Latest news with #NationalInvestmentCommission
Iraq Business
10 hours ago
- Business
- Iraq Business
Iraq Explores Green Hydrogen and Blue Ammonia
By John Lee. The National Investment Commission (NIC) held a high-level meeting recently to discuss investment opportunities in the production of green hydrogen and blue ammonia, aligning with Iraq's broader strategy to diversify its energy sources and shift towards clean and renewable alternatives. NIC Chairman Dr Haider Muhammad Makiyya, who chaired the meeting, stated that these initiatives are central to the government's vision of transitioning the national economy and energy sector. He emphasised the importance of attracting foreign investment and technical expertise in clean energy, adding that collaboration between public and private sectors is key to unlocking Iraq's renewable energy potential. Dr Makiya highlighted the economic benefits of hydrogen production, including job creation and sustainable energy supply, noting that such projects could significantly contribute to Iraq's energy security and economic growth. The meeting also addressed Iraq's future plans in renewable energy and biofuels, while acknowledging the challenges posed by the country's heavy reliance on oil and the urgent need to shift towards alternative sources. Committee members and ministry representatives expressed their support for continued cooperation, citing the need to apply Iraq's Investment Law effectively and offer incentives that protect investors and attract capital into the clean energy sector. The discussion forms part of Iraq's national efforts to develop its hydrogen economy, reduce carbon emissions, and achieve its sustainable development goals. Also attending the meeting was Dr Muna Al-Jaberi, NIC's renewable energy advisor. (Source: NIC)
Iraq Business
10 hours ago
- Business
- Iraq Business
Launch of Canada-Kurdistan-Iraq Business Council
By John Lee. During the launch of the Canada-Kurdistan-Iraq Business Council in Erbil, the Chairman of the National Investment Commission (NIC), Dr. Haider Muhammad Makiyya, underscored the importance of expanding economic partnerships as a foundation for stable national economies. Dr. Makiya revealed that Iraq had attracted over $90 billion in investment over the past two years, including $64.6 billion in foreign investment and $25.3 billion from domestic sources. He attributed this to Iraq's deliberate economic openness and the NIC's focus on building a productive and sustainable investment environment through collaboration with local and international partners. He emphasised the pivotal role of the private sector in driving this transformation, alongside the ongoing reforms aimed at improving Iraq's investment climate. In a meeting with Dr. Mohammed Shukri, Chairman of the Kurdistan Region Board of Investment, Dr. Makiyya called for stronger integration between the federal and regional investment commissions. He noted that such coordination would enhance Iraq's unified investment map and contribute to balanced economic development across the country Welcoming the launch of the new economic council, Dr. Makiya described it as a qualitative leap in Iraq-Canada relations and expressed hope for a similar initiative to be established in Baghdad soon. He concluded by inviting Canadian investors and companies from the Kurdistan Region to participate in the Iraq Investment Forum, scheduled for mid-June in Baghdad. The forum will showcase major investment opportunities and foster future partnerships. (Source: NIC)
Iraq Business
2 days ago
- Business
- Iraq Business
Iraq Announces 135 Strategic Investment Opportunities
By John Lee. Iraq's National Investment Commission (NIC) has announced more than 135 ready-to-offer investment opportunities across key economic sectors as part of its preparations for the Iraq Investment Forum 2025, scheduled for 14-15 June. The NIC has held a series of intensive coordination meetings with provincial investment commissions to review and validate the legal and technical readiness of the investment licences associated with the listed opportunities. The opportunities span critical sectors such as: Electricity Oil Telecommunications Housing Free Zones Transport Youth and Sports Huda Aidan, Director General of the Economic and Technical Department at the NIC, said all projects have been vetted for legal compliance and ownership approvals, making them fully eligible for allocation and immediate investment. The forum is also expected to mark the launch of several strategic projects in the industrial, agricultural, and tourism sectors. It is positioned as a milestone event in attracting foreign direct investment and mobilising domestic capital, in line with Iraq's Vision 2030 for Sustainable Development. (Source: NIC)
Iraq Business
27-05-2025
- Business
- Iraq Business
MoU signed for Development of Al-Rafeel Economic Zone
By John Lee. Prime Minister Mohammed S. Al-Sudani oversaw the signing of a Memorandum of Understanding between the National Investment Commission (NIC) and Egypt's Talaat Moustafa Group for Real Estate Development (TMG) to develop part of the economic zone in Al-Rafeel [Rafael] City, west of Baghdad. The agreement involves Iraqi-Egyptian-Saudi investment and includes participation from Saudi Arabia's Al Muhaidib Group. The MoU aims to attract investments across multiple sectors and was accompanied by a presentation of city plans, covering land allocation, infrastructure, schools, hotels, and service facilities. Al-Sudani reiterated the government's commitment to facilitating investment and accelerating strategic development initiatives. Talaat Moustafa Group CEO Hisham Talaat Moustafa confirmed readiness to initiate implementation procedures. (Source: Media Office of the Prime Minister)
Zawya
26-05-2025
- Business
- Zawya
Egypt's TMG Holding signs MoU for $17bln mixed-use project in Iraq
Egypt's Talaat Moustafa Group Holding (TMG Holding) announced on Sunday that a subsidiary of its Saudi joint venture, TMG Saudi Arabia, has signed a Memorandum of Understanding (MoU) with Iraq's National Investment Commission (NIC) for a large-scale real estate project in the southwest of Baghdad. According to a company statement, the MoU covers the development of a 14 million square metre (sqm) mixed-use project expected to contain around 46,000 units. TMG Holding anticipates total project sales of $17 billion, with recurring income estimated at $1.5 billion per annum once the development is completed. In April, the EGX-listed company had disclosed that it is negotiating with Iraqi authorities for a mixed-used development in Bahgdad. The Iraq MoU follows recent milestones for TMG Saudi Arabia, including the launch of Banan City in Riyadh spanning 10 million sqm with estimated sales of $12 billion. Since its launch in 2024, Banan City has recorded SAR 6 billion ($1.6 billion) in sales. TMG Holding also secured 4.9 million sqm of land in Oman in May 2025 for two new mixed-use developments, which is expected to generate $4.7 billion in sales and $54.8 million in annual recurring income. The statement said the Iraq deal adds to the Group's growing regional land bank, which now totals 29 million sqm across Iraq, Saudi Arabia, and Oman. Including Egypt, TMG Holding's total land bank stands at 125.9 million sqm. The company's regional expansion strategy focuses on exporting its Egyptian integrated city model to key Middle Eastern markets. Combined sales from the three projects in Iraq, Oman, and Saudi Arabia are expected to reach $33 billion over their development lifespans, with a post-tax profit margin of 12–17 percent. The portfolio's recurring income assets are projected to generate $1.7 billion annually, with a profit margin between 75–80 percent. The company noted that its off-plan sales model—used successfully in Egypt—will reduce upfront financing needs for its regional projects. It added that TMG Saudi Arabia will serve as a key driver for future growth across Saudi Arabia and the broader Arab region. TMG Saudi Arabia is 60 percent owned by TMG Holding and 40 percent by Saudi-based AlMuhaidib Group. TMG's foray was preceded by Egypt's ORA Developers, which was awarded a contract last year to develop a new mega residential city 'Ali Al-Wardi' in southeast of Baghdad, according to a February 2024 report by Zawya Projects. (Writing by Marwa Abo Almajd; Editing by Anoop Menon) (
