Iraq to sign MoU with Emaar, Damac

The Iraqi government will sign memorandum of understandings with seven companies, including Emaar Properties and Damac Properties, which will pave the way for these companies to offer their expertise in building affordable and luxury houses there.

The UAE developers may even be offered “free land” in Baghdad and Basra so they can develop large communities, Thir Aldabag, Minister Advisor, Republic  of Iraq told 'Emirates24|7'.

“We don’t need money…we have enough money. We just need their expertise to build houses,” he said.

Aldabag said that they have $1.5 billion allocated to housing and infrastructure for 2013.

Iraq needs 3 million housing units within the next three years, of which 500,000 will be built by the Iraqi government.

Asked if these developers will concentrate on affordable or luxury housing, Aldabag said: “There is not just demand for affordable housing, but people are also looking for luxury houses. There is latent demand for housing in all sectors.”

The Iraqi Ministry of Construction and Housing (MoCH) is working on $10 billion worth of construction projects over the next five years, including the $4 billion Expressway No.2, which upon completion will connect the south and middle of Iraq with the north of the country, before ultimately joining with Syria and Turkey.

“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,” Iraqi Minister of Construction and Housing Mohammad Darraji said in a statement.

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