Monday, Nov 27, 2006
DUBAI (Zawya Dow Jones)--Iraq-based Empire Holding Co. Monday said it is seeking investments from GCC countries for its ongoing $350-million Empire World project in Erbil City, capital of Iraq's Kurdish province.
"We have so far received excellent response from the investors from the Gulf region," Shwan Al-Mulla, cofounder and president of the company said in a press conference.
He said the company at a later stage will seek investments from the European investors as well.
The company is also planning to invest in Lebanon and Jordanian real estate markets, Empire Holding chief executive Michel A Hebert told reporters.
"We are looking at three major deals in Jordan," he said, adding that the size of investment in Jordan properties could reach $175 million.
Hebert said the company is looking into various option in Lebanese property market but no project has so far been selected.
Empire Holding is currently building a hotel and a commercial tower, due for completion early 2008, in Erbil City.
The five-phase project, spanning over 750,000 square meters will include residential towers, villa and recreational facilities is due for completion in 2012.
-By Sarmad Khan, Dow Jones Newswires, +9714 227 8287; sarmad.khan@dowjones.com
Copyright (c) 2006 Dow Jones & Company, Inc.
(END) Dow Jones Newswires
11-27-06 0911ET
