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Consorzio Stabile Italia 2010 Wins $247 Million Iraq Home Order

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June 13 (Bloomberg) -- Italy’s Consorzio Stabile Italia 2010 won a $247 million contract to build 2,000 homes in the southern Iraqi region of Diwaniya, a provincial official said.

The project will be built within three years on the southwestern side of Diwaniya city, Majid al-Mehanna, spokesman for the Diwaniya Investment Commission, said by telephone today. The province needs 100,000 residential units, he said.

Iraq, which holds the world’s fifth-largest reserves of crude oil, is seeking foreign investment to help rebuild an economy and infrastructure damaged by years of war, sanctions and underinvestment.

In March 2010, the government approved plans to build 1 million apartments by 2014 for lower- and middle-income families to reduce the housing shortage. For Top Gulf stories: {TOP GULF <GO>} For Middle East banking: {TNI MIDEAST BNK <GO>} For Gulf real estate news: {TNI GULF REL <GO>}

To contact the reporter on this story: Khalid al-Ansary in Baghdad at Kalansary@bloomberg.net

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