NIC holds a Ceremony of Signing the Investment Contracts of the 2 New Cities of Mustaqbal and Janat Baghdad in Baghdad

NIC holds a Ceremony of Signing the Investment Contracts of the 2 New Cities of Mustaqbal and Janat Baghdad in Baghdad

 

Under the Patronage of H. E. Prime Minister of Iraq Mr. Nuri al- Maliki

NIC holds a Ceremony of Signing the Investment Contracts of the 2 New Cities of Mustaqbal and Janat Baghdad in Baghdad

 

Under the patronage and with the attendance of H.E. Prime Minister Nuri al- Maliki, NIC held the event of signing the investment contracts of the cities of Mustaqbal and Janat Baghdad with the attendance of the implementing companies “Bloom, Handhal and Shmarah Group”.

H.E. Prime Minister, and through his speech on the occasion, emphasized that the housing sector is of the first priorities of the Government which is making its best efforts to support the private sector investing in this important field, pointing out that what Iraq had reached in ensuring investment process was not easy at all when taking in to consideration that converting from the centralized economy culture to the free market needs lots of work and legislations.

 

Prime Minister also highly appreciated the efforts made by the NIC to amend the investment law in the way that serves the investment environment required to attract investors and capitals, expressing the government’s readiness to consider any amendments that can contribute to enhancing investment and reconstruction process in Iraq and overcoming all difficulties encountering investors and private companies.

In his turn, Dr. Sami al- Araji assured that signing these two important investment contracts came after long financial, legal and technical negotiations with the investing companies who had bidden to take the opportunities offered, commending the governmental support which yielded the signing of the contracts of the two cities that are to be providing modern housing units to accommodate approximately 300 thousand people.

NIC chairman said that Mustaqbal city, locating in al- Dihna neighborhood between Shula and Ghazaliyah cities and extending over an area of 2000 acres, shall contain 30 thousand housing units,  25 thousand of which of vertical style while the remaining 5 thousand will be of horizontal style of diversified modern designs and to be implemented equally by Bloom, one of the UAE National holding group and al- Handhal group, while Janat Baghdad city, locating in al- Dabash in Kadhumiaha and extending over 1 million m², shall contain 20 thousand vertical housing units to be implemented by the International Hurra Co. one of Shmara holding group companies.

UAE Ambassador, Mr. Abdullah al- Shehy expressed his country’s desire to build solid economic relations with Iraq stressing the big UAE companies determination to increase its participation in supporting the people and government of Iraq by establishing huge investment projects.

On a related context, His Highness Sheik Muhammed al- Maktoom, al- Handhal group partner expressed his deep happiness to visit Iraq stressing the importance of achieving the project in less than the specified period for the UAE real belief in the necessity of seriously participating in the process of reconstructing Iraq and for consolidating relations and mutual benefits between the two countries.