South Korea’s Hanwah to Sign $7bn Iraq Housing Project

Sami al-Araji, chairman of Iraq’s National Investment Commission (NIC), has told Bloomberg that Iraq will soon sign a $7 billion agreement with South Korea’s Hanwha Engineering & Construction Corporation [Hanwah] to build 100,000 housing units in the country.

The commission is also due to sign a contract with the UAE-based Bloom Properties to build 40,000 houses in Karbala province. Two years ago the government approved plans to build 1 million housing units for lower- and middle-income families by 2014.

An adviser to the NIC said Iraq is currently in talks with international companies to build infrastructure projects valued at a total of about $100 billion; the commission has already awarded $32 billion of infrastructure projects since 2008.

(Source: Bloomberg)

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