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Dubai-based property developer Damac Properties has begun construction on its first residential complex in Iraq, several years after it first announced its intention to expand into the Middle East country.
The $100m Princess Tower - a 26-storey luxury furnished apartment building – is being built in the centre of the Iraqi capital, Baghdad.
Managing Director Ziad El Chaar said the project was the first stage of a long-term commitment to the country, which is still rebuilding following the US-led invasion that saw the end of former dictator Saddam Hussein’s regime earlier this century.
“Iraq is a key market for us and the Princess Tower is a clear sign of our commitment to build luxurious living environments in a country which is seeing strong investment and capital growth,” El Chaar said.

“Iraqi nationals are looking to own in their own property in Iraq and the population is growing 2.3 percent, according to the World Bank, as people return.”
The tower will include three bedroom fully-furnished luxury apartments, a private health club and swimming pool and other amenities.
Once completed in 2016, it will be one of the highest residential towers in Baghdad, which has little luxury residential accommodation.
Damac also recently opened an office in Baghdad and will soon finish a company headquarters in Mansour.
The company is also working with the Iraqi government to start work on master developments in several major cities.
Last year, it signed a memorandum of understanding with the Iraqi Ministry of Housing to provide expertise and insight for a number of residential and commercial projects in Baghdad and the surrounding region.
The International Monetary Fund forecasts Iraq’s economy will grow by 9 percent this year as it continues to recover, helped by surging oil production. The economy gained 8 percent last year.
Damac has completed 37 buildings and has a further 66 under construction across sevens countries in the Middle East and North Africa.

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