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Baghdad Investment announces the withdrawal of licenses for three residential complexes in the capital
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Economy News - Baghdad
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Economy News - Baghdad
The Baghdad Investment Commission announced, on Sunday, the withdrawal of 3 licenses for residential projects in the capital, while indicating that it would not be lenient with slow-moving investors.
A responsible source in the Baghdad Investment Commission said in a statement reported by the official news agency, and reviewed by "Al-Eqtisad News", that "the Investment Commission generally works to provide the appropriate climate for investors and regulates the investment process through the prevailing legislation and regulations, but when the investor's performance and procedures conflict outside the obligations and covenants stipulated in the investment contracts, Baghdad Investment will certainly take deterrent measures, especially when they conflict with the public interest and the citizen."
He added, "The Prime Minister's directive to follow up on stalled investment projects, especially residential ones, as they directly affect the interest of the citizen," stressing that there will be no leniency with any investor who does not adhere to the legal controls and the interest of society, and that Baghdad Investment will work with all its efforts to reform and correct the approach through the legal procedures drawn up by the Investment Law, whether by warning the investor, late fines, or withdrawing stalled licenses."
He pointed out that "Baghdad Investment has withdrawn a group of investment licenses in the housing sector and will continue with the same approach in dealing with stallers and violators."
He revealed "withdrawing the investment license for the Abu al-Fadl residential complex project located in the Husseiniya area, as well as the Zahour residential complex and the Al-Mahba complex."
He added, "The Prime Minister's directive to follow up on stalled investment projects, especially residential ones, as they directly affect the interest of the citizen," stressing that there will be no leniency with any investor who does not adhere to the legal controls and the interest of society, and that Baghdad Investment will work with all its efforts to reform and correct the approach through the legal procedures drawn up by the Investment Law, whether by warning the investor, late fines, or withdrawing stalled licenses."
He pointed out that "Baghdad Investment has withdrawn a group of investment licenses in the housing sector and will continue with the same approach in dealing with stallers and violators."
He revealed "withdrawing the investment license for the Abu al-Fadl residential complex project located in the Husseiniya area, as well as the Zahour residential complex and the Al-Mahba complex."
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