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Emaar announces position regarding Iraq deal

Emaar announces position regarding Iraq deal
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Dubai - Mubasher: Emaar Proprieties said that it will continuously study trade opportunities as part of its activity.

Any transactions, contracts signing and epiration regarding such deals will be announced at the time, the company added in a statement published on its website on Monday.

The statement comes after it was reported that the UAE-based real estate developer will construct a new project in Al-Rashid city in the Iraqi Capital Baghdad.

Central Bank of Iraq’s governor Ali Mohsen Al-Alaq was earlier reported to announce an agreement with Emaar Properties to build the new Al-Rasheed Residential City Project with total investments of $10 billion (AED 36.8 billion), adding that the company will commence the construction of the project in 2018.