UAE company will lift the hotel in the Iraqi city of Karbala

Company from the United Arab Emirates (UAE) plans to build five-star hotel with capacity of 3000 guests in the Iraqi city of Karbala, DPA reported. Company name was not announced, but stated that construction will begin in 2010. City of Karbala, which is about 100 kilometers southwest of Baghdad, a Shiite holy place and attracts many pilgrims, BTA writes. UAE investment in Iraq is estimated at nearly 25 per cent of all FDI in the country. The real estate market in UAE, however, suffered severely from the global recession. Last week, the investment fund Dubai World ( „Dubai World“) has requested a 6-month freeze on all payments withdrawn credit points DPA.

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Finance