Caribbean360: St Kitts attracts major Middle East investment

St Kitts attracts major Middle East investment
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Chris Hoyos on 15/03/2012 09:30:00
 
BASSETERRE, St Kitts, Thursday March 15, 2012 – St Kitts has been included in
the US$1 billion expansion plans of Range Hospitality, a Dubai-based developer
that specialises in hotel and residential development.
According to a recent article in Arabian Business, Range Hospitality is planning
a tourism development on St Kitts, as part of its investment in new projects
over the next three to four years.
Munaf Ali, CEO of the company which specialises in developing hotels and
residences in pilgrimage sites, told Arabian Business that the company is
planning to build five-star properties in Mecca and Medina, as well as a project
in St Kitts through its Range Developments company.
“Range Hospitality would be investing a considerable amount of money in the
next three to four years,” said Ali.
While no further details of the St Kitts project was disclosed, this development
of luxury hospitality projects in the Iraqi city of Baghdad and the Caribbean
tourism destination marks a departure from its traditional religious tourism
focus.
Range currently has a pipeline of around US$500 million, which includes projects
in the Iraqi cities of Karbala and Najaf, but Ali said it plans to invest an
additional US$500 million in projects in Saudi Arabia and beyond.
Last month, construction of Range's US$175 million Al Rawdatain Residences hotel
project in Karbala got underway.
The 12-storey hotel project was launched in August 2010 and is due to be
completed by the end of 2013.
By 2015 Range Hospitality aims to operate both 3-Star and 4-Star hotels in
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