Dublin, Sept. 04, 2024 (GLOBE NEWSWIRE) -- The "Iraq Construction Market Size, Trends, and Forecasts by Sector - Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential Market Analysis to 2028 (H1 2024)" report has been added to ResearchAndMarkets.com's offering.
The construction industry in Iraq is expected to grow by 5% in real terms in 2024, as the country undergoes economic recovery. Growth will be channeled through a rise in public and private sector investments into transportation, renewable energy, and housing infrastructure. In early June 2024, the government announced during the fiscal Budget, that capital expenditure would increase by 6% to IQD211 trillion ($162 billion) compared with the previous year's budget.
Of the total, IQD40 trillion ($30.8 billion) was allocated to the energy sector, IQD33.3 trillion ($25.6 billion) allocated to security and defense, and IQD17.3 trillion ($13.3 billion) allocated toward the education sector. To meet this rising oil demand and maintain energy security, Iran signed a five-year gas import contract in March 2024 with the Iraqi government, agreeing to import approximately 50 million cubic meters a day of gas until 2029.
Over the remainder of the forecast period, The analyst predicts the Iraqi construction industry to register an annual average growth of 4.9% during 2025-28. Growth will be supported by investments in energy, water infrastructure, and housing projects, on top of the government's plan to increase renewable energy production to 12GW by 2030.
Among the recent developments in the industry, the Ministry of Electricity signed a contract with the Saudi energy company, ACWA Power, in March 2024 to develop a 1GW power plant inNajaf. Furthermore, in March 2024, the government reported that it is planning to develop a transmission line to connect Kuwait's Al-Wafra station to Iraq's Al-Faw station with a cost of IQD286 billion ($220 million) by 2025.
Previously, in January 2024, the government signed an agreement with a consortium led by the domestic trading company, Sama Baghdad, for the expansion of the Haridariya Power station, in an investment totaling IQD319.8 billion ($246 million). This project is expected to take around 28 months to completed.
In another positive development, in May 2024, the government launched the construction of a sewerage project in the Al-Wahda district, which is expected to cost around IQD1 trillion ($764 million) and have a capacity of around 48,000 cubic meters per day. The project will also include re-development of the current 85km sewage network and 67km of the rainwater drainage network.
Scope
- Historical (2019-2023) and forecast (2024-2028) valuations of the construction industry in Iraq, featuring details of key growth drivers.
- Segmentation by sector (commercial, industrial, infrastructure, energy and utilities, institutional and residential) and by sub-sector
- Analysis of the mega-project pipeline, including breakdowns by development stage across all sectors, and projected spending on projects in the existing pipeline.
- Listings of major projects, in addition to details of leading contractors and consultants
Reasons to Buy
- Identify and evaluate market opportunities using the analyst's standardized valuation and forecasting methodologies.
- Assess market growth potential at a micro-level with over 600 time-series data forecasts.
- Understand the latest industry and market trends.
- Formulate and validate strategy using the analyst's critical and actionable insight.
- Assess business risks, including cost, regulatory and competitive pressures.
- Evaluate competitive risk and success factors.
Key Topics Covered:
1 Executive Summary
2 Construction Industry: At-a-Glance
3 Latest news and developments
4 Project analytics
5 Construction Market Data
6 Risk Profile
7 Appendix
For more information about this report visit https://www.researchandmarkets.com/r/s88jmw
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