Bahrain’s retail major, the Al Daaysi Group, has joined hands with Range Hospitality, a dynamic, progressive and innovative institution focused on religious hospitality to develop a $100 million first 5-star property in Iraq’s most visited religious touristic destination Karbala.
This was announced after an official signing ceremony attended by the Managing Director of the Al Daaysi Group, Essa Al Daaysi and the Chief Executive Officer of Range Hospitality, Munaf Ali during the press conference held at the Capital Club, Bahrain.
“Since the launch of the of the Al Rawdatain Residences project to be developed by Shaza, we have already sold 40%. An elegant 12-storey residence project will be ready by 2013 comprising a mix of fully furnished and serviced studios, one-bedroom and two-bedroom suites,” Ali said.
“With the support and patronage of the Al Daaysi Group, we are confident of expanding our retail footprint in the Kingdom of Bahrain and the successful delivery of Al Rawdatain Residences by Shaza. Moreover we will soon be opening a retail showroom in Bahrain,” Ali said.
Approximately 18 million pilgrims visit Karbala during the peak seasons every year. With the current lack of quality accommodation in the Holy City of Karbala, Al Rawdatain Residences by Shaza aims to fill this gap at reasonable prices through Range Hospitality’s Mulkiya Intifa’a (Shariah compliant fractional ownership) proposition.
“Last year we have signed with one of the leading five star hotel brands Shaza Hotels (a joint venture between Guidance Financial Corporation and Kempinski Hotels S.A.) as the hotel operator for Al Rawdatain Residences by Shaza in Karbala. We have also appointed one of the region’s largest construction companies, the TCD Group for the construction of the development. Our construction is fully funded and with the Grace of God, construction is soon to commence,” he added.
“We as partners share the long term vision for the religious hospitality sector. Today the religious hospitality industry is worth approximately $18 billion with over 300 million travelers. With the addition of Al Daaysi to our board of Directors, Range Hospitality looks forward to grow from strength to strength.”
“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, a variety of restaurants, landscaped gardens, health facilities, 24-hour security, child care facilities, business centre, and other guest services”, Ali added.
“Our two companies complement each other in many forms and we believe that together we will prosper and strengthen our business relationship. Bahrain is a significant market for the retail distribution of Mulkiya Intifa’a and we are confident to achieve our objectives. Range Hospitality’s Mulkiya Intifa’a offering starts from $ 5,500 which provides both investors and end users a concrete investment opportunity in the Holy City,” added Al Daaysi.
“We have not come across such a strong and sound investment proposition in these challenging times that Range Hospitality offers. The investment is accessible to all through Mulkiya Intifa’a and it starts from as low as $ 5,500 with an attractive payment plan. 70% of the payment is due upon handover because the construction is fully funded. The investment is secure through the escrow account provided by Standard Chartered Bank,” Al Daaysi explained.