Iraqi reconstruction costs could well exceed $500 billion, Wael Abdelateef Hussain, the governor of Basra said yesterday. Hussain, who is leading a delegation to the UAE in a bid to stimulate interest among local companies in reconstruction projects, said: "The cost figure keeps varying according to different estimates. "Considering the size of the task of reconstruction we believe it could exceed the previously estimated figure of $500 billion."
Colonel Saeed bin Blailah, director of the Dubai Naturalisation Residency Department, who accompanied Hussain, agreed that estimates of the cost of work could be much higher. He said: "Water infrastructure, hospital equipment, oil well and refinery repair, road and rail construction and development, air and sea port construction, education, telecom and financial systems are all essential to Iraq's future growth and need to be brought back and expanded." A meeting between the UAE officials and a delegation led by the Basra governor signifies a greater role for Dubai in the reconstruction of Basra port, after Umm Qasr port. With Iraq's new investment law in place, there is positive encouragement for prospective investors to take an active role in the rebuilding efforts.
"We invite UAE co-operation on projects such as public housing facilities, healthcare infrastructure, environment-related work, utilities and hospitality investment," Hussain added. The preliminaries that will shape the reconstruction work have yet to be completed. However, some 25 tenders for the basic infrastructure work have been finalised. "These are the new services that we are planning to launch," said Hussain. UAE-based companies have been active in the tendering for projects and Hussain said two offers have been received from the country for investment or as part of tenders.
Source: Gulf News
Related News
