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FINANCIAL NEWS
UAE’s Damac, Bloom to participate in Iraq’s reconstruction
06 Oct 2012
(MENAFN) Bloom Properties, an Abu Dhabi-based master developer, and Dubai’s Damac Properties have signed agreements with the Iraqi Ministry of Construction and Housing to get involved in real estate projects in the country’s rebuilding projects, Arabian Business reported.
The agreements with Damac and Bloom follow a similar deal between the Iraqi government and Dubai’s Emaar Properties earlier this month.
Bloom will participate in the construction of commercial and residential units, in addition to schools and sports clubs for Iraqi government entities, the company said in a statement.
As for Damac, it was already given two plots of land in Baghdad, and it will provide expertise on a number of residential and commercial projects in the capital and the surrounding region.
Earlier this year, Bloom was appointed as master developers for a project in the Karbala province including 40,000 houses, schools, universities, clinics, hospitals, mosques, retail outlets, sports fields, recreational centres, gardens, parks, hotels and hotel apartments.
Iraq needs about 2 million new housing units to tackle its chronic housing shortfall. The government has allocated USD2 billion for infrastructure and housing spending in budget 2013.
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