Arjaan Erbil

completed

Malia Invest, a Lebanese hospitality company focused on developing projects in Iraq, is proposing to set up a multi-use branded extended stay greenfield commercial property project comprising of 20 floors in Erbil, Iraq (the “Project”). The property will be managed by Rotana - an independent and internationally reputable hospitality management company. The Project will consist of (i) 154 –keys serviced apartments. (ii) two floors of serviced offices space ; (iv) an all day dining restaurant, roof top bar and gym; and (vi) a 100 parking spaces. The Company has obtained an investment license and has leased a plot of land with a total surface of 2,300 square meter (“sqm”) and total built-up area of the project is 23,665 sqm. The Project’s design is conducted by Spectrum Engineering Consultants, and the main contractor to construct the property is Malia CTI (Malia for Construction, Trade & Investment Ltd).Malia Invest currently owns the 201 keys 5 stars Rotana Erbil hotel (IFC project number #28566) located close the project site, and has been in operation since 2010. The Project is being set up by the Company with a view to capture an increasing demand for service apartments in the growing city of Erbil, where a large number of businesses are setting up their presence. IFC has been conducting regular environmental and social performance monitoring of the Erbil Hotel, and its performance has been rated as satisfactory.