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Sulaymaniyah,
(AKI) The Kurdish Autonomous Region is getting a new
hotel. The 28-floor luxury hotel, which will be
built in the town of Sulaymaniyah, is part of a 60
million dollar tourism project led by Kurdish
businessman Faruq al-Mullah Mustafa.
He is also behind the creation of the first Iraqi
mobile network, and announced other big investments
such as a big cement company, and the first ever
cable-car in Iraq, connecting the hotel to a nearby
mountain.
The ambitious project is meant to encourage foreign
investment in Kurdistan, whose economy is presently
dependent on small companies. On the other hand,
Mustafa stresses, the absence of big multinationals
makes it a still-untapped market and an interesting
investment opportunity.
The Kurdish businessman is nevertheless aware of the
work needed to attract foreign investors in this
remote area of northern Iraq. And he is calling for
an improvement of the legal framework as well of the
security.
As the Kurds are entitled to a big share of the
national budget, Mustafa said, the local economy
needs strategic projects and foreign know-how to
help invest the money.
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