The National Investment Commission is expecting to receive a delegation of Egyptian companies within the few forthcoming months; the companies’ representatives who are interested in various investment sectors like housing, pharmaceuticals, textile industry shall meet with their counterparts from the Iraqi Public and Private sectors according to a memorandum of understanding to activate the economic cooperation between the two sides. On the other hand, NIC delegation visited Egypt in 6-18.Feb. 2010 to participate in the training course held in the Investment Ministry Leaders Center in Egypt to train government employees on developing and upgrading human capacities and other topics relevant to investment , insurance, securities and free zones.
Dr. Ashraf – head of the center of the Egyptian Investment Commission opened the course with a welcoming speech followed by a thanking one by Mr. Abdul Razaq Alsaady and a brief for the 15-day program presented by Mr. Abdullah Al- Bander.
The program included topics like (The Strategic Management Challenges, The characteristics of the Modern manager and the major factors affecting the individual performance, Investment Zones as one of the Investment catigories, Governance and social responsibility of organizations, Developing Investment services and Business Environment, Visiting the Free Zone in Alexandria, investment services branch and some of the big factories in the area, attracting foreign direct investments and encouraging local investments, investment in provinces, investment map and investment policies)
Dr. Mahmood Muhyee – Minister of Investment, attended training course ending ceremony when he talked about investment in Egypt and his last visit to Iraq, Mr. Abdullah Al- Bander in turn thanked him on behalf of Dr. Sami Al- Araji – Chairman of NIC.
The head of the National Investment Commission Sami Raouf al-Araji, the need to accelerate the implementation of the national program of housing project launched by the Commission in all provinces in the country and provide plots of land necessary for the implementation of the project. This came during chaired the regular meeting of the joint investment bodies in Iraq and stressed al-Araji, during the meeting the importance of drawing Alkharthalastosmaria new attention next to the housing sector and to give him the initial maximum among the projects set for the current year. Referring to the advantages achieved by the amendment to the Iraqi investment law and the need to take advantage of them and work out to attract and attract international companies to invest in all provinces in Iraq. also stressed the importance of accuracy in media statements and give the numbers and the real data to the media. For his part, General Manager of Muthanna Investment Commission that the share of the province of the project National Housing (11,000) housing units have been agreed with the Bank Iraqi Trade for funding also said that the Authority has allocated plots of land necessary for the implementation of the project, in cooperation with the local government in the province have been identified rent for those pieces with the Commission estimate their rent. it praised the Chairman of the National Investment role of Excellence Muthanna Investment Commission stressing the need to exert more efforts in order to build a new Iraq.
Dr. Sami Al- Araji – Chairman of the National Investment Commission assured the importance of accelerating the implementation of the National Housing Program, that NIC had launched all over Iraq, and the necessity of allocating the lands required to implement the said program, This was mentioned during his heading the periodic meeting of the Provincial Investment Commissions in Iraq, he also asserted the importance of drawing up the updated Investment map and paying more attention to the housing sector with giving it the first priority for the projects planned for this year.
Dr. Sami referred to the privileges provided by the investment law especially after the last amendments ratified by the Iraqi parliament and the importance of exploiting these privileges to attract the international companies to invest in all Iraqi provinces, He also insisted on giving the accurate numbers and information to Media.
Muthana Provincial Investment Commission Chairman said that his province has to build 11000 housing unit, accordingly; an agreement had been signed with the Trade Bank of Iraq to fund implementing this project. Muthana Province also had been able to allocate the lands required in coordination with the local government of the Province with specifying the lease amount by the lease amounts evaluation Committee.
Dr. Sami highly estimated the hard work Muthana provincial Investment Commission is doing, pushing towards paying more efforts to build the New Iraq.
Partnership between Public and Private Sector
Sharm Al Shaikh , Egypt, witnessed a workshop addressing the partnership between public and private Sector in the field of infrastructure especially in transportation 9-11/3/2010. Representatives participated from many Arab countries under the patronage of the Arab League and the World Bank Arabic Organization for Administrational Development, the workshop aims at explaining untraditional funding methods for infrastructure projects through private sector investment, it also helps decision makers to know these methods and chose the best of them to fund infrastructure projects expected to be listed in future plans.
The workshop is a work guide to untraditional funding methods which includes a number of case studies in many developed and developing countries to gain more experience from them and use it in avoiding any challenges in implementing these untraditional methods. A number of proposals were presented to activate this partnership through developing corporation basics between public and private sector in transportation infrastructure projects and pricing policies and its relation with funding infrastructure projects.
One Stop Shop services to investors
The National Investment Commission participated in a training workshop (One Stop Shop services to investors in the Middle East and North Africa) held in Beirut by (Mena- Oecd). The workshop program included presentations and analyzing OSS issues. In addition to the Iraqi NIC delegation, Egyptian, Lebanese and Portugal delegation also participated in this workshop. NIC submitted an investment opportunities presentation in English and an explanation to the GoI and NIC role in promoting foreign investments. The presentation was very interesting during the workshop also it explained investment law regarding the important items relevant to serving the foreign investor. In addition to this, it clarifies the mechanism of OSS implementation to their duties and contacts with state organizations.
