Following the submission of Final Master plan

Abu Dhabi, United Arab Emirates - Monday, April 28th 2014 [ME NewsWire]

Bloom Properties, a subsidiary of National Holding and a leading developer of integrated communities in the Middle East, has announced plans to start infrastructure work on the Model Village and Shores of Karbala project in Iraq.

The announcement followed the submission of final master plan of the Shores of Karbala project to the Iraqi National Investment Commission hich will span an area of ​​20 sq km along the banks of Lake Razaza, west of the Iraqi city of Karbala. The mixed-use development will take shape as an integrated city offering contemporary civic amenities and facilities.

The project will be developed in a phased manner over a period of eight years according to the contractual agreement.

Shores of Karbala will accelerate the development of Karbala city into a thriving urban destination, leading to a more even distribution of population and urban settlements within the city. Set to host a network of modern urban centres, the development will be complemented by a series of green ecosystems aligned to the company’s strategy to enrich landscaping areas across all plots of the development.

A spokesperson from Bloom Properties, said: "We have submitted the final master plan of Shores of Karbala pursuant to the investment agreement signed with the Iraqi National Investment Commission and the Governorate of Karbala. We look forward to commencing the infrastructure work as soon as the final master plan is approved by the relevant authorities.

“The Shores of Karbala project is one of the largest of its kind in Iraq, and we will leverage our expertise and unique capabilities in developing a world class urban metropolis that meets the housing and lifestyle needs of the Iraqi people. We are confident that the project will attract more investment to the city through its various phases of development."

Shores of Karbala is one of the largest real estate projects being developed in the Republic of Iraq, and will be implemented in phased manner according to world class construction and quality standards. The project will take into account the housing needs of all segments of Iraqi society, including the business and commercial sector. Upon completion, it is expected to provide 40,000 housing units across four districts that will house an expected population of 200,000 to 250,000 people.

The four districts of the project will encompass residential units of all types including villas, town houses, apartments, hotels, shopping malls, open markets, business centres, clinics, schools, mosques, public parks, children playgrounds, government, social and sports facilities, restaurants, cafes and auditoriums.

Bloom has to its credit today an established portfolio of completed projects in Abu Dhabi, Al Ain and Dubai spanning education, hospitality, leisure and retail. The developer is also engaged in building a portfolio of sizable reals estate projects in key regional markets in the Middle East and other emerging markets.

Contacts

Sami Eid, Director of Marketing & Communications

Bloom Properties; +971- 2-6969550

seid@bloom.co.ae

www.bloom.co.ae

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