Iraq Construction Report 2024: Latest News and Developments, Project Analytics, Market Data, Risk Profile 2019-2023 & 2024-2028 - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Iraq Construction Market Size, Trends, and Forecasts by Sector - Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential Market Analysis to 2028 (H2 2024)" report has been added to ResearchAndMarkets.com's offering.

Construction industry in Iraq will grow by 5% in real terms in 2024, supported by public and private sector investments in transportation, renewable energy, and housing infrastructure, coupled with increasing demand for oil and gas projects.

In the 2024 Fiscal Budget (2024-25), the government allocated IQD211 trillion ($162 billion) towards capital expenditure, an increase of 6% compared to the previous fiscal year budget. Of the total, IQD40 trillion ($30.8 billion) was allocated to the energy sector, IQD33.3 trillion ($25.6 billion) to the security and defense, and IQD17.3 trillion ($13.3 billion) to the education sector.

Over the remainder of the forecast period, the Iraqi construction industry is expected to register an annual average growth rate of 4.9% during 2025-28, supported by investments in energy, water infrastructure, and housing projects coupled with the government's plan to increase renewable energy production to 12GW by 2030. In October 2024, the US-based credit agency, Export-Import Bank of the United States (EXIM) approved an investment of IQD386.1 billion ($297 million) for an energy efficiency project in Iraq.

The industry's growth over the forecast period will be also supported by public and private investments in the oil and gas projects, coupled with the government plans to increase oil production from five million barrels per day (bpd) in 2023 to six million bpd by 2030. Among the recent developments, in June 2024, Honeywell, a US-based company, signed a Memorandum of Understanding (MoU) with Iraq's Oil Ministry to develop oil refineries in the country.

The MoU is aimed to increase the country's crude oil refinery capacity to 40%, constructing seven refinery projects, each with a processing capacity of 70,000 barrels per day (b/d). Additionally, the project includes the extension of existing Doura, Haditha, and Qayyarah refineries.

Scope

• Historical (2019-2023) and forecast (2024-2028) valuations of the construction industry in Iraq, featuring details of key growth drivers.
• Segmentation by sector (commercial, industrial, infrastructure, energy and utilities, institutional and residential) and by sub-sector.
• Analysis of the mega-project pipeline, including breakdowns by development stage across all sectors, and projected spending on projects in the existing pipeline.
• Listings of major projects, in addition to details of leading contractors and consultants.

Reasons to Buy

• Identify and evaluate market opportunities using our standardized valuation and forecasting methodologies
• Assess market growth potential at a micro-level with over 600 time-series data forecasts
• Understand the latest industry and market trends
• Formulate and validate business strategies using the analyst's critical and actionable insight
• Assess business risks, including cost, regulatory and competitive pressures
• Evaluate competitive risk and success factors

Key Topics Covered:

1 Executive Summary

2 Construction Industry: At-a-Glance

3 Latest news and developments

4 Project analytics

5 Construction Market Data

6 Risk Profile

7 Appendix

For more information about this report visit https://www.researchandmarkets.com/r/wvhktx

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