The National Investment Commission (NIC) of Iraq is to sign a deal with Emaar Properties of Dubai and Eagle Hills of Abu Dhabi to begin work on the 64,000-home Al-Rashid City in southern Baghdad, Iraq.

In a statement on its official website, the Iraq鈥檚 cabinet secretariat said: 鈥淭he cabinet has agreed that NIC will complete contractual procedures for Al-Rashid City project with Emaar and Eagle Hills and award them the project after reaching agreement on the final form of the contract, in line with NIC requirements.鈥�

Emaar鈥檚 involvement in the scheme was announced last year when Ali Mohsen Al-Alaq, the governor of Iraq鈥檚 central bank, announced that it was looking to begin work on the scheme in 2018 and giving the total investment as approximately US$10bn.

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