Subjects addressed in the workshop
Experience from participants
There was a chance to know the mechanism of implementing investment duties through the OSS and the legislations and agreements which help them to fulfill their duties and the role of their representatives.
Maintaining communication with the relevant ministries and high level decision makers
Supervising implemented investments
Privileges granted to investors
Conditions to grant investment license
OSS role in non- investment works
The OSS concept
A chance to promote investment in Iraq and different projects
Clarifying investment in Iraq and utilize foreign capitals
NIC granted three investment licenses. The first one in 1/11/2009 to implement cold warehouses and Al Yousif Expiation by Samir Coyal Yosho for 4604400 USD, implementation period 18 months. It is one of the Iraqi national private sector project. At the moment, it has no cooling system facing extinction in infrastructure. Investment project includes rehabilitation, modernization, and development to become usable for imported red and white meet in addition to building a purchasing center, administration building and any other required facilities.
In 22/11/2009, NIC granted another license to build a mall by Mafkhar Ardh Co. with capital of 12 m USD for 2 years to implement. It is one of the private sector projects.
The Egyptian company, Aura Skom Al-Masria, expressed readiness and willingness to implement low income housing projects in Iraq once available land is provided. This annoucement came during the visit of an Iraqi delegation to Egypt, headed by Dr. Adnan Ramahi Director, General of Legal Affairs at the Iraqi National Investment Commission (NIC).
The Iraqi delegation was briefed on the various aspects of the Egyptian investment experience, including the residential and tourism projects implemented by the company. Discussion was held around ideas to develop areas of integrated residential homes built with different construction models that incorporate lost cost housing materials.
Dr. Adnan Ramahi also met with Mr. Mahmoud Mohi El Din, Minister of Investment regarding the preliminary version of the training program to be held with the Egyptian Investment Authority on the topics of financial controls, securities and insurance. This training is in line with memoranda of understanding signed between the two countries that included training (480) staff.
The Iraqi delegation also met with a number of other large investors interested in investing in Iraq with the purpose of showcasing the Iraqi investment law and available investment opportunities. Dreamland Group and representatives from Cleopatra and Al-Hisan companies expressed their willingness and enthusiasm to invest in Iraq in a variety of areas including housing complexes, hospitals, factories, and agriculture projects if land were to be made available.
Once conditions regarding land ownership, construction financing and mortgage financing are laid out Egypt expects to be the leading country in the Middle East involved in housing project investments.
Basra Investment Commission licenses first investment in the health sector to build a maternity hospital extension.
The Director of the Basra Investment Commission, Haider Ali Fadel, said “Basra Investment Commission granted the first license to invest in the health sector in the city. The project will be an expansion by Al-Mousawi private hospital to build a maternity extension (valued at 3 billion dinars) and will take up to three years to complete construction.”
He stated that the “This maternity hospital is the first of its kind in the Basra area, will occupy of 1,547 square meters, and is located within the existing hospital. The expansion will include the establishment of a four-story building on a piece of land belonging to the company (307 square meters) to construct a section for gynecological and obstetrics equipped with the latest technology.” He also noted, “The expansion will also include the development of the sixth floor of the building to be supplied with equipment for intensive care and premature babies. The expansion will also include the necessary medical equipment for catheterizations and open heart operations.”
The Najaf PIC signed a MoU with representatives of an Australian company to implement several projects in the Najaf governorate including the establishment of 30,000 housing units in an area of 1,200 acres. The MoU also included the establishment of a date factory in Kufa on a lot of 15 acres, the construction of 5,000 housing units on an area of 270 acres, and the establishment of a cement factory occupying 20 acres. This information was received from the weekly newsletter of the Najaf PIC.
The National Investment Commission (the “NIC”) is committed to bringing opportunities to the investor community that are essential to the Iraqi citizens, provide growth and development for the country and offer significant returns on investment. In line with these goals, we at the National Investment Commission are proud to be presenting this opportunity for investment in Iraq’s housing sector.
This investment announcement to interested investors, parties, developers, financiers and construction companies is intended to begin a large-scale program addressing Iraq’s significant housing and infrastructure shortages.
This announcement provides interested parties an overview of the proposed housing initiative and the preliminary requirements for project submission. If you have any questions on the memorandum below, or would like further information on the program, please communicate with us by email at firstname.lastname@example.org. The NIC will be conducting this process under Iraq’s Investment Law (Law No. 13 of 2006).
In response to this announcement, we require information regarding your company and your proposed approach on how to best address the housing and infrastructure needs, maintenance programs and overall development strategy. The same information will be gathered from all companies and will be used in the process of awarding of a development project hereunder. We look forward to hearing from those parties who want to be part of this historic effort.
Dr. Sami Al-Araji
National Investment Commission
14 December 2009
**Please note: the attached .pdf document has been updated to reflect the change in the timing for questions and company information submittals. The date has been extended to 1 March, 2010 and any future changes to the timeline will be noted on this website.**
To download the full PDF version of the official announcement and complete a company information form (required for those wishing to request further details) please follow the link below: