| 2008: UAE Firm plans $15bn real estate development project in Iraq |
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June 3, 2008 UAE developer Damac Properties plans a $15 billion development in Iraq's Kurdistan province to start by the year-end, the firm said yesterday. 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 $4.5bn and the total cost of the project would be 55bn UAE dirhams ($14.98bn). "Tarin Hills development ... will also create jobs and support growth in related sectors such as tourism and hospitality," prime minister of the region Nechirvan Barzani said. 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. |