Basra residential city secures $927M investment license

Shafaq News- Basra

Iraq's National Investment Commission (NIC) announced on Wednesday that it had granted an investment license for the Mawtin Basra Residential City project, with a planned investment exceeding 1.4 trillion Iraqi dinars (about $927M).

In a statement, the commission said the project would be developed in five successive phases by the same investing company, with plans for modern urban infrastructure, integrated services and residential facilities.

The NIC said it would continue supporting strategic investment projects, particularly residential developments aimed at expanding infrastructure and stimulating economic growth.

According to the commission, the license forms part of Prime Minister Ali al-Zaidi's Watan Initiative, a nationwide program aimed at providing one million serviced residential plots and expanding modern housing developments across Iraq.

The commission said such projects were intended to address the housing shortage, accommodate population growth, attract domestic and foreign investment, and generate thousands of jobs for local workers, engineers and technical specialists.

On October 10, al-Zaidi laid the foundation stone for the Watan Initiative in Karbala, marking the launch of the nationwide housing program.

The initiative seeks to provide one million residential plots free of charge to eligible Iraqi families whose members do not own a home or other property.

Iraq continues to face a severe housing shortage, with the Ministry of Construction and Housing estimating a deficit of approximately five million housing units.

Official estimates of the population living in informal settlements range from three million to more than nine million people. Separately, Planning Ministry figures indicate that around 104,000 informal housing units accommodate between 500,000 and 600,000 residents.

Read more: Crushed dreams, rising demand: Iraq’s deepening housing crisis