Economy Update – Baghdad
Muhammad al-Najjar, advisor to the Iraqi Prime Minister for Investment Affairs and CEO of the Iraq Fund for Development, emphasized the fund’s role as a catalyst for facilitating planned investment projects amounting to $7 billion.
In a recent interview, on the occasion of a visit by a French commercial delegation comprising representatives from 30 firms, al-Najjar expressed optimism regarding potential projects that could yield investments reaching $4 billion across various sectors. These sectors, characterized by cooperation with French entities, include healthcare, environmental management, public transportation, and smart agriculture.
The Iraq Fund for Development, established in 2023, aims to foster a conducive investment environment and support the private sector’s growth.
According to al-Najjar, the fund’s mission is to incentivize both Iraqi and foreign private sector participation in project establishment within the country. He noted significant interest from local investors, expressing hope for similar engagement from international partners.
He further detailed the fund’s recent initiative, titled “Civilization,” which aims to create a partnership with Iraqi and foreign investors to develop tourist resorts in Iraq’s archaeological regions. Al-Najjar highlighted that Iraq is home to approximately 12,500 UNESCO-recognized sites, many of which have yet to be developed.
Al-Najjar anticipates that the fund will attract $1 billion in investment flows into Iraq’s tourism sector this year. He acknowledged the sector’s vast potential but stressed the need for significant financial investment to unlock its value.
As part of its strategy to diversify the economy beyond oil dependency, Iraq is set to implement 21 tourism development projects. This initiative aligns with the designation of Baghdad as the Arab Tourism Capital for 2025 by the Arab Tourism Organization.
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