By John Lee.
Further details have been announced regarding Qatar's major investment in Iraq.
Estithmar Holding Q.P.S.C. has said in a statement that it has signed three MoUs with Iraq's National Investment Commission (NIC) with a total value of 7 billion US dollars to develop new modern comprehensive cities, 5 stars hotels and also manage and operate several hospitals in Iraq.
MoU's were signed by Dr. Haider Muhammad Makiya, Chairman of the NIC, and Mr. Ramez Al-Khayyat, Vice Chairman of Estithmar Holding.
The first MoU outlines the development of two modern cities encompassing various sectors such as commercial, residential, and entertainment. These cities will be constructed in adherence to the highest international standards, aiming to foster sustainable economic development and promote investment opportunities in Iraq. The objective is to support the country's sustainable economic growth and attract investments.
Mr. Al-Khayyat said the housing shortage in Iraq is estimated at two million units, adding that these new cities will include residential complexes, villas, schools, commercial complexes, entertainment centers, as well as other essential facilities and services. The necessary infrastructure will also be established to support the construction of these cities.
The second MoU focuses on the development of luxury hotels and resorts to bolster the Iraqi economy and promote domestic and international tourism. It also aims to provide innovative solutions to overcome challenges faced by the hospitality sector while addressing a portion of the shortfall of 10,000 hotel rooms in the Iraqi tourism market.
The third MoU involves Elegancia Healthcare W.L.L., a subsidiary of Estithmar Holding, which will undertake the management and operation of multiple hospitals in Iraq. This initiative underscores Estithmar Holding's commitment to its global expansion strategy and the provision of world-class medical services to communities worldwide.
It is anticipated that Estithmar will commence the implementation of these projects by the end of this year.
Furthermore, Mr. Al-Khayyat emphasized the significance of the robust and strategic relations between Qatar and Iraq, highlighting their potential to contribute to the social and economic development of Iraq. He also acknowledged the favorable investment environment in Iraq, which presents various opportunities across multiple sectors.
(Source: Estithmar Holding)
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