Foreign investment in Iraq finally building momentum

When Dubai-based property developer Range Hospitality decided to build a $175 million hotel and residential complex in Iraq's holy city of Karbala, it ran into a common difficulty for investors in the country: raising finance. It solved the problem by pre-selling some of the rooms on a time-sharing basis to pilgrims, tour operators and other […]

Andrew Torchia reports for Reuters:

When Dubai-based property developer Range Hospitality decided to build a $175 million hotel and residential complex in Iraq's holy city of Karbala, it ran into a common difficulty for investors in the country: raising finance.

It solved the problem by pre-selling some of the rooms on a time-sharing basis to pilgrims, tour operators and other investors, the company says. Construction is underway and the complex is due to be completed by the end of 2013.