Iraq seeks investments for state-owned companies

22 October 2012

The government has hired a firm to assess the assets it currently holds

The Iraqi government is seeking private sector investment for its state-owned construction and project companies.

“We are looking for partners to buy shareholdings and develop state-owned companies,” said Nibras Sabah Ibrahim, adviser to the Minister of Construction and Housing at MEED’s Iraq Construction and Housing Projects conference in Dubai on 22 October.

“The state-owned companies are not up to standard,” he adds. “These companies can’t cope with the workload of projects planned.”

According to the ministry, the state companies cover a range of different disciplines, and include:

  • Al-Fao (Buildings)
  • Ashor Hamoraby (Roads)
  • Al-Mutan (Bridges)
  • Al-Rashed (Construction materials)
  • Al-Mansor (Property Development)
  • Saad (Upstream oil services)

The ministry has hired a firm to assess the assets it currently holds. It aims to start the sale process in 2013.

“Ït is difficult to give a timeframe,” says Ibrahim. “We aim to finish evaluation this year. It is a lengthy process.”

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