Dubai Group Plans $3 Billion Project in Kurdistan

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Dubai-based developer Emaar Properties, builder of the world's tallest building, is planning a $3 billion mixed-use development in the Iraq region of Kurdistan.

The 541,000-square-meter project in the regional capital of Ebril will include 15,000 residences, three hotels, 715,000 square meters of office space and the city's largest shopping mall, Emaar chairman Mohamed Alabbar told a press conference.

The development, dubbed "Ebril Downtown," will be built in three phases over five years, he said.

"Emaar's decision to invest in Erbil is a perfect fit to our global strategy," Mr. Alabbar told The National. "The Kurdish region of Iraq is among the fastest growing economies in the Middle East, recording double-digit growth rates."

In the wake of the economic downtown, Emaar aggressively diversified outside Dubai, launching projects in Egypt, Saudi Arabia and Morocco.

Several UAE developers have announced projects in Iraq in recent years, but few have come to fruition.

In June Emaar announced that it was close to signing an agreement for a $2 billion tourist-focused development in Sulaymaniyah, near the Iran border.

Emaar is best-known for developing the Downtown Dubai district, including the Burj Khalifa, the world's tallest building.