Iraq is targeting investments of nearly $70 billion by the private sector within the next five years mainly in five new residential cities planned in various parts of the Arab country.

The National Investment Commission (NIC) is working to encourage the private sector to invest in these cities within a programme to expand its partnership with the public sector, NIC’s Chairman Haidar Makkieh said.

Makkieh said in a statement published on Friday that the five new cities have been approved by the cabinet and they would be launched shortly.

“We expect that the private sector will invest at least $70 billion in domestic projects within the next five years, mainly in the five cities which will be launched soon,” he said.

(Writing by Nadim Kawach; Editing by Anoop Menon)


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