Economy Update – Baghdad
Magda Al-Ardawi, a member of the Holy Karbala Provincial Council, announced on Monday the issuance of 206 investment licenses in Karbala, totaling over $9 million. These investment projects have created approximately 132,000 jobs in the governorate.
As the official overseeing investment controls in the region, Al-Ardawi detailed that the Karbala Investment Authority has granted a total of 206 investment licenses across various sectors, which amount to a combined financial commitment of $9,264,533,056.
She emphasized that the projects initiated in Karbala have not only stimulated economic growth but also generated significant employment opportunities, matching the job creation efforts of governmental ministries and institutions.
Investment in housing has been particularly notable, with 45 housing projects underway, some of which are completed while others are in progress. The implementation of these projects is expected to alleviate a significant portion of the housing shortage, particularly for low-income families.
Al-Ardawi highlighted that the rising prices of housing units in these developments are influenced by supply and demand dynamics, alongside speculation by real estate investors. Additionally, the availability of services in the developed areas contributes to higher demand, thus driving up prices.
Furthermore, she pointed out that there are residential complexes for which the investment authority has revoked licenses due to a lack of progress in development.
Finally, Al-Ardawi refuted claims of interference or favoritism in the investment licensing process, asserting that all procedures are conducted through established legal frameworks, ensuring a fair comparison among investors based on their bidding values.
For further updates, subscribe to our channel on Telegram