Latest news with #NationalInvestmentCommission


Iraq Business
a day ago
- Business
- Iraq Business
Iraq Sets Conditions for Reopening Applications for Bismayah Housing Units
By John Lee. The National Investment Commission (NIC) has reportedly announced that applications for housing units in the Bismayah Residential Project will reopen only after the resumption of work by South Korea's Hanwha Engineering & Construction, the company contracted to complete an additional 70,000 housing units under a new phase of the project. NIC spokesperson Hanan Jasem told the state-run Iraqi News Agency (INA) that three conditions must be met before applications can be accepted again: A full review of the existing digital application platform. Exclusion of applicants under the legal age or over 60 years old. Ensuring no duplicate applications from individuals within the same family, in accordance with public bank lending rules. Jasem confirmed that around 70,000 Iraqis had already applied via the "Ur" government platform. She added that the Bismayah complex has a total planned capacity of approximately 100,000 units, intended to house around 600,000 people. According to the INA article, Hanwha has completed about 30,000 units to date, of which roughly 21,000 have been officially handed over to the Commission and distributed to eligible citizens. (Source: INA)


See - Sada Elbalad
7 days ago
- Business
- See - Sada Elbalad
Iraq Launches 'City of Gold' in Baghdad to Boost Non-Oil Economy and Jewelry Industry
Waleed Farouk In a move with significant economic and strategic implications, Iraq has officially launched the 'City of Gold' project in the capital, Baghdad — the country's first zone dedicated to the manufacturing and marketing of gold and jewelry. The initiative is part of a broader government plan to stimulate the non-oil industrial sector, create jobs, and elevate Iraq's regional standing in the gold jewelry market. An Integrated Hub for Gold Manufacturing According to Haider Makiya, Chairman of the National Investment Commission, the project falls under the state's economic diversification strategy, aiming to reduce reliance on oil revenues and stimulate national income. The city will be established on nearly 50,000 square meters in the Al-Nahda area of Baghdad and will feature workshops, factories, and refineries for gold processing, along with specialized training centers in jewelry design and craftsmanship, and commercial markets for both local and international gold products. Makiya explained that the project will be carried out as an investment venture in cooperation with the Trade Bank of Iraq (TBI), which will fund and support its execution phases. This will enable the participation of both local and international private sectors and attract global luxury brands to the Iraqi market. Reviving a Neglected Sector Iraq's gold sector suffers from a lack of supporting infrastructure and limited domestic manufacturing, resulting in a heavy reliance on imported finished gold — particularly from Turkey and the UAE. Project leaders hope that the City of Gold will reverse this trend and transform Iraq from an importer into a regional hub for production and export. Mohammed Naeem, Advisor to the Prime Minister on Investment Affairs, noted that the project goes beyond establishing a marketplace. It envisions a comprehensive ecosystem, including technical education and workforce development, by founding a vocational institute to train young people in gold craftsmanship, especially amid growing demand for skilled labor in the industry. Positive Market Reactions The project has been met with enthusiasm from economic circles, with experts saying it could represent a turning point if linked to broader reforms in the sector's legal and financial frameworks. Economist Nabil Al-Marsoumi commented that the City of Gold reflects "localization of a traditional industry with high added value" and could contribute to improving the balance of payments through future exports. Meanwhile, the Iraqi Goldsmiths Association has called for the inclusion of local artisans and traditional workshops in the design and operational phases to ensure skill transfer to younger generations and avoid monopolization by large companies. A Regional Outlook Iraq's City of Gold emerges at a time when the region is seeing intense competition in the jewelry industry, with established centers like Dubai, Riyadh, and Cairo. However, Iraq is banking on its rich heritage in precious metal craftsmanship and a vibrant domestic market to reposition itself as a key player in the field. Amid the many challenges facing Iraq's economy, the City of Gold presents a promising opportunity — not only to revive a long-neglected sector but also to reshape the country's image as a hub of innovation and manufacturing. If successful, the project could pave the way for a new 'Made in Iraq' label in the world of gold and jewelry in the coming years. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters Arts & Culture "Jurassic World Rebirth" Gets Streaming Date News China Launches Largest Ever Aircraft Carrier Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle Business Egyptian Pound Undervalued by 30%, Says Goldman Sachs Sports Get to Know 2025 WWE Evolution Results News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" News Flights suspended at Port Sudan Airport after Drone Attacks


