Iraq-based Faruk Group Holding, founders of the country’s first mobile operator Asiacell has unveiled plans to invest in the hospitality sector in the Kurdish city of Sulaymaniyah.

With an investment of $400m, the company plans to build new hotels, including Grand Millennium Sulaymaniyah, Copthorne Hotel Baranan and Copthorne Hotel and Spa.

“Iraq is a promising market with more growth potential than any other market is expected to have in the next five to 10 years,” says Faruk Mustafa Rasool, chairman of Faruk Group Holding.

The company also has interests in construction, IT and medical services.