| 2008: Euro company to build residential compound in Diwaniya |
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June 10, 2008 GEM Euro Group on Tuesday signed a contract to construct a residential compound in Dewaniya, the province's governor announced. He added that work in the project will commence in early August 2008. "After four days of negotiations, a contract with the Euro GEM was signed to invest in constructing a residential compound in Dewaniya city, and work in the project will commence in early August 2008," Hamid al-Khdhairi said in a press conference in Diwaniya, which was attended by GEM's representative. "This compound will be built according to high quality criteria, with a power system separate from the city's, in addition to water and cooking gas supplies, furniture, and advanced services, such as mosques, markets, schools, and others," he explained. "It will be called 'The New City of Diwaniya,' and it will occupy an area of 80 donams (1 donam = 1,000 square meters)," he said. "The compound will consist of two separate units, and each ground floor flat will have an area of 200 – 250 squared meters, while flats at other levels will have an area of 100 – 120 squared meters each," he added. "Green spaces will occupy 40 percent of the total compound's area," he noted. He did not mention how many flats the compound will embrace, or where it will be constructed. He noted that there is an international agreement with this company to construct an oil refinery, a concrete factory, in addition to other projects proposed by the company to Diwaniya's local authorities, such as an investment bank to fund the residential houses that company builds. Al-Khdhairi stressed that the Euro GEM will sell or rent the flats in coordination with Diwaniya local authority. From his side, Habib-Allah al-Jazaeree, GEM's representative, said "we will complete the project's designs next week, and work will commence in early August." "Work will be finalized within an exceptional period of time," he added. "After we thoroughly examined the security situation in Diwaniya, we found that the situation allows companies to execute projects in the city," he noted. He highlighted that there are other agreements to be signed with Diwaniya's local authorities to execute other large important projects. Local authorities in Diwaniya signed a memorandum of understanding with GEM Group that belongs to five Euro countries, during the second investment conference that was held in Cairo two weeks ago. Diwaniya city lies 180 km south of Baghdad. Source: Voices of Iraq |