Arabtec has announced plans to open an office in Baghdad in an effort to capitalise on Iraq’s growing oil and gas infrastructure.
The Dubai construction firm said it expects Iraq to become its most lucrative construction market and it is already in advanced talks with a number of clients for large-scale projects in the country.
An Arabtec statement said a major reason for the new office is to pave the way for its recently formed JV with Samsung Engineering and the soon to be announced JV with GS Engineering and Construction.
“We see great potential for Arabtec in Iraq. Our physical presence there will enable us to capitalize on the significant new business opportunities that are available particularly in oil and gas and infrastructure,” said Hasan Abdullah Ismaik, managing director and CEO of Arabtec.
“We are already in talks with the Iraqi Government over a number of mega projects. These talks are at an advanced stage and we hope to announce the results in the very near future.”
Arabtec has already started looking for candidates for senior management posts in the Iraq office, including for the position of CEO.
Last week, the company said it planed to open regional headquarters in Belgrade as part of its expansion into the Balklan region.
Iraq earned $94 billion in oil exports in 2012 accounting for more than 90 per cent of government revenue. The country’s current estimates of housing needs range between one million and 3.5 million by 2015.