The project includes the construction of power plants that will reduce Iraq’s dependence on Iran for its energy needs.
Three Qatari companies and Iraq’s National Investment Commission have agreed to develop projects worth $9.5 billion in Iraq, including building a pair of power plants that will produce a total of 2,400 megawatts.
UCC Holdings and the Investment Commission on Thursday signed a 25-year, public-private partnership linking the two power plants, which will cost $2.5 billion to build, according to a statement issued by UCC Holdings on Sunday.
The power plants will help reduce Iraq’s dependence on neighboring Iran for energy needs.
Iraq imports electricity and gas from Iran, which makes up between a third and 40 percent of its total electricity supply, especially crucial during the hot summer months when temperatures can reach 50C (122F) and electricity costs can peak.
Iraq’s Investment Commission and Doha-based Easthmar Holdings have signed a $7 billion deal to operate the hospital, develop two “new comprehensive cities” and build a series of new five-star hotels with 10,000 rooms, Easthmar said in a statement.
“The cities … will include residential complexes, villas, schools, commercial complexes, entertainment centers and other facilities and services, in addition to all the infrastructure needed to build these cities,” Easthmar Vice Chairman Ramez Al-Khayat said in the statement.
It is not clear how much money Qatari companies or Iraq’s investment commission will pay for these projects.
The deals were signed during Qatar’s Emir Sheikh Tamim bin Hamad Al Thani’s visit to Baghdad on Thursday, when he pledged to invest $5 billion in Iraq.