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Abu Dhabi's Al-Maabar in $10bn Iraq development
Abu Dhabi real estate development investment company Al-Maabar has committed itself to a major new development in Baghdad, UAE's official news agency WAM reported on Sunday.
The $10 billion development, located at the Al-Rasheed Military Compound, will cover 1,250 hectares and comprise residential units, a commercial district, a technology centre, a hotel and hospitality district, health care and educational districts, and public facilities such as mosques and gas stations, WAM reported.
It is envisaged that the project will include public recreational parks, a golf course, museums and other cultural facilities such as theatres and cinemas, it added.
"The move to develop this project complements the growing levels of support that the UAE is providing to the government of Iraq. Through the direction of the Abu Dhabi leadership, Al-Maabar will add real value to the countries that it invests in," Yousef Al-Nowais, Al-Maabar's managing director was quoted as saying.
''Al-Maabar plans to achieve this through job creation and talent development, knowledge transfer and economic stimulus and will be working very closely with the relevant ministries in Iraq to insure that this project meets the specific needs of the Iraqi people," he added.
Consultants Dar Al-Handasah have been awarded the contract for creating the conceptual master plan along the guidelines set by the urban planning and municipal authorities in Baghdad.
The announcement comes a week after a surprise official visit to Baghdad by Abu Dhabi's Crown Prince, Sheikh Mohammed bin Zayed Al-Nahyan.
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