$25bn Iraq Housing Deal with S. Korea

Dr. Sami Al- Araji, NIC Chairman, signed a Memorandum of Understanding in Seoul with a Korean company to build 500,000 housing units throughout Iraqi.

The deal could have a possible total value of $25 billion, based on the previous information from the commission stating that each housing unit was expected to cost $50,000.

Reuters reports that the group includes Hyundai, SK and POSCO.

Dr. Al- Araji, who headed a delegation of officials to South Korea, invited all Korean companies to enter the Iraqi market through direct investments or through investment partnerships with the Iraqi public and private sectors to participate in the current investment process in Iraq.

The Iraqi delegation was warmly welcomed by the Korean officials, where the NIC Chairman met with a number of senior officials from the Korean government.

The deal is expected to be signed in January 2011.

(Sources: Reuters, National Investment Commission)

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