Iraqi State Takes Share In New Housing Projects
Date
10/16/2023 2:56:34 AM
(MENAFN- Iraq Business News)
By John Lee.
In its 41st regular session, chaired by Prime Minister Mohammed Shia Al-Sudani, the Iraqi Cabinet approved the allocation of four new residential city projects to foreign and local companies based on recommendations from the ministerial team established under Cabinet resolution (23121) of 2023.
The projects are as follows:
New Al-Juwayriyah City in Baghdad Governorate. New Difaf Karbala City in Karbala Governorate. New Al-Ghazlani City in Nineveh Governorate. New Al-Janain City in Babil Governorate.
The Cabinet further approved that 15 percent of housing units would be allocated to the state, marking the first instance of such allocation as part of the government's plans to address the housing crisis.
Additionally, the Cabinet confirmed that prices for units in the mentioned new cities will be fixed and not subject to bidding or trading. Investors will not be allowed to sell more than 1 percent of housing units to any other company or individual, to ensure price stability.
(Source: Media Office of the Iraqi Prime Minister)
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