Bloom Properties, a leading realty firm from Abu Dhabi has announced its business plans for Iran by investing $18 billion in the country as reported by UAE daily ‘The National’ on Tuesday.

The firm, according to some confidential sources, is in negotiations with Iraqi authorities for getting some development contracts in the Shi'ite holy city of Karbala where two million pilgrims comes to visit the Imam Hussein and Hadrat Abbas shrines.

Sources from Dunia Frontier Consultants said that the war-hit country is expected to get $37.7 billion from Emirati investors for the year. Bonyan International Investment Group, Damac Properties and Al Maabar and some other domestic companies are looking for some real estate development projects in the nation, adversely impacted due to US attack few years ago.

Many companies from UAE are looking for opportunities in the Gulf countries as global financial crisis has adversely impacted the real estate business in the country. Builders are facing acute shortage of funds and delaying or abandoning projects in many parts of the country.