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Israeli newspaper: Saudi Arabia invested $5 billion in the real estate sector in Baghdad
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Baghdad Today - Translation
The Israeli Jerusalem Post newspaper announced today, Thursday (February 29, 2024), that the Saudi government invested $5 billion during the last period in the real estate market within the Iraqi capital, Baghdad, especially in the homes sector.
The newspaper said, according to what “Baghdad Today” translated, that Saudi Arabia is still looking to add more funds to its investments in the real estate market inside Iraq, including building housing units sold to citizens in the areas of the Baghdad Belt, in addition to financing the “Baghdad Avenue” project.
She explained that Saudi investments prompted both Qatar and the UAE to enter the Iraqi real estate market and invest money, taking advantage of the great need for homes in the capital, which the newspaper said amounts to at least about one and a half million housing units.
She indicated that Saudi investments in the field of real estate inside Baghdad were made through coordination with the government of Prime Minister Muhammad Shiaa Al-Sudani, who asked the Saudis to enter the real estate sector in the capital.
It is noteworthy that The Media Line network announced that the capital, Baghdad, urgently needs one and a half million housing units to address the housing crisis, while Saudi investment has so far been limited to plans to build four thousand apartments and two thousand five hundred villas, in addition to “the largest mall in Iraq” only. Emphasizing that these rates of construction will not contribute to solving the current housing problem that the capital suffers from.
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