Iraq’s plans to build US$66 billion (Dh242.43bn) worth of housing and infrastructure projects as part of an agreement with Abu Dhabi development companies will face profound financing challenges, analysts say.
The projects would see the construction of 300,000 homes in six provinces, as well as two huge projects in Baghdad and Karbala. Bloom Properties, a company owned by National Holding of Abu Dhabi, and Al Maabar, a property development company owned by a consortium of the capital’s largest developers, have signed preliminary agreements to lead the projects, said Dr Sami al Araji, the head of the Iraqi National Investment Commission (NIC).
The developments will include healthcare and educational facilities, as well as large amounts of residential, commercial and retail space."
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