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FINANCIAL NEWS
Dubai’s Emaar plans to make a foray in Iraq
04 Oct 2012
(MENAFN) Dubai’s top developer Emaar Properties unveiled plans to enter Iraq’s property market through a new joint venture, Reuters reported.
The announcement came from Iraqi housing Minister Muhammed al-Darraji, who also said that the government will allocate plots of land to the developer to build projects.
He added that the government has allocated USD2 billion in its 2013 budget for infrastructure and housing spending.
“We are building 65,000 homes but whatever we build from our budget is not enough to meet our housing needs,” al-Darraji said on the sidelines of a real estate conference in Dubai. Iraq needs about two million housing units to tackle its chronicle-housing shortfall.
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