Business | Construction
Damac Properties planning Dh55 billion development in Iraq
Damac Properties on Tuesday announced its partnership with the Kurdistan government in the first fully-contained master development in Kurdistan, with a development value of Dh55 billion.
- By Suzanne Fenton, Staff Reporter
- Published: 12:33 June 3, 2008
Dubai: Damac Properties on Tuesday announced its partnership with the Kurdistan government in the first fully-contained master development in Kurdistan, with a development value of Dh55 billion.
The development, called Tarin Hills, will be spread over 170 million square feet, 18 kilometres from Erbil town centre.
Nechirvan Barzani, Prime Minister of Kurdistan Regional Government of Iraq, said, “Kurdistan is part of Iraq and we are ready for business opportunities. We want to show Iraqi investors and investors in the Gulf that the Kurdistan region is a gateway and the doors are open for business.''
Targeting an end population of around 50,000, the project will comprise of residential units, sports facilities, public parks, a business park, 400,000 square metres of office space and 400,000 square metres of retail space.
Phase one of the development is expected to begin by the end of this year with a value of $4.5 billion.
Hussein Sajwani, chairman of Damac Holding, said the region has “immense potential to build the new Kurdistan''.
“It is a one-of-a-kind master development in Erbil. Apart from its natural resources, like oil and the two rivers, it's the people and their commitment to develop that makes Kurdistan different,'' Sajwani said.
Tarin Hills will be developed in two phases with no exact completion date set.
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