Director General of Investment in Erbil: Licenses for residential projects must be granted through c

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[size=52]Director General of Investment in Erbil: Licenses for residential projects must be granted through careful consideration[/size]

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02-20-2024
The Director General of Investment in Erbil, Saman Arab, confirmed that based on the decision of the Prime Minister of the Kurdistan Regional Government, Masrour Barzani, a decision was taken to stop residential projects, due to a re-evaluation of the procedures for granting investment licenses to projects that meet the needs of the Kurdistan Region.[/size]
[size=45]Arab said: “The reason for the suspension is to review the procedures for granting investment licenses for projects and to evaluate the needs of the Kurdistan Region for projects in terms of quality and quantity.”[/size]
[size=45]He pointed out, “According to the agenda of the ninth government formation, diversifying investment resources and granting licenses to different sectors, if we look at the past four years of investment in the Kurdistan Region, especially Erbil, you can see that most licenses were granted in the fields of industry, agriculture, trade, and tourism.”[/size]
[size=45]He said: “We have obtained a lot of licenses in the Kurdistan Region, and we must be able to license residential projects through careful study.”[/size]
[size=45]The Kurdistan Regional Government Investment Authority announced the suspension of granting licenses for housing sector projects.[/size]
[size=45]The authority said in a statement on Monday, “In order to reorganize the housing sector in the Kurdistan Region, to benefit poor citizens and tenants, the Prime Minister’s Office ordered the suspension of work on new housing projects and not to issue new investment licenses in the housing sector.”[/size]
[size=45]The statement stressed that investment in the future will be directed more “towards the industrial, agricultural and tourism sectors.”[/size]
[size=45]In another part of the statement, the Commission called on investors for assistance and cooperation, to pay attention to investment in the targeted sectors, especially in the less developed areas of the Kurdistan Region.[/size]
[size=45]The head of the Investment Authority, Muhammad Shukri, had previously confirmed that, “In 2023, the Kurdistan Regional Government issued 154 investment licenses to the private sector, which provided about 10,000 job opportunities in the region.”[/size]
[size=45]In a previous statement: Shukri said, “The Kurdistan Region has the ability to attract many investors.”[/size]
[size=45]He stressed that “the region has underground and surface wealth, in addition to fertile soil, fresh water, and tourist attractions.”[/size]
[size=45]Pointing out that “the Kurdistan Region will become an important place for foreign investors in the future, given the preparations currently being made there.”[/size]
[size=45]Pointing out, “We may not need foreign investors in all sectors, but there are some sectors that need foreign capital, such as major projects in economic infrastructure, roads and railways, in addition to building dams and factories and benefiting from minerals.”[/size]
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