Dubai – Mubasher: Emaar Properties on Sunday confirmed that it was studying possible investments worth $17 billion in Baghdad, Iraq.
Last week, news reports emerged citing a top ministry official as saying that the Dubai-based company was planning to invest $17 billion in Iraq.
“We would like to clarify that the company is always exploring and evaluating new opportunities in regional and international markets,” the developer said in a filing to the Dubai Financial Market (DFM).
The company will disclose any new “major investments” approved by its board to the bourse, Emaar added.
Minister of industry and minerals Mohammed Shia' Al Sudani announced on Tuesday, 19 September 2017, that Emaar Properties was planning to establish a residential complex in downtown Baghdad at $17 billion in investments.
The project would include 70,000 units and villas, Al Bayan newspaper had reported, citing Al Sudani as saying.
By 12:04 pm UAE time, Emaar Properties’ stock was down 1.14% to AED 8.70.
