Iraq is planning to create a company in partnership with the private sector to build houses within an ongoing drive to tackle a festering housing crisis caused by the war over the past years, the local press reported on Tuesday.

The National Investment Commission (NIC) is conducting a study to set up "The National Company for Real Estate Development" and determine its capital and other related procedures, Aliqtisad News and other Iraqi publications said.

They quoted NIC as saying in a statement the firm would be a joint-stock entity owned 50 percent by the government and 25 percent by private institutions. The remaining shares will be sold to Iraq citizens, the statement said.

"The new company aims to develop the real estate sector in Iraq and tackle the housing crisis by undertaking housing projects across Iraq through cooperation between the public and private sectors," it added.

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.

© ZAWYA 2021