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11 February, 2019

Baghdad set to launch housing project with UAE investment

Al-Rasheed comprises 70,000 houses

11 February 2019
Iraq and a UAE developer have agreed to launch a project to build nearly 70,000 houses in the capital Baghdad this year, the local press reported on Sunday.

Al-Rasheed City is located in central Baghdad and is intended to tackle a housing shortage caused by rapid population growth and chronic under supply due to internal hostilities, they said.

"We have decided to start work on the city project in Al-Rasheed Camp this year after reaching an agreement with the UAE company which will execute this project," said Shakir Al-Zamli, Chairman of the Baghdad Investment Commission.

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Quoted by the official daily Al-Sabah and other Iraqi publications, Zamli said the project would comprise nearly 70,000 units as well as services and shopping, entertainment, health and other facilities.

Zamli described the UAE investor as "a serious company which has a long experience in construction, investment and building technology."

He did not identify that developer but early last year the Iraqi cabinet had announced on its website that the project would be executed by Dubai's Emaar Properties and Abu Dhabi-based Eagle Hills at a cost of nearly $10 billion.

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)


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