Qatari firm to invest in Islamic hotels

ISTANBUL - Anatolia News Agency

An Adana project by Koray Construction is seen in this company photo. Company photo

Qatari group Retaj is planning an investment of $500 million in Turkey in a bid to develop hotels and residences run along an Islamic model in two big cities.

“Turkey has become the 16th largest economy in the world and sixth largest economy in Europe, and this made us want to invest in Turkey,” Retaj Board of Directors member Bin Johar al-Mohammed told Anatolia news agency in a recent interview.

Al-Mohammed said Retaj was especially interested in Istanbul and perhaps the northwestern province of Bursa. The goal of these hotels was to attract guests from the Gulf and other countries by offering them a more comfortable vacation, the executive said.

Retaj is looking for strategic partners to build hotels and residences in Turkey and eventually expand to other countries as well. The group is currently in talks with the local Koray Construction firm.

Retaj was established in 2004 and is made up of five partners. Two of the partners are the Qatar Islamic Bank and the Qatar Ministry of Religion. The remaining are individuals. Retaj is currently active in Saudi Arabia, Sudan, Egypt and Kenya