Bloomberg News

Iraq to Pay Two Companies $199 Million to Construct 2,000 Homes

April 03, 2012

The Iraqi government awarded two construction companies contracts valued at $199 million to build 2,000 homes in the southern provinces of Thiqar and al-Muthanna, two local officials said.

Markez Inc., an Iraqi-American company, secured a $139 million deal to build 1,000 homes within three years, said Louay Mousa, president of the Thiqar Investment Commission. Koma Co. of Iraq will build another 1,000 homes in Samawa, the capital of al-Muthanna, for $60 million, Adil Dakhil, president of al- Muthanna Investment Commission, said by phone.

Iraq, which holds the world’s fifth-largest oil reserves, is seeking foreign investment to help rebuild an economy and infrastructure damaged by years of conflict, sanctions and lack of investment. In March 2010, the government approved a plan to build 1 million homes by 2014 for low- and mid-income families to reduce the country’s housing shortage.

To contact the reporter on this story: Khalid Al-Ansary in Dubai at kalansary@bloomberg.net; Zainab Fattah in Dubai at zfattah@bloomberg.net.

To contact the editor responsible for this story: Andrew Blackman at ablackman@bloomberg.net.


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