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$2bn contract signed by Emaar for building tourist city in Northern Iraq
18 Jun 2013
Emaar Properties, the Dubai based developer, has been considered to be close to sign a contract, worth 2 billion USD for creating a tourist city in the country of Iraq, in the northern region, Kurdistan, near the border of Iran.
In conjunction with Kurdish company Faruk Group Holding in Sulaymaniyah as part of the Durkan tourist city project, the sprawling report is said to be built – as revealed by the chairman of the Kurdistan Regional Government’s investment board, Herish Muharam Muhamad.
The plan will include hotels, restaurants, residential areas and at least one casino and are centered on the Durkan Lake, as told by Herish Muharam Muhamad to the media. Since the fall of Saddam Hussein’s government, northern region or semi-autonomous Kurdistan is doing well so far to improve its infrastructure. For funding into the different developmental projects, Turkey has played a major role in this region.
Emaar set-up a joint venture with the Iraqi government in October last year to develop housing in the war-torn country, which has a $2bn budget for infrastructure and housing spending in 2013. This Dubai based company is also said to be working with a $5bn housing project in central Iraq.
Faruk Group Holding controls 12 companies in eight sectors, including hospitality, telecommunications, cement, medical services, construction, IT, automotive and retail. So, far it is heavily involved in different projects of Iraq, particularly in building communities, and is the country’s largest private company, with 11,000 employees. These data have been fetched from the company website.
An Emaar Properties spokesperson stated that on baseless rumors and speculation they do not generally comment.
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18 Jun 2013
Emaar Properties, the Dubai based developer, has been considered to be close to sign a contract, worth 2 billion USD for creating a tourist city in the country of Iraq, in the northern region, Kurdistan, near the border of Iran.
In conjunction with Kurdish company Faruk Group Holding in Sulaymaniyah as part of the Durkan tourist city project, the sprawling report is said to be built – as revealed by the chairman of the Kurdistan Regional Government’s investment board, Herish Muharam Muhamad.
The plan will include hotels, restaurants, residential areas and at least one casino and are centered on the Durkan Lake, as told by Herish Muharam Muhamad to the media. Since the fall of Saddam Hussein’s government, northern region or semi-autonomous Kurdistan is doing well so far to improve its infrastructure. For funding into the different developmental projects, Turkey has played a major role in this region.
Emaar set-up a joint venture with the Iraqi government in October last year to develop housing in the war-torn country, which has a $2bn budget for infrastructure and housing spending in 2013. This Dubai based company is also said to be working with a $5bn housing project in central Iraq.
Faruk Group Holding controls 12 companies in eight sectors, including hospitality, telecommunications, cement, medical services, construction, IT, automotive and retail. So, far it is heavily involved in different projects of Iraq, particularly in building communities, and is the country’s largest private company, with 11,000 employees. These data have been fetched from the company website.
An Emaar Properties spokesperson stated that on baseless rumors and speculation they do not generally comment.
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