Qatari companies sign agreements with Iraq to develop projects worth $9.5 billion
The Dhi Qar Combined Cycle Power Plant near the Iraqi city of Nasiriyah. Photo: AFP
Baghdad (IraqiNews.com) – Three Qatari companies announced they had signed 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.
The Qatari company UrbaCon Trading & Contracting mentioned in a statement that it signed a 25-year partnership agreement with the National Investment Commission on Thursday to build two power plants at a cost of $2.5 billion.
The two power plants will help Iraq meet its energy needs.
Iraq imports electricity and gas. These imports constitute around 40 percent of Baghdad’s energy supplies, especially in the scorching summer months when temperatures reach 50 degrees Celsius at the peak of energy consumption.
Power International Holding mentioned in a statement that it signed three memoranda of understanding worth $7 billion to manage hospitals, develop two new integrated modern cities, and build a new five-star hotel chain with up to 10,000 rooms.
The Vice President of Power International Holding, Ramez Al-Khayyat, said in a statement that the cities will be planned in accordance with international standards and include residential complexes, villas, schools, shopping malls, theme parks and other facilities in addition to the required infrastructure.