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An Iraqi official has said that negotiations between the Iraqi National Investment Commission (INIC) and several UAE real estate developers and investment companies on large-scale projects in different parts in Iraq have reached "advanced stages". Sami Al Araji, chairman of INIC told Gulf News the projects under negotiation are worth nearly US$70 billion and that the talks are expected to be finalised in the near future.
Syrian Minister of Housing and Construction, Omar Ibrahim Ghalawanji, has discussed ways of boosting cooperation relations and establishing joint ventures in the construction sector with an Algerian Contractors delegation, according to the Syrian State News Agency.
Nakheel has announced that it has secured settlement on 50 per cent of agreed claims with contractors and suppliers and other trade creditors, still short of the 65 per cent required. Nakheel officials met with senior members from the UAE Contactors Association recently as part of its efforts to ensure the settlement of claims to its trade creditors as part of its recapitalisation plan according to Gulf News.
Iraq has awarded UK investment and private equity company, MerchantBridge, a contract to upgrade a large cement factory as the government seeks to rebuild the country. According to The National newspaper after winning the contract from the Iraqi ministry of industry and minerals, MerchantBridge will spend US$200mn on renovating and operating the plant under a 15-year lease.
Saudi Arabia has reimposed a five per cent customs duty on steel rebars and cement imports following an oversupply in the domestic market. However, the duties will only be levied on rebars and cement imported from non-GCC countries. The decision came into effect January 1st.