Iraq 'to sign $10bn Baghdad project deal with Emaar, Eagle Hills'
BAGHDAD, March 8, 2018
Iraq's National Investment Commission (NIC) has been asked by the Iraqi cabinet to go ahead with a contract with Dubai’s Emaar Properties and Abu Dhabi’s Eagle Hills for the massive Al-Rashid City project planned for Baghdad, a report said.
Estimated to cost $10 billion, the Al-Rashid City is expected to contain up to 64,000 new homes, said the Zawya report.
The report quoted Iraq's cabinet secretariat as saying in its website: “The cabinet has agreed that NIC will complete contractual procedures for Al-Rashid City project with Emaar and Eagle Hills and award them the project after reaching agreement on the final form of the contract, in line with NIC requirements.”
Under the agreement, “the investors Emaar and Eagle Hills” will bear maintenance costs and sell housing units in the project, the statement added.
