Bloom to launch £11bn property scheme in Iraq

Country:  Iraq

24 November 2009

Abu Dhabi property developer Bloom Properties is the latest in a long line of international housebuilders to announce plans to launch a multibillion pound property project in Iraq.

A report in today’s UAE daily the National said that the property developer, which is the real estate arm of National Holding, is in talks with top officials in Iraq over a proposal to build a £10.9bn property scheme called Al Madeena Al Jadeeda City in the Shi'ite holy city of Karbala.

Quoting figures from Dunia Frontier Consultants, the National reports that Emirati investors have committed £23bn to Iraq this year. The money will go along way towards helping the country rebuild itself, following the recent war, and help increase the supply of residential properties in Iraq.

Damac Properties, Al Maabar and Bonyan International Investment Group are among some of the other UAE property companies to have launched Iraqi property schemes.

Many UAE property developers have turned their attentions to neighbouring countries, following the recent UAE property downturn, particularly in the Dubai property market, where a number of off-plan housing projects have either been scrapped or suspended.

See Also:   Bloom, Iraq, UAE