Al Maabar International Investments (Al Maabar), a real estate development company, will develop a $10 billion mixed use project in Baghdad.
The development, which is located at the Al Rasheed Military Compound, will stretch across 1,250 hectares and comprise several key clusters including residential units, a commercial district, a technology centre, a hotel and hospitality district, healthcare and educational districts, and public facilities such as mosques and petrol stations.
A proportion of the site will also be devoted to undertaking some of the largest entertainment centres in Baghdad. It is envisaged that the project will include public recreational parks, a golf course, museums and other cultural facilities such as theatres and cinemas.
Being dubbed as the single largest foreign investment announced as yet, the mega project has been announced following the landmark last week's visit to Iraq by General Shaikh Mohammed bin Zayed Al Nahyan, the Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.
"The mega project complements the growing levels of support that the UAE is providing to the government of Iraq", said Yousef Al Nowais managing director Al Maabar.