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.”