Foreign investments in Iraq during 2010 reached $42.668 billion in service contracts and other commercial activities, marking an estimated 48.7 per cent increase in total deal value over the previous year, said an expert.

“More than 33 per cent of total investment and foreign commercial is attributed to the real estate sector,” added Kyle Stelma, managing director, Emerging Markets.

Stelma was speaking at the recently concluded Investment in Iraq Summit, organised by Range Hospitality in Dubai.

Mohammed Asaria, vice chairman of Range Hospitality, provided a project update on the Al Rawdatain Residences by Shaza.

“Construction has commenced at the site in Karbala. We are on schedule to handover the project in 2013,” he said.

"Currently, we have signed firm contracts for over 60 percent 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 percent upon reservation, 10 percent on ground breaking, 10 percent on completion of foundation and the balance upon handover," he added.

The unique fractional ownership proposition Mulkiya Intifa’a offers full security and flexibility to investors in the project, Asaria noted.

The summit, which saw participation from over 100 decision makers, highlighted that Iraq has some of the most favourable foreign investment laws in the Middle East, making it one of its most lucrative markets.

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. – TradeArabia News Service