Baghdad: A US-based investment group laid the foundation stone for a $100 million luxury hotel in Baghdad on Saturday.
The five-star Baghdad Two Rivers hotel project in the Green Zone was the first business proposal to be licensed by Iraq's new National Investment Commission.
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Iraq's foreign direct investment was a mere $272 million in 2006, according to United Nations statistics.
Iraq's Finance Ministry leased the investment group a prime spot for the 300-room hotel, within sight of Baghdad's iconic crossed-swords monument.
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"We have studied the investment situation in Iraq and think it is very positive...We believe the security is just right for our investment," said Robert Kelley, chief executive of the US-based Summit Global Group, which is building the hotel.
http://www.gulfnews.com/business/Real_Estate_Property/10230209.html
Wonder how mortar-resistant it is?