St Kitts attracts major Middle East investment
Dubai based development company plans tourism project in St Kitts.
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 Najaf.