2 Hotels Planned in Aras FTZ

The construction of two hotels will be complete by the end of the current Iranian year (March 20, 2018) in Aras Free Trade Zone.

Yousef Dadashzadeh, deputy for tourism at the Aras Free Trade Zone Organization, said one of the hotels will be a 4-star property with 64 rooms while the other will be a 3-star establishment with 40 rooms.

"The construction of one of the hotels started years ago but it was abandoned … We only recently ceded it to a private investor to complete it," he was quoted as saying by Donyayesafar.com.

Since March 2015, when Aras joined the World Free Zones Federation, dozens of investors from across the world have visited the region to explore investment opportunities.

To develop tourism and attract investment, low-interest loans are offered. Iran gives hospitality and tourism services anywhere from five to 13 years of tax holidays.

According to Dadashzadeh, a recreational center and a playground are projects that will be launched in the near future.

In the last Iranian year (March 2016-17), six hotels and 23 restaurants were established in the free trade zone.

Iran is home to seven free trade zones, one each on Kish, Qeshm, Chabahar, Anzali, Arvand, Maku and Aras.

Situated in northwest Iran in East Azarbaijan Province, Aras borders Armenia, Azerbaijan and the semi-autonomous Nakhchivan region that belongs to Azerbaijan. The city has become the main gateway to mainland Iran from the northern Commonwealth of Independent States.

CIS is an alliance of former Soviet republics set up after the breakup of USSR.

Aras is likely to become a far more central and major player in the years to come, as the area has historical links with its northern neighbors.