AL RASHID, Baghdad, Iraq – A new community center in Al Rashid was officially opened Sept. 2, at a palace complex once owned by Saddam Hussein   Hosted by a private bank, the opening included a dinner and tour of the refurbished community center.   The center’s main features are a women’s center and an indoor pool. “The pool will be open seven days a week, with men and women each getting two days a piece to enjoy it and families the other three days,” Capt. Jason Morgan, 1st Battalion, 8th Cavalry Regiment said.

 The community center also has a reception hall for weddings and parties and classrooms that will provide computer and Internet training for both children and adults.   “What makes the complex unique is how it was funded,” said Capt. Dan Ramos, a civil-military project officer for 1-8 Cav..  “The tank battalion spent almost $300,000 on the two large buildings, which will house the women’s center and eventually a restaurant.”

 The Iraqi Interim Government, the United States and a private bank partnered together to not only reinvest in the center but to make it a center piece for investment in the Al Rashid community said Morgan.   According to Morgan, a private Iraqi bank, Baraka Bank, stepped forward through a local citizen to fund the community center’s remodeling.   “The bank spent a lot of money on landscaping, remodeling some of the smaller buildings on the site and installing lighting throughout the center,” Morgan said.  “And, they hosted the grand opening party.”   Baraka bank worked with the German-based Deutsche Bank, who wants to spend almost $26 million in the area, Morgan said. 

“Deutsche will go through Baraka for the investing, which is a common thing in international investing,” he explained.  “A larger, foreign bank will typically work with a smaller, local bank to invest in an area.”

 Baraka plans to build an apartment complex in the area large enough to house 1,000 people, Morgan said. More homes, schools and private business will also be built, he said.“This local investing is important,” Morgan said.  “Because it’s by Iraqis for Iraqis.  It also shows that companies are feeling more secure about investing in [this] sector because they wouldn’t put up money if the sector wasn’t secure.” 

 Because it’s under-developed, the area is primed for investment and rebuilding, Morgan said. 

“Most of it belonged to the Hussein family and consists of date palm tree groves,” he said. 

Since the topple of Hussein, the land has been handed over to the Iraqi Interim Government and the governor of Baghdad is very excited about how much interest the area has garnered.   “He was very excited about any investment coming into the region,” Morgan said. “It’s a sign of economic improvement.”