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(Posted on 21-05-2013) View All News

Damac to build $100m tower in Iraq



 
Damac Properties has announced a $100 million luxury apartment project — Princess Tower — in Baghdad. The project is part of Damac’s comprehensive strategic plan to expand its operations in Iraq.
 
The property developer has recently opened up an office in the Karrada district of Baghdad and will soon finish a company headquarters in Mansour.
 
The company is also working closely with many departments within the Iraqi Government, to start work on a master development in many of the major cities. Damac Properties signed a memorandum of understanding (MoU) with the Iraqi Ministry of Housing on the final day of Cityscape 2012 to provide expertise and insight for a number of residential and commercial projects in Baghdad and the surrounding region.
 
The project — Princess Tower — is the first stage of a long-term commitment to the country, said Ziad El Chaar, Managing Director, DAMAC Properties.
 
He said, “Iraq is a key market for us and the Princess Tower is a clear sign of our commitment to build luxurious living environments in a country which is seeing strong investment and capital growth. Iraqi nationals are looking to own in their own property in Iraq and the population is growing 2.3 per cent according to the World Bank as people return.”
 
The 26-storey tower will include three bedroom fully-furnished luxury apartments in addition to a private Health Club & swimming pool, Jacuzzi, steam room, sauna, Gymnasium and state-of-the-art 24-hour security. Once complete in 2016 Princes Tower will be one of the highest residential towers in Baghdad providing much needed exclusive living.
 
The company, which has completed 37 buildings and has a further 66 currently under-construction across seven countries in the Middle East and North Africa, has begun work on Princess Tower.
 
According to the International Monetary Fund (IMF) forecast that Iraq’s economy would grow around nine percent this year helped by surging oil production, which is expected to gain around 10 percent to 3.3 million barrels a day. The report added the Iraqi economy had gained around eight percent in 2012.
 
Damac has also announced its plans to develop an 18-hole PGA Championship Golf Course, to be named Trump International Golf Club, Dubai, at the heart of the 28 million square foot ‘Akoya by Damac’ master plan development off Umm Sequim Road in Dubai, which will include branded mansions, villas, townhouses and luxurious apartment units.
 
Damac Properties has completed 37 buildings to date with 7,817 units and spanning 13,945,299.00 sq feet. Damac also has a further 66 buildings at various stages of progress across the Middle East and North Africa region. These consist of 12,100 units.
 
The developer has completed 37 buildings to date with 7,817 units and spanning 13,945,299.00 sq feet. The company also has a further 66 buildings at various stages of progress across the Middle East and North Africa region. These consist of 12,100 units spanning over 51,000,000 sq feet.
 
In June 2010, Damac further reinforced its position as the region’s premium developer with the launch of Damac Tower in Beirut, Lebanon. A 28 storey iconic tower, this project is in association with Italian design group, VERSACE, with all interiors being designed by Versace Home. This was followed by the DAMAC Residences with Interiors by Versace Home, launched in Jeddah, Saudi Arabia in June 2011.
 
The company is also working with Paramount Hotels & Resorts to develop a $1 billion hotel and luxury serviced residences in the Burj Khalifa area in Dubai.
 
The company’s projects are built to the highest quality specification that has become synonymous with the group. Damac Properties’ develop projects that include residential, commercial and leisure facilities that create an integrated community.
 
In addition to support services provided by the Dubai headquarters, the company’s comprehensive Customer Care Program provides solutions through its vast network with offices in the UAE, UK, Jordan, Iraq, Lebanon, Egypt, KSA and Qatar.
 
Source: Gulf Today