(MENAFN) Iraq's cabinet has reportedly sent a request for the National Investment Commission (NIC) to secure an agreement for the Al-Rashid City initiative with Dubai-based Emaar Properties and Abu Dhabi-based Eagle Hills.
The USD10 billion project is reportedly anticipated to complete the construction of about 64,000 houses.
Citing Iraq's cabinet secretariat, the report said "the cabinet has agreed that NIC will complete contractual procedures for Al-Rashid City project with Emaar and Eagle Hills and award them the project after reaching agreement on the final form of the contract, in line with NIC requirements."
The statement of the cabinet secretariat also reported the contract to entail "the investors Emaar and Eagle Hills" to be responsible for maintenance expenses along with the sale of housing units.
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