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FINANCIAL NEWS
Dubai’s Damac, Iraq Al Fao ink JV contract
18 Nov 2012
(MENAFN) Damac Properties’ managing director, Ziad El Chaar, announced that the Dubai-based firm inked a Memorandum of Understanding (MoU) with Iraq’s Al Fao General Engineering Company to set up a joint venture to develop projects in Iraq, reported Arabian Business.
The joint venture would develop sites owned by the Iraqi Ministry of Housing and Construction.
El Chaar said that recently, Damac has singed a MoU directly with Iraq’s Ministry of Housing and Construction during Cityscape Global 2012 in Dubai, aimed at developing several projects in the Iraqi capital and the surrounding region.
He added that work on the ministry’s projects are forecasted to start early 2013, after a full evaluation of the land and development mix has been finished.
The company, which already has two plots of land in Baghdad, has also projects under development in Dubai, Abu Dhabi, Saudi, Qatar, Jordan, Egypt and Lebanon.
It is worth noting that in 2013, Iraq is forecasted to approve USD10.4 billion worth of construction and infrastructure projects.
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