Qatar-based leading global contractor, UCC Holding has signed a Memorandum of Understanding (MoU) with the National Investment Commission of Iraq in order to build 2 power plants in a PPP framework.
The MoU was signed by Dr. Haider Mohammed Makia, the Chairman of the National Investment Commission in Iraq, and Mr. Ramez Al Khayyat, the Managing Director of UCC Holding.
Mr. Al Khayyat stated that the $ 2.5 billion contract is a public-private partnership contract and would span a period of 25 years.
The UCC Holding MD further mentioned that UCC Holding has extensive experience in the field of contracting, qualifying it to rank first in the Arab world and Africa and 105th globally as per the ENR report.
Mr. Al Khayyat also stressed that “the fact that these projects come to emphasis the strategy of UCC to develop in Energy Mining and Utilities long term projects, as it had signed PPP power plants projects in Libya last April.”
The signing of this MoU confirms that the investment environment in Iraq has become attractive to investors, enabling the implementation of other projects in various sectors, as per the UCC Holding Managing Director.
Earlier this year, UCC holding Qatar and Al-Suwaidi Electric Egypt signed a contract to implement a power in Libya. The 1044MW power plant is being built for the Libyan General Electricity Company.