Damac Properties, the Dubai-based real estate development arm of Damac Holdings, remains optimistic about its recently announced plans to construct Tarin Hills, a Dh55 million master development in Kurdistan, Iraq, despite public fears over security and political instability in the country, a company official said.
Original Title
Damac upbeat despite Iraq security fears - TBW June 15 - Real Estate
Damac Properties, the Dubai-based real estate development arm of Damac Holdings, remains optimistic about its recently announced plans to construct Tarin Hills, a Dh55 million master development in Kurdistan, Iraq, despite public fears over security and political instability in the country, a company official said.
Damac Properties, the Dubai-based real estate development arm of Damac Holdings, remains optimistic about its recently announced plans to construct Tarin Hills, a Dh55 million master development in Kurdistan, Iraq, despite public fears over security and political instability in the country, a company official said.
investment,” Niall McLoughlin, a destination for both high-end Tarin Hills Damac Properties’ senior vice- and mass tourism. president for corporate commu- Conversely, the time when this nications, recently told The Busi- potential could fully bloom and ness Weekly. materialise appears to be ques- tionable, as many countries still Special security features impose a ban on their citizens to “Security fears in central and travel to Iraq. Additionally, there southern Iraq have made it impos- are fears about security that the sible for many foreign companies mention of Iraq brings with it, to do business in those areas. But and logically, the number of tour- with the ability to offer security ists who would like to visit the in the north, the Kurdish Govern- country for leisure-related affairs ment has declared itself open for would be greatly affected by this business since 2006. Today, many predisposition. foreign companies have already Damac at this stage will be started coming to the Kurdish re- targeting Iraqi investors initial- gion. The region has attracted not ly, and as the project has several only Damac, but also other inter- phases, the company can start national corporations,” he added. from Erbil and then move to other In this development, the com- parts of Kurdistan, waiting for Plans for Tarin Hills on track pany will be giving the highest other cities to open up. priority to security and thus, has “Originally, our main target Jim Paolo Joquico planned certain features to ensure was Baghdad, but we had this Damac Properties, the Dubai- a company official said. its upkeep, such as a fully gated departure point because security based real estate development “Over the past few years, Iraq community with security fence, prevails in Kurdistan. Whenever arm of Damac Holdings, remains has been struggling to rebuild it- checkpoints, high-tech screen- and wherever security prevails, optimistic about its recently an- self after years of economic sanc- ing at entrance gates, numerous we will go there. The Kurdish nounced plans to construct Tarin tions and conflict. However, in internal monitoring points and regional government has been Hills, a Dh55 million master de- the relatively quiet Kurdish area round-the-clock security patrols. working at full speed to revise its velopment in Kurdistan, Iraq, de- of northern Iraq, stability is pav- Hussain Sajwani, chairman of foreign investment law to attract spite public fears over security and ing the way for prosperity as the Damac, said the region presents investors to the north,” McLough- political instability in the country, region works to attract foreign an imminent potential to become lin concluded.
Shopping complex at Al Ruwais Emaar Pak project
lures 4,000 investors Industrial city reach. Current residents of these outlying cities travel to Abu Dhabi largest supermarket for Al Ruwais which will be a great addition to TBW Bureau population to hit for leisure and shopping which is a the area and will create a signifi- Emaar Pakistan, the Pakistani 40,000 by 2010 distance of approximately 240 kilo- metres. cant amount of convenience for those residents,” Ronald Stephen subsidiary of Emaar Properties, the UAE-based global property TBW Bureau Barrott, CEO of Aldar, added. developer, has recorded over- Urban centre To cover a gross built-up area whelming customer response to Aldar Properties, an Abu Dhabi- Commenting on the launch, of over 40,000 square metres offer- the launch of Alma Townhomes in based integrated property devel- Ahmed Ali Al Sayegh, chairman of ing space to 99 retail outlets, the its master-planned Canyon Views opment company, has launched a Aldar, said, “We are pleased to see Al Ruwais shopping centre will community. The company has an- double-storey shopping centre in Al Ruwais grow from an industrial present an array of fashion and ac- nounced over 4,000 applicants sub- the industrial city of Al Ruwais in complex into a full-fledged urban cessories in addition to household mitted their registration online to the UAE capital. Set to commence centre and we feel duty-bound to items with the development of the participate in the launch. operations in 2010, the project will contribute to this growth. It is a largest supermarket centre for Al The successful applicants will cater to the growing population of top priority for Aldar to cater to the Ruwais. be invited to the sales center on the Al Ruwais which is expected to hit needs of all of the residents in the A Warner Bros cinema com- launch date for purchase of prop- the 40,000 mark by the same year. emirate of Abu Dhabi.” plex will additionally be included erty and will be given the chance to Al Ruwais Shopping Centre “Aldar’s projects are developed in the development. The project choose from a range of townhomes will serve the families in Al Ru- with unique identities which reflect is located a few minutes off the located in several Mediterranean wais, as well as surrounding cit- the sensibilities of its inhabitants. international highway linking the Villages within Canyon Views. ies including: Al Marfaa, Delma This shopping centre in Al Ruwais UAE to Saudi Arabia and Qatar, Canyon Views is an exclusive Island, Gyathi, Al Ghowifat, and reflects the immediate needs of and thus will be a convenient stop gated community with villas in a Sella. These cities add a further this community, which is growing for those travelling by road. Aldar’s range of architectural styles and 33,000 people to the number of peo- at a substantially higher rate than current property portfolio includes amenities such as retail outlets, ple and families that will be served the surrounding areas. Al Ruwais major developments and re-devel- community club houses, parks, by a shopping destination within Shopping Centre will include the opments within Abu Dhabi. schools and mosques. Dieter Kaden