Iraqi Prime Minister Mohammed Shia Al-Sudani has called on Egyptian and Saudi Arabian companies to invest in tourism resorts, hotels and entertainment facilities in the country.
Yesterday, during a meeting with a delegation of Egyptian Saudi, and Iraqi businessmen, Al-Sudani said, “Iraq is witnessing rapid growth and a stage of recovery,” noting that “the country has many promising investment opportunities related to the construction of new cities.”
The Iraqi premier stressed the urgent need for approximately three million housing units and outlined the government’s commitment to developing integrated cities that offer various services, entertainment and commercial facilities, all connected to Baghdad via an advanced transportation network.
Al-Sudani: Iraq is witnessing rapid growth and has many promising investment opportunities.#Iraq pic.twitter.com/cNTvwrHPkj
— Alahad TV-EN (@ahad_en) July 13, 2024
The government has proposed investment projects for five new cities, with plans to build 11 more which aim to address the housing crisis, especially for low-income citizens.
READ: Iraq to establish 15 new cities across the country
The delegation included prominent figures such as Hisham Talaat Moustafa, chairman of TMG Holding, Sulaiman Al-Muhaidib, chairman of Al Muhaidib Group, and businessman Ahmed Talaat Hani, all specialising in real estate development. The Saudi Ambassador to Iraq, Abdulaziz Bin Khalid Al-Shammari, also attended the meeting.
In addition to the investment appeal, Al-Sudani noted that Iraq’s development aligns with the economic interests of other Arab countries. Earlier this month, Mohammed Al-Khareef, chairperson of the Saudi-Iraqi Business Council, mentioned a new law to protect Saudi investments in Iraq, with trade between the two countries growing at an annual rate of 12 per cent.
The potential new law aims to bolster economic cooperation, with trade reaching five billion riyals ($1.33 billion). In April, Saudi Arabia and Iraq signed 12 memorandums of understanding for quality investment projects to further strengthen economic ties.