Bloomberg cited Mr Shaker al Zamili president of the Baghdad investment committee as saying that Kurdistan based Kar Engineering & Construction Company has been granted USD 185 million deal to build 2,016 units in northern Baghdad. The project a compound called Ibn Fernas will be finished within 4 years.

Mr Zamili said that a second project to build 2,000 homes costing as much as USD 180 million was awarded to Iraq based al Faheem for General Contracting Company. The compound will be built in western Baghdad and complete within 3 years. Iraq is seeking foreign investment to help rebuild an economy and infrastructure damaged by war sanctions and underinvestment.

Mr Mohammad Saheb al Darraji construction and housing minister said that the country plans to spend USD4bn on housing through 2016 to alleviate a shortage of homes.

Source - Bloomberg

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