Yesterday, a memorandum of understanding was signed between the National Investment Commission of the Republic of Iraq and Urbacon Holding Company, to establish and develop two power generation stations in Iraq through partnership between the public and private sectors. Urbacon Holding Company.
In this regard, Mr. Ramez Al-Khayyat stated that the project, worth $2.5 billion, includes the construction of two power stations with a production capacity of 2400 megawatts.
He added that the contract will be the result of a partnership between the public and private sectors and will extend over a period of 25 years, indicating that Urbacon has long experience in the field of contracting, which qualified it to occupy the first place at the Arab and African levels and the 105th place globally, according to the ENR report.
Mr. Ramez Al-Khayyat confirmed that the two power plants project falls within the strategy of Urbacon Holding Company to expand its business in the fields of energy, public utilities and long-term mining.” The company had signed last April a contract to establish power generation plants in Libya to achieve this strategy.
Finally, he praised the investment environment in Iraq, which has become attractive to investors, enabling them to work on other projects in various sectors
