Iraq to invest US$70bn into key sectors
As much as US$25bn is going to be ploughed into housing projects
The government of Iraq is undertaking a massive project to invest US$70 billion into key sectors, including a US$25 billion on housing, according tile manufacturing giant RAK Ceramics.
The company, which is currently the world's largest ceramic tiles and sanitaryware production firm, said it was confident in the Iraqi market to the extent that it was planning to showcase its product range at the exhibition Project Iraq 2010.
RAK Ceramics’s deputy CEO Abdallah Massaad said: "Project Iraq presents an excellent opportunity to expand our presence to a largely underserved market that offers excellent long-term potential.
“RAK Ceramics has already identified various potential projects and prospects in Iraq, particularly in the northern region.”
Earlier this year, the CEO and founder of a Baghdad-based infrastructure services firm FIAFI told CW a total of one million new homes planned by the government would “keep a lot of companies busy” for the next few years, despite the ongoing political uncertainty in the country.
Likewise, in August, Iraqi authorities themselves confirmed to AK News that they were working on plans to resolve the housing crisis in the country, despite problems hindering investments.
According to recent reports on the region, house prices have shot up in recent years due to the boom in real estate market, making it difficult for many Iraqi nationals, and particularly young couples, to have homes of their own.