Three Qatari companies announced the signing of agreements with the National Investment Commission of Iraq to develop projects in Iraq worth $9.5 billion, including the construction of two power plants with a total capacity of 2,400 megawatts.
Qatari-based Urbacon Trading and Contracting said in a statement it signed a 25-year partnership agreement with the National Investment Authority on Thursday to build two $2.5 billion power plants.
The plants will help Iraq reduce its dependence on Iran for energy needs.
Iraq imports electricity and gas from Iran, and these imports account for between a third and 40% of Baghdad’s energy supply, especially during the hot summer months when temperatures reach 50 degrees Celsius at peak energy consumption.
The Qatari investment holding company said in a statement that it signed 3 MoUs worth $7 billion to manage hospitals, develop “two new cities with an integrated modern model” and build a new five-star hotel chain with 10,000 rooms.
“Cities will be planned in accordance with international standards adopted in this area and include residential complexes, villas, schools, commercial complexes, entertainment towns and other facilities and services, in addition to all the basic infrastructure required by these cities,” the message says. This was stated by the vice-president of the company Ramez Al-Hayat.
It is not yet clear how much money Qatari companies or the National Investment Authority will pay to create such projects.
The agreements were signed during the Emir of Qatar’s visit to Baghdad on Thursday, during which he pledged to invest up to $5 billion in Iraq.
