Construction in Iraq - Key Trends and Opportunities to 2022

Construction in Iraq - Key Trends and Opportunities to 2022


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Executive Summary

Construction in Iraq-Key Trends and Opportunities to 2022

Summary

GlobalData's "Construction in Iraq-Key Trends and Opportunities to 2022", report provides detailed market analysis, information and insights into the Iraqi construction industry.

Iraq's construction industry suffered a sharp downturn in 2017, contracting by 25.0% in real terms that year. This decline can be attributed to depressed economic conditions, low oil prices and political instability due to the conflict from Islamic State in Iraq and Syria (ISIS).

Poor investor confidence led to reduced infrastructure construction activity across the country. Overall, the industry posted negative growth during the review period (2013-2017), registering a compound annual growth rate (CAGR) of -9.95% in real terms.

Over the forecast period (2018-2022), however, the industry is expected to recover and register positive growth driven by the government's efforts to revitalize the economy, as well as reconstruct the infrastructure damaged during the ISIS war.

A gradual recovery in oil prices coupled with a relatively stable political environment is expected to push the government's ability to invest in transport, residential and energy infrastructure projects over the forecast period. The dire need for the redevelopment of destroyed infrastructure offers vast investment potential for private and foreign investors over the forecast period. In real terms, the industry's output value is expected to post a forecast-period CAGR of 7.58%.

The report provides-

- The Iraqi construction industry's growth prospects by market, project type and construction activity

- Critical insight into the impact of industry trends and issues, as well as an analysis of key risks and opportunities in the Iraqi construction industry

- Analysis of the mega-project pipeline, focusing on development stages and participants, in addition to listings of major projects in the pipeline.

Key Highlights

- GlobalData expects the residential construction market to retain its leading position over the forecast period, with a share of 38.5% of the industry's total value in 2022. Over the forecast period, market growth is expected to be supported by the government's effort to bridge the gap between the housing demand and supply in the country.

- In January 2018, the Ministry of Oil announced plans to develop new oil refineries in the Fao, Qayara, Nasiriyah and western Anbar provinces as a part of the Oil Refineries Program. The program involves a total investment of IQD11.8 trillion (USD 10.0 billion), and includes the construction of processing units, distillation units, storage tanks and related infrastructure by 2025.

- In May 2018, the government launched the National Development Plan 2018-2022, under which it aims to achieve a growth rate of over 7.0% by 2022, while increasing the value of the country's GDP to IQD292.5 trillion (USD 247.1 billion) by 2022. Under this plan, the government announced plans to develop various sectors of the economy, including construction, transport and communications, energy, oil, water and manufacturing.

- In March 2017, the Ministry of Communications (MoC) unveiled the Fiber-to-the-Home project, under which it aims to provide over 90,000 internet connections in the Wasit, Basra, Kirkuk and Maysan governorates. This is expected to drive public and private sector investments in telecommunications infrastructure projects.

- The total construction project pipeline in Iraq-as tracked by the Construction Intelligence Center (CIC) and including all mega projects with a value above USD 25 million-stands at IQD221.1 trillion (USD 186.7 billion). The pipeline, which includes all projects from pre-planning to execution, is heavily skewed towards late-stage projects, with 87.7% of the pipeline value in the pre-execution and execution stages as of August 2018.

Scope

This report provides a comprehensive analysis of the construction industry in Iraq. It provides-

- Historical (2013-2017) and forecast (2018-2022) 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.

Reasons to buy

- Identify and evaluate market opportunities using GlobalData's 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 strategy using GlobalData's critical and actionable insight.

- Assess business risks, including cost, regulatory and competitive pressures.

- Evaluate competitive risk and success factors.



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Table of Contents

1 Executive Summary

2 Construction Outlook: At-a-glance

3 Latest News and Indicators

4 Key Drivers and Risks

4.1 Economic Performance

4.2 Political Environment

4.3 Demographics

5 Construction Outlook

5.1 All Construction

5.1.1 Outlook

5.1.2 Project analytics

5.2 Commercial Construction

5.2.1 Outlook

5.2.2 Project analytics

5.3 Industrial Construction

5.3.1 Outlook

5.3.2 Project analytics

5.4 Infrastructure Construction

5.4.1 Outlook

5.4.2 Project analytics

5.5 Energy and Utilities Construction

5.5.1 Outlook

5.5.2 Project analytics

5.6 Institutional Construction

5.6.1 Outlook

5.6.2 Project analytics

5.7 Residential Construction

5.7.1 Outlook

5.7.2 Project analytics

6 Key Industry Participants

6.1 Contractors

6.2 Consultants

7 Appendix

7.1 What is this Report About?

7.2 Definitions

7.3 About GlobalData

7.4 About The Construction Intelligence Center

7.5 Disclaimer

List of Figures

Figure 1: Key Markets, Construction Output Growth Matrix and Risk Matrix

Figure 2: Iraq, Construction Projects Pipeline by Sector (IQD Trillion)

