$245m Deal for Iraq's Camp Bucca

Camp Bucca, the sprawling former prison once run by the U.S. military in southern Iraq, will be turned into a commercial center with offices, warehouses, aviation and fuel services to support investors, Associated Press reports.

Haider Ali Fadhil, the head of Basra Investment Commission, said the $245 million-deal with the Iraqi Kufan Group and the American Northern Gulf Partners marks a significant step toward rebuilding Iraq as it emerges from decades of war.

Fadhil said the new business complex will be ready in two years, and will be run with a 40-year lease. Northern Gulf Partners has confirmed to Iraq Business News that the reports are correct.

The 740-acre Camp Bucca prison was built by U.S. forces on the Kuwaiti border in 2003 and was the largest such U.S. facility in Iraq. It was emptied and closed in September 2009.

(Sources: Associated Press, Northern Gulf Partners)

One Response to $245m Deal for Iraq's Camp Bucca

  1. Emmett 21st December 2010 at 12:23 #

    Northern partners are major players!!!!