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FINANCIAL NEWS
Iraq awards construction deal to Korean group
08 Nov 2010
(MENAFN) Iraq’s National Investment Commission said that it has signed a memorandum of understanding with a South Korean group to build 500,000 housing units all over Iraq, Reuters reported.
The deal could have a possible total value of $25 billion, according to previous information from the commission stating that each housing unit was expected to cost $50,000.
The group includes Hyundai, SK and POSCO, the media office of the National Investment Commission said.
The final deal is expected to be signed in January 2011, Dhiyaa al-Khayoon, a deputy minister of finance, said.
Construction in Iraq has been hampered by red tape and security concerns since the 2003 U.S.-led invasion.
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