Tag Archive | "Housing"

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KRG Reviews Economy, Housing Legislation


Prime Minister Nechirvan Barzani yesterday chaired a meeting of the Kurdistan Region’s High Council for Investment to discuss various issues related to investment and the economy.

In the meeting, implications of the current situation and the latest developments in the Kurdistan Region were discussed, as well as the economic crisis and the effects that Baghdad’s decision to withhold the KRG budget have had upon investment and projects currently under construction in various sectors.

Possible solutions to manage the economic and financial difficulties in the Kurdistan Region were also raised in order to encourage continued investment in all sectors.

The Council stressed the importance of speeding up approval of the draft legislation for the Housing Board in order to regulate guidelines for housing projects and licenses based on such legislation, as some projects have been suspended in the absence of this law.

The law would address individuals and families with low income and would ensure that they are among the first candidates to benefit from low-income housing projects.

The High Council for Investment also decided to review the guidelines set for licensing investment projects, especially for companies that seek to begin or continue construction and are awaiting the new legislation. The Council decided to form a committee to review all projects in industrial, tourism, and agricultural sectors and make decisions accordingly.

The Investment Council also formed a committee to investigate claims filed by companies affected by the current economic and financial situation in the Kurdistan Region. Many of these companies are seeking project extensions because they could not continue or complete their projects, and have been delayed.

The committee will examine each project separately, for each company, to prevent any market exploitation amid the circumstances.

(Source: KRG)

Posted in Construction & Engineering, Industry & TradeComments (0)

Housing Project Completed in Najaf


By John Lee.

Iraq’s minister of housing and construction Mohammed al Daraji has announced the completion of a 500 unit housing complex in Najaf, Iraq.

Iraq is currently in the middle of a major drive to build 2 million new housing units, and a number of international construction firms are working on projects within Iraq to meet this ambitious goal. The country faces a major housing crisis, which has seen high property prices in some areas, particularly the Holy city of Karbala.

The new complex comes with a mosque, a shopping mall, a kindergarten and two schools.

(Source: Aswat al-Iraq)

 

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Hanwha Opens Precast Concrete Plant at Bismayah


Prime Minister Nouri Kamil al-Maliki has opened the new Hanwha Precast Concrete Plant at the Bismayah New City development near Baghdad.

Speaking at the event, he said that “this project is our dream that has come true because it reflects our hope to provide housing units for all Iraqi people who were deprived of their right to live in decent housing units due to the wars, wrong policies and foolishness of the former regime”, stressing that the government intends to deliver housing units of this project for those affected by the terrorist attacks.

He added that “the … suspicion of this project [has] come to an end. Now, the project is real, and we have to start to provide residential units. Our ambition is to proceed from the Bismayah Project by developing a plan to provide one million housing units and beyond, to three million housing units, either by convenient installments or distribution and building of residential land plots for those who do not have income”, stating that there are other similar housing projects in Basra and Karbala are being built.

The Prime Minister has appreciated Hanwha efforts, praising its seriousness and commitment to work and agreement. Also he extended congratulations to the people registered on the housing units.

Hanwha Precasts Concrete plant complex is built on the area of 660,000 m2. Including this plant, HANWHA E&C invested in 14 sub-plants of construction material production inside its base camp.

(Source: Hanwha)

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Empire World “On Track” for 2017 Completion


The vast Empire World real estate development — the largest such development in Iraq — is a centerpiece of the KRG’s continued emphasis on creating a business friendly environment, including a luxury hotel, a villa residential neighborhood, and a surfeit of turnkey office space, all in one sprawling complex.

Slated for completion in 2017, the Empire World development represents a $2.7 billion investment in the future of the high-economic growth autonomous Kurdistan region in northern Iraq.

In an interview with Marcopolis, Peshraw Majid Agha, Chairman of Falcon Group, the developer of Empire World, spoke about the large-scale development and where it fits in with the overall real estate and construction sector in Kurdistan’s capital, Erbil.

The outlook for real estate in Erbil is for further growth. There is more and more demand and there is cash in the market as many investors are coming to Kurdistan. Everyone is looking at the opportunities that exist in Erbil. It is now one of the most important cities in Iraq for business,” Mr Agha told Marcopolis.

Kurdistan is acting as an introduction to Iraq for investors. Investment here is growing, there is a lot of investment happening in infrastructure, power, roads etc. I think the outlook for real estate in Kurdistan therefore is also very good.

The Empire World chairman noted that each phase of the project was started in tandem with various market demands, such as large deficit in the housing market.

He added that the location was an ideal one given its proximity to the international airport and a large park, all of which, combined with his vision for a mixed residential and office complex, made the location perfect for both living and working.

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Hanwha Gets $511m Advance Payment


By John Lee.

South Korea’s Hanwha Engineering and Construction has said that it has received an additional $511 million in advance payment for its Bismayah New City Project (BNCP), located 10 kilometers southeast of Baghdad.

According to a report from Yonhap News, this brings the amount of money the builder has received so far for the $8 billion Bismayah New City Project (BNCP) to around $1.6 billion, or 20 percent of the total.

The company said Iraq will send another $388 billion in the second half.

The 1,830-hectare Bismaya development is intended to accommodate around 600,000 residents in a total of 100,000 residential units. Construction is due to be completed by 2019.

About 100 South Korean companies are also engaged in the project as partners and have some 1,500 workers stationed at the site.

(Source: Yonhap News)

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1500 Housing Unit Development Planned for Baghdad


By John Lee.

Baghdad governor Ali al-Tamimi has announced the completion of a plan for 1500 new housing units in the Baghdad governorate.

The moves comes as the Iraqi government recently announced it would be falling short of its target of 2.5 million new housing units to meet demand.

Housing and Construction minister Mohammed al-Darraji  (pictured) has said the government plans to spend $5bn on housing in the coming years.

At a recent Dubai summit, the Ministry of Housing and Construction called on UAE investors to help alleviate the situation promising excellent return on investment, due to high demand.

Governor al-Tamimi was optimistic about the recent development:

“Baghdad Governorate expressed its interest in the housing field and seeks to reduce the housing crisis through establishing the housing complexes within the plans of 2014 and the upcoming years.The Governorate coordinates with the Ministry of Housing and Construction in order to contribute in implementing the housing projects and reduce the housing crisis.” 

(Source: AIN)

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Iraq Calls For Foreign Investment For New Housing


By John Lee.

Iraq’s housing minister Mohammed al-Darraji says that the country is planning to spend $5bn on new housing units in the next 3 years, but that the required 2.5 million new units will not be complete on time to meet demand, Rebuilding Iraq reports.

Currently there will only be 130,000 new units by next year, and Minister al-Darraji has called on investors in the UAE to enter the market, emphasizing what he saw as an attractive aspect of housing development in Iraq: that new houses were guaranteed to be purchased rapidly because of demand.

Minister Mohammed al-Darraji was speaking at the Housing Summit in Dubai.

(Source: Rebuilding Iraq)

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NIC Reduces Downpayments at Bismayah


Iraq’s National Investment Commission (NIC) decided to reduce the down payment required to buy housing units at the new Bismayah development.

NIC Chairman Dr. Sami al-Araji said that following requests from the public, the down payment would be reduced from 25 percent to 10 percent.

He added that work at Bismaya, the biggest housing project in the Middle East, was proceeding according to schedule.

(Source: National Investment Commission)

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