Iraq currently needs to build at least four million new houses to tackle a post-war festering residential crisis due to supply shortages, an official was quoted on Tuesday as saying.

The Iraqi Development Fund is working to attract foreign capital for housing projects and other sectors with an emphasis on large and experienced companies, said Mohammed Al-Najjar, an investment advisor to Prime Minister Mohammed Al-Sudani.

Najjar told the official Iraqi Al-Sabah newspaper that Iraq, OPEC’s second largest oil producer, would not admit firms that have caused project delays in the past.

“Iraq needs now more than four million new houses…this number rises every year due to a steady population growth,” Najjar said.

“We need to bring in foreign companies with experience and large resources for such projects as well as for projects in infrastructure and services.”

Officials said in early 2023 Iraq has plans to build residential cities similar to the 100,000-house ‘Bismaya City; which is being constructed in Baghdad by Hanwha of South Korea under a $7.7 billion contact awarded in 2012.

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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