Damac establishes Iraqi joint venture
Agreement part of developer’s plan to enter into Iraqi market
Damac Properties has agreed a tie-up with Al Fao General Engineering Company, a subsidiary of the Iraqi Ministry of Housing and Construction, to develop projects in the country, it was announced on Sunday.
The move comes less than five weeks after Damac agreed a deal with the Ministry directly, which will see it develop a number of projects in Baghdad and the surrounding region.
“This agreement formalises our relationship with the Iraqi government and is the first step in developing projects in Iraq,” said Ziad El Chaar, managing director of Damac.
The deal will see Damac and Al Fao create a joint venture that will work on the development of the ministry’s sites across the country.
“The joint venture with Al Fao General Engineering brings together two industry experts, (thereby) enabling the swift development of the country,” he added.
