New $900m Residential City Approved for Basra

By John Lee.

An investment licence has been granted for the Mawten Basra Residential City project, at a total investment cost of over 1.4 trillion Iraqi dinars ($930m). The project will be developed by Al-Mawj Company for Investment and Real Estate Development across five consecutive phases.

According to the National Investment Commission (NIC), the project is located in Basra governorate and will be implemented in full by the investing company itself, in line with modern urban planning standards. The licence was signed by NIC chairman Adel Dakhil Muhammad al-Yasiri.

The NIC said the licence falls within the Prime Minister's initiative to provide one million serviced residential plots across Iraq's governorates, and supports the government's programme to expand the development of modern, sustainable cities.

(Source: National Investment Commission)

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