| 12 Oct 2008 |
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Al Maabar unveils details for Baghdad $ 10bn development
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Abu Dhabi, Oct. 12th, 2008 (WAM) – International real estate development investment company, Al MaabarAl Maabar
, has unveiled details of its new project, to be developed in Baghdad, Iraq.The US $10 billion (AED 36.5 billion) development, which is located at the Al Rasheed Military Compound, will stretch across 5,000 donums (1,250 hectares) and comprise several key clusters including residential units, a commercial district, a technology center, a hotel and hospitality district, health care and educational districts, and public facilities such as mosques and gas stations.A great part of the site will also be devoted to undertaking some of the largest entertainment centers in Baghdad. It is envisaged that the project will include public recreational parks, a golf course, museums and other cultural facilities such as theatres and cinemas.Commenting on the project, Yousef Al Nowais, Managing Director, Al MaabarAl Maabar said: "The move to develop this project complements the growing levels of support that the UAE is providing to the government of Iraq. Through the direction of the Abu Dhabi leadership, Al MaabarAl Maabar will add real value to the countries that it invests in.''Al MaabarAl Maabar plans to achieve this through job creation and talent development, knowledge transfer and economic stimulus and will be working very closely with the relevant ministries in Iraq to insure that this project meets the specific needs of the Iraqi people," he added.Consultants Dar Al-Handasah has been awarded the contract for creating the conceptual master plan along the guidelines set by the urban planning and municipal authorities in Baghdad."The conceptual master plan is intended to illustrate development opportunities, which will guide subsequent detailed design and investment analysis of the project. Having the master plan created at this stage will help establish a vision for the overall development, while taking into consideration the topography, the natural environment, and the water front aspects. In addition, the conceptual master plan will help develop planning-level construction cost estimates and a program of land use and infrastructure facilities," he concluded.© Copyright Emirates News Agency (WAM) 2008.
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