Bloom Properties signs cooperation agreement with Iraqi Ministry of Construction and Housing at Cityscape Global 2012

The synergy will witness the construction of commercial and residential units, in addition to institutions such as schools and sports clubs for Iraqi government entities.

The agreement was signed on the sidelines of Cityscape Global 2012 between a representative from the Iraqi Ministry of Construction and Housing and Ahmad Khalaf, General Manager of Bloom Properties Iraq at the Ministry's stand. The signing ceremony was witnessed by His Excellency Muhammad Saheb Al Draji, Iraqi Minister of Construction and Housing, Simon Azzam, CEO of Bloom Properties, as well as senior representatives from the Iraqi Ministry and members of the media.

Commenting on the agreement, His Excellency Muhammad Saheb Al Draji said: "The process of reconstructing Iraq requires the collaborative efforts of diverse industries to ensure the development of infrastructure and self-contained communities. Our agreement with Bloom today acknowledges and applauds the key role that the master developer continues to play in restoring the real estate sector in Iraq."

Earlier this year, the Iraqi government appointed Bloom as master developers for a project in the Karbala province comprising 40,000 houses, schools, universities, clinics, hospitals, mosques, retail outlets, sports fields, recreational centres, gardens, parks, hotels and hotel apartments.

Simon Azzam said: "The agreement comes at a time when Bloom is expanding upon its strategic vision and pursuing high-growth markets in the region. Iraq is clearly one of the most important destinations that we have ear-marked for growth. Our experience also indicates our ability to close the gap in market demand for high quality real estate developments. With the credibility that Bloom has earned for itself in Iraq, we look forward to cementing further joint ventures with the government and its industry partners."

Ahmad Khalaf said: "The agreement with the Iraqi government comes as an endorsement of our commitment and determination to nation-building. We are delighted with the trust placed on us by the Ministry of Construction and Housing and pledge to continue working with the government towards the development of world-class real estate and housing projects. We are also currently negotiating with the Iraqi National Investment Authority to develop a major project in Baghdad similar to the one we have been awarded in Karbala."

Bloom Properties has garnered considerable market intelligence and experience from working out of the country that has launched an aggressive reconstruction programme.