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Damac’s $15 Billion Iraq Development Canceled, National Says

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July 22 (Bloomberg) -- Iraqi Kurdistan canceled a 55 billion dirham ($15 billion) real estate project by Damac Properties, the Dubai-based developer, because the company never started work after the global financial crisis, The National reported, citing a Kurdish official.

The company can propose a smaller project, Hayder Mustafa Saaid, a director general at the Kurdistan regional government’s investment board, told The National. Damac confirmed its construction license had been canceled, the newspaper reported.

To contact the reporter on this story: Anthony DiPaola in Dubai at adipaola@bloomberg.net.

To contact the editor responsible for this story: Stephen Voss on sev@bloomberg.net.

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