Damac properties global expansion does not seem to be showing signs of slowing. The luxury property developer which started life in Dubai as a catering company announced its newest project in Kurdistan. The first phase of the project in the region will be Tarin Hills Development covering 170 million square feet in Erbil and estimated to cost $4.5 billion. The project will start by the end of this year and will include residential and commercial buildings.
Damac Properties Chairman Hussain Sajwani “We are very confident that Erbil’s topography has great potential to become an attractive destination for both high-end and mass tourism. We are happy to contribute to the development of a new Kurdistan and believe that this investment will contribute towards the growth phase of the region and a landmark in Iraq development,”
Egypt has seem the developer recently sign an agreement with the Commercial International Bank allowing more flexible terms for its buyers in Egypt. Damac has expanded into Egypt with a project located in New Cairo which is being billed as the Most Exclusive Residence in the country. The development of luxury homes is situated at Hyde Park on 4.7 million square meters of land. There are plans for over 3,000 villas, both detached and attached to others. It will be a gated and secure community with 24 hour security. Luxury Properties New Cairo Egypt
The Dubai-based developer is set to deliver 2300 units in 2008 and a further 7100 units by 2010.
Peter Riddoch, CEO of Damac, said the hills of Tarin will be transformed into a golf course residential community with villas surrounding and intertwined among the 18-hole course. This community will be augmented with a Golf Club and Health Centre, 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 centres, retail complexes, besides schools and business parks.”
About Kurdistan
Kurdistan covers large parts of eastern Turkey, northern Iraq, northwestern Iran and smaller parts of northern Syria and Armenia. It roughly includes Zagros and eastern Taurus mountain ranges. From a political standpoint, Iraqi Kurdistan is the only region which has gained official recognition internationally as an autonomous federal entity
