Dunia Managing Director Kyle Stelma was quoted in The National on Al Maabar’s stalled $10 billion deal to build a major real estate complex in Iraq. The plans, which were originally announced in 2008, would see thousands of new homes, a technology center, a hotel, a golf course and museums built on 1,200 hectares in Baghdad.
Delays in finalizing the deal are likely the result of regulatory difficulties and financing concerns. Similar fates have befallen other major projects proposed by UAE firms Bloom Properties and Damac Properties. As highlighted in Dunia’s 2010 Foreign Commercial Activity in Iraq report, such difficulties have stymied many of the sensational mega-deals that were announced in Iraq in 2008 and 2009. As identified by Dunia in its analysis of investments flows and major contracts, foreign commercial activity in Iraq since 2010 has been concentrated in smaller, more feasible projects.
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Posted on Wednesday, October 19th, 2011 at 1:26 pm