in investments, service contracts and other commercial activities across Iraq — an estimated 48.7 percent increase in total deal value over the previous year.” He 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.