Although Iraq is undoubtedly in a better position than it was two years ago when ISIS held large swathes of the country, political tensions still remain. Labour strikes, sectarian unrest and the huge cost of rehabilitating infrastructure hamper efforts to rebuild the country.
Baghdad’s Vision 2030 plan defines a reform agenda, that prioritises private sector development and institutional and structural economic reforms but attracting investment has proved challenging in the current economic and geopolitical environment. Rising oil prices have helped, but much more still needs to be done.
Due to its huge oil and gas wealth, Iraq has one of the largest projects markets in the region, with some $450bn worth of schemes either planned or under way.
But the market remains beset by challenges, awarding only a tiny fraction – $8bn – last year. Faced with a lack of budgets, project sponsors have attempted to implement their projects through contractor financing or private investment. This has proven understandably difficult.
With so much potential and so much to be done, Iraq is undoubtedly a fantastic long-term prospect. But then this has been the case for more than a decade.
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“MEED Projects has been a crucial to our navigation throughout financially difficult times. MEED Projects has allowed Unibeton to effectively forecast and align its growth strategy for the coming years in an increasingly competitive marketplace. The regular updates have increased our first to market advantage for new projects allowing Unibeton to properly match our environmental and technical products to project requirements.”UNIBETON READYMIX
“MEED Projects allows Saudi Aramco to effectively evaluate our capital resource program. In concentrated markets such as the Middle East, we have to compete harder to get the best resources. Having the complete MEED Projects package ensures we have full visibility of the projects market and the correct balance of contractors working on Saudi Aramco’s projects.”SAUDI ARAMCO