Damac plans $15bn Iraq project

UAE developer Damac Properties plans a $15 billion development in Iraq's Kurdistan province to start by the year-end, Damac said on Tuesday.

The project includes residential, commercial and hospitality buildings over 170 million square feet in Arbil, Damac said.

Damac Chairman Hussain Sajwani said the first phase of the project would cost $4.5 billion and the total cost of the project would be 55 billion dirhams ($14.98 billion).

"Tarin Hills development... will also create jobs and support growth in related sectors such as tourism and hospitality," the statement quoted Nerchivan Barzani, the prime minister of the region, as saying.

Damac, with projects in countries including Egypt, Qatar and Jordan, will eventually borrow funds from banks but will launch the project using Damac equity, Sajwani said.

Damac unit Damac Kuwaiti Holding, which listed in Kuwait in April, has said it would use listing proceeds to finance Iraq projects. (Reuters)

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