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FINANCIAL NEWS
Iraq sets $100b housing plan
30 Nov 2010
(MENAFN) Saber Al-Issawi, Mayor of Baghdad, unveiled Iraq�s plan to set up a million homes in the capital, valued at $100 billion, so as to meet a shortfall in residential property for its growing population after years of war and sanctions, Reuters reported.
According to Issawi, approximately 80 percent of the total figure would come from investors and 20 percent from the government, in order to re-build the capital which is home to seven million of Iraq�s total population of thirty million.
The government is set to hold a tender during December to build 82,000 homes in the district from 11 short-listed foreign developers, and will invest $10 billion over 10 years to build 150,000 homes in the capital’s sprawling Sadr City slum, said Issawi.
Iraq’s National Investment Commission has already signed a memorandum of understanding (MoU) with a South Korean group to build 500,000 homes all over Iraq.
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