Iraq seeks investors in construction sector
Government set to spend $4bn over the next two years on social housing projects and low cost housing
The Iraqi construction and housing minister has said the government is looking for investors in housing and infrastructure projects, as he extended an invitation to the delegates at the Arabian World Construction Summit 2012 in Abu Dhabi to look at potential opportunities for projects and investments in the country.
Iraq needs to build 2.5m housing units and 7,000km of new roads by 2016, Mohammad al-Darrajsaid. The government is set to spend $2bn over the next two years on social housing projects and another $2bn on low cost housing, in addition to $5.8bn on roads, he explained.
Although the country’s total 2012 budget is $112bn, al-Darrajsaid that no budget can meet the infrastructure needs of Iraq, urging investment in the country. “Investments are required,” he said.
