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FINANCIAL NEWS
Iraq accepts tenders for 1m new homes
15 Aug 2010
(MENAFN) Iraq’s investment authority announced that the government has accepted tenders from 35 companies to build 1 million new housing units nationwide, Al Sabah newspaper reported.
According to the daily paper, technical details of the deal are still to be finalized, including the lending facilities from financial houses, but the work would commence in the next few months.
The companies awarded the tenders, out of 117 who applied, come from North America, Europe, including Germany, and Asia. The units will be built across the country, from Basra in the south, in the capital Baghdad and Mosul in the north.
The 2003 invasion of Iraq by international coalition forces caused destruction and damage to a large portion of the housing sector, particularly in and around Baghdad.
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