The construction of the Empire World residential and tourism project in Kurdistan region of Iraq has reached around 70% completion, with targets on track for a 2017 delivery, an official source at the investment authority told Zawya.
According to Dr. Kamran Al-Mufti, director general of the contract evaluation and authorization department of the Kurdistan Board of Investment, the project is being developed by Empire World Real Estate Company at a cost of USD 2.3 billion.
"This is considered one of the more substantial projects being executed in Kurdistan as it comprise [residential and tourism infrastructure as well as related services] and recreational facilities. Work was initiated in 2007, when the company obtained the required license from the Erbil governorate. [Empire World Real Estate] later acquired [a license] from the investment authority. To date, approximately 70% of the works have been completed and the project is set for [completion] by 2017," Al-Mufti explained.
The ambitious project covers around 750,000 square meters (sqm) and is located in the city of Erbil. When completed, it will contains several tourism attractions and real estate amenities that include 88 towers, 300 villas, green spaces and roads, all spanning 307,500sqm.
"The Empire World project will also feature a Marriott Hotel and Apartments, a commercial complex, a medical center, a fire station, a childcare center and a mosque. This is in addition to a host of basic services and utilities including water, electricity, waste and sanitation networks, wireless telecommunications services and car parking facilities," said Al-Mufti.
Dr. Mohamed Salman Mohamed, economics professor at the College of Administration and Economy, Salahaddin University-Iraq, said the project is relatively similar to other residential endeavors, except for its use of cutting-edge construction methods and techniques that adhere to international quality standards.
Kurdistan region has received an influx of investments, since the Kurdistan Board of Investment was founded in 2006. Most investments in the region focus on power, housing and tourism.