Monday, November 8, 2010

South Korea to build half a million homes in Iraq

South Korea, whose military contingent in the relatively safe Kurd-controlled part of Iraq was the third largest contributor to the Iraq War effort  (after the US and the UK), may be seeing some payback for the effort.

From Reuters:
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.
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.
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.

This is my 1000th post this year.

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