Bloom Properties signs deal to develop city in Baghdad

Bloom Properties, the property development arm of National Holding, today signed a contract with the Iraqi National Investment Commission for the development of  50 per ecnt of ‘City of the Future - Madinat Al Mustaqbal’ in the capital, Baghdad.

The approximately 2.5 million square metres mixed-use community will take shape nearly 14.5 kilometres from the Baghdad city centre.

Following the approval of the design conceptualised by Bloom as per the contract, ‘Madinat Al Mustaqbal’ is set to be developed in a phased manner over a period of six years. 

The contract, between Bloom Properties and the National Investment Commission in Iraq, was signed by Dr. Sami Al Araji, Chairman of National Investment Commission, Iraq, and Simon Azzam, CEO of Bloom Properties.

The signing ceremony held at Baghdad drew the attendance of senior officials, politicians, industry players and businessmen including His Excellency Abdullah Al-Shihy, UAE Ambassador to Iraq.

Commenting on the agreement, Dr. 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. Located on the outskirts of Baghdad, ‘City of the Future - Madinat Al Mustaqabal’ will undoubtedly serve as an exemplary urban city model.

“Bloom has proved its strategic interest in Iraq while the team’s dedication has contributed to building our confidence in the company’s calibre. We are assured that, upon completion, the project will surpass our expectations.”    

The development has been conceptualised to host 15,000 residential units including 2,500 townhouses and villas as per the current master plan. In addition, the city within a city will feature mosques, sports and social clubs, gardens and green landscapes, retail facilities, kids’ nurseries and international schools and clinics, as well as public amenities such as police station, municipal office, post office and a civil defence centre.

A total of 209,960 square meters will be allocated to green areas which will include children playgrounds and two district parks.

In March this year, Bloom Properties laid the foundation stone for the 20-square kilometre development ‘Shores of Karbala’ that is being developed in conjunction with the Iraqi National Investment Commission and the Governorate of Karbala along the banks of Lake Razaza. 
 

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