Qatar in $70m hotel investment

State-owned Qatar National Hotels said yesterday it would invest $70m (£45m) in a luxury hotel resort in Comoros, one of the largest injections of foreign investment into the poor Indian Ocean archipelago. Owned by the Qatar government, the Qatar National Hotels deal is part of a $540m pledge to support development in one of the world’s most impoverished countries. In 2008, Dubai World agreed to a similar project to build a top-end hotel on the same site at the northern tip of Grande Comore, the largest of the archipelago's three islands. But the state-owned global holding company pulled out after the global financial crisis hurt its finances. The hotel complex is expected to hold 150 bedrooms.