PROJECTS: Iraq to build administrative capital near Baghdad

Project to be offered to investors

  
Image used for illustrative purpose. A worker walks past the Bismayah residential project in Baghdad, February 26, 2015. REUTERS/Thaier Al-Sudani

Image used for illustrative purpose. A worker walks past the Bismayah residential project in Baghdad, February 26, 2015. REUTERS/Thaier Al-Sudani

REUTERS/Thaier Al-Sudani
Iraq has launched a project to build its first administrative capital similar to the project under construction in Egypt near its capital Cairo.
 
The National Investment Commission (NIC) said the new city would be located near Baghdad International Airport over area of more than 20 square kilometres.
 
The project will be executed in four stages, the first of which comprises the construction of around 75,000 houses as well as commercial, education, health and amusement facilities, NIC’s Chairperson Suha Al-Najjar said.
 
She told the official daily Alsabah on Wednesday that Phase 1 of the project would accommodate nearly 300,000 people, adding that total housing capacity would exceed one million people when the project is completed.
 
The paper said the Iraqi cabinet gave final approval for the project on Tuesday and that it would be offered as an investment to local and foreign developers. It did not mention estimated costs but said the project is located just opposite 'Bismaya City', a $7.7-bln residential project being constructed by South Korea’s Hanwha Company 10km Southeast of the capital Baghdad. When it is completed, Bismaya will house over 600,000 people.
 
(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

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