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The establishment of the first industrial city and the largest iron factory in Basra
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The Basra Investment Commission announced, on Wednesday, the inclusion of mega-projects in the current year’s plan, the most prominent of which is the implementation of a large iron and steel plant, and the first industrial city to help employ thousands of unemployed.
The official Al-Sabah newspaper quoted the head of the commission, Alaa Abdul-Hussein Salman, as saying that "the current year’s plan includes establishing giant investment projects, most notably the iron and steel plant with a design capacity of more than one million tons of reinforcing and industrial iron."
He added, "The plan also includes residential, industrial, recreational and hotel projects, the cost of which is estimated to be hundreds of millions of dollars," noting "the completion of almost all sectoral approvals in coordination with the local administration of Basra in preparation for signing the investment licenses."
Salman pointed to "completing government departments' approvals to establish the first major industrial city by preserving an area of one thousand dunams, as it was planned to accommodate a large number of industrial, petrochemical investment projects and projects for the iron and steel and electronic industries, and to provide thousands of job opportunities for the unemployed, graduates, intermediate, technical and service groups."
He mentioned that "the location of the industrial city was chosen near sources of oil and gas wealth, ports and highways, which would help investors to export the surplus to global markets and reduce the cost of imported and local raw materials that enter the production process."
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