Bloom Properties will develop a 20-square kilometre development along the banks of Lake Razaza, in the Iraqi city of Karbala.
The UAE-based developer signed a contract with the Iraqi National Investment Commission and the Governorate of Karbala on 3 March to develop the Shores of Karbala project in phases over a period over eight years.
“With the signing of this contract, we are set to commence work on the preliminary planning phase,” said Simon Azzam, chief executive officer of Bloom Properties.
The project will have 40,000 housing units that will house 200,000-250,000 people. It will have four districts comprised of villas, townhouses, apartments, hotels, business centres, open markets, commercial offices, clinics and dispensaries, schools, mosques and public parks and related infrastructure.