EghtesadOnline: The interest of Turkish investors in Iran, whose economy is suffering from US sanctions, is growing.
Having already attracted Turkish investments in various manufacturing subsectors, the country is also offering lucrative opportunities to Turkish tourism investors.
The island of Kish, a tourism haven, is about to welcome a Turkish investor who will build the Crystal Hotel with an investment of $100 million. The 1,000-room hotel will be the largest investment on the island, located in Iran's southern coast in the Persian Gulf, Daily Sabah reported.
Turkey’s Kilit Hospitality Group Chairman Tuncay Kilit, who is the owner of Crystal Hotels scattered across Turkish resort cities, has decided to invest in Kish, a recent attraction among Persian Gulf investors, according to Financial Tribune.
The accommodation facility to be constructed by the Turkish investor will have meeting rooms, separate beaches exclusively for men and women, sports areas, a water park, pools and social areas where families could spend time together.
Kish, known as the gate to the heart of Iran, offers visitors duty-free shopping and investors exemption from income and corporate taxes for 20 years.
Crystal Hotels, operating under Kilit Hospitality Group, have a network of 18 accommodation facilities in Turkey. Starting its operations in the tourism and accommodation sector in 2005, Crystal Hotels has become one of the largest hotel chains in Turkey in 14 years. The hotel network has a bed capacity of 20,000 and a workforce of 7,000.
The Turkish investor and Kish Free Trade Zone Managing Director Gholamhossein Mozaffari signed the deal last week for the investment project to be built on 10 hectares.
Addressing the signing ceremony, Mozaffari said a large number of investors from Qatar, Oman and Iraq are showing high interest in Kish and noted that investment on the island will rise significantly in future.
Kish is a 91-square-kilometer resort island in the Persian Gulf. It is part of the Bandar Lengeh County in Hormozgan Province.
Owing to its free trade zone status, the island is touted as a consumer's paradise, with numerous malls, shopping centers, tourist attractions and resort hotels.
Kish Island is the third most-visited vacation destination in Southwest Asia, after Dubai and Sharm el-Sheikh. Tourists from many—but not all—foreign nations wishing to enter Kish Free Zone from legal ports are not required to obtain any visa prior to travel.