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World

UAE developers plan $4.5B Baghdad housing project despite ongoing violence in Iraq

Associated Press
Published | Updated

DUBAI, United Arab Emirates – Two developers based in the United Arab Emirates say they have signed a deal for a $4.5 billion residential and commercial project in Baghdad that would be one of the county's biggest non-oil investments.

Plans calls for 30,000 housing units, five shopping centers and schools and stores to be built over a seven-year period in the Iraqi capital.

Foreign investment has flowed into the relative stable Kurdish region of northern Iraq, but other areas such as Baghdad have lagged far behind because of ongoing violence.

The developers, Dubai-based Al Handal International Group and Abu Dhabi-based Bloom Properties, said Wednesday the project is expected to create 10,000 jobs for Iraq's struggling economy.