NIC Chairman emphasizes providing all guarantees to investors according to investment law during attending the seminar regarding the new refineries issues held by the Ministry of Oil
Dr. Sami Al Araji, NIC Chairman emphasized providing all guarantees mentioned in
investment law number 13 for the year 2006 for investors interested in investing
in various sectors in Iraq including oil.
He mentioned that during the press conference after the seminar held by MoO on
Sat. 26th June 2010 regarding establishing four new oil refineries through
investment, considering the privileges of the investment law such as free access to
project capital and revenues in and out of Iraq and exemption from taxes and fees
for a period of (10) ten years in addition to other privileges granted to investors
keeping in mind that investment law and its amendment number 2 in 2010 plus
investment law number 64 in 2007 regarding crude oil refining form a perfect and
new combination for interested investors in the oil sector.
Dr. Sami also said that refining capacity achieved by these refineries in addition to
rehabilitating the current ones will be more than 1.5 m barrel per day, also
establishing power production stations with estimated capacity of 1600-1800 MW
to be used in operating the new refineries and supply the national power grid.
Investment cost in the four new refineries is about 25 billion USD. Investment will
be either through FDI or with conjunction with the MoO based on public- private
sector partnership.
NIC Chairman assured that the National Investment Commission is working
closely with the Ministry of Oil to reduce the unemployment rate by hiring trained
and untrained workers because these refineries will achieve a big rise in oil
refining sector which can be of a positive impact on the economy of the city where
they are built.
He also assured NIC efforts to attract foreign investments in all sectors including
oil in addition to creating genuine investment partnership between Iraqi
public/private sector and the foreign private sector.

Dr .Sami R. Al Araji, NIC Chairman, invited all companies and Egyptian capitals to participate in the current investment process in Iraq explaining that our country is a fertile land for investment and the Iraqi market is a promising one capable to embrace everybody. This invitation was presented while receiving His Excellency Mohamed Qasim, the Egyptian Deputy Minister of Foreign Affairs and the accompanied delegation on Wed. 23rd June. The two parties discussed means to develop the economic relations between the two countries.
NIC Chairman said that Iraq has the desire to build strong strategic economic relations with Egypt because of the huge investment opportunities which can be used by the Egyptian side including the 1million residential units. He also assured NIC interest to ensure guarantees provided by investment law number 13 for the year 2006.
He referred to the big opportunities for Egyptian businessmen presented by establishing partnership with Iraqi private sector to supply residential projects with the main construction materials. NIC is committed to arrange bilateral meetings to exchange experience and increase mutual cooperation.
The Egyptian Deputy Minister of Foreign Affairs was pleased with NIC role in attracting investors and capitals to Iraq emphasizing Egypt desire to access the Iraq markets and utilize the available investment projects in addition to strengthening the economic relations between the two countries.
The meeting was attended by the Egyptian Ambassador in Iraq His Excellency Shereef Kamal Shaheen

The Ministry of Health, in conjunction with Iraq’s National Investment Commission (NIC), is pleased to announce a new opportunity to partner with the Ministry of Health at Ibn Sinna Hospital (IZ – Baghdad)

Investors Interested in this opportunity should contact the NIC at info@investpromo.gov.iq by (May 30th 2010 ).

The Ministry of Sports and Youth, in conjunction with Iraq’s National Investment Commission (NIC), is proud to announce several development opportunities at the Basra Sports City.

Construction has already begun at the Basra Sports City complex, which will host the 21st Gulf Cup (Khaleeji 21) in December of 2012. The focal point of the project is the impressive, 65,000-seat Main Stadium which is surrounded by water and accessible to patrons by bridge. The 360-acre complex, designed to be one of Iraq’s major sports centers, will also contain a smaller stadium, practice facilities, a training complex, a swim center, and other facilities.

Master plans call for a canal that intersects the complex leading from the sport facilities to a commercial district complete with hotels and commercial space. To complete the development, the Ministry of Youth and Sports and the National Investment Commission are seeking interested and experienced investors/developers to construct hotels, commercial space, and entertainment facilities within the Basra Sports City complex.

Details of the areas available for development according to the master plan are included in the table below.

5- Star Hotels

Master development plans call for the construction of two full-service, 5-star hotels on the edge of the Sports City. Each hotel should have a capacity of no less than 500 people, and have unique, sophisticated architecture. Approximately 10,000 square meters have been allotted for each hotel development.

Other Lodging

Over 5,000 square meters has been allotted for the construction of lodging for VIP delegations, visiting sports teams, and student visits.

Commercial and Retail Space

A total of over 10,000 square meters has been set aside for retail in four commercial malls along the canal between the stadium and the hotel sites.

Recreation and Entertainment Projects

Space has also been allocated for the construction of various entertainment services including an amphitheatre for concerts and cinema, parks and playgrounds, a bowling alley, dining facilities, an internet café, a pool, and other entertainment areas.

