Iraq, Saudi Arabia, Egypt to develop economic city near Baghdad
Baghdad (IraqiNews.com) – Under the auspices of Iraqi Prime Minister Mohammed Shia Al-Sudani, Iraq's National Investment Commission (NIC) and Talaat Moustafa Group (TMG), a leading Egyptian conglomerate specialized in real estate development, signed on Sunday a Memorandum of Understanding (MoU) to develop part of the Al-Rufail Economic City as a collaborative investment project between Iraq, Saudi Arabia, and Egypt.
During a ceremony held in the Iraqi capital, Baghdad, to sign the MoU, Al-Sudani underscored the government's support for investment projects and commitment to providing an acceptable environment for increasing investment activity in Iraq, according to a statement released by the Prime Minister's Office (PMO).
TMG's chairman, Hisham Talaat Moustafa, affirmed the group's willingness to collaborate and begin implementing agreed-upon projects.
According to the Iraqi News Agency (INA), the Al-Rufail Economic City is a planned economic zone in western Baghdad, intended to attract domestic and foreign investment. It is the first economic city in Iraq.
TMG said in April that it was in advanced discussions with the Iraqi government to construct a new city on a 14-million-square-meter land area, featuring 45,000 housing units, with estimated sales of $17 billion.
According to Shafaq News, Al-Sudani revealed in January that the Iraqi government signed contracts worth over 600 billion Iraqi dinars (nearly $459 million) with Egyptian companies.
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