Iraq Business
09-07-2025
- Business
- Iraq Business
Investment Opportunity: Ops and Maintenance of Bismayah Residential City
By John Lee. The National Investment Commission (NIC) has announced two 15-year investment opportunities for the management and maintenance of Bismayah Residential City, under the provisions of Investment Law No. 13 of 2006 (as amended). Each opportunity covers one of the city's residential blocks, with companies permitted to apply for one or both. The selected companies will be responsible for a wide range of services, including electronic management systems, building and landscape maintenance, waste collection and disposal, utility infrastructure upkeep, and security systems. The work will be supervised by a government-appointed consultancy office, to be paid by the winning companies. Key terms include: A non-refundable application fee of IQD 5 million [approx. $3,800]. A bank guarantee of IQD 125 million [approx. $95,000], forfeitable upon withdrawal after award. A monthly service fee of IQD 30,000 [approx. $23] per residential unit, to be collected by the investor. A minimum of 10% of total revenues to be paid to the NIC. Submission of company documents, audited accounts, technical plans, and previous project experience. The scope of work includes: Maintenance of all internal and external building infrastructure, utilities, gardens, roads, and elevators. Installation and operation of surveillance and access control systems. Pest control, fire safety systems, rainwater drainage, signage, and lighting. Regular repainting and structural upkeep in line with original materials. Joint responsibilities between the two awarded companies include managing the main gate (Entrance 4), utility pipelines from the treatment plant to the city boundary, the main service tunnel, and contracting the oversight consultant. Legal actions will be taken against any party that fails to meet service requirements without correction within seven days of notice. Applications must be submitted in sealed envelopes at the NIC headquarters in the Green Zone from Thursday, 3 July 2025, until 2:30 PM on Sunday, 3 August 2025. Full details here (Arabic). (Source: National Investment Commission)


Zawya
30-06-2025
- Business
- Zawya
Iraq to build 5,000 houses in Basra
Iraq has approved a project to build 5,000 houses in the Southern port of Basra as part of plans to tackle housing shortages, the province's governor has said. Asaad Al-idani told Shafaq news agency on Wednesday that the project has been awarded to a developer and that it targets citizens at affordable prices. The project has an area of nearly three square kilometres (sq. km.) and it has been endorsed by the National Investment Commission (NIC). 'This project includes the construction of nearly 5,000 houses for citizens in phase one,' Idani said without naming the developer or mentioning project costs. (Writing by Nadim Kawach; Editing by Anoop Menon) (


Iraq Business
29-06-2025
- Business
- Iraq Business
NIC Grants 4 Renewable Energy Licences so far This Year
By John Lee. As part of government efforts to diversify Iraq's energy mix and reduce reliance on fossil fuels, the National Investment Commission (NIC) has awarded four major investment licences in the renewable energy sector during 2025. NIC Chairman Dr. Haider Mohammed Makkia [Makiyya] re-announced the licences on Wednesday, noting their alignment with Iraq's National Renewable Energy Strategy and environmental sustainability objectives. The approved projects include: Dr. Makkia stressed that these projects reflect NIC's commitment to enabling both local and international investment in clean energy, aimed at supporting Iraq's national grid while reducing carbon emissions and strengthening energy security. He confirmed that all projects will be executed by specialised companies using modern technologies and internationally recognised environmental standards. " These investments are an important step towards achieving Iraq's sustainable development goals and supporting the national economy with stable, clean electricity, " he said. (Source: NIC) Tags: Babel, Babel Solar, Babil, Babylon, Babylon Solar, Baghdad, Basra News, cg, China, decarbonisation, decarbonization, featured, France, Iskandariya, Karbala, Karbala Solar, National Investment Commission (NIC), National Renewable Energy Strategy, renewable energy, Shanghai SUS Environment, solar power, TotalEnergies, waste-to-energy