Investment Authority»: Emirati appreciate the value of the investment Iraq

Investment Authority»: Emirati appreciate the value of the investment Iraq


Source: The names of slaves - Baghdad

Date: February 24, 2014




The head of the National Investment Commission, of the Iraqi Council of Ministers, Dr. Sami al-Araji, said that «at the Emirates large investments in Iraq, despite the limited number of projects, because the big investors appreciate the value of Iraq's investment, and it needs to major projects and important, despite all the conditions experienced by».

He added that «there are large-scale projects, such as the draft (the banks of Karbala) mixed-use development in the form of an integrated city, which is implemented by (Bloom) UAE real estate development, featuring 40 thousand housing units, and ranged from a cost of between six and eight billion dollars, and is implemented in phases and the duration of the completion of Eight years », pointing out that the project is located on an area of ​​20 square kilometers on the coast of« Razaza »west of Karbala.

He stated that «there was a project is another (city of the future) in the area Aldhnp west of Baghdad, including 30 thousand units, which is currently in the process of handing the ground, and is implemented by two large, two (Bloom) and real estate (bitter melon), as implemented each company half of the project at a cost of up to six billion dollars, and the duration of the completion of between seven and eight years », pointing out other projects are small or medium in comparison to these two projects, spread over the provinces, such as the project« Liwan ».

He revealed Araji that the company «Damac» Emirati bid for the project «Rasheed Camp» in Baghdad, to convert it into a residential project commercial service-entertaining large, costing $ 17 billion, which is still in the planning stages and under the procedures, pointing to another project implemented by « DAMAC »within the housing sector in the Mansour in Baghdad.

In response to a question about the obstacles facing investors and the role of the body in processing, explained al-Araji, that the body is trying to overcome all difficulties through the work of a single window, stressing that it has been resolved problems «Visa» labor in foreign investors' projects, to be completed within a few days, They also discussed the problems of land acquisition and output of customs and tax exemptions, and procedures have become better than before.

He added that «there is a second amendment to the Iraqi investment law, and the facilities fit ambitious aspirations of investors and Iraq, and is now in the Council of State», calling for any investor is exposed to blackmail, to file a complaint, to take urgent action on them.

The head of the Iraqi National Investment, the supportive role of the UAE embassy in Baghdad, the success of the talks in investment operations, and signed with UAE companies, expecting those companies to expand investment in strategic sectors of the task, such as transport and communications, industry, oil and gas.

It is noteworthy that Iraq trading partner of the 11 globally for the UAE, the second trade partner and the Arab world.

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