Investment opportunity no. (1) for the year 2023 (The construction of al- Jawahiry new city in Baghdad)

According to the Ministers’ Council resolution no. (23121) for the year 2023 and Investment law no. (13) For the year 2006, as amended and the relating statuses and regulations

NIC in coordination with the Ministry of Housing and Construction and general Municipalities (the Commission of New Cities Construction), are announcing investment opportunity to construct al- Jawahiry  city in Baghdad/ Abo Ghreb/ al- Nasserr & al- Salam district (formerly Tariq Military camp) on a total area of 7121 donums.

Interested investors and investment companies are invited to read information and conditions announced on the Commission of New Cities Construction website (https://ncia.moch.gov.iq) and NIC website (www.investpromo.gov.iq) and apply according to the conditions shown below:

 

1. Investor shall be required to implement 25% of the city infrastructure at minimum to be delivered to the concerned municipality in return of exploiting the rest of the allocated land of the project, raising the percentage mentioned above will be considered as one of the competing measures among investors in addition to what the developer shall provide the city with.

 

2. Submitting a bank statement from an accredited bank (to be ratified later by CBI) proves financial competence with no less than 25% of the project value to be exclusively spent on the project according to guaranties submitted by investor in addition to the financing plan and the financial status of the company paired with a credit letter from an accredited financial institution.
3. Credit letter of (10) billion ID to be released after the completion of infrastructure works for the land allocated in the investment contract by the investor.
4. Providing proofs of similar projects implemented by the investor or the developer or his/her partners in or outside Iraq ratified by the Iraqi embassy (in case companies or the implemented works are outside Iraq) in addition to papers that proves administrational and technical expertise and the possession of sufficient equipments.
5. In case investor is willing to make changes in to the general plan so he/ she must submit an economic and technical feasibility study made by an accredited consulting side or a licensed office (registered in the Iraqi accountants and editors syndicate) according to the standards approved by the Ministry of Planning and the instructions and requirements approved.
6. Providing the project timetable.
7. Adhering to environment conditions approved by the Ministry of Environment (attached to the announcement) and the civil defense requirements.
8. Submitting the company establishing certificate ratified by the companies’ registrar office.
9. Insuring the investment project in one of the accredited insurance companies for all the project duration
10. Providing a no objection letter to participate in applying for the investment opportunity issued by the General Commission of Taxation to the Ministry of Housing and Construction with a clearance letter valid until the end of the year 2023 (adoption of the barcode system)
11. Investor shall be required to complete all the rest of infrastructure for the city (water supply, sewage services, power supply, roads, communication..etc) and connect it to the source on the city borders.
12. Opening accounts in local, foreign currencies or both for the licensed project.
13. Submitting a partnership contract for the investment opportunity (in case a partner exist) legally ratified by the Notary dept. or it is possible to submit a primary agreement of partnership signed between the investors reinforced by a pledge of not withdrawing in case they are granted the license.
14. Investor commits to implementing the project within the duration agreed upon in the investment license, selling the housing units to the citizens and not to manipulate prices specified in the economic feasibility study attached to the investment contract with adhering to NIC regulations.
15. Submitting annual accounts records of the participating companies for the last three years ratified by one of the offices licensed by the Iraqi accountants and editors syndicate
16. Those willing to apply have to visit the site before applying taking into consideration borders of the area according to instructions and regulations of the architectural planning and the municipality with watching environmental effect according to adopted international systems (all costs of studies, plans, economic feasibility studies will be paid by the applier)
17. Constructing the city to be sustainable by using clean energy as much as possible according to the point no. (7).
18. Establishing an electronic administration system for the departments of municipality and real estate registration and any other services buildings allocated within the project.
19. Applications shall be evaluated through an evaluation form in which points and bases of evaluation are specified technically and economically.
20. Applications to be applied within a duration of (30) days starting from the date of publication, in closed sealed envelopes to the NIC headquarter located on the Qadisyah highway road – International Zone next to the Turkish Embassy.

 

In case it coincides that the closing date is an official holiday it will automatically be moved into the next working day. 

For any further information please contact (07733678838) and (07860094023)

Or send an email to: (ncia@moch.gov.iq)

 

publishing date 1/6/2023