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FINANCIAL NEWS
Iraq pursues investments in real estate
24 May 2012
(MENAFN) Iraqi Minister of Construction and Housing Mohammad Al Daraji declared that his country is seeking investment in real estate and infrastructure projects, Gulf News reported.
Al Daraji explained Iraq requires money to build 2.5 million housing units and 7,000 kilometers of new roads by 2016 and the government has assigned USD9.8 billion for the projects.
Besides, Al Daraji announced that Iraq would produce 5 million barrels of oil by 2016 and Iraq is going to lead the rise of projects spending in the Middle East by the same year.
It’s worth mentioning that 40% of Iraqi budget goes into energy and two third of the budget goes to operational costs.
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