Al Ma'abar Company for international investment - a joint project between Al Dar Properties and Sorouh Real Estate –stated that it intends to develop a project in Iraq this year worth not less than 500 million dollars.
The Managing Director Yousef Al Nowais stated to Reuters on the sidelines of Cityscape real estate exhibition in Dubai "We want to inaugurate a new multi-purpose project in Baghdad before the end of the year ...it would be a massive project worth more than 500 million dollars."
"The people (in Iraq) need to take up residence of appropriate homes after the war that destroyed their homes and Arabs are making efforts now to work to achieve stability in Iraq."
Both companies (al Dar and Sorouh) have 30 percent of shares in (Al Ma'abar) and the rest owned by Reem Investments and Reem global capacity and Holding.
The company's projects under construction and development are valued of 11.5 billion dollars in Morocco, Libya, Tunisia, Jordan, Qatar and Belarus.
Al Nowais said that (Al Ma'abar) was studying development projects in Egypt and Algeria. Earlier this month, said that (Al Ma'abar) intends to invest at least 1$ billion in real estate projects over the next three years.