Najaf Attracts $7 Billion in Foreign Investment

Azzaman reports that the holy city of Najaf has turned into a hub for foreign investments, mainly in areas of housing and tourism, as numbers of foreign pilgrims to the city surge.

The head of Najaf Investment Commission, Wafi al-Bahhash, said an estimated $7 billion had been invested, adding that his commission granted new licences for entrepreneurs to construct a $247 million housing complex in the city.

“We have so far given 176 licenses and more applications are waiting for approval,” Bahhash said.

Karbala and Najaf are Muslims’ most sacred sites outside of Saudi Arabia. Najaf is the site where Imam Ali, Shiite Muslim’s most revered saint, is buried.

(Source: Azzaman)

[Picture: Imam Ali Mosque, Najaf]

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