DUBAI, 4 June 2008 — Damac Properties yesterday launched a massive project in Kurdistan region of Iraq at a cost of $4.5 billion.
Damac chairman Hussain Sajwani made the announcement at a press conference in the presence of Nechirvan Barzani, prime minister of Kurdistan’s Regional Government, and a number of ministers from the region.
The Tarin Hills Master Development project will cover 170 million square feet in Kurdistan’s Erbil area. Sajwani said that they are happy to contribute to the development of a new Kurdistan and believed that this investment would contribute toward the growth of the region.
The project, Damac’s first in Iraq, is going to be a conglomeration of residential, retail, commercial, hospitality and entertainment, health and sports components interwoven within the picturesque terrain of Erbil.
Speaking at the press conference that was held at Jumeirah Emirates Hotel, Dubai, Nechirvan Barzani said: “The Tarin Hills Master Development will not only help promote the global face of Erbil, it will also create jobs and support growth in related sectors, such as tourism and hospitality.” Peter Riddoch, CEO of DAMAC Properties, said: “The hills of Tarin will be transformed into a golf course residential community with villas surrounding the 18-hole course.
This community will be augmented with a Golf Club and Health Center, which will be a focal point destination for recreation and leisure. In addition to this, the community will encompass a water and theme park, arts and crafts centers, retail complexes, besides schools and business parks.”
The development will feature Mediterranean styled villas, townhouses, apartment blocks, a variety of retail outlets, a formal and traditional mall, a cluster of office complexes to serve as the business park, a community wide sports center and spa, arts and crafts center, business hotels and country lodge hotels, water and theme park and schools for the residents of Tarin Hills.
