BAGHDAD, Feb. 12 -- In light of the great improvement in the security situation following the victory over the Islamic State (IS) in Iraq, the capital Baghdad has seen an increase in construction projects.
In accordance with the rebuilding process and the growing needs of the Iraqi population, investing companies from around the world are expected to focus on Iraq.
In Baghdad's al-Qadisiyah neighborhood, a new five-star hotel that overlooks the Tigris river is erecting on a land of 20,000 square meters.
The hotel that will include an upscale shopping center and a hypermarket is expected to open in three years, one of many fresh projects reflecting the tangible stability in Iraq.
A series of engraving ordeals have engulfed Iraq since the U.S.-led invasion in 2003, but now there are some good signs of healing. Real estate is signaling a new era in the country.
In western Baghdad, a fresh apartment complex of 37 towering buildings was built on a land of 120,000 square meters by an Iraqi-Egyptian company named Ayadi Group. The compound also includes a kindergarten, schools, a medical center and a social club.
Baghdad is on the cusp of acquiring mega city status with over eight million citizens living within its borders, a significant increase in population that calls for a transition from horizontal to vertical architecture.
"There are no electricity cuts, so we do not have to worry about alternate power sources such as noisy generators. I call on the government and banks to offer loans to people, especially low-income families, so they can purchase their own apartment," Kanaan al-Zaidi, a bank employee and resident in the complex told Xinhua.
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