NIC Chairman, Dr. Sami Al- Araji receives Mr. Valirian Shofaeve , Ambassador of the Russian Federation in Baghdad and discusses the possibilities of economic and Investment cooperation between the two countries on the 14 th of Oct.2010.

NIC Chairman, Dr. Sami Al- Araji receives Mr. Mawrezo Milani, Ambassador of Italy and discusses the possibilities of economic and Investment cooperation between the two countries on the 13 th of Oct.2010.

NIC Chairman, Dr. Sami Al- Araji received in his office Mr. Mira Sehab Mahroof, Ambassador of the Republic of Sri Lanka in Baghdad and discusses available investment opportunities on the 12th of Oct.2010.

NIC participated through a high level delegation in the “Made in USA” exhibition which was held in Doha responding to the invitation forwarded by the organizing side.
Mr. Abdullah Al- Bandar, NIC Advisor and the head of the delegation informed the Media office that the NIC had participated in the exhibition through a high level delegation included Dr. Ikram Abdul Aziz, DG of Economic Dept., Mr. Ahmed Al- Zubaidy, DG of PR, Promotion and Media Dept. in addition to a number of the PICs’ chairmen.
Mr. Abdullah added that the purpose behind this participation is to promote the available investment opportunities and the investment process in Iraq in addition to meeting the Qatari officials to exchange ideas and opinions.
On the sidelines of the exhibition works, the delegation met with Shekh Kalifa bin Jasim, – the head of the board of directors of the chamber of commerce and industry in Qatar , the meeting was also attended by Mr. Jawad Al- Hindawy, Iraqi Ambassador to Qatar. Shekh Kalifa highly welcomed the NIC delegation and reviewed means of economic cooperation between the two countries to reinforce the investment and trade relations and enhance the possibility of creating the business partnerships between Iraqi and Qatari business people when Mr. Abdullah confirmed Iraq willingness to expand means of cooperation on mutual benefits basis.

Dr. Sami R. Al Araji, assured that the real criteria for choosing project investors for the 1 million housing unit in Iraq will be the technical and financial competence. He clarified that all investors will enjoy privileges guaranteed by investment law 13 of 2006.
He mentioned that during a meeting with more than 37 companies interested in participating in executing the 1 million housing unit project, referring that each company should clarify their attitude, and start from the very beginning to work on the organizational side of the project which includes many elements such as developing a study for the basic design of the province regarding the height of the building, number of stories and type of the soil. All this must comply with the engineering aspect and the economic benefit and attention must be paid to the historic criteria and the nature of the area. 5-7 designs and alternatives must be developed for the housing units.
Interested companies must provide all infrastructure services including (water, electricity, sewage and communication) also a primary school with 12 classes and one clinic, police station, civil defense center. He pointed that all additional services such as (entertainment centers, sports centers, malls) will be under direct investment to investors for at least 25 years. NIC will be organizing this type of activities and relevant administrational procedures which links them with the governmental agencies. Investors shall be responsible for post project maintenance according to a previously agreed price. Investment companies can utilize Iraqi workers and local materials provided guarantying standard specifications and quality control.
Dr .Al- Araji warned the companies that there are some important points which NIC cannot tolerate such as quality control for used materials, performance safety, environmental requirements, basic services for citizens and the general view of the complex.

Regarding the financial aspect in funding the project, NIC Chairman declared that we have governmental banks that assures the financial flow and guarantees investor’s capital (Al Rafidain, Al Rasheed, and Trade Bank of Iraq). Organizational procedures for payment will be 25% from the beneficiary, 10% to be given directly to the investor after signing the contract, the rest 15% to be received after procedures and land preparation. The investors shall provide approvals from international and local banks guaranteeing completing the rest of the project, (75%) to be divided into 7 annual payments equally with a yearly interest to be paid by Iraqi banks to investors after completing the project which represent the first payment. The beneficiary can pay directly without interests and have the unit registered in his name and avoid gradual payment which can last from 10 -15 years with interests.

NIC Chairman – Dr. Sami Al- Araji discussed with Dr. Esawy – Deputy Prime Minister the ongoing efforts aiming at drawing the investment map all over the country in addition to identifying the achievement rates of the strategic development projects.
The topics focused on during the meeting were the current and future housing projects and their achievement rates, the projects that shall cover part of the Iraqi low and middle income people housing needs.
NIC Chairman assured that the work of the Investment Commission concentrates at providing Iraqi and foreign investors with the investment opportunities to compete in various economic sectors and support the reconstruction process.

