'UAE TO BE TOP INVESTOR IN IRAQ' ~
September 21, 2010
UAE companies enter into contracts with Iraq worth 66 billion dollars
بغداد- متابعة عادل حمود BAGHDAD - A follow-up to Adel Hammoud
Was announced on Monday that the deals worth 66 billion dollars between the Iraqi side and two Amaratnetin working in the field of real estate development as part of efforts to seek reconstruction of the country.
According to The National newspaper quoted Sami al-Araji, chairman of the National Investment Iraq, saying the company National Holding owned by members of the royal family in the UAE will develop two projects under these contracts, noting that a letter of intent was signed yesterday in the United Arab Emirates venture between Bloom and Company Holding national and the Iraqi Board of Investment, said in a letter following the signing of the »results of the talks were fruitful and very positive».
The paper points out that the signing of the agreements highlights the growing role played by the UAE in the field of reconstruction in Iraq, indicating that the company Bloom will draft real estate in the province of Karbala, worth 30 billion dollars and a contract worth 15 billion dollars to build 300 thousand housing units in the six other provinces.
Araji shows that these projects will be initially funded through loans from the Bank of Iraq and the Iraqi Commercial Bank and Rasheed Bank, to the company after obtaining funding from the «all banks in which the company has contributed to the National Holding».
"They said that the Iraqi delegation has reached an agreement also with the crossing-based Abu Dhabi to undertake projects that could be worth 21 billion dollars.
It should be noted that there were several large projects on estates in Iraq, which announced the UAE companies to do in the past, but the current agreements represented a turning point because of the size of investments that involve them.
Investors were Emirati have received contracts to projects of up to 37.7 billion dollars last year, or nearly a quarter of investment given by Iraq in 2009, but some of the conventions did not find its way to the implementation of the project property company worth 55 billion dirhams in the city of Arbil, where officials announced investment in the region for the cancellation of the agreement.
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