Damac Properties has announced the signing of a memorandum of understanding with Al Fao General Engineering Company, a subsidiary company of the Iraqi Ministry of Housing and Construction, to further develop projects in Iraq.
The agreement was reached during a high-level visit to Baghdad where Damac executives met with the Minister of Housing and Construction, along with Al Fao officials. The MoU was signed thereafter, establishing a joint venture company between Damac Properties and Al Fao to begin the development of the ministry’s sites in the country.
It comes less than five weeks after Damac Properties agreed a MoU directly with the Iraqi Ministry of Housing and Construction during Cityscape Global 2012 in Dubai, to develop a number of projects in Baghdad and the surrounding region.
“This agreement formalizes our relationship with the Iraqi government and is the first step in developing projects in Iraq,” said Ziad El Chaar, managing director of Damac Properties.
“The joint venture with Al Fao General Engineering, a subsidiary company of the Iraqi Ministry of Housing and Construction, brings together two industry experts enabling the swift development of the country,” El Chaar added.