Iraq discusses $250 million Kempinski hotel project

Baghdad (IraqiNews.com) – Iraq’s National Investment Commission (NIC) is exploring a $250 million luxury hotel complex to be operated by worldwide hospitality giant Kempinski, after talks with a team headed by Iraqi businessman and banking investor Jawad Al-Kassab. According to a statement released by the NIC, Chairman Adel Dakhil Mohammed al-Yasiri met with Al-Kassab and his investment partners to discuss potential in Iraq’s hospitality industry. The preliminary concept is for the development of a hotel and residential complex on roughly 20 to 30 dunams of land, including hotel rooms, private villas, serviced residential units, and conference and event facilities. The site has not been specified, and the project is still in the negotiation stage, with no development timeline or formal investment agreement declared. Al-Kassab has vast expertise in international property development and hotel investment. He is the founder and chairman of Jawad Al Kassab International Holding Group, which has assets in the Middle East, Europe, and North America. His portfolio includes the Kempinski Hotel Ishtar Dead Sea and Kempinski Hotel Aqaba in Jordan, as well as assets in Saudi Arabia, Switzerland, Canada, and the United Arab Emirates. Within Iraq, Al-Kassab has participated in the Al-Kawthar residential development in Babil governorate, demonstrating his long-standing involvement in the country’s housing and building industries. Aside from real estate and hospitality, Al-Kassab is also involved in Iraq’s financial industry as Chairman of the Board of Directors of Arab Bank Iraq, linking his investing operations to the growth of the country’s private banking sector. The bank commenced operations as a private Iraqi shareholding business in 2025, following the receipt of its final banking license in 2024. It has set up a headquarters in Baghdad’s Jadriyah area and announced intentions to grow its branch network and digital banking services. If the Kempinski development goes forward, it will be another significant hospitality investment in Al-Kassab’s Iraq portfolio. The NIC said that it was ready to assist and facilitate the project’s processes, as Iraq wants private investment in tourism, hotels, and supporting infrastructure.