It has been reported by UAE’s Arabian Business on Friday that Bloom Properties of Abu Dhabi and Damac Properties of Dubai both have signed a deal with the Iraqi Ministry of Construction and Housing to be a part of the major infrastructure rebuilding projects of war-affected Iraq during the Cityscape Global 2012 event in Dubai.
In the Abu Dhabi deal the construction of residential as well as commercial buildings, schools and sports club for Iraqi government executives are included.
On the other hand, construction of residential and commercial projects in the city of Baghdad and the surrounding region will be handled by Damac Properties. The company has also opened a branch office in the city of Baghdad recently.
According to the Arabian Business Iraqi Minister of Construction and Housing Mohammed Saheb al-Darraji said that the process of reconstructing Iraq required the joint efforts of several industries to secure the development of infrastructure as well as self-contained communities.
He also added that their agreement with Bloom admits and admires the major role that the master developer goes on to play in reinstating the real estate sector of Iraq.
Bloom Properties CEO Simon Azzam said that the agreement came at a time when Bloom was growing upon its strategic vision and working for optimized markets in the area.
Earlier this year, the Iraqi government appointed Bloom Properties as the master developers for a project that have of 40,000 houses, clinics, hospitals, schools, universities, mosques, retail outlets, gardens, parks, sports fields, recreational centers, hotels and hotel apartments.
In June, an announcement was made by Bloom Properties on the completion of construction on its Bloom Gardens project. This project will have over 300 villas.
The CEO added that Iraq is definitely one of the most significant destinations that they had assigned for development. Their experience also proves their capabilities to provide projects according to the present market demands of high quality real estate developments.
Damac Properties chairman Hussain Sajwani remarked that Damac Properties is overwhelmed to be invited to work with the Iraqi government on these approaching projects. This is a vital agreement which will allow them to take the Damac Properties commitment of luxury and quality to a new height.
On Wednesday, a similar deal between Dubai’s Emaar Properties’ and the Iraqi government was confirmed by an announcement.
Iraq government has set a budget of $2 billion for infrastructure and housing projects in 2013, which needs 2 million new housing units.
Darraji was said to the Arabian Business that Iraq has seen important changes to regulations and the governing of economic activities. The new laws will encourage fresh investment and this transition will endorse the speedy restructuring of their economy, he added.
Source [Al Arabiyah]