Bloom Properties signs contract to develop 20 Sq. Km. 'Shores of Karbala' City in Iraq

According to the contractual agreement, 'Shores of Karbala' will be developed in a phased manner, over a period over eight years.

The contract was signed by Dr Sami Al Araji, Chairman of National Investment Commission, Iraq; Mr. Amal Al Deen Al Hir, Governor of Karbala, and Mr.Simon Azzam, CEO of Bloom Properties.The signing ceremony that took place in the holy city of Karbala was attended by senior officials, politicians, industry players and businessmen, including Chairman of the Governorate of Karbala, H.E. Abdullah Ibrahim Al Shehhi, UAE Ambassador to Iraq, Mr. Ghassan Abdul Karim, Group Chief Executive Officer of National Holding, and senior representatives from the holy city of Karbala.

Following the signing ceremony, Prime Minister Al Maliki was invited to set the foundation stone for the project that is already being hailed as a milestone in the region. The Prime Minister's presence at the ceremony validated the interest and support extended by the Iraqi government for projects that have been planned for the holy city of Karbala.

Commenting on the agreement, Dr Al Araji said: "The project will contribute to the urban planning development of Karbala. Our strategy is to take the holy city to a new level by improving the distribution of population density and urban centres and shaping it into a vibrant metropolis. Karbala will also comprise multiple modern centres that will be complemented by the establishment of a series of ecosystems. This is in line with our strategy to augment landscaping areas across all plots."

Simon Azzam said: "With the signing of this contract, we are set to commence work on the preliminary planning phase. This is one of the largest real estate projects in Iraq and will be developed on several phases taking into consideration high quality standards suitable for such a project. The "Shores of Karbala" will cater to all sections of the society and it will offer will offer significant investment opportunities, which in turn help generate considerable job opportunities for Iraqis. "

Ahmad Khalaf, General Manager of Bloom Properties Iraq, said: "The project will include close to 40,000 housing units distributed among four districts. 'Shores of Karbala' will be home to a population of nearly 200,000 - 250,000 people. The four districts will comprise villas, townhouses, apartments, hotels, business centres, open markets, commercial offices, clinics and dispensaries, schools, mosques, public parks, children's playgrounds, government, social and sports facilities, as well as restaurants, cafes and related infrastructure."

According to the terms of the contract, initial work will include the surveying of land, issuance of licenses and obtaining the preliminary approvals. Bloom will also work on submitting the final detailed master plan in line with the blueprint initially presented to the National Investment Commission and the Governorate of Karbala.