$66bn New Projects from Abu Dhabi Developers

Dr Sami al Araji, the chairman of Iraq's National Investment Commission, has said that Abu Dhabi-based developers have closed deals worth $66bn [79 trillion Iraqi dinars] for housing projects in Iraq.

The companies involved are Bloom Properties and Al Maabar.

Bloom Properties' projects include a $30bn development in Karbala, and $15bn to provide 300,000 dwellings for low and middle-income residents in six provinces.

Al Maabar's deal could be as much as $21bn, al Araji said, without providing more details.

Other Emirati-based businesses making inroads into Iraq include, Crescent Petroleum, Dana Gas, Arabtec, and Gulftainer.

In 2008, the UAE cancelled almost $7bn of debt and accrued interest owed by Iraq and it was the first Gulf country to set up an embassy in Baghdad and appoint an ambassador.

(Sources: MEED, The National)

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