State owned Qatar National Hotels said on Wednesday it would invest $70 million in a luxury hotel resort in Comoros, one of the largest injections of foreign investment into the poor Indian Ocean archipelago .
Owned by the Qatar government, the Qatar National Hotels deal is part of a $540 million pledge to support development in one of the world’s most impoverished countries.
In 2008, Dubai World agreed to a similar project to build a top end hotel on the same site at the northern tip of Grande Comore, the largest of the archipelago’s three island’s.
But the state owned global holding company pulled out after the global financial crisis hurt its finances.
Mohammad Abdullah Al Roumayh, Qatar’s deputy minister for foreign affairs, said the hotel complex would comprise of 150 bedrooms.
The Comoros’ heavily indebted economy is expected to grow by 2 percent this year from 1.8 percent in 2009, according to the International Monetary Fund. (Reuters)
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