The three projects are expected to begin at the end of this year, Estithmar Holding said.
Qatar-based Estithmar Holding has signed three agreements worth $7 billion with the National Investment Commission in Iraq, covering real estate, tourism and hospitality, as well as management and operation of several hospitals.
The first Memorandum of Understanding includes the development of two modern residential cities designed to respond to a shortage in housing estimated at 2 million units, Vice Chairman of Estithmar Holding Ramez Al-Khayyat said, according to a statement sent to Doha News on Friday.
“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 added.
The second agreement sets frameworks for cooperation to develop 5 star hotels in distinctive locations across Iraq that are expected to contribute to meeting rising demands in the Iraqi hospitality market.
Al-Khayyat said the third MoU signed by Elegancia Healthcare, a subsidiary of Estithmar Holding, will manage and operate a number of hospitals in Iraq and provide high-level medical services to locals in the country.
The projects are expected to begin at the end of this year, he added.
Qatar’s amir in Baghdad
The latest developments come as Qatar’s Amir Sheikh Tamim bin Hamad Al Thani confirmed a $5 billion investment into Iraq over the next five years. The announcement was made during an official state visit to Baghdad on Thursday.
A joint press conference between the amir and Iraq’s Prime Minister Mohammed Shia Al Sudani also revealed a number of agreements between the two countries, including collaboration in maritime transport and a MoU on scrapping travel visa requirements for diplomatic passports.
Announcing the visit earlier this week, Iraqi government spokesman, Bassim Al Awadi said Sheikh Tamim’s visit will hold “significant political and economic dimensions”.
The amir’s visit to Iraq is his first since 2021 and comes months after Al Sudani became the country’s prime minister.
On Wednesday, the Amiri Diwan stated that Sheikh Tamim and Al Sudani “will discuss the consolidation of fraternal relations between the two countries, in addition to regional and international issues of common interest.”
Iraqi government spokesman Bassim Al Awadi said that the Qatari leader will hold “significant political and economic” discussions throughout the visit.
Last month, Iraq’s Oil Minister Hayan Abdel Ghani Al Sawad said the two countries are in talks for collaboration in oil and gas explorations.