Basra signs deals for 2,650 houses
New $362m deal for housing projects signed with Dutch and Iraqi firms
Basra Investment Commission has granted three contracts worth $352m to build 2,650 new houses in the province, according to news agency Aswat Al Iraq.
Chairman of the investment commission, Khalaf Lafta al-Badran, said that the contracts were awarded to Dutch and Iraqi companies. He added that this brought the total amount of housing projects recently awarded in the area to 11, covering 13,000 units at a total cost of $1.5bn.
Iraq's Ministry of Housing & Communications has been keen to attract investment and expertise from overseas into the country with a view to addressing an acute housing shortage in the country.
In February, UAE-based Dewan Architects was appointed as master planner to the huge Al Nakheel City scheme in Basra. The city is set to contain up to 100,000 new houses which will be developed over a 25-year timeframe.
Other UAE developers to announce projects or joint ventures in Iraq have included Emaar Properties, Bloom Properties and Damac Properties.