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Iraq Infrastructure Report Q4 2010
Business Monitor International, Oct 2010, Pages: 84
Iraq Infrastructure Report provides industry professionals and strategists, corporate analysts, infrastructure associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on Iraq's infrastructure industry.
Infrastructure is the main focus of reconstruction efforts in Iraq, as the country grapples with electricity shortages and insufficient transport links. Improving core economic social infrastructure provision should help the country on the path to economic normalcy.
The key areas of focus are:
- Electricity: In May 2010, the government announced a new target for the electricity sector, to generate 27,000 megawatts (MW) of electricity by 2013. With current nameplate capacity standing at around 15,000MW, this includes almost doubling capacity in three years. This target is ambitious to say the least. Tenders have been released to install 28 of the 72 gas turbines ordered in 2009, which is a good start in a sustainable solution.
- Transport: In June 2010, the US$600mn Najaf Monorail was awarded, marking the first major infrastructure contract to be awarded since the US-led invasion in 2003. The contract is part of plans to considerably expand the urban and national rail network in Iraq to aid with reconstruction efforts.
- Housing: The government has announced plans to build 2mn housing units by 2014 to cater for growing demand for low income housing.
The focus on infrastructure will present substantial opportunities for those construction companies willing to enter the market. A lack of capacity and ability among local construction companies has the led the government to call for international participation in rebuilding Iraq’s infrastructure. A few companies have entered the sector, most recently in August 2010, France’s Alstom signed a memorandum of understanding (MoU) to help build electricity infrastructure.
Driven by demand for infrastructure, BMI forecasts that Iraq’s construction industry will post 4.7% yearon- year (y-o-y) real growth in 2010. Over the medium growth will remain robust at 7.3% on average per year between 2010 and 2014.
Despite the opportunities, there are considerable risks in the country. Iraq’s Infrastructure Business Environment Ratings illustrate the risk/reward trade off, Iraq scores very low for risks (34/100) compared to rewards (51/100). Ongoing concerns over violence and security risks are the major barrier to entry, as well as a complex and unsophisticated regulatory and legal environment
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