British company submits residential project worth $300 million to BIC

Basra (NINA) – Basra Investment Commission announced that Mayfair British Company offered a project which includes the construction of an integrated residential city worth $300 million.

Head of the BIC Haider Ali Fadel told NINA today that the total project cost is about $300 million, which is from the World Bank financing. The project includes the construction of 500 residential apartments, restaurants and supermarket, as well as two international hotels.

He added "the project also includes building of an air-conditioned glass garden of 40 meters high, commercial offices, an open theater, a public park, a services building, and car parking to hold 7 thousand cars."

He explained that "the Commission discussed with the delegation of the British company procedures to complete the approvals of the land as it is private property, farm, which cannot be used for residence.”

Fadel said that the effort will be made by the BIC to complete the items and official approvals for preparing the land. /End/