Reuter reported that Al Maabar International a JV between Aldar Properties and Sorouh Real Estate plans to develop a project in Iraq this year worth at least USD 500 million.

Mr Yousef Al Nowais MD of Maabar said that “We want to launch a mixed use project in Baghdad before the end of the year it will be a huge project worth more than USD 500 million.”

He said “People need suitable houses to live in after the war has destroyed their homes and there is an effort now by Arabs to work for the stability of Iraq.”

Mr Nowais said that Al Maabar was also considering development projects in Egypt and Algeria to tap North Africa's most populous countries. Earlier in the week, he added that Al Maabar plans to invest at least USD 1 billion in real estate projects over the next 3 years.

Aldar and Sorouh each own a 30% stake in Al Maabar while the rest belongs to Reem Investments, Reem International and Al Qudra Holdings. The company has projects worth USD 11.5 billion under development currently in Morocco, Libya, Tunisia, Jordan, Qatar and Belarus.