Dubai's FiberPro in $1.5 bn Iraq Housing Deal

FiberPro Group, a Dubai-based contracting company with operations in the UAE, Cyprus and Greece, has clinched a multi-billion deal for the construction of 30,000 houses in Iraq.

According to the report from the Financial Mirror, the Cypriot owners of the company, its Managing Director Fotis Athanassiou, and businessman Demetris Takoushis of Larnaca, are currently in Baghdad where they are preparing the ground for the start of the project some time in the second quarter of this year.

The housing development is valued at $1.5 billion and is being funded by an international consortium of banks with Iraqi state guarantees, primarily from the country’s Investments Authority.

“We have been working on this deal for nearly two years, under extremely difficult conditions,” Athanassiou told the Financial Mirror in a telephone interview. “The same team that helped us develop the Atlantis Hotel project in Dubai is now working on the Iraq contract.”

Takoushis said that the prospects for further deals in Iraq are “huge”.

“The country is only now recovering from the war that has destroyed everything. There is a need for at least 4 mln new homes to be built,” he said, indicating that there are other “multi-billion” projects in the pipeline.

“New developments for which there is great demand include infrastructure projects such as airports, hotels and hospitals,” Takoushis said, adding that FiberPro is also advising the Iraqi government on how to best utilise the old palaces of Saddam Hussein, by converting some of them to tourist attractions or resorts.

He said that FiberPro is already in contact with other companies from Dubai, Europe and America in order to sub-contract parts of the construction of the project, and that other deals may be announced soon.

(Source: Financial Mirror)

2 Responses to Dubai's FiberPro in $1.5 bn Iraq Housing Deal

  1. Sam Mathew 2nd February 2011 at 11:03 #

    We understand several of these large contracts are signed. Has anyone started any work? Just curious.

  2. Marios Dionysiou 22nd September 2013 at 15:11 #

    I know that more than 12 employees from Cyprus are just now in Samawah working for more than 16 hours a day without any payment after 3 months.
    I just wonder how Cyprus goverment allowed these companies like Fiber Pro makes such a serious contact and treat people by this way. Is unbelievable but real. Cyprus is tolerate such a crime because no one respect any rules