Estithmar Holding has signed agreements with the Iraq’s National Investment Commission worth $7 billion that include real-estate and tourism development, in addition to the operation and management of hospitals.
The first MoU outlines the development of 2 new comprehensive modern cities with various sectors (commercial, residential, and entertainment).
According to the statement, “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.”
Mr. Ramez Al-Khayyat, Vice Chairman of Estithmar Holding, said 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.
“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,” Mr. Al-Khayyat added.
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.
Mr. Al-Khayyat further stated that “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.”
The Vice Chairman 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 healthcare services in the country.
The third MoU was signed to oversee and run multiple hospitals within Iraq. Elegancia Healthcare, a subsidiary of Estithmar Holding, will manage and operate several hospitals in Iraq to provide high-quality health services to Iraqi citizens. Estithmar would launch the implementation of these projects at the end of this year, as per the statement.
Estithmar Holding Company stressed that the signing of these agreements confirms that the investment environment in Iraq has become attractive to investors, enabling them to work on other projects in various sectors at later stages.