Latest news with #MohammedShiaAl-Sudani
Iraqi News
a day ago
- Business
- Iraqi News
Iraq to construct 60,000-unit new residential city
Baghdad ( – The Iraqi Prime Minister, Mohammed Shia Al-Sudani, announced on Wednesday the launch of the construction work of the New Sadr City project, which will include 60,000 housing units. According to a statement from the Prime Minister's Office (PMO), the new Sadr City project will consist of 60,000 housing units of various designs and sizes, distributed across 52 districts. Additionally, there will be an integrated commercial and service hub located at the center of the city. The statement mentioned that an agreement was concluded with a Chinese company on April 22 to build up the necessary infrastructure, roadways, and supplementary works for an 11,000-unit residential area, as well as the basic layers of the main highways. According to the Iraqi News Agency (INA), the 1,200-day agreement marks the project's first phase. Al-Sudani emphasized the importance of initiating construction on the infrastructure for New Sadr City. This infrastructure will encompass sewage and drinking water networks, roadways, as well as electrical and telecommunication systems to support 60,000 residential units. Al-Sudani emphasized that the project introduces a new economic model, the first of its kind, in which the government plays a role in providing essential infrastructure. Subsequently, the private sector is brought in as a key partner for the planned construction of residential cities.
Iraq Business
2 days ago
- Business
- Iraq Business
Iraq Launches New Sadr City Project: 60,000 Homes, Modern Infrastructure
By John Lee. Prime Minister Mohammed Shia Al-Sudani has officially launched construction on the New Sadr City project in Baghdad. The project covers 4,000 dunams [400 hectares; 1,000 acres] between the Al-Maamel area and the edge of the existing Sadr City. It will feature 60,000 housing units of various sizes, fully integrated with public services including roads, sanitation, potable water, electricity, and telecommunications. The city will be structured into 3 sectors, 12 districts, and 52 neighbourhoods, with a central commercial and service hub. The Prime Minister described the development as a pioneering economic model for Iraq: the government will first implement full infrastructure works, after which private sector developers will construct the residential units. This integrated model is designed to replace substandard, informally developed suburbs and offer high-quality alternatives to residents. In April, the contract for infrastructure and roads covering 11,000 housing units was awarded to China's state-owned Shandong Hi-Speed Group [Shandong Gaosu Group], with a 1,200-day timeline for completion. According to the Media Office of the Prime Minister, the firm was selected through a competitive process based on strict technical and financial criteria. Al-Sudani clarified that contrary to public misconceptions, the project does not involve demolishing existing neighbourhoods. Instead, it aims to connect and upgrade old and new urban areas with modern planning and services. The Prime Minister reaffirmed that housing is a top government priority. He confirmed that work has started on 8 of the 16 new cities approved under the current government programme, and that informal housing residents will be offered viable alternatives. (Source: PMO) Tags: Baghdad, cg, China, featured, Housing, Infrastructure, Investment, Mohammed Shia Al-Sudani, New Sadr City Project, real estate, Sadr City, Shandong Hi-Speed Group (Shandong Gaosu Group), Urban Development, WW
Shafaq News
2 days ago
- Business
- Shafaq News
Iraq's top advisor to speculators: We're not in financial trouble
Shafaq News/ On Wednesday, Iraqi Prime Minister Mohammed Shia Al-Sudani's Financial Advisor, Mudher Muhammad Saleh, dismissed speculation of a looming financial crisis in Iraq, crediting the country's economic stability to 'prudent fiscal policy.' Saleh told Shafaq News that Iraq relies on oil revenues to finance about 90% of public expenditures, while government spending constitutes roughly 50% of GDP, noting, 'This spending drives around 85% of total demand in the economy.' He cautioned that Iraq must remain vigilant amid global trade tensions and energy market disruptions, noting that oil prices seem to be entering a new downturn. This, he said, has led to closer coordination between the country's fiscal and monetary authorities. 'Iraq has weathered similar oil cycles since 2014 and succeeded in preserving economic stability,' he added. The economic expert further pointed out that the government is enforcing stricter fiscal discipline on revenues and expenditures, coordinating with the central bank to cover deficits without disrupting essential outlays. Ensuring sufficient liquidity to meet national needs remains a top priority. Earlier, the Parliamentary Finance Committee warned of a potential future crisis amid falling oil prices and inadequate safeguards to cushion Iraq's economy. Economic experts blamed the Ministry of Finance and the Central Bank for weak monetary circulation and declining public trust in the banking sector. Official data showed that Iraq's money supply has reached around 127 trillion dinars (96.52 billion USD), with 70% of it held outside the banking system. Additionally, oil revenues reportedly dropped by 15% in April, compounding pressure on strategic reserves.
Iraqi News
2 days ago
- Business
- Iraqi News
Starlink visits Baghdad to explore Iraq partnership
Baghdad ( – The Iraqi Prime Minister, Mohammed Shia Al-Sudani, and a delegation from US-based Starlink discussed on Wednesday possible cooperation in the communication sector. According to a statement released by the Prime Minister's Office (PMO), Al-Sudani underlined that Iraq currently offers several appealing investment prospects as the country grows rapidly and expands its urban and service sectors. Al-Sudani emphasized Iraq's strategic connection with the United States under the Strategic Framework Agreement and other bilateral agreements in the economic, scientific, and development sectors. Starlink is a satellite internet group managed by Starlink Services, LLC, an international telecommunications service and fully owned subsidiary of the US aerospace corporation SpaceX. The Iraqi prime minister directed the concerned authorities to investigate measures to facilitate SpaceX operations and accelerate the required processes. As part of the Iraqi government's transition to digital transformation, Al-Sudani encouraged big technology companies, particularly those based in the United States, to operate in Iraq and engage with the Iraqi private sector.
Iraqi News
4 days ago
- Entertainment
- Iraqi News
Katara documents its winning of the Babylon International Prize with an artistic mural
Baghdad-INA Katara Cultural Village Administration decided on Monday to document its winning of the Babylon International Award through an artistic mural by Fatima Al-Shaibani. A statement from the Babylon International Foundation for Cultures and Arts, received by the Iraqi News Agency (INA), stated, "To document the winning of the Katara Cultural Village in Doha of the Babylon International Award for Cultural Cities 2 at the 12th session of the Babylon Festival of World Cultures, held under the patronage of Prime Minister Mohammed Shia Al-Sudani, the Katara Cultural Village Administration has decided to erect an artistic mural documenting this, designed by visual artist Fatima Al-Shaibani." According to the statement "The joint design has been approved and implementation has begun on one of the Cultural Village's facades overlooking the Arabian Gulf."
