Iraq's minister for construction and housing said his country is expecting to spend $9.8 billion on construction between 2012-2016 as the country's oil revenues are expected to soar when production doubles by 2016. "We are planning to spend $5.8 billion on roads and bridges and infrastructure for 2012-2016 and $4 billion for housing; so $9.8 billion in total," said Minister Mohammed Al Daraji.
The minister added: "Our budget will be doubled by 2016 as oil production increases to 6 million barrels a day."
The minister said he expects his country to close tendering for a $250 million housing project in Shatt Al Arab, Basra, in two or three weeks.
Zawya Dow Jones