Faruk Group Holding, a major conglomerate in Iraq, has unveiled big investment plans for the northern city of Sulaymaniyah.
According to Trade Arabia, the group with a diversified range of interests including telecommunications, cement, manufacturing, hotels, medical services, properties, construction and IT, has pumped more than $400 million into its hospitality industry alone.
Unveiling the new roadmap for Sulaymaniyah’s hospitality industry at the recent Arabian Travel Market expo, chairman Faruk Mustafa Rasool said, 'Our aim is to make Sulaymaniyah a desired destination in the Arab world.'
'The key hotel projects being planned include Grand Millennium Sulaymaniyah, Copthorne Hotel Baranan and Copthorne Hotel and Spa funded by more than $400 million investment,' he noted.
He pointed out that Iraq was a promising market; with more growth potential than any other market in the world can expect to have in the next 5 to 10 years.
'Our operations in Sulaymaniyah will support not only our entry into Iraq market but also global business community,' he noted.
Hawre Daro Noori, CEO of Faruk Group Holding said, 'We are from Sulaymaniyah and we are steering our city’s economy to become an industrial, telecommunications and education hub.'
'We invite businessmen from all over the world to visit Sulaymaniyah and Iraq and have a look and perhaps start a business in our country, because we believe that Iraq is a promising market,' he added.
Faruk Group, he said, will continue to invest in the hospitality sector to attract more visitors to Sulaymaniyah and provide international quality accommodations for guests and tourists from all over the world.
'We will also target corporate clients, exhibition delegates, and other business and leisure visitors', he added.
Faruk Group Holding had earlier set up Asiacell, the largest Iraqi private company and the first mobile company covering all of Iraq’s 18 governorates.
(Source: Trade Arabia)