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FINANCIAL NEWS
Orascom to launch budget housing project in Iraq
14 Apr 2010
(MENAFN) The Chief Executive Officer at Orascom Development Holding said that the Switzerland-based company is planning to start a budget housing project in Iraq after elections, Reuters reported
The CEO did not specify where in Iraq the project would be, but Egyptian media in February reported the firm was looking at two plots, one in Taji in central Iraq and another in Basra in the south. Each would cover about nine million square meters.
Orascom has already agreed with Iraqi officials to construct a budget housing project in Iraq similar to Haram City, a low-income residential project it is building near Cairo, he said.
Iraq is looking for bidders to build 1 million new units, valued at an average $50,000 each, within the next three year.
Orascom hopes to see the first sales from its Romania project before the end of this year, said the CEO, who is also Orascom’s chairman.
The project, in which Orascom holds a 70 percent stake, is expected to offer a total of 33,000 units developed over three equal phases, with the first scheduled to be operational within five years.
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