Building Up Massive Opportunities in a Fast-Growing Economy
Iraq is witnessing a rise in recovery, reconstruction and development needs across all sectors of its economy from basic infrastructure to housing, hotels, schools, and public building rehabilitation.
The Iraqi government has allocated US$15 billion for infrastructure projects in its 2012 budget. The country’s reconstruction initiatives have so far required tens of billions of dollars in investments with USAID estimating a total expenditure of US$ 150 billion. The large number of projects already planned or underway will require huge amounts of building materials, design capacity and construction expertise, creating the right environment for investment opportunities in the real estate development, construction and building materials industries.
In parallel with major infrastructure renewal underway, Iraq’s new housing projects will be a key driver of the country’s construction boom with current projects valued at US$ 25 billion and an estimated US$ 100 billion needed to satisfy demand.
3.5 million new homes will be built over the next decade
US$ 30 billion in government spending on housing in Baghdad over the next few years
78 housing projects worth US$ 5.8 billion in the Kurdistan Region
US$ 1 billion for a 10-year national aviation plan
US$ 8 billion for improving road networks
US$ 3 billion for renewing the Baghdad railroad
TransGlobim International (Canada) signed a US$ 600 million contract to build the country’s first monorail in Najaf
Alstom (France) signed an outline agreement with Iraq to build a metro line in Baghdad
US$ 5.5 billion for developing water and sewage systems
US$ 4 billion for new medical facilities in 2011
US$ 20 billion real estate project outside Baghdad
US$ 1 billion plan for a new 500,000 sqm tourist city near Kut