Chairman of the National Investment Commission discusses encouraging and protecting mutual investments and reveals to Saudi businessmen the elements of Iraq’s safe environment

The Chairman of the National Investment Commission, Dr. Haider M. Makiya, met with the Deputy Governor of the Saudi Public Investment Fund, Mr. Yazid Al-Hamid, and discussed measures to encourage and protect mutual investment work between the two countries.

Dr .Makiya stressed on activating the Iraq- Saudi Co. for investment works by starting a branch in Iraq according to Iraqi laws.

The two sides discussed work mechanisms in the International Finance Corporation (IFC) and the International Investment Guarantee Agency (MIGA), and strengthening bilateral relations in order to develop the wheel of investments in Baghdad and Riyadh provide pillars of a safe environment in Iraq.

Makiya explained NIC efforts to present an agreement to protect and encourage mutual investment business to the House of Representatives for a vote, in a way that enhances the status of investment in supporting the national economy.

In the same context, NIC Chairman attended the Iraqi-Saudi joint round table meeting, with the participation of undersecretaries of the Ministry of Investment and a number of Saudi businessmen and investors.

NIC presentation during the meeting included explaining the Investment Law no. 13 for 2006 and some available investment opportunities in different sectors.

Saudi businessmen and investors cleared some points related to the nature of investment work inside Iraq and the procedures for granting licenses to projects and exemptions.

At the end of the meeting, Deputy Governor of the Saudi Public Investment Fund thanked NIC Chairman and his delegation and stressed on S.A support to complete a mutual agreement that serves work sectors in both countries.

 

The Chairman of the National Investment Commission discusses the mechanisms for adopting electronic governance to manage smart city projects in Iraq

The NIC Chairman, Dr. Haider Muhammad Makiya, discussed with the CEO of Elm for Digital Transformation, Mr. Abdul Rahman Al-Jadhei, the mechanisms of employing digitization technology in the management of investment projects.

The two parties discussed the ideal usage of the digital technology in investment projects and smart cities in the next period of time in Iraq.

Both parties agreed on the importance of keeping pace with technology and benefiting from the potential of digital transformation in managing development projects and adopting digitization and electronic governance in the economic, commercial and investment sectors.

The Chairman of the National Investment Commission meets the Saudi Minister of Investment and discusses the soft loan of three billion dollars for the reconstruction of Iraq

The Chairman of the National Investment Commission Dr. Makiya meets the Saudi Minister of Investment Mr. Al Falih and discusses the soft loan of three billion dollars for the reconstruction of Iraq

The two sides addressed topics such as the sports stadium, the S.A grant, and expanding bilateral cooperation in various sectors guaranteed by investment between Baghdad and Riyadh.

Dr. Makiya stated that the investment map for Iraqi projects includes many opportunities for Saudi investors, calling for continued efforts and meetings in order to make the plans aiming at strengthening relations between the two countries’ investment institutions succeed.

Chairman of the National Investment Commission discusses prospects for coordination in investment projects with the Saudi Council for Development Chairman.

The Chairman of the National Investment Commission, Dr. Haider Muhammad Makiya, met in Riyadh today, Sunday 3/19/2023, with the Chairman of the Saudi Council for Development, Mr. Sultan Abdul Rahman Al-Murshed, they discussed expanding the horizons of development projects between the two countries.

During the meeting, attended by the Iraqi ambassador to Riyadh, Dr. Abdul Sattar Hadi al-Janabi, NIC Chairman confirmed the interest of the Iraqi government in developing the investment sector, and expanding dealings with foreign investors, indicating that NIC has plans to move the sector towards large projects.

He added that the meeting with the Saudi side discussed mechanisms for allocating development projects from different sectors, establishing model health centers and schools throughout Iraq, silos in specific areas in a number of governorates, as well as infrastructure for residential cities.

For his part, the Chairman of the Saudi Council for Development, Mr. AlMurshed, conveyed the greetings of the Government of the Kingdom of Saudi Arabia to the Iraqi delegation and its willingness to open horizons for joint coordination in the investment sector, pointing out that the Saudi side is working to strengthen partnership with the NIC and develop it towards various sectors that meet the needs of the Iraqi market.

NIC Chairman discusses commercial and investment cooperation with the Saudi Minister of Commerce

Dr Makiya, NIC Chairman, discussed commercial, economic and investment cooperation between Baghdad and Riyadh with the Saudi Minister of Trade, Dr. Majid bin Abdullah Al-Qasabi.

At the outset of the meeting, which came as part of the program of the Iraqi delegation’s visit to the Kingdom of Saudi Arabia, Dr. Makiya  indicated the importance of strengthening trade and investment relations with the regional countries and the world, including Saudi Arabia.

The meeting discussed identifying paths of investment opportunities and ways to enhance economic cooperation and develop commercial opportunities between the Republic of Iraq and the Kingdom of Saudi Arabia.

In the same context, the Saudi Minister of Commerce, Dr Al-Qasabi, explained the S.A interest in raising cooperation levels with Iraq and proceeding with strategic agreements that serve the economic, trade and investment sectors in both countries.

 

• Chairman of the National Investment Commission heads a government delegation to the Kingdom of Saudi Arabia to discuss joint investment opportunities between Baghdad and Riyadh and to discuss the establishment of the Iraqi-Saudi company.
• The Iraqi delegation included representatives from the Ministries of Foreign Affairs, Oil, Electricity, Construction, Housing, Agriculture, Planning, Trade and the General Secretariat of the Council of Ministers.
• The delegation will discuss partnership paths developing investment sector in Iraq.
• Iraqi delegation is establishing agreements that grant investment and de3velopment projects a strategic dimension in implementing and simulating pioneer projects in the region.
• Iraqi delegation visit to Saudi Arabia id a step forward reinforcing trust in the national investment environment and encourage Saudi capitals and investors to invest.

NIC Chairman meets with the S.K Ambassador to discuss joint cooperation 

Chairman of the National Investment Commission, Dr. Haider M. Makiya, received the Ambassador of the Republic of South Korea to Baghdad, Mr. Choi Sung Soo, where they discussed mechanisms for joint cooperation in the investment sector.

Chairman of the National Commission stressed the importance of enhancing the levels of bilateral cooperation between Baghdad and Seoul, proceed with agreements to protect investment work between the two countries and attract Korean capital and investors.

Makiya added that the Bismayah Compound, which was implemented by the South Korean Hanwha Company, is considered one of the pioneering residential projects, due to the availability of quality standards, accuracy in implementation, competitive prices, and a solution to the housing crisis.

the Korean Ambassador, Mr. Choi Sung Soo, expressed his thanks to the NIC Chairman, Dr. Makiya, for his interest in developing cooperation and potential technical, legal and financial discussions with Hanwha Company to reach the decision to sign the annex to the contract for the Bismayah Residential Complex project.