UAE’s Bloom Says Work Set to Start on Iraqi Mega Project
|May 3, 2014||Filled under Iraq Investment News|
Iraq Investment News –
Abu Dhabi-based developer Bloom Properties has announced plans to start infrastructure work on a huge project in Iraq.
The subsidiary of National Holding said work was imminent on the 20 sq km Shores of Karbala project, will include close to 40,000 homes.
The announcement followed the submission of final master plan of the Shores of Karbala project to the Iraqi National Investment Commission.
The project will be developed in a phased manner over a period of eight years, according to the contractual agreement.
A spokesperson from Bloom Properties, said: “We have submitted the final master plan of Shores of Karbala pursuant to the investment agreement signed with the Iraqi National Investment Commission and the Governorate of Karbala. We look forward to commencing the infrastructure work as soon as the final master plan is approved by the relevant authorities.
“The Shores of Karbala project is one of the largest of its kind in Iraq, and we will leverage our expertise and unique capabilities in developing a world class urban metropolis that meets the housing and lifestyle needs of the Iraqi people. We are confident that the project will attract more investment to the city through its various phases of development.”
Shores of Karbala is one of the largest real estate projects being developed in the Republic of Iraq.
The project will take into account the housing needs of all segments of Iraqi society, including the business and commercial sector.
Upon completion, it is expected to provide 40,000 housing units across four districts that will house an expected population of 200,000 to 250,000 people.
The four districts of the project will encompass residential units of all types including villas, town houses, apartments, hotels, shopping malls, open markets, business centres, clinics, schools, mosques, public parks, children playgrounds, government, social and sports facilities, restaurants, cafes and auditoriums.
Bloom said it has a portfolio of completed projects in Abu Dhabi, Al Ain and Dubai spanning education, hospitality, leisure and retail.
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