The Abu Dhabi investment company and UK hospitality developer, Range Hospitality, have partnered to develop a US $100 million (Dh367mm) five star hotel apartment project in Iraq. The development, which will be called The Range, will be located in the Iraqi pilgrimage city of Karbala and is expected to be complete in 2013. Range Hospitality will donate 20 percent of its profits from the project to Iraqi charities that help orphans and widows and to promote education and health care.
Managing partner at Range Holdings, Munaf Ali, said “It is part of our strategy to give something back.”
The Splendid Hotel Group of London will manage The Range, which will have between 650 and 700 rooms. Noor Capital will invest heavily in the project and is looking for other investors. Over six million pilgrims visit Karbala each year during the busiest season. Euromonitor International said religious tourism is the most important type of incoming tourism in Iraq, given its current security safety situation.