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Qatari companies sign agreements with Iraq to develop projects worth $9.5 billion
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Economy News _ Baghdad
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Added 06/19/2023 - 9:59 AM
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Economy News _ Baghdad
3 Qatari companies announced the signing of agreements with the Iraqi National Investment Commission to develop projects worth $9.5 billion in Iraq, including the construction of two power plants with a total capacity of 2,400 megawatts.
Qatar's Urbacon Trading and Contracting Company said in a statement that it had signed a 25-year partnership agreement with the National Investment Authority to build two power plants at a cost of $2.5 billion. The plants will help Iraq reduce its dependence on Iran for its energy needs.
Iraq imports electricity and gas from Iran, and these imports constitute between a third and 40% of Baghdad's energy supplies, especially in the scorching summer months when temperatures reach 50 degrees Celsius at the peak of energy consumption.
For its part, the Qatari Investment Holding Company said in a statement that it had signed 3 memorandums of understanding worth $7 billion to manage hospitals and develop "two new cities with an integrated modern model" and build a new 5-star hotel chain with up to 10,000 rooms.
"The cities will be planned in accordance with international standards adopted in the field, and include residential complexes, schools, commercial complexes, entertainment cities and other facilities and services, in addition to all the basic infrastructure needed by these cities," said Ramez Al-Khayyat, vice president of the company, in the statement.
The agreements were signed during the visit of the Emir of the State of Qatar to Baghdad last Thursday, in which he pledged to pump investments amounting to $5 billion in Iraq in the coming years.
The agreements were signed during the visit of the Emir of the State of Qatar to Baghdad last Thursday, in which he pledged to pump investments amounting to $5 billion in Iraq in the coming years.
The visit witnessed the signing of a number of agreements and memorandums of understanding between the two countries in the fields of infrastructure, tourism and health, with the aim of expanding investment and trade cooperation between the two countries.
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Added 06/19/2023 - 9:59 AM
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