Damac Begins Work On $100m Iraq Project

Dubai-based Damac Properties announced that it has started work on Princess Tower – a 26-storey, luxury furnished apartment complex in Baghdad.

The $100 million project is slated for completion in 2016, and will be one of the highest residential towers in the city when ready, said Damac.

The tower will include three bedroom fully-furnished apartments and facilities such as a private health club, swimming pool, jacuzzi, steam room, sauna and gymnasium.

“Iraq is a key market for us,” said Ziad El Chaar, managing director, Damac Properties. “Iraqi nationals are looking to own in their own property in Iraq and the population is growing 2.3 per cent according to the World Bank as people return.”

Damac said it is currently working with Iraqi governmental departments to start work on master developments in many of the major cities. It also signed an MoU with the Iraqi housing ministry during Cityscape 2012 to provide expertise for residential and commercial projects in Baghdad and the surrounding region.

The developer recently opened up an office in the Karrada district of Baghdad and plans to soon set up its company headquarters in Mansour.

Founded in 2002, Damac has completed 37 buildings and has another 66 buildings under construction across the Middle East and North Africa region. Since the start of the year, the company has launched numerous projects in Dubai and one in Riyadh.

Earlier this month, Egypt said that it had settled three disputes with Damac involving two housing projects near Cairo and a piece of land on the Red Sea.