U.A.E mulls investing $30 billion in Iraq
Dubai Holding, one of U.A.E.’s largest investors, says it is considering constructing a city with 39,000 housing units close to the shores of al-Razzaza Lake in the Province of Karbala.
Ahmad Khalaf, the company’s Iraq representative, produced the designs and details of the massive housing project in a press conference held on Monday.
“Dubai Holding will bear all the costs estimated at $30 billion and we hope to strike a deal in the coming few days,” Khalaf said.
He said, “The project, divided into two phases, will be built on land measuring 40 square kilometers with 39,000 housing units, 70 schools, eight government offices and 1,200 hotel rooms.”
Khalaf made the remarks during the press conference, which was attended by the U.A.E. ambassador to Iraq, Abdullah Ibrahim, the Secretary-General of the Iraqi cabinet Ali –al-Allak and the head the of investment board, Sami al-Araji.
Khalaf said the emirates was keen to see the project implemented and would do its best for it to bear the historical and cultural legacy of the religious city of Karbala, which is the provincial capital.
“The project will offer jobs and investment opportunities. It is a purely investment enterprise and the Iraqi government will bear no costs,” he said.
He said the city will be supplied with its own power and water plants.
The city will be divided into nine quarters each bearing the name of one of the sons of Imam Hussein, the most revered religious figure for Muslim Shiites.
Karbala, which holds the tomb of Hussein, is Muslim Shiites’ second holiest shrine after those in Mecca and Medina in Saudi Arabia.
Mohammed al-Mawsawi, head of Karbala provincial council, said Karbala receives more than 30 million tourists a year.
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