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NREC and KDC to invest in Real Estate in
Kurdistan-Iraq
24.1.2006
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London, Jan 23 (KDC) - National Real Estate
Company (NREC), one of the largest publicly traded
companies in Kuwait, has entered a partnership with
Kurdistan Development Corporation (KDC) to develop
real estate projects in the Kurdistan Region of
Iraq.
The joint initiative, Kurdistan Real Estate
Development Corporation (KREDCo), illustrates NREC's
commitment to investing in strategic projects within
the Kurdistan Region. The Kurdistan Region enjoys a
level of peace and stability not seen in the rest of
Iraq and is fast becoming the commercial gateway to
the whole country.
Projects undertaken by KREDCo will include leisure
and industrial developments such as warehousing,
logistics and distribution centres, similar to
projects already underway in Aqaba in Jordan. The
first project planned to start in 2006 will be the
development of a 104,000 square meters of land
equidistant from the Citadel in Erbil, the capital
of the Kurdistan Region, and the newly opened Erbil
International Airport. The land will be developed
for mixed commercial and residential use.
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Ms Bayan Sami Abdul Rahman,
Kurdistan Regional Government High Representative to
the UK and Chairman of KDC
Photo: KRG |
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Ms Bayan Sami Abdul Rahman, Kurdistan Regional
Government High Representative to the UK and
Chairman of KDC, said: "For KDC to have secured a
partnership with one of the largest and most highly
regarded real estate and logistics companies in
Kuwait, if not the whole region, is a significant
milestone in the development of Kurdistan. The
Government and the people of Kurdistan will benefit
from the significant skills and expertise that NREC
will bring."
Mr Jamil Sultan Al Essa, Chairman and Managing
Director of NREC, said: "In view of our many other
interests across the Middle East and in the rest of
Iraq, NREC sees a tremendous opportunity within the
relatively stable region of Kurdistan to develop a
foundation for our business interests. We have
chosen KDC as our partner in this exciting venture
and through this partnership NREC aims to accelerate
crucial development in Kurdistan - establishing the
region as one of the most prominent industrial,
trading and leisure centres of Iraq."
NREC developed the hugely successful Kuwait Free
Trade Zone, which is attracting foreign capital to
Kuwait, expanding the trade exchange and giving a
substantial boost to the research and technology
sectors. Other NREC flagship projects include the
unique Sharq Sea Front Project and the Al-Joan
Resort complex, both in Kuwait.
Kurdistan Development Corporation (KDC), a
partnership with the Kurdistan Regional Government,
is an investment holdings and trading company with
offices in London, Berlin and Erbil, Kurdistan.
For further information contact either KDC or NREC:
Kurdistan Development Corporation (KDC)
Tel: +44 (0)20 7170 4300
National Real Estate Company (NREC)
Tel: +965 802 808
www.nrec.com.kw
www.kurdistancorporation.com
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