Nizar Hanna, chairman of the Nasri Consortium and head of the project, said eight percent of the centre city project had been achieved since 2002, and gave 2010 as the final completion date.

Investors include his consortium, the Iraqi Trade Bank and the Al-Omar investment group, Hanna said.

"We got the land from the government of Kurdistan for a symbolic price meant to encourage investment," he added.

Kurdish Prime Minister Nechirvan Barzani called the center an important project that would create jobs for Kurds and help local businesses.

"Iraqi Kurdistan's doors are always open to investors," Barzani said.

Hanna said the trade center would include three 25-storey towers as well as hundreds of shops, offices, restaurants and cafes.

Parking for 5,000 vehicles is also in the works.

The centre's designers were identified as the Dubai-based Middle East Company for Reconstruction.

Hanna said his group was also building a "Dream City" project that would cover one square kilometre (0.4 square miles) and include 1,600 residential units, schools, markets, gardens, and health and recreational centres.

Its cost was estimated at 600 million dollars.