Economy Update – Baghdad
The National Investment Authority (NIA) has unveiled a series of ambitious projects projected to generate annual revenues exceeding $150 billion. Simultaneously, the authority has successfully attracted foreign investments totaling $63 billion.
Over the past year and a half, the NIA has played a crucial role in luring foreign investment, which encompasses both direct investments and concessions for investment holidays amounting to $63 billion, alongside local investments of $27 billion. According to authorities, this achievement marks a significant milestone not seen in Iraq’s economic landscape for nearly two decades, as well as representing the highest level of investment since the NIA’s inception up to 2022.
The NIA provided insights into its strategic roadmap for projects scheduled for implementation in 2025 and beyond, focusing on enhancing foreign capital influx. Key initiatives under consideration include:
- Waste Treatment and Electricity Generation Project: Awarded to Shanghai, a Chinese firm, this project will facilitate the treatment of 3,000 tons of solid waste daily while producing 100 megawatts of electricity. The second phase is expected to be completed soon in the Abu Ghraib area.
- Electronic Development Road Project: The economic feasibility study for this project has been finalized. It involves establishing a new oil pipeline and a maritime outlet for Iraqi oil exports through the Mediterranean, targeting Syria and Lebanon. This initiative is anticipated to yield annual revenues of approximately $25 billion and has received the necessary approvals from previous governments, enhancing its geopolitical significance for Iraq.
- Investment in Silica Sand: A feasibility study concerning the extraction of high-purity silica sand (98%) for the semiconductor industry is underway. The project holds the potential to generate substantial contributions to the public budget, estimated at $100 billion annually. The global trade volume for semiconductors derived from pure silica sands is projected to reach $202 billion across six countries, including the United States, Russia, China, Japan, North Korea, and Taiwan.
- First Wind Energy Project: The feasibility study for the inaugural wind energy project in Iraq, with an output of 500 megawatts, is nearing completion.
- Agro-Environmental Initiatives: The NIA is also pursuing various patents to transform desert terrains into arable land, contributing to food security and environmental sustainability.
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