Iraq eyeing ME real estate investors
Dubai, September 30, 2012
Iraq is turning a sharp eye on Middle East real estate investors as it looks to produce some three million housing units over the next five years in a post-war zone that left much of the country’s infrastructure in tatters.
According to the Iraqi Ministry of Construction and Housing, the country’s federal budget is estimated to reach $120 billion in 2013, increasing to $200 billion by 2015, highlighting a concerted effort to improve infrastructure and open up investment opportunities.
This will be further emphasised this week in Dubai, when the Iraqi Minister of Construction and Housing Mohammed Darraji, and an official Iraqi delegation visit Cityscape Global, taking place from October 2-4 at the Dubai International Convention and Exhibition Centre.
A headline speaker on the first day of the Cityscape Global Real Estate Summit, which runs alongside Cityscape Global, Darraji will outline the profitable investment opportunities and reduced risks in the fast emerging real estate market.
Darraji said that the Iraqi Ministry of Construction and Housing is working hard on $10 billion worth of construction projects over the next five years, including the $4 billion Expressway No.2, which upon completion will connect south and mid Iraq with the north of the country, before ultimately joining up with Syria and Turkey.
Additionally he said that an infrastructure projects bill amounting to $37 billion on a deferred payment basis is being considered by the Iraqi parliament to finance projects in electricity, health, education, housing, water and sewerage and the environment.
“Due to ongoing business trends and the transition to a market economy after 2003, Iraq has seen significant changes to regulations and the governing of economic activities,” remarked Darraji.
He pointed out that Iraqi government is implementing new laws to promote fresh investment and drive economic growth. "This transition will promote the rapid restructuring of our economy," he stated.
“We are hoping for a smooth integration with world economic markets and businesses, and it is the intention of the Ministry of Construction and Housing to achieve a breakthrough by participating in Cityscape Global 2012. We are excited to have a firsthand dialogue with other participants at the show along with government officials,” he added.
In addition to the VIP delegation, Iraq is set to play an even larger role at Cityscape Global as one of only seven dedicated national pavilions at the three-day event.-TradeArabia News Service