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Iraq Business
25-02-2025
- Business
- Iraq Business
Iraq's Real Estate Bank Outlines Strategic Plan for 2025
By John Lee. The Real Estate Bank of Iraq has unveiled its strategic plan for 2025, focusing on expanding financial services, digital transformation, and green financing. Director General Abbas Shihab Al-Jawahiri chaired a meeting with department heads, branch managers, and unit officials to review progress in 2024 and set priorities for 2025. According to a statement from the bank, key achievements in 2024 include: 100% implementation of the POS electronic payment system across all branches and 6,000+ commercial outlets. Full deployment of the electronic collection service via mobile banking. Completion of the first phase of the mortgage automation project. Approval for the reconstruction and modernisation of bank-owned branches in coordination with the Ministry of Construction and Housing. Strategic Priorities for 2025: Eliminating annual interest on housing loans using recovered funds from 2023-2024. Introducing green energy loans for citizens purchasing sustainable energy systems. Enabling online applications for housing loans via the Ur platform. Enhancing banking operations across branches. Issuing Visa cards, following the acquisition of necessary licenses in 2024. Facilitating salary domiciliation for public and private sector employees with incentives. Expanding ATM deployment across key locations. Al-Jawahiri emphasised the importance of institutional development and continuous employee engagement to improve banking services. He praised the staff for their contributions and reiterated the bank's commitment to modernising Iraq's banking sector and supporting economic growth. (Source: Real Estate Bank of Iraq) Tags: banking, cg, featured, Real Estate Bank
Zawya
20-02-2025
- Business
- Zawya
Iraq unveils new housing strategy to boost affordable homeownership
Iraq is revamping its housing investment strategy, shifting away from traditional real estate models in a bid to expand homeownership and address housing shortages. Mudher Mohammed Saleh, Financial Advisor to the Prime Minister, told Zawya Projects that this initiative is part of Iraq's goal to provide one million residential units in newly developed urban areas across the country. 'The policy emphasises the development of new urban centres, moving away from previous practices of constructing housing within existing central urban areas,' he said, adding that the focus will be on developing well-planned communities with modern infrastructure to enhance the quality of life for residents. The new policy advocates a mix of direct distribution and subsidy-based solutions to provide sustainable and affordable housing to Iraqi citizens. Saleh explained that direct distribution involves acquisition of completed properties from developers and distributing them to low-income beneficiaries through affordable monthly payment mechanisms. Additionally, the government plans to offer subsidised housing loans through the Real Estate Bank and the Housing Fund. 'These instruments are intended to support individual home construction and purchases, making housing more accessible to a broader segment of the population,' explained Saleh. Stabilise prices The official said he anticipates the new housing policy to stabilise property prices in urban areas. 'By increasing the supply of housing units and offering diverse options, the government aims to align property values with their true market worth, making homeownership more attainable for citizens,' he said. He added that ultimately, this initiative aims to address long-standing housing shortages exacerbated by decades of conflict and economic instability. 'By combining vertical (apartment complexes) and horizontal housing (single-family houses) solutions with government-subsidised construction materials and financial support, the policy seeks to create sustainable, affordable living environments across the country,' Saleh noted. (Reporting by Majda Muhsen; Editing by Anoop Menon)
