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Iraq
Damac unveils Dh55b project in Kurdistan
2008-06-04
Interesting how the one part of Iraq that's most like the West is doing so well ...
DUBAI — Damac Properties yesterday announced a new project in Kurdistan that will require a total investment of Dh55 billion in three phases of development. The first phase of the project — Tarin Hills Development — encompassing 170 million square feet in Erbil will start by the year-end, and includes residential, commercial and hospitality buildings.

Damac Chairman Hussain Sajwani said the new project is fully owned and developed by Damac in cooperation with the government of Kurdistan. Phase one will cost $4.5 billion.

Damac, which has ongoing projects in seven countries and business operations across 20 countries, will eventually borrow funds from banks but will launch the Erbil project using own resources, Sajwani said in the presence of Nechirvan Barzani, Prime Minister of Kurdistan Regional Government of Iraq, and several ministers from the region.
Posted by:Steve White

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