According to the statement made by Mr. Shaker al Zamili, the president of Baghdad investment committee, Kar Engineering and Construction Company based in Kurdistan has been awarded the $185 million project of building 2016 units of home in northern Baghdad. The compound of the project will be called Ibn Fernas and it will take 4 years to finish.
Mr. Zamili has further added that the second project to build 2000 homes, which will cost $180 million, has gone to al Faheem, of General Constructing Company and it is based in Iraq. This compound is to be built in the western Baghdad and will take 3 years to get completed. Right now Iraq is looking for foreign investment which will help this war torn country to get out of the underinvestment situation and rebuild the economy and infrastructure.
Construction and housing minister Mohammed Saheb al Darraji has said that Iraq is planning to spend 4 billion dollars on housing projects to make sure that there isn’t any dearth of homes by 2016.