United Arab Emirates (August 25, 2010) — Range Hospitality, a dynamic, progressive and innovative institution focused on hospitality and real estate, has launched the Al Rawdatain Gardens development in Iraq’s pilgrimage centre, Karbala, to cater to the significant shortage of accommodation.
Approximately 18 million pilgrims visit Karbala during the peak seasons every year. With a current shortage of accommodation in the city, Al Rawdatain Gardens aims to cater for this demand at accessible prices. Investment in this development is available through Mulkiya Intifa’a – a Shariah Compliant Fractional Ownership proposition.
Iraq’s $112 billion economy whose GDP is growing at an average rate of 5.1% over the last three years has seen the Government actively encourage foreign investment through a number of initiatives including an amendment to the National Investment Law.
His Excellency Shehzada Shabbir Bhai Saheb Nuruddin, brother of His Holiness Moula Syedna Mohammed Burhanuddin (TUS), leader of the Dawoodi Bohra Community, has been appointed as Range Hospitality’s honorary chairman. Range Hospitality has recently strengthened its roster of shareholders through the appointment of Ali Hussein Al Nemer (Saudi Arabia), Alykhan Karmali (Uganda), Munaf Ali (United Kingdom) and Mohammed Asaria (United Kingdom) to the Board of Directors.
“We are delighted to be the recipient of Shehzada’s support and guidance and honored by his participation. The Board of Directors comprises individuals from various parts of the Muslim world which will ensure a wider catchment area for our offering – Mulkiya Intifa’a,” said Mohammed Asaria, Vice Chairman, Range Hospitality.
Earlier this year, Range Hospitality mandated Abu Dhabi-based investment company, Noor Capital PSC, to procure the necessary initial funding for the Al Rawdatain Gardens development. In addition, Range Hospitality has appointed Dewan Architects & Engineers, an architectural firm with over 25 years experience and projects spanning over 10 countries in the Middle East, Asia and North Africa, also known for the Yas Marina Hotel and Marriott Courtyard Dubai, as the lead architects and consultants. Control Risks, a leader in specialist security consultancy with over 30 years experience in the Middle East and seven years in Iraq is another of the leading names supporting the project.
Range Hospitality has taken every step to protect its Mulkiya Intifa’a investors. “We are providing an Escrow account with one of the leading global financial institutions, Standard Chartered Bank, to assure security of investment and timely delivery of the project to our investors,” said Munaf Ali, CEO, Range Hospitality. He further added: “Although it is not mandatory for Range Hospitality to have an escrow account for a development in Iraq, this is a self-regulating step to ensure investor confidence given the current market sentiment.”
As the first modern development to be built in Karbala, Al Rawdatain Gardens will have an elegant 12-storey residence structure at its core comprising a mix of fully furnished and serviced studios, one-bedroom and two-bedroom suites. Spread over 55,000 square metres, the development is designed and furnished in accordance with international standards, with full air conditioning and heating, including internet access and safety deposit boxes. The entire development will include a total of 624 suites, extensive public areas, four restaurants, landscaped gardens, health facilities, 24-hour security, child care facilities, business centre, and guest services.
“We are receiving independent approaches from some of the world’s leading hotel operators to manage Al Rawdatain Gardens,” Asaria revealed. “We are in the process of operator selection and the calibre of the companies approaching us is clear evidence of the importance of Karbala within ‘New Iraq’ and the wider MENA region.”
In conclusion, Ali mentioned: “Range Hospitality was established to achieve both commercial and altruistic objectives. We have committed to donate 20% of our annual profits to charities under the direction of our Charitable Donation Committee.”
About Range Hospitality
Range Hospitality was founded to develop hospitality projects in emerging markets and areas that benefit from significant volumes of pilgrims. Range Hospitality’s ethos is to provide the highest quality international standard services to its guests and is a socially responsible investor – at all times ensuring its developments adhere to important local customs. Range Hospitality is owned and supported by a number of prominent business families from across the Islamic world.
Action Global Communications
Tel: +971 4 3902961
Shafaat Rasool Hashmi – Marketing Manager,
SOURCE: Range Holdings