Estithmar Holding (A Qatari, publicly-listed company) revealed that it signed agreements with the Iraqi investment authority worth $7 billion that includes real-estate and tourism development, in addition to the operation and management of hospitals.
The group revealed, in exclusive statements to Qatar News Agency (QNA), that the first agreement related to the development of modern cities for middle-income people and others for high-income people, stressing that these cities meet the highest international standards in this field.
The company noted that the cities that the group will develop will serve the needs of the Iraqi real estate market, which is witnessing a shortage of housing units estimated at two million housing units.
The statement added that the cities will be developed in line with the certified international standards in the field, and that it will include residential complexes, schools, malls, entertainment venues, among other services and modern infrastructure.
With regard to the second agreement, the group indicated that it sets frameworks for cooperation to develop five-star hotels in distinctive locations in Iraq, noting that these investments will contribute to meeting the needs of the Iraqi tourism market, which is estimated at 10,000 hotel rooms.
Estithmar Holding Company said that its subsidiary Elegancia Healthcare will manage and operate hospitals in Iraq under international brands that will provide high-quality health services to the Iraqi citizen. It expected that the Investment Holding Group would launch the implementation of the projects that were announced at the end of this year.
It stressed that the signing of these agreements confirms that the investment environment in Iraq has become attractive to investors, enabling them to work on other projects in various sectors at later stages.
For its part, Sadara for commercial representation and services announced investments in Iraq in the field of tankers and the establishment of electricity production stations in several Iraqi cities to improve the country's infrastructure, as well as projects in the fields of water treatment and storage.
