Iraq is hoping that Middle Eastern developers can help the country rebuild some two million badly needed homes over the next five years.
Speaking at Cityscape today, the Iraqi Minister of Construction and Housing, H. E. Eng Mohammed Darraji, told delegates that the country needs to build 150,000 homes a year to satisfy demand from its people and currently it can only manage to develop around 60,000.
Today he announced that the Iraqi government is in the process of signing Memoranda of Understanding with seven developers including both Emaar and Damac to help build affordable and luxury homes in Iraq.
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, as the country attempts to rebuild after the Iraq Wars.
Speaking at the Cityscape exhibition in Dubai today Mr Darraji said: "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. 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.
He added that the price of a 200 square meter apartment in Iraq averaged between US dollar 150,000 and 240,000.