Kuwaiti company invests $1.35bn in Iraq

The Diwaniyah governorate, south of Iraq, signed a $1.35 billion deal with Kuwait’s Al-Nasriyah Co. for the establishment of an airport, commercial areas and others for storage.

Under the 45-year term of the contract, the Kuwaiti company will operate the projects and obtain 90 per cent of the profits in return for bearing the costs of establishing the projects.

Diwaniyah’s governor Ammar Al-Madani said in a press conference yesterday: “The airport will cover an area of seven dunams (0.01 square kilometres) in addition to a similar area allocated for future expansion.”

The governor noted that the Kuwaiti company will operate the airport for 45 years and the governorate will receive 10 per cent of the revenues.

A civilian airport, a free area and a major commercial area have all been included in the plan. The commercial area will include places which deal with the cargo that will be transferred through the airport.

The Iraqi official added that the project will be implemented over five years in three stages and will create 8,000 jobs for locals.

Falah Hassan, an economics expert who specialises in the Iraqi economy told the Anadolu Agency that establishing civilian airports comes as part of a plan to increase investment in the region.