Iraq to build 5mln houses in 5 years
Iraq has awarded projects involving the construction of nearly 1.5 million houses and the number is expected to reach five million units by 2030, an official has said.
More developers are expected to enter the Iraqi market following the improvement of investment laws in the housing sector, said Hassam Al-Khafaji, chairman of parliament's investment and development committee.
'The government has recently awarded several projects for the construction of nearly 1.5 million houses,' he told the official daily Alsabah on Monday.
'We expect more projects to be awarded in the next period given the high demand for housing in Iraq…I believe that until 2030, the projects will include five million units.'
Khafaji noted that a large part of those projects involved the construction of cities near the capital Baghdad, the Southern Basra province and other parts of Iraq.
(Writing by Nadim Kawach; Editing by Anoop Menon)
(anoop.menon@lseg.com)
Subscribe to our Projects' PULSE newsletter that brings you trustworthy news, updates and insights on project activities, developments, and partnerships across sectors in the Middle East and Africa.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
18 minutes ago
- Zawya
Spreads set for Saudi National Bank's USD T2 notes as books near $4bln
Saudi National Bank's US dollar-denominated fixed rate tier 2 capital notes have spread set at US Treasury plus 200 basis points (bps), tighter than Initial price thoughts (IPTs) in the UST + 235 bps area. Books are currently over $3.9 billion (excluding JLM interest). The Reg S 10-year non-call 5 notes are being issued under the bank's $10 billion Euro medium Term Note programme. The issuer is SNB Funding Ltd. with Saudi National Bank the guarantor. (Writing by Brinda Darasha; editing by Daniel Luiz)
Zawya
18 minutes ago
- Zawya
Skytrax Crowns flynas as the best low-cost airline in the Middle East for the 8th consecutive year
Riyadh - flynas, the leading low-cost airline in the world and the best LCC in the Middle East, has kept its global and regional leading ranking in low-cost aviation for 2025 after being named the leading low-cost airline in the Middle East for the eighth time in a row and among the top 10 low-cost airlines in the world, according to the prestigious International Skytrax Organization—widely regarded as the benchmark for excellence in the global aviation industry. flynas was crowned with the global ranking during the annual Skytrax Awards ceremony, held on the sidelines of the Paris International Air Show and attended by leaders and experts in the aviation industry in the world. This achievement highlights flynas' continued leadership in the low-cost aviation sector across the Middle East and worldwide. It contributes to consolidating Saudi Arabia's position as a global hub for the travel and tourism industries. Moreover, it reflects the airline's ongoing commitment to excellence while balancing growth and profitability, as outlined in flynas' growth and expansion plan and in alignment with the goals of Saudi Vision 2030 and the National Civil Aviation Strategy. Commenting on the global recognition, Bander Almohanna, CEO of flynas, said: "We take great pride in being ranked the top low-cost airline in the Middle East for the eighth consecutive year and among the top 10 low-cost airlines worldwide. This achievement reflects the Kingdom's leadership in the aviation industry and our dedication to delivering a high-quality travel experience to our valued guests." "This recognition is the result of our team's hard work and dedication and the great support we receive from our wise leadership. It strengthens our ambition to continue expanding according to our growth and expansion plan launched under the slogan 'We Connect the World to the Kingdom,' Almohanna added. The Skytrax World Airline Awards are determined every year through an extensive customer satisfaction survey involving millions of travelers from around the globe. This comprehensive methodology ensures the awards are among the most trusted and influential honors in the aviation industry. flynas operates 139 routes to more than 70 domestic and international destinations in 30 countries with more than 2000 weekly flights and has flown more than 80 million passengers since its launch in 2007, with the aim to reach 165 domestic and international destinations within its growth and expansion plan, and in line with the objectives of Vision 2030.
Zawya
18 minutes ago
- Zawya
Kuwait hosts high-level energy roundtable to accelerate energy transformation
Kuwait City - Kuwait Direct Investment Promotion Authority (KDIPA), in cooperation with The Business Year (TBY), organized The Thought Leadership Circle: Empowering Energy Transformation today at the Chairman's Club, KIPCO Tower. The event brought together senior decision-makers from Kuwait's energy and finance sectors, global companies, and international partners to shape the country's energy future. This Thought Leadership Circle series featured keynote contributions from His Excellency Sheikh Dr. Meshaal Jaber Al-Ahmad Al-Sabah, Director General of KDIPA, who outlined Kuwait's strategic approach to achieving net-zero emissions and energy diversification. Mohammad Mulla Yaqoub, Assistant Director General for Business Development at KDIPA, highlighted the importance of public-private collaboration in accelerating Kuwait's energy transformation and attracting sustainable investments. Hamad Al-Marzouq, Chief Enterprise Business Officer at Zain Kuwait said: 'As a trusted and key partner to Kuwait's digital transformation journey, Zain is committed to enabling the energy sector's evolution through cutting-edge technology and meaningful collaboration. The future of energy lies in how we harness innovation to drive sustainability, resilience, and long- term economic growth, and we're proud to contribute to that transformation.' Shell Kuwait, represented by Anwar Al-Mutlaq, contributed with insights on upstream advancements and the role of international expertise in achieving Kuwait's 2035 and 2040 production goals. The Kuwait Banking Association (KBA), a strategic sponsor, underscored the financial sector's role in enabling the energy transition and mobilizing capital for green infrastructure. The discussion explored Kuwait's roadmap to net-zero emissions by 2050, the role of innovation and foreign direct investment in the sector, and the country's recent upstream discoveries, including the Al-Nokhatha, Al-Julaiah, and North Wafra fields. Attendees exchanged views on how these developments can drive economic diversification and position Kuwait as a hub for energy innovation and cross-border partnerships. Prominent figures participating in the roundtable included Sheikh Ahmed Duaij Jaber Al Sabah, Chairman of the Commercial Bank of Kuwait; Bader Ebrahim Al Attar, MD Planning & Finance, KPC; Anwar AlMutlaq, Vice President Upstream and Country Chair of Shell Kuwait; Meshal S. Esbaitah, Vice Chairman of IMKAN International Company; António Azevedo Campos, Co-founder and CEO of Hub2Energy; moderated by Alexander Krunic, Senior Advisor to the Chairman, Commercial Bank of Kuwait. The event offered a platform for deep dialogue and collaboration aimed at advancing Kuwait's energy transformation and investment attractiveness.
