June 6, 2010 -
PRLog -- Iraqi-run Amwaj International unveiled a $238m housing and hotel project in the heart of Baghdad on Monday, as more firms seek to invest in the war-damaged country thanks to an improvement in security. Iraq, badly hurt by decades of war and sanctions, is trying to lure foreign investors to help rebuild its shattered infrastructure and boost employment. "Baghdad Gate", one of the first tangible real estate investment projects in the capital, will be built on 25 hectares (62 acres) of land and include a five-star, 25-storey hotel, large shopping mall, office tower and 3,000 residential units. "The project is being built on prized land, so we chose to make it very distinguished and of a high-quality. It will not be less than any project in the Gulf or even in the world," Amwaj International chief executive Namir El Akabi said. "We cannot deny that there is no full security in Iraq, there are difficulties ... but these projects will help in improving the security situation." Akabi said he believed the real estate project would assist in quelling the insurgency unleashed by the 2003 US -led invasion by providing 2,500 direct jobs for Iraqis and another 20,000 indirect job opportunities.
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