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Basra announces millions of dollars in investments and the allocation of more than two million acres for agricultural projects
Shafaq News/ The head of Basra Governorate Investment Commission, Alaa Abdul-Hussein, announced on Sunday that there is a trend through joint cooperation with the local government and relevant authorities to prepare two and a half million acres for the purpose of establishing agricultural projects in the governorate.
During a press conference, Abdul-Hussein revealed new details about the reality of investment in the governorate and what was accomplished in 2021, indicating that the investment capital of projects whose procedures for granting licenses were completed amounted to one billion and 735 million dollars last year, while the volume of investments during the past year reached (788) million dollars from During the granting of (17) investment projects a license in Basra, and the growth rate of the total investment output reached 41% over the previous year.
He added that the total approved investment projects amounted to 178 projects at a cost exceeding 7 billion and 118 million dollars, and 65 investment projects obtained 100% completion rates, including 8 projects in 2020, while there are 14 other projects whose completion rates exceed 75% and are nearing completion, adding by saying The ratios of investments by nationalities came first with the Iraqi investor with 54%, the foreign 42%, and the joint 4%.
Abdul-Hussein also indicated that the division of investments by sectors, where industrial investment in logistics, electricity 42%, commercial and tourism investment 28%, residential 26.8%, waste 4.7%, education and health 2.3%, agricultural investment 0.8%, and services 0.7% %.
He continued by saying that the number of investment applications amounted to (163), fifty applications, of which forty were for the industrial and residential sectors, 23 for the commercial, 21 for tourism, 15 for service, eight for health, four for education, and two for agriculture.
And he indicated that the authority granted three investment licenses to establish housing units for housing state employees, and there is another housing complex that is under the process of granting the license to Basra Oil employees.
Regarding the commission’s work plan during 2022, Abdul-Hussein said: It will focus on targeting investments amounting to 1.5 billion dollars during the current year through studies conducted by the commission on the investment market expectations and the growth rate in it, and depending on the availability of opportunities from the relevant departments, taking into account the expectations of the commission. The World Bank The growth of the Iraqi economy by 7.3% to be the highest in the Arab countries.
The head of the Investment Authority explained that the Basra Investment Commission granted during the year 2021 two important investment licenses, the first to establish a housing complex for the employees of the municipalities of Basra in the Shatt al-Arab district, at a cost exceeding 123 billion Iraqi dinars, to provide 758 housing units with a payment system on an area of 172 acres, and the second to the UAE company (ICTSI) to manage and Operating berth 20 and building 3 other berths in the northern port of Umm Qasr at a cost of 243 million dollars. We reconsider his talk about the authority’s continuation of the employee housing program, where the state departments were addressed for the purpose of providing spaces for the establishment of housing units for their employees and in a convenient payment system.
Abdul-Hussein added that the authority is working in coordination with the university to prepare a draft memorandum of understanding for the purpose of developing students’ capabilities through training them in investment projects and in various scientific and engineering disciplines, since investment projects possess modern technologies, which contributes and prepares them for the labor market in the private sector after their graduation. Attracting companies to establish factories specialized in the production of various types of cables, in addition to household wires of various sizes, in a way that contributes to and implements electrical power transmission and distribution projects.
He added that the Basra investment continues to complete the procedures for establishing the industrial city and financed by the International Finance Corporation, which contains the largest iron and steel plant in Iraq with a capacity of more than one million tons annually, along with a power plant with a capacity of 120 megawatts, in addition to a factory for the production of hydrochloric acid, which enters In extracting crude oil and raising the production capacity of oil wells, in addition to being a raw material in various products such as plastics, pharmaceutical industries and detergents.
He noted that work is being done to establish a 7-acre pharmaceutical factory to produce solutions, medical supplies and antibiotics in accordance with the latest international specifications and standards, with the aim of providing some treatments that will contribute to filling the market need for them and limiting their import from outside the country. The approval of the Ministry of Industry was obtained to establish that laboratory.
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During a press conference, Abdul-Hussein revealed new details about the reality of investment in the governorate and what was accomplished in 2021, indicating that the investment capital of projects whose procedures for granting licenses were completed amounted to one billion and 735 million dollars last year, while the volume of investments during the past year reached (788) million dollars from During the granting of (17) investment projects a license in Basra, and the growth rate of the total investment output reached 41% over the previous year.
He added that the total approved investment projects amounted to 178 projects at a cost exceeding 7 billion and 118 million dollars, and 65 investment projects obtained 100% completion rates, including 8 projects in 2020, while there are 14 other projects whose completion rates exceed 75% and are nearing completion, adding by saying The ratios of investments by nationalities came first with the Iraqi investor with 54%, the foreign 42%, and the joint 4%.
Abdul-Hussein also indicated that the division of investments by sectors, where industrial investment in logistics, electricity 42%, commercial and tourism investment 28%, residential 26.8%, waste 4.7%, education and health 2.3%, agricultural investment 0.8%, and services 0.7% %.
He continued by saying that the number of investment applications amounted to (163), fifty applications, of which forty were for the industrial and residential sectors, 23 for the commercial, 21 for tourism, 15 for service, eight for health, four for education, and two for agriculture.
And he indicated that the authority granted three investment licenses to establish housing units for housing state employees, and there is another housing complex that is under the process of granting the license to Basra Oil employees.
Regarding the commission’s work plan during 2022, Abdul-Hussein said: It will focus on targeting investments amounting to 1.5 billion dollars during the current year through studies conducted by the commission on the investment market expectations and the growth rate in it, and depending on the availability of opportunities from the relevant departments, taking into account the expectations of the commission. The World Bank The growth of the Iraqi economy by 7.3% to be the highest in the Arab countries.
The head of the Investment Authority explained that the Basra Investment Commission granted during the year 2021 two important investment licenses, the first to establish a housing complex for the employees of the municipalities of Basra in the Shatt al-Arab district, at a cost exceeding 123 billion Iraqi dinars, to provide 758 housing units with a payment system on an area of 172 acres, and the second to the UAE company (ICTSI) to manage and Operating berth 20 and building 3 other berths in the northern port of Umm Qasr at a cost of 243 million dollars. We reconsider his talk about the authority’s continuation of the employee housing program, where the state departments were addressed for the purpose of providing spaces for the establishment of housing units for their employees and in a convenient payment system.
Abdul-Hussein added that the authority is working in coordination with the university to prepare a draft memorandum of understanding for the purpose of developing students’ capabilities through training them in investment projects and in various scientific and engineering disciplines, since investment projects possess modern technologies, which contributes and prepares them for the labor market in the private sector after their graduation. Attracting companies to establish factories specialized in the production of various types of cables, in addition to household wires of various sizes, in a way that contributes to and implements electrical power transmission and distribution projects.
He added that the Basra investment continues to complete the procedures for establishing the industrial city and financed by the International Finance Corporation, which contains the largest iron and steel plant in Iraq with a capacity of more than one million tons annually, along with a power plant with a capacity of 120 megawatts, in addition to a factory for the production of hydrochloric acid, which enters In extracting crude oil and raising the production capacity of oil wells, in addition to being a raw material in various products such as plastics, pharmaceutical industries and detergents.
He noted that work is being done to establish a 7-acre pharmaceutical factory to produce solutions, medical supplies and antibiotics in accordance with the latest international specifications and standards, with the aim of providing some treatments that will contribute to filling the market need for them and limiting their import from outside the country. The approval of the Ministry of Industry was obtained to establish that laboratory.
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