Baghdad contract to build a "city of the future" at a cost of more than $ 12 billion

Monday, 29 March 2010

Investment Baghdad contract to build a "city of the future" at a cost of more than $ 12 billion

Chairman of the Investment Baghdad Shaker Zamili

السومرية نيوز/ بغداد Alsumaria News / Baghdad

Announced the investment of Baghdad, on Monday, it had contracted with the UAE real estate company to implement a project to build 40 thousand residential units in the capital and at a cost of 12 billion and $ 500 million, noting at the same time that it had granted 35 vacation investment in various sectors.

The chief investment Shaker Zamili Baghdad in an interview with "Alsumaria News" on Monday, it was "contracted with a company Bloml UAE Real Estate Holding to implement a project to build residential units in the area of Ghazaliya west of Baghdad, after he made five companies of Iraqi nationals and the United Arab Emirates and Spain offers to build these units ".

The secretariat of Baghdad called in March 2009 investment companies, local and foreign, to submit bids for the construction of housing in the city of the future (Aldhnp) in the Ghazaliya west of the capital Baghdad.

Zamili said, "The company will build about 35 to 40 thousand housing units in the form of compounds other horizontal and vertical, over an area of two thousand acres, and $ 12 billion and $ 500 million, taking into account insurance and other basic services from hospitals, schools, malls and commercial and recreational facilities ".

And Zamili, "it was the completion of all proceedings of the project in terms of land allocation and other administrative procedures by the Investment Commission and the Secretariat of Baghdad, Baghdad," adding that "the proposed Ghazaliya residential (city of the future) it is authorized by the National Investment Authority, and approved by the Council of Ministers to overcome the cost of investment $ 250 million dollars. "

Under the Investment Law No. 13 of 2006 shall be entitled to the National Commission to grant investment license for projects with less capital than 150 million dollars and require the approval of the cabinet in case the cost of the project amount.

However, it was amended in a later stage, it stipulates the right of the Investment Commission of Baghdad to grant investment licenses for projects that cost less than $ 250 million, with the right to a national investment grant Investment License for the project, estimated to cost between $ 250 million and one billion dollars, while the project more than one billion dollars by making the cost of obtaining the approval of the Cabinet. "

On the other hand, he drew Zamili that "the total investment licenses granted by the Investment Authority, Baghdad, at 35, and was distributed to all sectors, including nine projects in the area of housing, and seven in the industry, and seven in the field of tourism, in addition to five projects in the area of health, the total amount of two billion and 482 million dollars. "

The Zamili that "the jury in the process of allocating more land for housing projects," indicating that "the total housing units that will be built in Baghdad after the leave of the investment companies of $ 16 الف and of 420 housing units will be sold in installments over ten years," he said.

The head of a national investment Sami Araji, said in an interview earlier, "Alsumaria News", that the process of constructing one million housing units across Iraq, including Kurdistan, instead of 500 thousand units was announced in advance as part of a National Housing.

It is noteworthy that Iraq is suffering from crippling housing crisis, given the increasing population and decreasing the number of residential complexes, in addition to high construction costs resulting from high land prices and construction materials, which makes it difficult for low income housing construction of their own.

alsumaria news