Al Maabar unveils Iraq project worth Dh37bn

Al Maabar, an international real estate development company yesterday launched a mixed-use Dh36.5 billion development in Baghdad comprising clusters of residential units, a commercial district, a golf course a technology center, a hospitality district.

"The move to develop this project complements the growing levels of support that the UAE is providing to the government of Iraq. Through the direction of the Abu Dhabi leadership, Al Maabar will add real value to the countries that it invests in. Al Maabar plans to achieve this through job creation and talent development, knowledge transfer and economic stimulus and will be working very closely with the relevant ministries in Iraq to insure that this project meets the specific needs of the Iraqi people," said Yousef Al Nowais, Managing Director of Al Maabar.

A great part of the site will also be devoted to undertaking some of the largest entertainment centres in Baghdad. The project will include public recreational parks, a golf course, museums and facilities such as theatres and cinemas.

Consultants Dar Al Handasah has been awarded the contract for creating the conceptual master plan along the guidelines set by the urban planning and municipal authorities in Baghdad.

"The conceptual master plan is intended to illustrate development opportunities, which will guide subsequent detailed design and investment analysis of the project. Having the master plan created at this stage will help establish a vision for the overall development, while taking into consideration the topography and the water front aspects. The master plan will also help develop planning-level construction cost estimates and a program of infrastructure facilities," said Al Nowais.

Al Maabar is backed by leading Abu Dhabi based developers such as Sorouh Real Estate, Aldar Properties, Al Qudra Real Estate, Reem International and Reem Investments.

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