Iraq’s Kayar Group and Jawaharat Alrawabi companies signed a $249 million contract to build 3,827 housing units in the southern region of Diwaniya, said, Ahmed Hisham, president of the Diwaniya Investment Commission.
“We are also styuding designs for other companies to build 15,000 residential units,” Hisham said in a telephone interview today. “Some of these companies are from the UAE, Italy, Brazil and Iraq.”
The project will be built within three years to the south of Diwaniya city and the province will need 100,000 residential units by 2015, he said.
Iraq, which holds the world’s fifth-largest oil reserves, is seeking foreign investment to help rebuild an economy and infrastructure damaged by years of conflict, sanctions and underinvestment. In March 2010, the government approved plans to build 1 million apartments by 2014 for lower- and middle-income families to help a housing shortage.