By Andy Sambidge
Abu Dhabi real estate firm signs agreement to build half of Madinat Al Mustaqbal in Baghdad
Abu Dhabi-based Bloom Properties has signed a contract to develop half of Madinat Al Mustaqbal, dubbed the 'city of the future' in Baghdad, Iraq.
Bloom, the property development and real estate arm of National Holding, has inked the deal with the Iraqi National Investment Commission, a statement said.
The 2.5 million sq m mixed-use community will take shape nearly 14.5 kilometres from the Baghdad city centre.
Following the approval of the design conceptualised by Bloom, Madinat Al Mustaqbal is set to be developed in phases over six years.
Dr Sami Al Araji, chairman of National Investment Commission, Iraq, said: “The contract signals our commitment to establishing world-class projects in the country as part of efforts to raise the standard of living of our citizens.
"Located on the outskirts of Baghdad, ‘City of the Future - Madinat Al Mustaqbal’ will undoubtedly serve as an exemplary urban city model.
“Bloom has proved its strategic interest in Iraq while the team’s dedication has contributed to building our confidence in the company’s calibre. We are assured that, upon completion, the project will surpass our expectations.”
The development will include 15,000 residential units including 2,500 townhouses and villas.
In addition, the city within a city will feature mosques, sports and social clubs, gardens and green landscapes, retail facilities, kids’ nurseries and international schools and clinics, as well as public amenities such as police station, municipal office, post office and a civil defence centre.
A total of 209,960 sq m will be allocated to green areas which will include children playgrounds and two district parks.
Simon Azzam, CEO of Bloom Properties, added: “Today, we see another milestone for Bloom Properties in the Iraqi market following our project in the Karbala province. Our strategic vision of embracing growth of the local market will always remain the dynamic force of our expansion strategy in this key destination.”
Ahmad Khalaf, general manager - Bloom Iraq, said: “We are confident that ‘City of the Future - Madinat Al Mustaqabal’ will serve as a benchmark for projects in Iraq and offer a new perspective to community living.”
In March, Bloom Properties laid the foundation stone for the 20 sq km development ‘Shores of Karbala’ that is being developed in conjunction with the Iraqi National Investment Commission and the Governorate of Karbala along the banks of Lake Razaza.For all the latest construction news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.