NIC Chairman stressed the necessity of taking into account the economic hubs and the privacy for each province in drawing the investment map and listing the projects according to priority and importance in agricultural, industrial or housing projects.
The above mentioned subjects were discussed during the periodical meeting with the PICs representatives held on the 6th of Sept. 10 at the NIC premises, Dr. Sami gave his directives to update the investment projects database in each province along with evaluating the achievement rates for these projects and identifying the reasons behind the delay in achieving any project finding the solutions for problems facing them in addition to submitting all facilities and incentives for investors granted by investment law No. 13 for the year 2006.
Dr. Al Araji also stressed the importance of allocating the lands for the big investment projects especially the project of the One Million Housing Units, asserting that the allocated land must be close to cities and provinces centers or to choose vast areas outside the cities could be complete cities. Dr. Sami also urged the PICs to foster cooperation with the provincial governments and the sectoral sides in the provinces to ensure allocating the required lands.

Regarding selling the housing units (within the project of the One Million Unit) to the government officials, Dr. Sami asked the PICs chairmen to identify the number of government officials willing to buy in each province and to organize the process through finalizing the list for those who meet the required legal terms.

NIC Chairman listened to a number of the PICs Chairmen suggestions and opinions concerning investment in various fields and finding solutions to the obstacles hindering implementing investment projects, Dr. Sami in his turn promised to facilitate all obstacles stand against development and reconstruction.

Dr. Sami Al- Araji – Chairman of the National Investment Commission attended the meeting, headed by Dr. Rodj Nori Shawees – Deputy Prime Minister, which was held on the 30th of August to discuss the performance of the National Investment Commission and investment environment in Iraq.
A spokesman for the office of the Deputy Prime Minister declared to the NIC Media office that the meeting was also attended by minister of Oil, Minister of Planning, Minister of Industry & Minerals, the General Secretary of the Ministers Council, Chairman of the Advisors Commission, Advisor of the Minister of Finance and the representative of the Ministry of Municipalities and public works . A report about the NIC ‘s activities, the most important investment projects and the obstacles that hinder the overflowing of investments and capitals into Iraq was submitted by NIC chairman and discussed in addition to discussing the big housing projects as the project of the One Million Housing Unit all over Iraq , Al- Rasheed City ( Al- Rasheed Military camp), Dhifaf Karbala project, Al- Mustaqbal city project in Baghdad. Other industrial, electrical and oil investment projects were also discussed during the meeting.
Laws, decisions and other investment related matters were discussed as lands, capitals customs and tax exemptions with taking in to consideration the recommendations of several committees to amend some of the laws and decisions to facilitate and develop investment opportunities in Iraq.

Dr. Sami Al- Araji – Chairman of the National Investment Commission headed the meeting of the Iraqi – American Trade & investment Committee which was held at the office of the Deputy Prime Minister on the 26th pf Aug. 2010 and attended by the representatives of the Ministry of Interior , Health, Labor, Trade, Industry and the Deputy Prime Minister office Manager from the Iraqi side , while the American side was represented by Mr. Del Abler – economic counselor, the commercial counselor and a number of Trade and Investment specialists in the American embassy in Baghdad.
The meeting parties discussed means of facilitating the commercial exchange between the two sides through creating the appropriate conditions for the commercial companies and simplifying the procedures for obtaining the entry visas and information about the available investment opportunities etc..

Dr. Sami Al- Araji, Chairman of the National Investment Commission announced that the second round of negotiations with companies applied for implementing the project of the One million Housing Units had started and would last for the next two months until ends with signing the contracts.
Dr. Sami’s announcement came during heading the eighteenth periodical meeting of the board of directors on the 26th of Aug. 2010 at the NIC premises , during the meeting NIC chairman mentioned that that the number of the financially and technically capable companies applying to implement the project of the One Million Housing Units is 35 company out of 120 applying one.
He also added that during the next two weeks some of the project required lands shall be allocated in Baghdad confirming that the NIC is still receiving the numbers of the government officials willing to buy the housing units.
During the meeting which was attended by all members of the board of directors, the capacities and capabilities of the Iraqi private sector to play an active role in the currently going investment process was discussed in addition to discussing the means of overcoming all obstacles facing investors in Iraq in order to accelerate the implementation of all licensed investment projects.