Bloom Properties, the property development arm of National Holding, and Dubai’s Al Handal International Group signed a contract with the Iraqi National Investment Commission for the development of ‘City of the Future – Madinat Al Mustaqbal' on the outskirts of Baghdad, Iraq.
Bloom Properties will develop 50 per cent of the 2.5 million square meters mixed-use community that is located 14.5 kilometers from Baghdad city center, which according to Al Handal, is worth $4.55 billion.
Following the approval of the design conceptualized by Bloom as per the contract, 'Madinat Al Mustaqbal' is set to be developed in a phased manner over a period of six years.
The contract, between Bloom Properties and the National Investment Commission in Iraq, was signed by Dr. Sami Al Araji, Chairman of National Investment Commission, Iraq, and Simon Azzam, CEO of Bloom Properties.
The signing ceremony held at Baghdad drew the attendance of senior officials, politicians, industry players and businessmen including His Excellency Abdullah Al-Shihy, UAE Ambassador to Iraq.
Commenting on the agreement, Dr. Al Araji said: "The contract signals our commitment to establishing world-class projects in the country as part of efforts to raise the standard of living of our citizens. Located on the outskirts of Baghdad, 'City of the Future – Madinat Al Mustaqabal' will undoubtedly serve as an exemplary urban city model.
"Bloom has proved its strategic interest in Iraq while the team's dedication has contributed to building our confidence in the company's caliber. We are assured that, upon completion, the project will surpass our expectations."
The development has been conceptualized to host 15,000 residential units including 2,500 townhouses and villas as per the current master plan. In addition, the city within a city will feature mosques, sports and social clubs, gardens and green landscapes, retail facilities, kids' nurseries and international schools and clinics, as well as public amenities such as police station, municipal office, post office and a civil defense center.
A total of 209,960 square meters will be allocated to green areas which will include children playgrounds and two district parks.
In March this year, Bloom Properties laid the foundation stone for the 20-square kilometer development 'Shores of Karbala' that is being developed in conjunction with the Iraqi National Investment Commission and the Governorate of Karbala along the banks of Lake Razaza.