WHY INVEST IN KURDISTAN, IRAQ?
Thomas Touma Head of Hospitality Division Malia Group
Amid regional turmoil, Kurdistan, Iraq, has continually maintained an adequate level of security that has safeguarded businesses and their operations. The banking and insurance sectors, directed by Lebanese know-how, have fundamentally contributed to the increasing appetite of local and foreign investments. However, ISIS and oil prices have slowed the pace of development, reduced demand and weakened spending capabilities. The damaging elements have now reached the downward trajectory of their bell curve and are clearing space for a renewed period of opportunities. Malia Group constantly exercises a vigilant risk management approach in order not to miss potential opportunities during encouraging and discouraging trends. Consequently, Malia Group sustained its hospitality strategic investments plan in Kurdistan. After the successful launch of its first five-star property, the award-winning Erbil Rotana Hotel, back in 2010, the group is about to open its second hotel property in Erbil, the Erbil Arjaan by Rotana, at the end of April 2017. The project consists of 168 studios, one and two-bedroom apartments, fullyserviced offices, food and beverage, and health and recreational facilities. Magma Square, Malia Group’s new project in the heart of Sulimani, the largest governorate of the Kurdistan Region, is another major hospitality investment lined up to open in mid-2018. Magma Square, a mixed-use complex, will feature multiple international and regional F&B franchised concepts, a selection of convenience and service retail shops, a movie theater, family entertainment venues, a branded supermarket, and a health and beauty center. The project is located at the main gate of the prestigious American University of Iraq, Sulamani, and a short walk from major universities.