Economy Update – Baghdad
Next month, the National Investment Authority is set to host the inaugural forum for smart cities. This initiative comes amid a directive from the Ministry of Construction and Public Municipalities requiring investors to refrain from raising unit prices in exchange for incorporating advanced technology.
Dr. Haider Makiya, the head of the National Investment Authority, emphasized the agency’s focus on attracting investment firms specializing in modern technology. This strategy is aimed at fostering technological innovation and ultimately achieving the ambitious objective of establishing smart cities that support sustainable development and enhance the housing landscape in Iraq.
“The forthcoming forum, scheduled for the middle of next month, is being organized in collaboration with the Federation of Chambers of Commerce, the International Chamber of Commerce, and the Ministry of Construction and Housing. This event aims to facilitate the dissemination of knowledge regarding the development of new cities and to showcase the latest advancements in smart city technology globally,” Dr. Makiya noted.
In line with these efforts, the authority has established a mini-operating room dedicated to assessing the costs associated with the development of smart cities. This initiative is designed to ensure that the financial requirements align with the citizens’ capabilities, while also promoting digital transformation and presenting available investment opportunities in the sector.
Dr. Hamid Abdul Hamad, head of the New Cities Authority within the Ministry of Construction and Housing, stated that all new cities developed by his ministry meet the standards for smart and sustainable living, particularly the larger projects that operate independently in terms of services while utilizing clean energy solutions.
He further added, “In this context, we have agreed with investors to integrate modern technologies throughout the projects, utilizing experienced companies in the field. Additionally, we are committed to ensuring affordability for low-income families to facilitate their acquisition of these properties.”
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