Three Qatari companies and Iraq’s National Investment Commission have agreed to develop $9.5bn worth of projects in Iraq, including the construction of a pair of power plants that will generate a total of 2,400 megawatts.
UCC Holding and the investment commission signed a 25-year, public-private partnership linked to the two power plants, which will cost $2.5bn to build.
The power plants will help reduce Iraq’s reliance on neighbouring Iran for its energy needs.
Iraq’s investment commission and Doha-based Estithmar Holding also signed deals worth $7bn to manage hospitals, develop two new comprehensive cities and build a series of new five-star hotels totalling 10,000 rooms.