By John Lee.
The Iraqi Cabinet has approved a series of incentives for the developers of Basra/1 and Basra/2 residential projects.
For Basra/1, the developer has been exempted from the standard 10 percent deduction representing the landowner's share. The company is also authorised to sell units at open market prices. Additionally, it is permitted to construct vertical residential units on up to 10% of the land area, subject to approval from the Ministry of Transport, Civil Aviation Authority, and Baghdad Municipality. In exchange, the company will donate 2,000 housing units.
In Basra/2, similar terms have been approved, including the construction of vertical housing units on no more than 10% of the land, in return for the donation of 1,000 housing units. This is in addition to the 4,000 units already stipulated in the investment contract. The project is also exempt from the 10% landowner's share, pending approval of the rerouted fourth ring road by relevant sectoral authorities.
The Cabinet has further directed all government entities owning property within the project boundaries to transfer ownership to the National Investment Commission (NIC). This includes 122 dunams currently under the ownership of the University of Baghdad (Ministry of Higher Education and Scientific Research). To facilitate the transfer, the Cabinet has amended its previous decision No. 24390 of 2024, requiring the Ministry of Finance to provide the University with a replacement plot of equivalent size.
(Source: PMO)
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