May 23 2011
The 'Investment in Iraq' Summit recently concluded in Dubai and organized by Range Hospitality highlighted that Iraq has some of the most favorable foreign investment laws in the Middle East, making Iraq one of its most lucrative markets. The summit witnessed keen participation from over 100 decision makers, entrepreneurs and investors representing diverse business backgrounds.
Mohammed Asaria, Vice Chairman of Range Hospitality.
Key speakers at the event included Ibrahim Al Baghdadi, elected Chairman of the Iraqi National Businessmen Council and Board Member of the National Investment Council of Iraq; Mohammed Al Assam, Chairman and Managing Director, Dewan Architects and Engineers; Mohammed Asaria, Vice Chairman, Range Hospitality; Kyle Stelma, Managing Director, Emerging Markets, Dunia Frontier Consultants; Khaled Saqqaf, Head of Jordan and Iraq offices, Al Tamimi & Company and William Wakeham, Founder and principle shareholder in AAIB Insurance Brokers.
Elaborating on the potential of the region, Kyle Stelma said, "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 (2009). More than 33% of total investment and foreign commercial is attributed to the real estate sector."
Range Hospitality provided a project update on the Al Rawdatain Residences by Shaza. Mohammed Asaria, Vice Chairman of Range Hospitality, remarked, "Construction has commenced at the site 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. 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."
Moreover Mr. Asaria added, the unique fractional ownership proposition Mulkiya Intifa'a offers full security and flexibility to investors in the project.
The summit held at DIFC Dubai brought together leading multinational companies operating in Iraq on one platform. Munaf Ali, Chief Executive Officer of Range Hospitality opened the seminar by providing an insight to religious hospitality and the investment dynamics in Iraq.
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