Our Law firm experience into the Iraqi investment opportunities for the upcoming years focused on the residential and infrastructure sectors. A perfect example of this is the city of Basra:
First, let’s review the attractiveness of the Basra market for the past three years. Investments in Basra for 2018 amounted to nearly $ 300 million and rose in 2019 to $ 700 million, but the pandemic and global conditions affected the growth in investments and led to a decrease in 2020 near 11 From the year before and the volume of investments fell to $ 560 million.
Despite the decline in investment in 2020 from the year before, there has been a rise in demand for housing sector investments. At the beginning of 2019 applications for investment in the residential sector was recorded by only 8 % of the issue, while the proportion of demand for investment in the residential sector increased in 2020 in Basra to exceed 150 % of the issue.
We come on detailing the performance axis at 2020 and plan 2021:
Axis: – Investment indicators:
Investments during 2020 amounted to $ 560,581,000, with 15 investment projects granted vacation in Basra.
Total approved investment projects (161) at a cost exceeding ($ 6 billion and $ 300 million).
The ratios of investments according to nationalities are divided as follows:
Iraqi (52 %), foreign (43 %), subscribers (5 %).
Breakdown of investments by sectors is as follows:
5-100 % (57) investment projects have received completion ratios while we have (13) another project exceeded 75 % and nearly completed.
The number of investment applications reached 175, divided as follows
Industrial sector 57, commercial sector 38, residential sector 31,
Service sector 16, health sector 12, agricultural sector 9, tourist sector 7, education sector 4, transportation sector 1
Axis two: – Commission’s work plan in 2021:
The Board’s plan in 2021 is focused on 4 large projects:
Housing Initiative: The Authority works on two projects:
Investment projects for employees of the state departments have been granted the first leave during 2021 to housing the municipality’s directorate employees while also completing other projects for municipal employees, Basra oil, integrity, employees of the Ministry of Finance and other state departments respectively And in a comfortable way of batches.
b – Directly announce average housing units, as the Authority valued the cost of one residential unit to 100 million dinars to be compatible with the housing loan, and a residential complex will be declared as an initial experience to succeed This initiative aims to create new urban societies for middle-income sophisticated infrastructure.
2-Work to establish an industrial city in Khour Al-Zubair, with the largest steel and iron plant in Iraq to include a card exceeding 1.100 million tons per year with a power plant attached to a 120 mica watts card over a million square meters.
3-Planning an industrial city to be presented to a first developer to establish small and medium industrial workshops, its importance is training youth and reducing unemployment, as well as providing opportunities for those who want to work self-work from professionals to meet an ambition Their individual investment is also an inexhaustible resource of innovations and proposals that play their role in the evolution of industry and economy, and this is characterized by the state’s overall trend in eliminating unemployment.
The Authority continues to complete the procedures of the waste erasing project which was obtained initial approval of the Ministry of Electricity, and the land for the project has been allocated, and technical assistance has been requested from USAID for the contract related to the project with Considering the federal government’s orientation to support clean energy projects.
The Authority is currently attracting a global company specializing in milk production to establish an anchor milk production plant in Basra. (New Zealand Fonterra Dairy Group)
Continue completing the project of the pharmaceutical laboratory in Basra at a cost exceeding $ 50 million ′′ and in coordination with the landowners.
7-The Authority is working to attract a Chinese global company that will visit Basra soon to set up the Basra metro project in coordination with the National Authority and the Local Government
Basra Investment Authority.
Source: Basra News and Media Website (Facebook and Instagram page)
Our firm has the experience to deal with such companies that are looking for investing in infrastructure-related projects and have ways to facilitate their work through our people working in and outside the government to help gain the necessary permits, visas, etc.