Emaar will work with the Iraq Ministry of Construction and Housing to develop residential, commercial and tourism projects.
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The Iraq Ministry of Construction and Housing has signed a Memorandum of Understanding with Emaar to jointly develop residential, commercial and tourism projects, it was announced on Thursday.
Speaking on the sidelines of Cityscape Global, Muhammed Al Darraji, Iraq’s Minster of Construction and Housing, said that the twin tasks of developing the housing sector and strengthening infrastructure were the priority areas of the National Development Plan.
“With our economy projected to grow at 12% this year, according to World Bank estimates, Iraq offers a strong investment platform for projects in several key sectors, including housing and infrastructure development,” he explained.
The National Development Goal of Iraq, which focuses on diversifying the economy and creating new jobs, will decide on the projects being jointly developed by the Ministry and Emaar.
Iraq has currently allocated more than $31bn to improve the country’s housing infrastructure and address an estimated shortage of more than 670,000 new residential units.
“We will extend our world-class expertise in developing housing and commercial projects to the Ministry to help address the growing demand for housing, office space and retail real estate in the country. These in turn will meet the goals of the Iraqi National Development Plan to create new jobs and strengthen ancillary industries,” said Ahmad Al Matrooshi, managing director of Emaar.
“Iraq is one of the most promising emerging markets in the Middle East region, and our partnership with the Ministry of Construction & Housing complements our strategic goal to expand to key international markets,” he added.
As part of the MoU, the ministry will provide Emaar with an overview of the property investment law and regulations, data on exiting and upcoming construction projects, and overall marketing insights.
Furthermore, the ministry has also announced a new strategic plan to boost the housing sector by increasing the amount allocated for housing, continuing low cost housing projects and preparing a robust investment environment for housing projects.