Damac Properties, a Dubai based property firm has begun its constructional work in its first residential complex in Iraq. After several years working in the Middle-East zones, it has announced to expand its works for the first time.
It will work in a project of building a 26 storey luxury furnished apartment building. The project will cost around 100 million USD and the name of the apartment will be Princess Tower. The building will be located at the heart of the city of Baghdad, the capital of Iraq.
Ziad El Chaar, managing director of the company said that the first stage of the project is a long term commitment for the people of Iraq. The building was under construction for quite a long time and during the reign of dictator Saddam Hussein, the building was even under construction. However, a decade has been passed after that and the building was remained untouched. Recently, central government of Iraq, Baghdad took the initiative to complete the project and the government is relying on Damac for the successful completion of the project.
He also added that Iraq is the key market for their company, observing the country’s economical growth in recent times. It is the commitment of the company to fully furnish the building with utmost luxury so that it can become one of the major landmarks for the capital of the country.
He also added, “Iraqi nationals are looking to own in their own property in Iraq and the population is growing 2.3 percent, according to the World Bank, as people return.”
The tower will contain several living units, including three bedroom luxury apartment, a private health club, swimming pools and all other major and contemporary amenities.
The project has been anticipated to be completed by the year of 2016, and after its completion it will be the highest residential tower of Baghdad, having several luxurious accommodation units. In Baghdad, Damac has recently opened an office and soon a company headquarter will be added in Mansour.
The company is also working with Iraqi government in several other projects in different cities of the country. Last year, it signed a memorandum of understanding with the Iraqi Ministry of Housing to provide expertise and insight for a number of residential and commercial projects in Baghdad and the surrounding region.
According to the forecast of International Monetary Funds, Iraqi GDP growth will be 9 percent by the end of the year. The country is expected to do well in future also, by exploring more oil from its huge oil reserves. It has to be noted that by the end of last year, economic growth for Iraq was around 8 percent.
In Middle East and Northern America region, Damac has worked in different project with great success. It has already built 37 buildings and continuing to build 66 more in these regions.
Iraqi venture of this company will definitely be another feather to its crown.
Updated 21 May 2013 | Soruce: Arabian Business | By S.Seal