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FINANCIAL NEWS
Iraq preparing $50 billion housing plan
31 Mar 2010
(MENAFN) The Chairman of Iraq’s National Investment Commission said that Baghdad has doubled its goal of building 500,000 housing units after international companies showed interest in winning the construction contracts, Reuters reported.
As a result the war-shattered nation is looking for bidders to build one million new units, valued at an average of $50,000 each, for a total value of $50 billion.
Iraq’s growing population faces an acute shortage of homes after years of war and sanctions. The government, which hopes to build the one million new homes within three years, estimates it will need about two million new units in the next five years.
More than 100 firms showed interest in the ambitious project including American, UAE, Chinese, Turkish and Canadian companies, he said.
In January the city of Baghdad announced it was looking for planners and builders for a project for 75,000 apartments in the Sadr City slum. Officials said they had also signed a contract with a UAE investment firm for a $15 billion housing project in eastern Baghdad, including 65,000 housing units on 2,000 hectares of land.
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