Basra will soon become the scene of multi-billion dollar construction projects to be implemented by major foreign firms, according to a statement issued by Basra Investment Commission.
According to a report from Azzaman, most of these projects will be in the city of Basra, giving it more than 70,000 new, modern apartments for low-income groups, in addition to villas and detached and semi-detached homes.
Investors from countries such as the Netherlands, Italy and China will be financing their own projects and recouping their expenditures and profits through installments.
An Italian firm will build 5,000 housing units, including villas, as well as entertainment projects in the city.
But the largest investment, according to the statement, will come from a Dutch firm reported to be spending more than $1.5 billion on housing.
The statement said the firm will construct what it termed “a Dutch Village” in the province which will eventually have up to 60,000 housing units.
Azzaman could not independently verify the investments.
(Photo: Basra Investment Commission offices)