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.

More News

This website uses cookies to ensure you get the best experience and by clicking “I Accept” below, you consent to the use of cookies. Learn more