Dubai: Abu Dhabi-based Bloom Properties and Dubai’s Al Handal International Group announced on Sunday that they have signed a contract with the Iraqi National Investment Commission to develop its City of the Future or Madinat Al Mustaqbal on the outskirts of Baghdad, Iraq.
Bloom Properties, a National Holding company, will develop 50 per cent of the housing project that is located 14.5 kilometres from Baghdad city centre, which according to Al Handal, is worth Dh16.6 billion.
“The contract signals our commitment to establishing world-class projects in the country as part of efforts to raise the standard of living of our citizens,” said Sami Al Araji, chairman of the National Investment Commission.
The project will feature 30,000 residential units over an area of five million square metres, which will be built in phases over seven years, according to a statement by Al Handal.
The development will have townhouses and villas, as well as stores, schools, a post office, clinics, municipal offices, mosques, a civil defence centre and a police station, according to Bloom Properties’ statement. A total of 209,960 square metre will be dedicated to green areas, including two district parks.
“Our strategic vision of embracing growth of the local market will always remain the dynamic force of our expansion strategy in this key destination,” said Simon Azzam, CEO of Bloom Properties.
In October last year, Bloom Properties signed a cooperation agreement with the Iraqi Ministry of Construction and Housing to develop real estate projects in Iraq.