UAE-based firms concluded contract for $4.5bn city project in Iraq

It has been reported that two UAE-based companies have concluded contracts signing of an investment deal for building a new $4.5bn city in Baghdad, Iraq.
Dubai-based Al Handal International Group and Abu Dhabi-based Bloom Properties jointly announced the deal to develop 'City of the Future' which will cover an area of 58 million square feet and will accommodate up to 150,000 people.
In the span of seven years, the project will be concluded in salient phases. The project will also include, 30,000 residential units, five shopping centers, 18 schools and 12 kindergartens, commercial buildings, a hospital, a police and civil defense station, a mosque and as well as a health centre, a statement said.
Dr. Sami Al-Araji, chairman of the National Investment Commission in Iraq, said that the City of the Future will become one of most "prominent modern urban residential projects in Baghdad" and would also encourage other investors to launch similar projects.
Mohammed Handal, general manager, Handal International Group, said that the company is ready for commencing its operations for the project. The constructional or infrastructural development works will soon be started. He added that the City of the Future project will provide more than 10,000 jobs, in direct construction of the project as well as ancillary businesses and operations associated with the project.