Ora Developers to build mega residential city in Baghdad
BAGHDAD, February 2, 2024
Ora Developers has announced plans to develop its most ambitious project in the region - Ali Al Wardi - a mega residential city coming up in Iraqi capital Baghdad over a 61 million sq m area in Iraqi capital Baghdad.
Strategically located 25 km southeast of Baghdad, and 74 km from the main airport, the Ali Al-Wardi Residential City will boast more than 100,000 residential units along with green areas and parks spanning 5 million sq m area.
This comes within the framework of the Iraqi government’s plan and strategy to create new residential cities outside city centers to alleviate the urban housing crisis, stated the developer.
The project aims to create a smart and environmentally friendly residential community that effectively integrates human needs and provides a unique experience for residents.
The project varies between different residential units that meet the needs of various segments of society, ranging from economic units to luxury units.
It will have key lifestyle amenities with special focus on education, health care, and social services, in addition to entertainment and shopping facilities for residents and the neighboring residents, it added.
The contract agreement was signed by Iraqi Minister of Construction, Housing, Municipalities, and Public Works Bangin Rekani and Ora Developers Group Global CEO and Chairman Engineer Naguib Sawiris in the presence of Prime Minister Mohammed S. Al Sudani.
The move is mainly aimed at providing all the technological means for smart cities and developing a project that will possess the highest standards of sustainability, stated Sawaris.
Ora Developer has a major presence in Egypt, Cyprus, Pakistan, Grenada, Greece and UAE throught its projects.
Last year it had delivered several key properties including Ayia Napa Marina East Tower in Cyprus, featuring 220 residential units along a marina that can accommodate 600 boats and yachts.
The first phase of the Cypriot project, which will house 23 villas as well as other commercial and entertainment elements, was delivered in July.
Its project Eighteen, coming up in Pakistan, is being developed in multiple phases. It will comprise a total of 3,177 residential units with a mix of apartments and villas, in addition to other key lifestyle amenities including a golf course, commercial and entertainment areas and a hotel.
Of this, Ora said the first phase was delivered in October.
The Silversands Beach House project in Grenada, which includes 28 units and restaurants, also opened its doors in December, it added.
ORA Hospitality operates in Greece and Grenada and manages two hotels of 4-star and 5-star ratings, which are Yi Hotel Mykonos and Silversands, with future expansion plans to expand its presence in Greece, Egypt, Pakistan, the Middle East, and different parts of Africa to reach 600 hotel rooms by 2028.
On the contract win, Sawiris said: "We are happy with our partnership with the Iraqi Government that is considered an important turning point in our continuous journey, because we share the same pioneering vision and innovative concept to create integrated residential communities that serve all segments of Iraqi society."
"Ora Developers works to create modern communities with the ideal balance between environmental sustainability and human and societal needs," he added.
Spanning across four continents, its total gross sales is estimated at $14.2 billion, supported by total gross investment of $11 billion.
As for the Egyptian projects, Ora said key phases of its ZED El Sheikh Zayed project have been completed, which includes 4,600 residential units, offices and clinics as well as commercial and entertainment areas, and a park.
The first phase of the project was handed over in December 2023. Units of Pyramid Hills project were also delivered in 2023, inclusive of 551 residential units, including apartments, townhouses, and villas, and as well as a club, with sports and recreational areas, said Sawaris.
Work is currently under way on its Solana projects, in the West and East of Cairo, featuring 4,000 residential units with modern designs, he added.-TradeArabia News Service
