Iraq is turning a sharp eye on Middle East real estate investors as it looks to produce some three million housing units over the next five years in a post-war zone that left much of the country's infrastructure in tatters.
Iraq’s federal budget is estimated to reach $120 billion in 2013, increasing to $200 billion by 2015
According to the Iraqi Ministry of Construction and Housing, the country's federal budget is estimated to reach US$120 billion in 2013, increasing to US$200 billion by 2015, highlighting a concerted effort to improve infrastructure and open up investment opportunities.
The Iraqi Minister of Construction and Housing, H.E Eng Mohammed Darraji said that the Iraqi Ministry of Construction and Housing (MoCH) is working hard on US$10 billion worth of construction projects over the next five years, including the $US4 billion Expressway No.2, which upon completion will connect south and mid Iraq with the north of the country, before ultimately joining up with Syria and Turkey.
Infrastructure projects bill amounting to $37 billion is being considered by the Iraqi parliament
Additionally he said that an infrastructure projects bill amounting to US$37 billion on a deferred payment basis is being considered by the Iraqi parliament to finance projects in electricity, health, education, housing, water and sewerage and the environment.
"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," said Darraji. "The new laws to promote fresh investment and drive economic growth are currently being implemented, and this transition will promote the rapid restructuring of our economy.