Three Kuwaiti real estate groups established an alliance for construction of a five star hotel in the Iraqi city of Najaf. The initial investment costs in this project are estimated at $100 million, reported the Kuwaiti newspaper, Al-Rai Al-Aam, on October 10.
The Kuwaiti side received an offer from Iraqi investors to construct the hotel in an excellent location where the land itself worth approximately $50 million. The land is completely owned by Iraqi investors. The Kuwaiti side expressed his wish to participate in the project with 50% share. All the workers in the hotel will be Iraqis.
It is expected that the Iraqi investors will receive all the necessary approvals from governmental authorities during the next month (November), and that the documents with the Kuwaiti side will be signed then.
It should be mentioned that there were other Kuwaiti companies which received similar offers, as it was agreed last year to construct two hotels in Najaf and in Baghdad by Kuwaiti-Iraqi-Emirates alliance.
