Tag Archive | "Emaar"

Downtown Erbil “a Milestone” for Kurdistan


Prime Minister Nechirvan Barzani kicked off the nearly-$3-billion “Downtown Erbil” project on Sunday, calling the venture that is estimated to create 35,000 jobs and transform the face of the Kurdish capital, “a milestone for the Kurdistan Region.”

This project will be a source of pride and a source of income for thousands of families,” Barzani said at a commencement ceremony with Mohamed Alabbar, head of Dubai’s Emaar Properties, which is leading the project and hopes to finish it in around five years.

Barzani said that the 133-acre “Downtown Erbil” — which envisions the capital’s largest shopping mall, five-star hotels, apartment towers, schools and healthcare facilities — “is a milestone for the Kurdistan Region.

He added that the development marks a turn in Kurdistan, a three-province autonomous Kurdish enclave of five million in northern Iraq whose economy is booming and which posted a whopping 12-percent economic growth last year.

Downtown Erbil will be a true hub for business and tourism in Erbil,” Alabbar told a gathering of government ministers, foreign diplomats, Erbil governor Nawzad Hadi and many businessmen attending the inauguration ceremony.

It will touch around $3 billion,” Alabbar said about the cost of the development.

Posted in Construction & Engineering, Industry & TradeComments (0)

Emaar, Faruk to Build $2bn Resort at Dukan


By John Lee.

Dubai-based Emaar Properties is expected to sign a contract worth over $2 billion with Kurdish company Faruk Group Holding to develop a resort in Sulaymaniyah.

Herish Muharam Muhamad, chairman of Kurdistan Investment Board (KIB), said the Dukan tourist city project will include hotels, restaurants, residential areas, cinemas and casinos.

Emaar last year signed an agreement with Iraq government officials to develop housing and tourism projects in the country.

With 11,000 employees, Faruk Group Holding claims to be Iraq’s largest private company. It comprises 12 companies in businesses including construction, telecommunications, cement, hospitality and retail.

Bloomberg also reports that Emaar is bidding for a $5 billion housing project in central Iraq.

(Source: Bloomberg)

(Picture: Lake Dukan. Credit: CPT photo)

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Emaar “in talks” on $3bn Kurdish Resort


Dubai-based Emaar Properties and Kurdish firm Farouq Holdings [Farouk] are reported to be in talks with the Kurdistan Regional Government about developing a new $3bn resort in Sulaimaniya governate.

Zawya reports that the KRG has approved the Dukan tourist city project, and that work could start within six months.

The director-general of the Kurdistan Investment Authority in Sulaimaniya, Farman Gharib Saeed [Farman Ghareb Saaid], said the project “is considered one of the largest … in the area, and is part of a master plan devised by the tourism authority for Dukan“.

It will cover an area of 2.4 million m2 and will contain hotels, restaurants and a theme park. Tourism numbers in Iraqi Kurdistan are expected to reach 2.5 million by next year.

(Source:  Arabian Business, Zawya)

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New Contract Signed for Free Zone in Baghdad


By John Lee.

The General Commission for Iraqi Free Zones (IFZ) has signed a contract to establish a special zone for commercial activities in accordance with the Free Zones law number 3 of 1998, reports to Aswat al-Iraq.

IFZ director Saleh Saleh al-Qeissi [Sabah Saleh al-Qaisi] said:

The IFZ signed an investment contract with the Eaamar [Emaar?] construction company to set up a free zone to allow commercial activities in Awerej region, in southern Baghdad … The contract is the first of its kind in Iraq.

The Free Zones law No.3, 1998, allows industrial, commercial, and service project investment in special zones designated “Free Zones”. Goods imported and exported from Free Zones are exempt from all taxes and fees, except when imported through customs. All capital invested, as well as interest and income generated, by projects established in Free Zones are exempt from taxes and fees throughout the lifetime of the project, including construction and start up phases. To apply for approval to begin a project in a Free Zone, investors must submit a request and pay a $100 USD fee to the Free Zones Board.

(Sources: Aswat al-Iraq, Shafaaq, NIC)

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