Iraqi-owned Amwag International announced on Monday a housing and hotel project worth US$238m in the heart of Baghdad, while more companies want to invest in the country after the security situation stabilised.
Iraq, which has suffered because of decades of war and sanctions, is trying to attract foreign investors to help rebuilding its destroyed infrastructure and create more jobs.
BAGHDAD GATE is one of the first giant real estate investment projects which will be built in the capital, on a 62-acre site which will include a five star hotel consisting of 25 floors, a major shopping center, an office tower, and 3,000 housing units.
Namer Alokabi, executive president of Amwag, said that because the site of the project is special, they decided that the project should be special and high class.
Alokabi said that this project will create 2,500 direct jobs for Iraqis in addition to 20,000 indirect jobs.
Prime minister Nouri al Maliky who attended the ceremony to mark the beginning of work on the project said that it will boost the investment and encourage the building of similar projects in all parts of Iraq.
Al Maliky added that a few years ago companies would not dare to invest in Iraq but in light of the stable security situation then the companies started to compete fiercely to win investment projects or oil projects in the country.
Almaliky added that in the coming years the whole world will see that all the projects which were contracted or agreed upon will come into existence, whether they in the areas of housing, oil, drinking water, industry, agriculture or sewerage.
Amwag's headquarters are in Jordan, and it has branches in Bahrain, Egypt, India and Syria. It has signed a contract with UAE-based Alhamed group to build BAGHDAD GATE. Amwag hope that this project which is being built on the site of previous military base will be completed within three years.
( Iraq Directory )