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KARBALA INVESTMENT AUTHORITY GRANTED A LICENSE TO CANADIAN CO. TO IMPLEMENT HOUSING PROJECT
June 22, 2009Karbala Investment Authority granted a license to Canadian Co. to implement housing project
Translated by IRAQdirectory.com - [6/18/2009]
The Chief of Karbala Investment Authority, stated on Tuesday, that the board has granted an investment license to a Canadian company for the implementation of a full housing complex project cost of $ 229 million to be completed within three years.
Jamal al-Hajj Yassin declared to (VOI) that the investment authority " granted an investment license to the Canadian ( Iraq- Can )Co. to implement a 2000 housing units on 230 dunums of land, west of Karbala."
"The project at a cost of $ 229 million dollars, it will be implemented on the methods of vertical and horizontal construction, and includes a general hospital and four primary, middle and junior high schools in addition to a kindergartens and public entertaining facilities."
He noted, "That signing the contract took place in Karbala, with the company's representative in Iraq, which has several branches in a number of countries," he said.
Yassin clarified, "The project is called (a myth) al-Astora, and the Authority stated a condition to the implementing company that Iraqi employment rate should not be less than50% in the implementation of the project."
He pointed out that "the project will be implemented over three years and it was agreed on selling the apartments in installment process to the citizens," explaining that "this is the tenth investment license granted by the body to Arab and international companies and covered all sectors of industrial, recreational, residential, medical and tourism."
The town of Karbala, the center of Karbala Governorate at a distance of 110 km to the south-west of the capital Baghdad.