The property owned by Kasr Al Waha in Baghdad is a 2.9 million square meter land. The property is
10 km away from the Baghdad city center with a 425 meter frontage on the expressway that is being built to connect Baghdad to the Basra Highway, which is expected to be finished by the middle of next year.
Al Oufoq for Development S.A.L. (Offshore), owns 87% of Kasr Al Waha L.L.C., an Iraqi company that holds title for the land. The remaining 13% are owned by Iraqi Partners. It is important to note that Kasr Al Waha’s foreign ownership by Al Oufoq, was one of the first to be approved in Iraq. The foregoing companies have been strictly funded by equity and shareholders’ loans.
We are in the final stages of converting the land classification from agricultural to commercial and residential. Once it is finalized, we are planning to develop a whole town on the property, emphasizing in phase 1 an attractive entrance to the property, near which it is planned to have a mall, an office park, an international school and a well-recognized university, along with a hospital and a large gated community.
