Bagdad: Damac Properties has announced the signing of a memorandum of understanding (MoU) with Al Fao General Engineering Company, a subsidiary company of the Iraqi Ministry of Housing and Construction, to further develop projects in Iraq.
The agreement was reached during a high-level visit to the Iraqi capital Baghdad where DAMAC Executives met with the Minister of Housing and Construction along with Al Fao General Engineering Company Executives. The MoU was signed thereafter, establishing a joint venture company between Damac Properties and Al Fao General Engineering to begin development of the Ministry of Housing and Construction sites in the country.
It comes less than five weeks after Damac Properties agreed a MoU directly with the Iraqi Ministry of Housing and Construction during Cityscape Global 2012 in Dubai to develop a number of projects in Baghdad and the surrounding region.
