Business | Property
Damac to develop Dh55b Kurdistan project in Iraq
Damac Properties said it will build a 170 million square foot mixed-use master-planned development near Erbil, the administrative capital of Iraqi Kurdistan, with a development value of about Dh55 billion.
- By Suzanne Fenton, Staff Reporter
- Published: 00:11 June 4, 2008
- Image Credit: Vazhisojan/Gulf News
- Nechirvan Barzani (left), Prime Minister of Kurdistan Regional Government, addressing a press conference along with Hussain Sajwani, Chairman of Damac Holding.
Dubai: Damac Properties said it will build a 170 million square foot mixed-use master-planned development near Erbil, the administrative capital of Iraqi Kurdistan, with a development value of about Dh55 billion.
The fully-contained project in Kurdistan will be developed in collaboration with the Kurdistan Regional Government in Iraq.
The gated development of Tarin Hills, is located 18 km from Erbil town centre, will house an eventual population of 50,000 people. There will be 2,000 villas, 5,000 apartments, 400,000 square metres of office space and 400,000 square metres of retail space.
Nechirvan Barzani, Prime Minister of the KRG, said, "The Kurdistan government is pleased with this project. We encourage local and foreign investors. We have confidence for the future, especially after all the sufferings and calamities our people have faced."
Barzani said that development has suffered in the region because of the policies of the former regime, but now he is optimistic about the future of Iraq.
"We are working to make Kurdistan the gateway to Iraq and Turkey. We want to show Iraqi investors around the world and investors in the Gulf that the Kurdistan region is a gateway and the doors are open for business," Barzani said.
Hussain Sajwani, chairman of Damac Holding, said Kurdistan has "immense potential" for investors.
"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.
Do you think such project can help attract visitors to Kurdistan? Would you invest in the country? Why? Tell us at letter2editor@gulfnews.com or fill in the form bellow to send your comments.
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