Investment Licenses

Selected investors will be awarded an Investment License for the project. Among the incentives granted with an Investment License are:
Exemption from corporation taxes and fees, for a period of 10 to 15 years
Exemption from import fees for required equipment for a period of 3 years
The right to employ foreign workers if needed
The right to repatriate investment and profits

Investment license applications can be found on the One Stop Shop page of our site. Applications should be submitted directly to the NIC or by email to info@investpromo.gov.iq

Awarded the National Investment Commission Ajazatan استثماريتين in the areas of housing and industry related to the first establishment of a residential complex in the Amiriya district in Baghdad, and the second related to the purification project and mobilization of drinking water.
This was announced by the Information Office of the Commission and said that the compound and executed by (Mohammed Al Glick and Noor Ritaj) will be allocated to the teaching staff of the Ministry of Higher Education and Scientific Research, note that the complex consists of 2,000 residential units built according to the system of vertical construction and the period of implementation of a three-year.
The second project for purification of drinking water, packaged and executed by the Company (Oasis Global Water) is a seven plants distributed in the provinces of Baghdad, Nineveh, Salahuddin, Dhi Qar, Anbar and production capacity College (Forty-six and a half million) annually to the Fund.
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The National Investment Commission approved two investment licenses in housing and industrial sectors for building a housing compound in Al- Amiriah neighborhood in Baghdad and starting a plant for purifying and canning drinking water.
The first project will be implemented by (Muhammed Jaleek & Noor Al- Rattaj Co.) to build the housing compound which is intended to be occupied as residence for the teaching cadre of the Ministry of Higher education and scientific research; the compound will consist of 2000 housing units built according to vertical construction system with an implementation term of 3 years.

As for the second project of drinking water purifying and canning, which shall be implemented by ( Oises International Co.), is a series of seven plants distributed over 5 provinces ( Baghdad, Ninava, Saladin, Thi Qar, Anbar) with total annual production capacity of 46,5 million box.

Mar.18.10

The National investment commission is pleased to announce a new investment opportunity, to be implemented under joint venture with public sector represented by the Ministry of Communication, aiming at creating new landline telephone networks.
For interested investors, you are required to submit your investment applications to the National Investment Commission enclosing the following documents:
Company profile
Detailed economic and technical feasibility study for the project
Proof of financial Competence

In addition to the above mentioned issues the following ones should also be taken in to consideration:

The project must be implemented according to the ACCESS NETWORK system
Using the (FTTC), (Fiber to premises), and (FTTH) according to the technical and economic feasibility study of the area served.
The contracting term shall vary according to the project size and number of areas it serves provided that it shall not exceed 10 years renewable.
Adopting the prepaid cards system should be a choice left to citizens.
The National Investment Commission shall be receiving the applications from interested investors within 30 days from the date of publishing this announcement (either directly to the NIC Office or through the following email address;info@investpromo.gov.iq )

The National Investment Commission held its first Forum for the Iraqi – Korean Economic Cooperation on the 25th of February.2010 in Baghdad. The conference was attended by HE Mr. Nuri Al – Maliky, and more than 200 people of high officials and businessmen from both sides.
The Iraqi Prime Minister said through his speech in the conference that Iraq has all the characteristics enabling it of providing comfortable life to its people, but; all wars, adventures and policies adopted by the previous regime had caused a massive destruction. Now all economic sectors and investment opportunities are available for the Korean companies especially in sectors like energy, power, housing and factories rehabilitation in addition to developing the military infrastructure. The prime Minister also stressed the importance of knowledge sharing and providing the training opportunities for Iraqi companies to gear up with the construction and rebuilding process.

Dr. Sami Al- Araji – Chairman of the National Investment Commission said that having a Korean delegation of such high level represents the new trends Korea is taking in its relations with Iraq, Dr. Sami also announced the project of building 1 million housing unit to be implemented within the forthcoming 3 years in addition to the project of raising the power production capacity and other important investment projects.

The Korean side was headed by HE Mr. Choi Kyung Hwan- Minister of Knowledge Economy accompanied with a big number of government officials and executive mangers of well known companies, the Korean Minister spoke about the most important economic issues that the prominent Korean companies are intending to start in Iraq in various fields like energy, power, oil, housing and heavy industries.

