Dubai: Movenpick Hotels and Resorts announced on Tuesday it will open a new property in Basra early this year as it aims to capitalise on what it described as Basra’s status as “Iraq’s economic capital.”

In a statement, Movenpick said Basra was a regional oil and gas hubs, and that the 152-key property is on track to open its doors in the first quarter of 2018.

The hospitality chain said the hotel will be located in the centre of Basra and will fill a gap in the market for upscale hotels.