DUBLIN, Aug. 18, 2023 /PRNewswire/ — The “Iraq Construction Market Size, Trend Analysis by Sector (Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential) and Forecast, 2023-2027” report has been added to ResearchAndMarkets.com’s offering.
The construction industry in Iraq is expected to expand by 5.5% in real terms this year, and register an annual average growth of 5% from 2024 to 2027, supported by ongoing work on various stalled infrastructure projects, coupled with the positive impact from high in oil prices.
The expansion will also be driven by the start of the government’s new transportation, energy, oil and gas development projects. Rising oil prices and higher oil production will boost the government’s fiscal position. According to the oil ministry, the country exported IQD75.6 trillion ($37.3 billion)-worth of oil in first five months of 2023, preceded by IQD ($115 billion) worth of oil in 2022, as crude oil prices jumped sharply following Russia’s invasion of Ukraine.
Amid high oil prices, Iraq’s foreign exchange reserves surpassed IQD230.5 trillion ($115 billion) as of March 2023. However, the sluggish global economy and the cut in oil production by OPEC and OPEC+ could dampen economic growth in the short term. Iraq’s energy ministry announced in April 2023, that the country will voluntarily cut oil production by 211,000 barrels per day, starting from May until the end of 2023, in line with OPEC+’s precautionary measure to support the stability of the oil market.
Growth over the forecast period will be supported by investments on energy, education and housing infrastructure projects. Last year Iraq approved an IQD1.4 trillion ($680 million) fund for renewable energy projects, with the goal of increasing renewable energy production to 10GW by 2030.
Furthermore, combined renewable energy of 2.75GW is planned to be connected to the grid by 2025, including a 1GW solar project by Masdar, a renewable energy firm based in the UAE, a 1GWp solar complex by Total Energies and a 750MW solar project by PowerChina.
Growth in the sector will be also supported by government’s effort to address the country’s housing shortage through by public- and private-sector investments. In July 2022, the City Government of Baghdad selected the contractor Broadway Construction Company-based in the UK-to construct 190,000 homes in the Sadr City as part of a wider project to build 240,000 houses in the suburb.
Scope
- Historical (2018-2022) and forecast (2023-2027) 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 publisher’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 publisher’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/64s4bk
Source: GlobalData
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