Estithmar Holding Q.P.S.C signed three MoUs worth 7 billion US dollars with the National Investment Commission to develop new comprehensive cities and five stars hotels in Iraq, and manage and operate several hospitals.
The MoU’s were signed by Dr. Haider Muhammad Makiya, Chairman of the National Investment Commission in Iraq, and Ramez Al-Khayyat, Vice Chairman of Estithmar Holding.
The first MoU outlines the development of 2 new comprehensive modern cities with various sectors (commercial, residential and entertainment) these cities will be built with the highest international standards and aim to support sustainable economic development and opening investment fields in Iraq, in aim to support the sustainable development of the economy and encourage investment in the country.
Ramez Al-Khayyat stated that the cities developed by Estithmar Holding are in response to the need of the Iraqi real estate market, which is witnessing a shortage of housing units estimated at two million.
He added, "The cities will be planned in accordance with international standards adopted in the field, and will include residential complexes, villas, schools, commercial complexes, entertainment centers, and other facilities and services, in addition to all the infrastructure needed to build these cities."
The second MoU outlines the development of 5 stars hotels and resorts to support the Iraqi economy and encourage domestic and international tourism in the country, as well as to provide innovative solutions to address challenges faced by the hospitality sector and will contribute to meeting part of the shortage in the Iraqi tourist market, which is estimated at 10,000 hotel rooms.
The third MoU was signed by Elegancia Healthcare W.L.L., a subsidiary to Estithmar Holding to manage and operate several hospitals in Iraq.
Ramez Al-Khayyat, Vice Chairman of Estithmar Holding commented stating: “The MoU of operating and managing hospitals signifies our commitment to our global expansion strategy and the provision of providing world-class medical services to the communities around the world,” Al Khayyat also emphasized the importance of the strong and strategic economic and social relations between Qatar and Iraq, and its potential to enhance the level of the healthcare services in the country.
Al-Khayyat pointed out that Elegancia Healthcare, a subsidiary of Estithmar Holding, will manage and operate a number of hospitals in Iraq to provide high-quality health services to the Iraqi citizens.
Ramez Al-Khayyat, expected that Estithmar would launch the implementation of these projects at the end of this year.
In conclusion he commented: “These MoUs signify our commitment to our global expansion strategy in aim to increase shareholder value,” Al Khayyat also emphasized the importance of the strong and strategic relations between Qatar and Iraq, highlighting its potential to support the social and economic development of Iraq. He also commented on the favorable investment environment of Iraq enabling opportunities in several sectors
