Qatari companies partner with Iraq on $9.5bn worth of projects – ArtidlLife

Initiatives embody the development of energy vegetation that can scale back Iraq’s reliance on Iran for its power wants.

Three Qatari firms and Iraq’s Nationwide Funding Fee have agreed to develop $9.5bn value of tasks 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 linked to the 2 energy vegetation, which is able to value $2.5bn to construct, in line with a press release issued by UCC Holding on Sunday.

The ability vegetation will assist scale back Iraq’s reliance on neighbouring Iran for its power wants.

Iraq imports electrical energy and fuel from Iran, which in complete makes up between a 3rd and 40 % of its energy provide, particularly essential within the sweltering summer time months when temperatures can high 50C (122F) and energy consumption peaks.

Iraq’s funding fee and Doha-based Estithmar Holding additionally signed offers value $7bn to handle hospitals, develop two “new complete cities” and construct a sequence of latest five-star resorts totalling 10,000 rooms, a press release issued by Estithmar mentioned.

“The cities … will embody residential complexes, villas, colleges, business complexes, leisure centres, and different amenities and companies, along with all of the infrastructure wanted to construct these cities,” Estithmar Vice Chairman Ramez Al-Khayyat mentioned within the assertion.

It’s unclear how a lot cash both the Qatari firms or Iraq’s funding fee will commit to those tasks.

The agreements had been signed throughout a go to to Baghdad by Qatar’s Emir Sheikh Tamim bin Hamad Al Thani on Thursday, when he pledged to make a $5bn funding in Iraq.


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