Dr Sami Al-Araji , Chairman, Iraq National Investment Commission speaks to the US Chamber of Commerce
Iraq’s National Investment Commission has issued a request for investors and technical help to construct a residential complex of eight storey buildings in the Karrada district of Baghdad.
Services for the development include a requirement for power generators, roads and the construction of 2,400 housing units.
The National Investment Commission said it is: “Pleased to announce the investment opportunity to construct a complete residential complex for the employees of the Shiite Endowments Directorate in Baghdad – Karrada district within a total area of (60) acres in accordance with the Investment law No. 13 of 2006 as amended and according to the requirements.”
The project includes the establishment of a residential complex of vertical eight-storey buildings each. The number of units to be implemented is (2400) housing units with areas of (125 m ², 175 m ², 225 m ²).
It also requires the construction of schools for the three phases with nurseries – medical centre – a shopping and marketing centre – a cultural centre – services (water, sewage, power stations and generators). As well as a playground, passengers roads, parking spaces and green areas in accordance with the “in forced relevant standards of the Municipality of Baghdad and the Ministry of Housing and Construction”.
“The system of funding for this project will be supported through a bank that should be accredited by the Central Bank of Iraq to be a mediator between the beneficiary and the investor while the cost of each apartment and the payment mechanism is to be negotiated with the investing company and the mediator bank.”
Investors who wish to apply for this investment opportunity can provide their technical, economic and financing plans and fill in the investment application form available on the website of the National Investment Commission.