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Abu Dhabi-based Bloom Properties and Dubai’s Al Handal International Group have signed a contract with the Iraqi National Investment Commission to develop the City of the Future or Madinat Al Mustaqbal on the outskirts of Baghdad, Iraq
A Gulf News report stated that Bloom Properties, a National Holding company, will develop 50 per cent of the housing project that will be located 14.5km from Baghdad city centre.
Iraq’s National Investment Commission chairman Sami Al Araji said, “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.”
The project will feature 30,000 residential units spread over an area of five million square metres, which will be built in phases over more than seven years, according to Al Handal.
The development will contain townhouses and villas as well as shops, schools, a post office, clinics, municipal offices, mosques, a civil defence centre and a police station, according to Bloom Properties. A total of 209,960 sq m will be dedicated to green areas, including two district parks.
Bloom Properties CEO Simon Azzam said, “Our strategic vision of embracing growth of the local market will always remain the dynamic force of our expansion strategy in this key destination.”
In October 2012, Bloom Properties signed a co-operation agreement with the Iraqi Ministry of Construction and Housing to develop real estate projects in Iraq.