Estithmar signed three agreements worth $7 billion with the National Investment Commission in Iraq earlier this year.
Private Qatari firm Estithmar Holding has finalised the preliminary designs for a “landmark” tourist village it intends to construct in Baghdad, as per official statements.
The company showcased the designs to Iraqi Prime Minister Mohammed Al Sudani, who initiated the foundation for the ‘Rixos Baghdad’ venture last week.
The development is set to encompass approximately 115,000 square metres and include a 23-story high-end hotel with 242 rooms and 22 presidential suites.
“Estithmar Holding announces the groundbreaking of its first project in Iraq, “Rixos Baghdad” which consists of a hotel and a residential complex in the city centre. It will be a distinctive architectural landmark that will add to the architectural identity of Baghdad,” Estithmar said in a statement.
In June, Estithmar Holding announced the signing of three MoUs worth $7 billion with Iraq’s National Investment Commission to develop new cities, five-star hotels and manage and operate several hospitals in Iraq.
Early August, the Qatar-based firm announced the establishment of its subsidiary of Elegancia Healthcare in Iraq following the signings.
The statement added that Estithmar established a new branch of Elegancia Marine in Iraq as part of the ongoing implementation of the deal, signed in June during the visit of Qatar’s Amir Sheikh Tamim bin Hamad Al Thani to Baghdad.
The first MoU included the development of two modern residential cities designed to respond to a shortage in housing that is estimated to be at two million units, Vice Chairman of Estithmar Holding Ramez Al Khayyat said, according to a statement sent to Doha News in June.
“The cities will be planned in accordance with the international standards and will include residential complexes, villas, schools, commercial complexes, entertainment centres, and other facilities and services, in addition to all the basic infrastructure,” he said in June.
The second agreement set a framework for cooperation to develop 5-star hotels in distinct locations across Iraq that are expected to contribute to meeting rising demands in the Iraqi hospitality sector.
The third MoU signed by Elegancia Healthcare will manage and operate a number of hospitals in Iraq and provide high-level medical services to locals in the country, Al Khayyat added.
Decades of conflict triggered by the deadly 2003 US invasion as well as the Covid-19 outbreak have posed a challenge to Iraq’s health sector. Baghdad requires additional assistance to fully recover from its troubled past.
Iraq’s healthcare system witnessed “a steady decline since the late-1980s as a result of conflicts and the resultant economic troubles, according to the Al-Bayan Center for Planning and Studies.
Meanwhile, Medics Without Borders said that many of Iraq’s health facilities lack medical supplies and specialists, placing immense pressure on the fragile sector during the pandemic.