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Dubai-based property developer Damac Properties has begun construction on its first residential complex in Iraq, several years after it first announced its intention to expand into the Middle East country.
The $100m Princess Tower – a 26-storey luxury furnished apartment building ? is being built in the centre of the Iraqi capital, Baghdad.
Managing Director Ziad El Chaar said the project was the first stage of a long-term commitment to the country, which is still rebuilding following the US-led invasion that saw the end of former dictator Saddam Hussein?s regime earlier this century.
?Iraq is a key market for us and the Princess Tower is a clear sign of our commitment to build luxurious living environments in a country which is seeing strong investment and capital growth,? El Chaar said.