Bloom Properties, a National Holding company and an Abu Dhabi-based master developer of communities and lifestyle, and the Iraqi Ministry of Construction and Housing, on Thursday signed a co-operation agreement pledging to work towards the development of real estate projects in Iraq.
The synergy will witness the construction of commercial and residential units, in addition to institutions such as schools and sports clubs for Iraqi government entities.
The agreement was signed on the sidelines of Cityscape Global 2012 between a representative from the Iraqi Ministry of Construction and Housing and Ahmad Khalaf, General Manager of Bloom Properties Iraq at the Ministry’s stand.
The signing ceremony was witnessed by Muhammad Saheb Al Draji, Iraqi Minister of Construction and Housing, Simon Azzam, CEO of Bloom Properties, as well as senior representatives from the Iraqi Ministry and members of the media.
Commenting on the agreement, Muhammad Saheb Al Draji said: “The process of reconstructing Iraq requires the collaborative efforts of diverse industries to ensure the development of infrastructure and self-contained communities. Our agreement with Bloom today acknowledges and applauds the key role that the master developer continues to play in restoring the real estate sector in Iraq.”
Earlier this year, the Iraqi government appointed Bloom as master developers for a project in the Karbala province comprising 40,000 houses, schools, universities, clinics, hospitals, mosques, retail outlets, sports fields, recreational centres, gardens, parks, hotels and hotel apartments.
Simon Azzam said: “The agreement comes at a time when Bloom is expanding upon its strategic vision and pursuing high-growth markets in the region. Iraq is clearly one of the most important destinations that we have ear-marked for growth. Our experience also indicates our ability to close the gap in market demand for high quality real estate developments. With the credibility that Bloom has earned for itself in Iraq, we look forward to cementing further joint ventures with the government and its industry partners.”
Ahmad Khalaf said: “The agreement with the Iraqi government comes as an endorsement of our commitment and determination to nation-building. We are delighted with the trust placed on us by the Ministry of Construction and Housing and pledge to continue working with the government towards the development of world-class real estate and housing projects. We are also currently negotiating with the Iraqi National Investment Authority to develop a major project in Baghdad similar to the one we have been awarded in Karbala.”
RAK Properties is upbeat on the real estate industry in Ras Al Khaimah. The emirate’s property sector has registered significant growth defying the regional downturn according to Mohamed Sultan Al Qadi, MD & CEO of RAK Properties.
Al Qadi emphasised that the emirate’s real estate development plan is currently based on a well studied and conservative supply strategy. He urged real estate developers in the Gulf to remain conservative and flexible in their approach to growth and gear up for a new phase of development in which the supply should reflect the actual demand.
Al Qadi’s call comes on the sidelines of Cityscape Global 2012, the Middle East’s largest and most significant real estate event. Al Qadi added that Ras Al Khaimah’s efforts in upgrading its infrastructure as far as roads, electricity, water and communications are concerned have played a key role in boosting the real estate industry in the Emirate.
“Damac Properties has taken a leadership role in bringing hotel serviced apartments to the fore in Dubai during the show and the response to our projects in the Burj Area has been unprecedented. We are buoyed by the interest from serious buyers from all across the Middle East and wider afield as we continue to innovate and present the highest quality and luxury in the market.