Private investments in cultural heritage restoration surge

May 10, 2017

TEHRAN – The sum of private investments in restoration of cultural heritage structures have witnessed a staggering 449% rise over the past four years compared to the previous records.

Some 833 billion rials (about $21 million) have been channeled into the restoration projects of historical relics since incumbent President Hassan Rouhani assumed office in 2013, IRNA reported on May 7.

To help restore ancient buildings and make them profitable, the Revitalization and Utilization Fund for Historical Places provides opportunity for the private sector to cede historical buildings as long as they are repurposed into hotels, restaurants or lodging places.

Iran is home to a large number of old mansions and buildings, which can contribute to its budding tourism industry if managed appropriately and restored carefully.

PHOTO: An interior view of Malek al-Tojjar boutique hotel, which has been repurposed from a historic mansion in Yazd.

AFM/MG

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