TEHRAN - South Korean construction company Daelim has won a preliminary contract to invest in a project, worth €900 million, for the construction of a 500-hectare residential town in Iran, the IRNA News Agency reported Monday.

The town, named Kharazmi, will be built 50 kilometers southeast of the capital city of Tehran. Initial designing measures have been taken, said deputy urban development minister Mohsen Nariman.

The news is a follow-up to the first Iran Transportation and Urban Development Summit (ITUDS) held on October 3-4, 2015, in which 121 projects, worth €25 billion, were offered to participating investors.

The investment opportunities were introduced in the eight sectors of rail transportation, road transportation, air transportation, marine transportation, urban development, energy saving, port industry and airport industry.  

AK/