Baghdad to Sign $15 Billion Housing Contract

Bloomberg reports that Iraq will sign a contract with Arab investors next month for a $15 billion [18 trillion Iraqi dinars] housing project .

One investor from the United Arab Emirates and another group of companies from the U.A.E. and Kuwait are the finalists in the bidding process, Saber al-Issawi, the governor of Baghdad, said in an interview in Amman.

“We will either choose one of them, or split the project between the two groups,” he said. He did not name the companies.

The project, Madinat al-Mustaqbal, or City of the Future, involves building 35,000 to 40,000 apartments, with related infrastructure, in al-Duhna in western Baghdad.

The Baghdad commission intends to sign contracts for more than 20 projects this year, he said.

(Source: Bloomberg)

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