Qatar’s Estithmar Holding inks deals to invest in various projects in Iraq

Qatar’s Estithmar Holding inks deals to invest in various projects in Iraq

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Estithmar Holding has signed agreements with the Iraq’s National Investment Commission worth $7 billion that include real-estate and tourism development, in addition to the operation and management of hospitals.

The first MoU outlines the development of 2 new comprehensive modern cities with various sectors (commercial, residential, and entertainment).

According to the statement, “These cities will be built with the highest international standards and aim to support sustainable economic development and opening investment fields in Iraq, in aim to support the sustainable development of the economy and encourage investment in the country.”

Mr. Ramez Al-Khayyat, Vice Chairman of Estithmar Holding, said that the cities developed by Estithmar Holding are in response to the need of the Iraqi real estate market, which is witnessing a shortage of housing units estimated at two million.

“The cities will be planned in accordance with international standards adopted in the field, and will include residential complexes, villas, schools, commercial complexes, entertainment centers, and other facilities and services, in addition to all the infrastructure needed to build these cities,” Mr. Al-Khayyat added.

The second MoU outlines the development of 5 stars hotels and resorts to support the Iraqi economy and encourage domestic and international tourism in the country, as