Economy Update – Baghdad
The Municipality of Baghdad has announced the imminent launch of the third phase of the Rashid Street Rehabilitation project. This initiative will begin from a designated starting point and includes a proposal to determine pedestrian and shopping access hours along Al-Rashid Street and in the historic areas of Old Baghdad.
The rehabilitation project for Al-Rashid Street is recognized as one of the city’s significant undertakings, with some components already implemented over the past two years in the historic center of Baghdad. It has been noted that plans and studies for this project have been prepared and discussed since 2011 and 2018, but concrete progress has only commenced under the current government.
According to officials, the rehabilitation of Al-Mutanabbi Street has been completed, along with enhancements to the areas adjacent to the former Ministry of Defense site. An additional axis is under development for the banking sector, with efforts coordinated by a specialized team from the Municipality of Baghdad and directly sponsored by the Secretariat, funded through the “Tamkeen” initiative from the Central Bank of Iraq, which has allocated resources for the enhancement of heritage and archaeological zones.
The third stage of the project will extend from Al-Midan Square to the Al-Haidkhana Mosque and Hassan Ajami Café. This segment will involve comprehensive organization, encompassing upgrades to infrastructure and street pavements using basalt stone, similar to materials used in the rehabilitation of the Mutanabbi and Saray streets. Preservation of historic buildings will also be prioritized, which includes cleaning and removing visual distortions, to ensure the area functions as a vital thoroughfare leading to Al-Rusafi Square.
There are numerous historical buildings, including mosques in the Saray area and underutilized government properties that are being transformed into tourist attractions. The Al-Qishleh area, for instance, is evolving into a destination with tourist cafes and a cultural center that has become popular among visitors, among other heritage-related projects.
It is expected that future vehicle access to this area will be restricted, necessitating alternative modes of transport. The Secretariat is currently evaluating the allocation of morning access hours from 6 AM to 6 PM for shopper convenience, while evening hours will be designated for pedestrians only, prohibiting vehicle entry.
On Monday, Prime Minister Mohamed Shi’a directed the expedited completion of the third stage of the Rashid Street reconstruction during a meeting that included the Central Bank Governor and members of the Iraqi Banking Association. This meeting emphasized the government’s commitment to revitalizing the historic city of Baghdad, enhancing its landmarks, monuments, and streets, in alignment with its stature as Iraq’s capital, according to an official statement.
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