20 September 2010
Two Abu Dhabi-based real estate developers have signed deals valued at $66 billion with the Iraqi National Investment Commission, according to The National newspaper, quoting Dr Sami Al Araji, chairman of the Iraqi investment body.
Bloom Properties, which is part of National Holding, will develop two of the projects, including a $30 billion project in Karbala and another $15bn to provide 300,000 units for low and middle-income residents in six provinces, according to the Abu Dhabi-based paper.
The project will be financed initially by a syndicate of Iraqi banks: Rafidain Bank, Trade Bank of Iraq and Rasheed Bank, Dr Al Araji told the paper, adding that later the company will seek funds from "all the banks that the National Holding company will get a hold off."
Al Maabar, another Abu Dhabi property developer, has agreed to a project valued at $21 billion, the paper said.
Two Abu Dhabi-based real estate developers have signed deals valued at $66 billion with the Iraqi National Investment Commission, according to The National newspaper, quoting Dr Sami Al Araji, chairman of the Iraqi investment body.
Bloom Properties, which is part of National Holding, will develop two of the projects, including a $30 billion project in Karbala and another $15bn to provide 300,000 units for low and middle-income residents in six provinces, according to the Abu Dhabi-based paper.
The project will be financed initially by a syndicate of Iraqi banks: Rafidain Bank, Trade Bank of Iraq and Rasheed Bank, Dr Al Araji told the paper, adding that later the company will seek funds from "all the banks that the National Holding company will get a hold off."
Al Maabar, another Abu Dhabi property developer, has agreed to a project valued at $21 billion, the paper said.
© Zawya 2010
