Markez Inc. signed a $150 million contract to build 800 homes in the southwestern parts of the Iraqi capital Baghdad, company President Samer Skooti said.
The U.S.-Iraqi company will start building in the first quarter of 2013 and the project will be completed within three years, Skooti said in an interview in Baghdad today.
Markez won a $199 million contract in April to build 2,000 homes in the southern provinces of Thiqar and al-Muthanna.
Iraq, which holds the world’s fifth-largest oil reserves, is seeking foreign investment to help rebuild an economy and infrastructure damaged by years of conflict, sanctions and lack of investment. In March 2010, the government approved a plan to build 1 million homes by 2014 for low- and middle-income families to reduce the country’s housing shortage.