The vision of both sides were united to come up with ways to achieve the economic growth in Iraq and reinforcing the bilateral relations through activating the role of the fruitful dialogue among businessmen of both sides starting from fields of common interest like developing the energy sector, construction, industrial facilities and infrastructure.
The Korean side confirmed the great interest in reconstruction projects for the Southern Oil Company, roads, bridges, houses and hospitals in addition to preparing the major plans for the new Iraqi cities and their infrastructure when Hyundai Co. for heavy industries discussed with the representatives of the ministry of housing and construction supplying all equipments needed to reconstruct Iraq.
It’s also worth saying that the Korean side had submitted so many consultations to the Ministry of Oil on how to go forward in the projects of upgrading Dora refinery and building new refineries.
Hyundai Co. for heavy industries negotiated with the Ministry of Electricity to supply power packs. On the other hand, STX co. for heavy industries had signed a Memorandum of Understanding with the Ministry of Industry & Minerals to modernize Oil and petrochemical projects.
The Korean companies also had submitted several initiations for a number of projects like (rehabilitating the power stations in Basra, utilizing the gas associating oil extraction process in the south and water treatment projects)

The two sides reassured the mutual benefits for both of them through economic partnership in Korean investments in Iraq that will contribute to diversifying and stabilizing the Iraqi economy, they also stressed the importance of activating the regular contact and follow up of the results of this conference to speed up development, therefore; both sides agreed to foster the economic cooperation between Iraq and Korea and provide facilitated one stop shop services by the Iraqi side.

H.E Mr. Nuri al- Maliki
Dear Ministers
Ladies and Gentlemen

On behalf of the National Investment Commission in Iraq, I would like to welcome you in Baghdad. Koreans are not strangers to this land; it is time to have you back. The first Korean workers arrived into Iraq in 1975 when Iraq was the most attracting among Arab countries to the Korean labor.
South Korea achieved a special record in development and access into the global economic system. Its economy is classified as one of the top 20 in the world. We congratulate you for this enormous achievement and look forward to cooperate with you in all fields.

As you know, Iraq is a rich county, but until this moment, did not utilize its potential resources. We have unlimited opportunities in all economic sectors. Investment law granted the foreign investor many chances and privileges and offered high level of independency to the provinces in granting investment licenses keeping the major strategic projects for the National Investment Commission.

Business and investment environment in Iraq is in continuous change. Many legislations were issued including new laws for companies, banks stock change, financial management, purchases and the central Bank of Iraq. Iraq developed many of its strategy to lessen the government control on prices and establish procedures to restructure state owned companies.

NIC and PICs are the executive parties to investment law number 13 for 2006 and its amendments. By following the OSS system, we work with the investor to finish all licenses and the required documents to gain the appropriate land for the project.

We do believe that the successful investment in various economic sectors in Iraq in addition to achieving the goal of the local and international investors in regaining their capital as early as possible with high rate of benefit, will directly affect the Iraqi citizen life style and the prosperity of the society in general.

You will find detailed information regarding more than 750 projects in the documents distributed to you which are the most important investment opportunities in Iraq with a value of more than 600 billion USD. For example:

Housing sector: Iraq is working on attracting investors to build 500 thousand units in all provinces under concessional terms. We have offers from international companies and investors to build more than one million units under legal and financial term that are being prepared now in addition to the required land in each province including Kurdistan region.
Electricity: international companies and investors submitted their offers to build energy production stations. They negotiated 24 thousands MW productivity. we are analyzing and negotiating the offers to choose the best terms for both parties.

We are committed to do everything we can to ensure the launch of your investment project with strong steps because you have all success factors.

I repeat welcoming you and thank you for participating in this first forum between our two countries. We thank H.E. Mr. Nuri Al Maliki for his great support and continues follow up to NIC work and goals in addition to his generous patronage to this forum.

The World Bank is the fundamental institution in funding long term financing for development purposes, now, other institutions were created to work as the World Bank group including international funding and the international financing commission. Recently the multi parties’ agency was established to ensure investment. The international financing commission (IFC) is one of the World Bank branches which aim at activating the economic expansion and encouraging the creation of productive private institutions in the developing countries.
Development and private investments in these countries should be allowed in addition to support their participation in the social and economic development. Accordingly, the institution was established in 1956 to represent the World Bank branch interested in developing the private sector. World Bank loans are allocated to governments because they work for the public sector so it was necessary to encourage the private sector by funding through contributions.
The whole idea is based on shortage in organizers in the developing countries who can take project risks in addition to participating in establishing companies which encourages private sector to access investment. The IFC philosophy is selling its share in a company when this company is strong enough. IFC contribution is one type of promoting investment to develop an ongoing investment portfolio. All World Bank members can be members in IFC and can represent these countries in World Bank institutions. IFC included 106 members in early 80s. Each country has a representative and a vise in governors’ council. They share the same Board of Directors and Bank Chairman. This also applies to executive managers.

The share value in IFC capital is one hundred thousand USD according to Article 2 which states the possibility of increasing the capital if most of the governors approve it if exceeding 10% of the capital, then 75% of the votes are required. All shares are to be paid in gold or USD.

Salar M. Ameen
NIC Vise Chairman