UAE Contract for Al Rasheed Complex is Approved

General Secretariat of Iraqi Cabinet approved referring Al Rasheed residential complex to a UAE company at a cost exceeding $ 20 billion and confirmed that it would present the infrastructure project on to next Cabinet which was not adopted by the last because of its great importance in reconstruction of Iraq.

UN Secretary-General of the Cabinet ,Ali Al Alaak , said that this project is one of the largest investment projects in Iraqi history and the region which total cost is more than $ 20 billion and that this project constitutes the first experience in Iraq, according to the new investment law.

Adding according to the importance of this project its gone through complex phases so its implementation is given to eligible major companies so the presentations study and discussions with the companies took a while , and frequent meetings of the Council of Ministers has overcome all obstacles.

Al Alaak said that talks resulted in qualifying three major companies and eventually the UAE company was selected .

Council of Ministers agreed initially for the existence of some final notes regarding the signing of the final contract to allow the Iraqi delegation of Investment Authority to complete the modifications and resubmitted to the Cabinet for approval is anticipated that the final signing will be during the next few weeks.

Al Alaak noted that not ratifying on reconstruction of infrastructure and service sectors project , which was submitted to the current parliament caused a loss of a historic opportunity for Iraq, because this project requires the commitment of a number of countries such as Brazil, Australia, Korea and Japan and a number of major companies for the implementation of various projects such as the upgrading of irrigation and building schools and hospitals and the establishment of construction projects across the country and that Iraq pay the amounts of project implementation credit in duration of time exceeding five years and that these countries and companies are committed to complete implementation of the projects in two years.

Al Alaak said that offers like that must not be neglected because Iraq’s financial ability compared to the destruction in the infrastructure projects we have been witnessing require approval , noting that the political interaction was the main reason not to approve the project by the House of Representatives noting that the General Secretariat of the Council of Ministers to deliberate presenting the project to the next House of Representatives for approval.

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