Egypt's Orascom Housing Communities, a subsidiary of Swiss-based Orascom Development Holding, is negotiating with Iraq to buy land for a budget housing project, a report said.

The Al-Mal newspaper report said Orascom Housing Communities is looking at two plots, one in Taji in central Iraq and the other in Basra in the south, and is waiting for the Iraqi government to state their price before choosing between them. Each is 9 million sq m.

Iraq is trying to line up at least $30 billion in housing and commercial development projects in the next decade as it rebuilds after years of war.

Orascom Development officials contacted by Reuters could not confirm the newspaper report, but said it was always looking for opportunities in other countries and that Iraq had high potential.

"We are always looking for opportunities all over the world. Iraq is no exception," Amr Sheta, vice chairman and co-chief executive of Orascom Development, told Reuters.   

"Iraq is one of the most needy countries in the Middle East in terms of housing, and demand created over the past years following the war is phenomenal."    

Orascom Development, which lists depositary receipts in Egypt, specialises in building and managing mixed-use resorts, but also owns hotels and develops budget housing.   

It has projects in Jordan, the UAE, Oman, Switzerland, Morocco, Britain and Turkey. - Reuters