Qatari firms accomplice with Iraq on $9.5 billion tasks Enterprise and financial information

The plans embody the development of energy vegetation that can cut back Iraq’s dependence on Iran for its vitality wants.

Three Qatari firms and Iraq’s Nationwide Funding Fee have agreed to develop tasks value $9.5 billion in Iraq, together with the development of a pair of energy vegetation that can generate a complete of two,400 megawatts.

UCC Holding and the Funding Fee on Thursday signed a 25-year public-private partnership linking the 2 energy vegetation, which is able to price $2.5 billion to construct, in keeping with an announcement issued by UCC Holding on Sunday.

The facility vegetation will assist cut back Iraq’s dependence on neighboring Iran for its vitality wants.

Iraq imports electrical energy and fuel from Iran, which makes up between a 3rd and 40 % of its complete electrical energy provide, particularly in the course of the scorching summer season months when temperatures attain 50C (122F) and electrical energy consumption can attain the highest.

Iraq’s Funding Fee and Doha-based Esthamar Holding additionally signed $7 billion contracts to handle hospitals, develop two “new built-in cities” and construct a sequence of 10,000-room new five-star resorts, by Esthammar. An announcement issued stated.

“The cities … will embody residential complexes, villas, colleges, industrial complexes, leisure facilities, and different amenities and companies, along with the infrastructure required to construct these cities,” Ramiz Al Khayat, vice chairman of Esthamar, stated within the assertion. .

It’s unclear how a lot Qatari firms or Iraq’s funding fee will contribute to the tasks.

The settlement was signed by Qatar’s Emir Sheikh Tamim bin Hamad Al Thani throughout a go to to Baghdad on Thursday, when he pledged to speculate $5 billion in Iraq.