This month (March 2010), investment permits have been awarded to several projects in Baghdad including companies working in the fields of housing, tourism and hotels.
“Eight investment permits have been given to a number of companies. Housing projects were given a priority,” the Investment Commission in Baghdad said in a statement received by Aswat al-Iraq news agency.
Among the projects is a housing project in Baghdad that includes 1,824 units at the Muthanna Airport, the statement indicated, adding that the total cost of the project is $238 million U.S. dollars.
Mr. Iain Blake, Senior Broker at Anglo Arab Insurance Brokers Ltd., observes, “This development demonstrates the continued progress being made in the reconstruction and rehabilitation of Iraq.”
The announcement comes hot on the heels of a cornerstone being laid in Nassiriya, the capital of ThiQar, 380km south of Baghdad. The cornerstone of the investment al-Ahrar residential compound was laid in the northern city on Tuesday 16th March, according to the media director of the implementing company.
“Thi-Qar governor, Taleb Kazem al-Hassan, laid the cornerstone of the project in north of Nassiriya on 32,000 donums and with a total cost of $160 million,” Abduljabar al-Hamdi told Aswat al-Iraq news agency.
“The project includes 1800 apartments with 70 buildings each will consist of seven or eight floors within 18 months,” he added.
“The compound will provide all sort of services from gardens to swimming pools and public gardens,” he noted.
Mr. Blake continues, “I handle a great deal of Iraqi construction risks and I am noticing that work is spreading out from roads and bridges to broader infrastructural projects encompassing residential developments, hospitals and hotels. It really is an area where our clients have growing needs to manage their exposures in areas of construction, assets and liabilities.”