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A call for national investment in the Bismaya project
Economical 09/17/2023
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Muhammad Sharif Abu Maysam
If we count the announced projects that were stalled over the past two decades, we would need a large written space to classify them according to the stages of completion, size and impact of the project on the economic and service scene.Accordingly, and within the priorities of the government program, these projects have been classified to be included in the 2023 budget allocations, provided that they are completed in no less than 70 percent of the implementation stages, while large projects related to resolving sectoral nodes in the macroeconomic scene can be counted, foremost of which is the FAO project. The large project that was announced in the year 2004 remained mere papers being transferred between the drawers of the relevant authorities, in addition to the dry canal project that the current government undertook to implement through an investment method, in addition to the housing projects, most notably the ten by ten project that was announced in the year 2007 and remained suspended until it began. The current government is developing designs and the first steps for its implementation, and the Bismaya housing project consisting of 100,000 housing units, which began work in the year 2012 under a time limit not exceeding the end of the year 2019, but stopped when 30 percent of the number of housing units had been completed after a series of stages of disruption at that time. Claiming the lack of allocations and then leavingThe implementing company coincided with the 2020 Corona pandemic. Since then, the Bismaya residential project has remained idle, despite everything that was said about the company’s return and a series of meetings with its representatives regarding resolving financial problems and securing the payment of its dues, at a time when the relevant authorities were confirming the full payment of the dues equivalent to The number of completed units, after government banks sponsored the purchase of housing units from the company and sold them in installments to citizens following the general budget’s cessation of financing the project at the end of 2013.However, something has occurred in the speeches of relevant authorities recently, represented by the repetition of external financing terms whenever this project, which the government began financing in 2012, is mentioned. This is something that suggests a trend towards luring foreign capital to invest in a project based on a fixed-cost contract, and it has become clear that The project is intended to move from the form of contracting to the form of investment at a time when the implementing company insists on collecting all its dues within the timing of the contract, which requires opening the door to investment in this project to local companies and capitals before foreign capitals, as private banks and companies with large capitals can As well as government funds such as the Housing Fund and the Retirement Fund, in addition to government banks, they may contract to purchase the remaining units of the project according to their completion and then sell them at lucrative interest rates in the form of medium or long-term loans, instead of the project remaining idle awaiting external financing.
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