Iraq, S Korea’s Hanwha ink USD7.75b housing contract

31 May 2012

(MENAFN) Iraqi state television broadcasted the ceremony of signing a USD7.75 billion final deal between the government and South Korea’s Hanwha Engineering & Construction company, which will construct housing units on the borders of the country’s capital, reported Gulf News.

The Iraqi TV stated that the project, which includes the establishment of 100,000 housing units, is part of a proposal by Iraq’s National Investment Commission to set up 1 million new housing units for a total value of USD50 billion.

On the other hand, Iraqi officials stated that the country needs up to 3 million new houses for the growing population.

It is worth noting that years of war and sanctions crumbled Iraq’s infrastructure, with the country facing shortages in the number of houses, in addition to chronic power shortages.

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