Faruk Group Holding, the Iraq-based conglomerate is looking to invest $500m-$1bn in the country over the next year.

The company is looking to the construction, medical, logistics, hospitality and banking sector. Faruk also owns Iraq’s first national mobile operator Asiacell.

It is investing $140m to build the Faruk Medical Centre, a hospital based in Sulamaniyeh. It expects construction to finish by the second quarter of 2012 and is using local contractors.

Alongside this is another $50m investment in a factory that will specialise in producing intravenous therapy equipment.

“Many Iraqis travel to Turkey, Iran and Jordan for their health needs. We hope to provide good health services here. These investments will contribute to the core of pharmaceutical development in Iraq,” says Abdul Rahman Faily, chief financial offer at Faruk Group Holding.

Faruk Group Holding is also investing $400m in the hospitality sector, working with British-based Millennium and Copthorne Hotels to build the Grand Millennium Sulaymaniyah, Copthorne Hotel Baranan and Copthorne Hotel and Spa in the Kurdistan Region.