Bloom signs deal for huge Iraq project
UAE developer to bring forward 40,000 homes over 20km2 in Karbala
Bloom Properties has announced that it has signed a deal in Iraq to build a massive new housing project over a 20km2 plot on the banks of Lake Razaza in Karbala.
Under the terms of the agreement, Bloom Properties will develop up to 40,000 housing units in four different districts over a number of phased development periods. The project, known as Shores of Karbala, is expected to become home to between 200,000-250,000 people.
The contract was signed by the CEO of UAE-based Bloom Properties, Simon Azzam, Karbala governor Amal Al Deen Al Hir and the chairman of Iraq's National Investment Commission, Dr Sami Al Araji.
Bloom Properties was among the first group of UAE-based developers to sign agreements last year with Iraq's Ministry for Housing and Construction following the latter's appearance at the Cityscape Dubai conference last year. Fellow UAE-based developers Emaar Properties and Damac Properties have also signed development deals.
A foundation stone for the project was laid at the project in Karbala yesterday, which is a holy city for Shia muslims.
Dr Al Araji said: "The project will contribute to the urban planning development of Karbala. Our strategy is to take the holy city to a new level by improving the distribution of population density and urban centres and shaping it into a vibrant metropolis.
"Karbala will also comprise multiple modern centres that will be complemented by the establishment of a series of ecosystems. This is in line with our strategy to augment landscaping areas across all plots."
Simon Azzam said: "With the signing of this contract, we are set to commence work on the preliminary planning phase. This is one of the largest real estate projects in Iraq and will be developed on several phases taking into consideration high quality standards suitable for such a project.
"The 'Shores of Karbala' will cater to all sections of society and will offer will offer significant investment opportunities, which in turn help generate considerable job opportunities for Iraqis. "
Initial work involves surveying of pland and gaining the necessary approvals to build. The developer is also still working up a masterplan for the site.