Bloom Properties to build 50% of Iraq development

Bloom Properties, the property development and real estate arm of National Holding, has signed a contract with the Iraqi National Investment Commission for the development of 50% of ‘City of the Future - Madinat Al Mustaqbal’ in the capital, Baghdad.

The approximately 2.5m m2 mixed-use community will take shape nearly 14.5km from the Baghdad city centre. Following the approval of the design conceptualised by Bloom as per the contract, ‘Madinat Al Mustaqbal’ is set to be developed in a phased manner over a period of six years.

The contract, between Bloom Properties and the National Investment Commission in Iraq, was signed by Dr. Sami Al Araji, chairman of National Investment Commission, Iraq, and Simon Azzam, CEO of Bloom Properties. The signing ceremony held at Baghdad drew the attendance of senior officials, politicians, industry players and businessmen including His Excellency Abdullah Al-Shihy, UAE Ambassador to Iraq.

Commenting on the agreement, Dr. Al Araji said: “The contract signals our commitment to establishing world-class projects in the country as part of efforts to raise the standard of living of our citizens. Located on the outskirts of Baghdad, ‘City of the Future - Madinat Al Mustaqabal’ will undoubtedly serve as an exemplary urban city model.

“Bloom has proved its strategic interest in Iraq while the team’s dedication has contributed to building our confidence in the company’s calibre. We are assured that, upon completion, the project will surpass our expectations.”

The development has been conceptualised to host 15,000 residential units including 2,500 townhouses and villas as per the current master plan. In addition, the city within a city will feature mosques, sports and social clubs, gardens and green landscapes, retail facilities, kids’ nurseries and international schools and clinics, as well as public amenities such as police station, municipal office, post office and a civil defence centre. A total of 209,960m2 will be allocated to green areas which will include children playgrounds and two district parks.

Azzam said: “Once again, we demonstrate our ability to provide comprehensive projects that are vital to fulfilling market needs based on our experience and understanding of the development of this rapidly growing market. Today, we see another milestone for Bloom Properties in the Iraqi market following our project in the Karbala province. Our strategic vision of embracing growth of the local market will always remain the dynamic force of our expansion strategy in this key destination.”

Ahmad Khalaf, general manager - Bloom Iraq, said: “We are confident that ‘City of the Future - Madinat Al Mustaqabal’ will serve as a benchmark for projects in Iraq and offer a new perspective to community living. The townhouses, villas, apartments and community facilities will be designed as per international standards. The project has been carefully planned taking into consideration the location and its surroundings.”

In March this year, Bloom Properties laid the foundation stone for the 20-square kilometre development ‘Shores of Karbala’ that is being developed in conjunction with the Iraqi National Investment Commission and the Governorate of Karbala along the banks of Lake Razaza.

©2013 ITP Business Publishing Ltd.

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