Emaar signs JV deal to develop projects in Iraq
Deal signed at Cityscape will see joint venture move into $31bn market
Iraq's Ministry of Construction & Housing has signed a deal with Emaar Properties to jointly develop housing, commercial and tourism projects in the country.
A deal was signed by by Iraq's Minister of Construction & Housing, HE Eng Muhammed Al Darraji, and UAE-based Emaar at the Cityscape Global property exhibition yesterday, where the ministry took exhibition space to highlight the investment potential in the Iraq market.
The country has allocated $31bn towards improving the country's housing infrastructure and addressing an estimated shortfall of around 670,000 new homes. No specific development projects have been identified yet, but a statement said they would "jointly be decided in due course".
The minister said: “Developing the housing sector and strengthening our infrastructure is one of the priority areas in our National Development Plan.
"With our economy projected to grow at 12% per cent this year, according to World Bank estimates, Iraq offers a strong investment platform for projects in several key sectors including housing and infrastructure development.
"Emaar has proven credentials in the development of real estate assets that also energise the economy, and we look forward to developing joint projects in the residential, commercial and tourism sectors.”
Emaar Properties' managing director Ahmad Al Matrooshi said: “We are thankful to the Government of Iraq and the Ministry of Construction & Housing for their trust in our capabilities to undertake large-scale projects that bring tangible value to the overall economy.
"Iraq is one of the promising emerging markets in the Middle East region, and our partnership with the Ministry of Construction & Housing complements our strategic goal to expand to key international markets.”
Emaar currently has schemes at various stages of construction across the MENA region in Egypt, Lebaning, Syria, Morocco and Jordan. It also recently announced a 'city within a city' at the $2.1bn Uptown Cairo project and a new mixed-use scheme in Turkey containing luxury homes, shopping mall and a five-star hotel known as Boulevardi.