FinancialNews

Home

Investor Relations

Financial News

08-03-13

Abu Dhabi's Bloom Properties to develop major project in Iraq's Karbala

(MENAFN) UAE's Bloom Properties stated that it has inked an agreement with Iraq's National Investment Commission and the Governorate of Karbala to set up a major development in the city, reported Arabian Business. The Abu Dhabi-based firm said that the Shores of Karbala project covers the establishment of nearly 40,000 houses in 4 districts that will encompass villas, townhouses, apartments, hotels, business centers, open markets and commercial offices. Furthermore, the project that will span over a 20 sq km area along the banks of Lake Razaza in Karbala, will comprise clinics and dispensaries, schools, mosques, public parks, children's playgrounds, government, social and sports facilities, in addition to restaurants, cafes and related infrastructure. The company, the property development and real estate unit of National Holding, added that initial work will consist of the surveying of land, issuance of licenses and receiving the preliminary approvals. Moreover, the firm will work on submitting the final detailed master plan in line with the blueprint first presented to the commission and the Governorate of Karbala. It is worth noting that the establishment of the project, which will be home to around 250,000 people, will take 8 years.

Follow us