Wet Infrastructure Summit
Saturday, February 17, 2018
Directory Directory Subscribe

Ambitious Investment Scheme to Promote Hotel Construction


Please, enter data

Please, enter data

Financial Tribune, 21 November 2017

Iran faces a serious shortage of hotels and lodging centers, which is one of the major impediments to the growth of its tourism industry. Iran ranks 116th among 136 countries based on the index measuring the number of hotels per 100000 people. The figure shows how far behind its hotel industry is lagging, especially when compared with regional Muslim states such as the UAE and Turkey that rank 42nd and 64th respectively and Malaysia, the Southeast Asian Muslim country, which is placed at 35th spot on the list.
Based on a recent study, Iran needs over 770 three- to five-star hotels to meet its development goals by 2022. The construction of at least 500 hotels by the private sector has been envisioned in the Sixth Five-year Economic Development Plan (2017-22), IRNA reported. The scheme titled "100 Hotels, 100 Businesses" has been among the most noteworthy efforts to push forward the country's declining hotel industry.
Carried out by the Tourism Holding Company of Social Security Organization (known by its Persian acronym Hegta), the project aims to attract investment for the construction of 100 hotels across 31 provinces with priority given to more popular regions.
Gholamheidar Ebrahim Bay-Salami, Hegta's managing director, introduced the scheme at the Fifth Iran-Europe Banking and Business Forum held last week in Frankfurt, Germany, stressing that shifting focus toward new industries such as hotel and tourism are essential for Iran's economy.
He said that foreign nationals are allowed to set up a company, own property and transfer the profit of their business at any time while observing the trading laws of Iran.
"The main strategy of SSO's scheme is to initiate joint ventures with foreign companies and earn profits in a win-win situation," Bay-Salami said, stressing that the projects also enjoy a tax exemption for five to 10 years.
In its first phase, domestic and foreign investors will cooperate in hotel construction in popular destinations, namely Tehran, Kashan, Hamedan, Shiraz, Mashhad, Yazd, Qom, Bandar Abbas, Ahvaz, Bushehr and Rasht.
Channeling funds and familiarizing investment procedures will be coordinated by Hegta in cooperation with the Central Bank of Iran and Refah Bank (affiliated to SSO).
"So far, 233 companies have been nominated to invest in the projects," he said.
Besides Hegta, other organizations such as Iran's Cultural Heritage, Handicrafts and Tourism Organization, Ministry of Cooperatives, the Organization for Investment and Economic and Technical Assistance and the Social Security Investment Company, will also support the scheme.
Financial Tribune
November 21
Login to Add Your Comment  (for subscribers) | Subscribe


Latest News

Iraq says reconstruction after war on Islamic State to cost $88 billion
Reuters, 12 February 2018

Iraq says reconstruction after war on Islamic State to cost $88 billion
Qatar: Over 3,000 new companies registered in January
The Peninsula Qatar, 12 February 2018

Qatar: Over 3,000 new companies registered in January
Kahramaa announced opportunities worth about QR7bn to local companies
The Peninsula, 8 February 2018

Qatar General Electricity and Water Corporation (Kahramaa) yesterday announced business opportunities worth about QR7bn to local companies for manufacturing basic ...

Read full story
Kahramaa announced opportunities worth about QR7bn to local companies
New Iraqi housing schemes open for investment
Iraq Business News, 7 February 2018

Iraq’s National Investment Commission (NIC) has included three major new housing programs in its list of major strategic projects to be presented during the ...

Read full story
New Iraqi housing schemes open for investment
Back to Home Page 3080 --- 0 <><><> 489.33333333333.....exvideo=0....eximage=0
P -1
BR 0

RetrofitTech Dubai

3rd Annual Mosque Design & Development Summit
1 - April 2018
4th Annual RetrofitTech Dubai Summit & Awards
10 - April 2018
The Annual Future Drainage & Stormwater Networks Abu Dhabi
2 - May 2018
Wet Infrastructure Summit
2 - May 2018
Future Civil Defense
7 - May 2018
  View more  

Market Indecies
Saudi SE - 2.32%
Dubai FM - 4.53%
Abu Dhabi SE - 3.99%
Kuwait SE - 1.51%
Doha SM - 8.36%
Muscat SM - 6.18%
Casablanca SE Closed
Bahrain SE - 0.98%
Cairo SE Closed
Amman SE - 1.12%

RetrofitTech Dubai

Quick Links
  Brochures & Flyers  

Up-coming events
  Agriteq - 20 March - 22 March 2018  
  Project Qatar - 7 May - 10 May 2018  
  Qatar StoneTech - 7 May - 10 May 2018  
  Heavy Max - 7 May - 10 May 2018  
  Qatar Hospital Build - 7 May - 10 May 2018  
  Qatar School Build - 7 May - 10 May 2018  
  Qatar Sports Infrastructure - 7 May - 10 May 2018  
  Qatar Transport & Logistics - 7 May - 10 May 2018  
IFP Group Events Calendar

Magazine sections
  Growth Markets  
  Regional Overview  
  Tips and Tricks  
  Home Finance  
  Our Meetings
  Legal Issues


IFP Corporate
• IFP Emirates
• IFP Lebanon
• IFP Qatar
• IFP Iraq
• REC Saudi Arabia
• IFP China
Beirut Boat
Energy Lebanon
Project Lebanon
Heavy Max
Project Qatar
Qatar Hospital Build
Qatar School Build
Qatar Sports Infrastructure
Qatar StoneTech
Qatar Transport & Logistics
Iraq Agrofood Baghdad
Saudi Arabia
Riyadh Motor Show
IFP Group 2018 - © All rights reserved