Dubai: Negotiations between the Iraqi National Investment Commission (INIC) and several UAE real estate developers and investments companies on "big and giant" projects in different parts in Iraq have reached "advanced stages", a top Iraqi official said.
Sami Al Araji, chairman of the Iraqi National Investment Commission said the projects under negotiations are worth nearly $70 billion (Dh257 billion) and that the talks are expected to be finalised in the near future.
"The two sides [the INIC and Emirati companies] are serious in their desire for the talks to succeed, and things are going well, and in the right direction " Al Araji told Gulf News in an exclusive interview from Iraq.
Talks have reached "advanced stages", and "the details are now under discussion", he added, without giving further details.
Once completed, the total value of these contracts is estimated at $70 billion, Al Araji said.
While some UAE companies already have a presence in Iraq's northern region of Kurdistan, the negotiations underway are "on giant and big projects all over Iraq, in Baghdad, in Central Iraq, and in the south," the official explained.
Top projects
"Projects under discussion are Al Rasheed Compound, The Banks of Karbala, and The Future city," Al Araji said.
UAE companies involved in the discussions include "Al Maabar, Bloom, the National Holdings, and Bonyan and Al Hanthal," the Iraqi official said. The Banks of Karbala, a $28-billion project will overlook Ar Razazah Lake, which is 15 kilometres west of Karbala, according to reports in the Iraqi press.
Some other companies have expressed their desire to carry out a project that will see nearly 150,000 housing units being built as part of a project envisaging one million new houses across Iraq, he added.
Abu Dhabi's international investment company, Al Maabar, had unveiled details for Baghdad development project located at the Al Rasheed Military Compound in October 2008. The company is backed by all four major Abu Dhabi developers: Aldar, Sorouh, Reem and Al Qudra.
According to Iraqi reports the $20-billion (Dh73 billion) development, will stretch across 1,250 hectares (according to the company website) and comprise several key clusters including residential units, a commercial district, a technology centre, a hotel and hospitality district, health care and educational districts, and public facilities such as mosques and gas stations.
Entertainment centres
A great section of the site will also be devoted to some of the largest entertainment centres in Baghdad.
"UAE companies," Al Araji said, "are the top companies investing in Iraq real estate."
Other UAE companies have also affirmed interest in other fields. However, the "talks are still at their beginnings with the Iraqi Investment Commission" and there will be announcements once results are reached.
New impetus
- $20b project to be developed by Al Maabar
- 150,000 housing units being envisaged