Iraq's National Investment Commission said on Sunday it had signed a memorandum of understanding with a South Korean group to build 500,000 housing units all over Iraq.Given South Korean companies' history of heading out to the Mideast for major construction projects, I guess this isn't a bad choice. I see this as a win-win situation.
The deal could have a possible total value of $25 billion, according to previous information from the commission stating that each housing unit was expected to cost $50,000.
The group includes Hyundai, SK and POSCO (005490.KS), the media office of the National Investment Commission said.
This is my 1000th post this year.