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Dubai’s Emaar Properties has launched a US$3bn mixed-use property development in Erbil, the capital of the Kurdistan Region of Iraq
According to Reuters, Emaar Properties chairman Mohammed Alabbar said he expected the Erbil Downtown project to be completed in three stages over a period of five years, or potentially sooner, if market conditions remained favourable.
The Erbil Downtown project, planned along the lines of Downtown Dubai, would include 276 residential apartments, hotels and a shopping centre. It has been estimated to cover an area of 541,000 square metres and will be expected to generate 35,000 jobs in the Erbil, according to Emaar Properties.
During the pre-sales registrations of the project, Alabbar said it would partly fund the project through bank loans and the pre-sales revenue.
Emaar Properties has recently reported a 50 per cent rise in its Q3 2013 net profit, which increased to US$158mn from a year ago. The developer has projects similar to Erbil Downtown in Egypt, Syria and Saudi Arabia, Reuters reported.
Earlier this month, the property developer signed a joint venture agreement with Dubai Holding to restart work on The Lagoons in Dubai, a real estate project that was first announced in 2008.