More housing is to be built in Baghdad, as two deals for 2,000 homes apiece were signed for a total of USD365m.
Kar Construction & Engineering will build 2,016 homes in the north of Baghdad over four years, after signing a contract for $185m, according to Shaker al-Zamili, president of the Baghdad Investment Committee announced today. The compound will be called Ibn Fernas.
The second project for 2,000 units in western Baghdad will be constructed by al-Faheem General Contractin over three years.
Iraq needs over three million housing units, modern highways, bridges and basic infrastructure. The budget for the ministry of Construction and Housing this year is $13bn.
Sources: al-Kindi; Bloomberg