Two UAE companies will implement the Rashid City project in Baghdad

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The General Secretariat of the Council of Ministers announced that the Council of Ministers approved the establishment of the National Investment Commission to complete the contracting procedures for the implementation of the project of the city of Rashid in Baghdad with the two companies Emaar Properties UAE and Eagle Hills real estate UAE.
The Cabinet Secretariat said in a press statement received by “The Economy News”, “The Cabinet approved the National Investment Commission to complete the contract procedures for the implementation of the project of the city of Rashid in Baghdad with the company Emaar Properties and Eagle Hills Real Estate, and complete the requirements of referral to them through the agreement on the formula The final contract according to the book of the National Investment Commission. ”
“The investment licenses for the two companies have been granted, provided that the land sale allowance allocated to the project is 10% of the value of the land, 2% of which is paid in advance, while 8% of the value of the remaining land is the state’s share in the project, The percentage of profits exceeding the target profit margin shall be transferred to the General Treasury of the State pursuant to the provisions of the Financial Management and Public Debt Law No. 95 of 2004.
She stressed that “the investor pays the maintenance costs, and the sale of housing units, which is also responsible for the implementation of the contract before the National Investment Commission.”

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