UCC Holding signs $2.5bn MoU with Iraq's National Investment Commission to develop two 2400MW power plants

UCC Holding signed yesterday an MoU with the National Investment Commission of Iraq 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 Ramez Al-Khayyat, the Managing Director of UCC Holding.Ramez Al Khayyat stated that the 2.5 billion US Dollars contract is a public private partnership contract and would span a period of 25 years. He also 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 ENR report.He also stressed 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.Al-Khayyat emphasized that 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.