Arab News reported that Dubai's Emaar Properties will set up a new JV with the Iraqi government to develop housing in the war torn country.

Mr Muhammed Al Darraji Iraq's construction and housing minister said that the government will give free land to the developer to build projects. Iraq which needs about 2 million new housing units has USD 2 billion budget for infrastructure and housing spending in 2013.

Mr Al Darraji said that "We are building 65,000 homes but whatever we build from our budget is not enough to meet out housing needs. We will sign an agreement with Emaar to develop housing in Iraq a joint venture between Emaar and the government."

Nine years after the United States invaded Iraq to topple Mr Saddam Hussein, there are signs that foreign investment in the country is finally building momentum. The potential of Iraq's oil wealth means some foreign investors are willing to accept some risk.
Source - Arab News.com

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