Bloom Properties, the property development and real estate arm of Abu Dhabi based investment company National Holding, has signed a contract with the Iraqi National Investment Commission for the development of 50% of ‘City of the Future – Madinat Al Mustaqbal’ in Baghdad. The 27 million sqft mixed-use community will take shape nearly 14.5 km from the Baghdad city centre.
Madinat Al Mustaqbal is set to be developed in a phased manner over a period of six years. The development has been conceptualised to host 15,000 residential units including 2,500 townhouses and villas as per the current master plan. In addition, the city will feature mosques, sports and social clubs, gardens and green landscapes, retail facilities, kids’ nurseries and international schools and clinics, as well as public amenities such as police station, municipal office, post office and a civil defence centre. A total of 2.2 million sqft will be allocated to green areas which will include children playgrounds and two district parks.
“The contract signals our commitment to establishing world-class projects in the country as part of efforts to raise the standard of living of our citizens. Madinat Al Mustaqabal will undoubtedly serve as an exemplary urban city model,” says Dr. Sami Al Araji, chairman of National Investment Commission, Iraq.
“We are confident that Madinat Al Mustaqabal will serve as a benchmark for projects in Iraq and offer a new perspective to community living. The townhouses, villas, apartments and community facilities will be designed as per international standards. The project has been carefully planned taking into consideration the location and its surroundings,” adds Simon Azzam, CEO of Bloom Properties.