A Chinese company will fund a massive commercial and tourism project in the Kurdistan Region of Iraq, a government official said.

‘Happy City’ project, located in capital Erbil, is a direct investment by a Chinese company, Director of Erbil Board of Investment, Saman Arab told BasNews on Saturday.

He didn't name the company but said its representative had signed an agreement with the Ministry of Municipality and Tourism to get 5,000 square kilometres of land for the project.

Arab said the estimated $5 billion project would be executed in phases, adding that the agreement includes clauses on the use of local workforce, which is expected to create over 8,000 job opportunities.

The project includes dozens of world-class hotels, restaurants, amusement parks, artificial lakes, residential complexes, shopping malls, hospitals and schools.

He said Happy City project is slated to be the largest foreign direct investment in the Kurdistan Region.

(Reporting by Majda Muhsen; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

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