Figure 3: Iraq, Construction Output Value (Real, USD billion, 2017 prices and exchange rate)

Figure 4: Iraq, Construction Output Value, Growth Matrix

Figure 5: Iraq, Construction Output Value, by Sector (IQD Billion), 2013-2022

Figure 6: Iraq, Construction Projects Pipeline, Projected Annual Spending by Stage (IQD Billion), 2017-2022

Figure 7: Iraq, Construction Projects Pipeline, Value by Stage (IQD Billion)

Figure 8: Iraq, Commercial Construction Output by Project Type (IQD Billion), 2013-2022

Figure 9: Iraq, Commercial Construction Projects Pipeline, Value by Stage (IQD Billion)

Figure 10: Iraq, Commercial Construction Projects Pipeline, Projected Annual Spending by Stage (IQD Billion)

Figure 11: Iraq, Industrial Construction Output by Project Type (IQD Billion), 2013-2022

Figure 12: Iraq, Industrial Construction Projects Pipeline, Value by Stage (IQD Billion)

Figure 13: Iraq, Industrial Construction Projects Pipeline, Projected Annual Spending by Stage (IQD Billion)

Figure 14: Iraq, Infrastructure Construction Output by Project Type (IQD Billion), 2013-2022

Figure 15: Iraq, Infrastructure Construction Projects Pipeline, Value by Stage (IQD Billion)

Figure 16: Iraq, Infrastructure Construction Projects Pipeline, Projected Annual Spending by Stage (IQD Billion)

Figure 17: Iraq, Energy and Utilities Construction Output by Project Type (IQD Billion), 2013-2022

Figure 18: Iraq, Energy and Utilities Construction Projects Pipeline, Value by Stage (IQD Billion)

Figure 19: Iraq, Energy and Utilities Construction Projects Pipeline, Projected Annual Spending by Stage (IQD Billion)

Figure 20: Iraq, Institutional Construction Output by Project Type (IQD Billion), 2013-2022

Figure 21: Iraq, Institutional Construction Projects Pipeline, Value by Stage (IQD Billion)

Figure 22: Iraq, Institutional Construction Projects Pipeline, Projected Annual Spending by Stage (IQD Billion)

Figure 23: Iraq, Residential Construction Output by Project Type (IQD Billion), 2013-2022

Figure 24: Iraq, Residential Construction Projects Pipeline, Value by Stage (IQD Billion)

Figure 25: Iraq, Residential Construction Projects Pipeline, Projected Annual Spending by Stage (IQD Billion)

Figure 26: Iraq, Headquarters of Key Contractors (% of Total Project Pipeline)

Figure 27: Iraq, Headquarters of Foreign Contractors (% of Project Pipeline with Foreign Contractor)

Figure 28: Iraq, Headquarters of Key Consultants (% of Total Project Pipeline)

Figure 29: Iraq, Headquarters of Foreign Consultants (% of Project Pipeline with Foreign Consultants)

List of Tables

Table 1: Iraq, Key Economic Indicators

Table 2: Iraq, Construction Output Value (nominal, IQD Billion)

Table 3: Iraq, Construction Output Value (nominal, USD Million)

Table 4: Iraq, Top Commercial Construction Projects by Value

Table 5: Iraq, Top Industrial Construction Projects by Value

Table 6: Iraq, Top Infrastructure Construction Projects by Value

Table 7: Iraq, Top Energy and Utilities Construction Projects by Value

Table 8: Iraq, Top Institutional Construction Projects by Value

Table 9: Iraq, Top Residential and Mixed-Use Construction Projects by Value

Table 10: Iraq, Key Contractors

Table 11: Iraq, Key Consultants

Table 12: GlobalData Construction Market Definitions

Table 13: Construction Risk Index Ratings and Scores

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Construction, Iraqi Construction Industry, Commercial Construction, Institutional Construction, Industrial Construction, Infrastructure Construction, Residential Construction, Energy and Utilities Construction

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