Business | Property
Iraq says new hotel to be investment milestone
A US-based investment group laid the foundation stone for a $100 million luxury hotel in Baghdad on Saturday.
- Agencies
- Published: 18:38 July 19, 2008
Baghdad: A US-based investment group laid the foundation stone for a $100 million luxury hotel in Baghdad on Saturday.
The five-star Baghdad Two Rivers hotel project in the Green Zone was the first business proposal to be licensed by Iraq's new National Investment Commission.
"It is a strong message to investors and businessmen in Iraq and abroad that investment in Iraq has truly started," said Ahmed Ridha, chairman of the commission.
Iraq's foreign direct investment was a mere $272 million in 2006, according to United Nations statistics.
Iraq's Finance Ministry leased the investment group a prime spot for the 300-room hotel, within sight of Baghdad's iconic crossed-swords monument.
The archway is formed by interlocking blades held by hands said to be modelled on those of former Iraqi President Saddam Hussain.
"We have studied the investment situation in Iraq and think it is very positive...We believe the security is just right for our investment," said Robert Kelley, chief executive of the US-based Summit Global Group, which is building the hotel.
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