Iraq’s National Investment Commission (NIC) has initiated the administrative process to establish the Al-Tayeb area in the Maysan governorate as a major economic city. The ambitious project is positioned as a strategic investment opportunity, with plans to attract over $60 billion in total investments and transform the region into a multi-service economic powerhouse.
A Strategic Economic Hub
According to NIC Chairman Dr. Haider Mohammed Makiya, the Al-Tayeb Economic City is envisioned as a pivotal economic hub strategically linked to the country’s landmark Development Road project. This integration is designed to create a highly attractive environment for both domestic and foreign investment, fostering significant economic growth and diversification for Iraq. The city’s development is a key component of the nation’s broader strategy to enhance its infrastructure and investment landscape.
Master Plan and Job Creation
The NIC has officially received and approved the master planning vision for the project from the global engineering and consulting firm, KBR. The approval followed a series of dedicated meetings by a specialised committee overseeing the development. Dr. Makiya emphasized that the project is expected to be a major catalyst for employment, generating thousands of diverse job opportunities for the residents of the Maysan governorate and contributing to local prosperity.
Ensuring a Solid Foundation
A high-level ministerial committee is overseeing the project to ensure its successful launch on solid economic foundations. The committee has reviewed detailed land-use plans, preliminary feasibility studies, and potential financing mechanisms. The NIC is actively coordinating with various ministries and government agencies to streamline the process, remove any administrative barriers, and implement clear timelines for the project’s execution.
About The National Investment Commission
The National Investment Commission (NIC) of Iraq is the governmental body responsible for developing the country’s investment policies and promoting investment opportunities. It works to create a favourable investment environment, facilitate procedures for investors, and grant investment licenses to both local and foreign entities aiming to contribute to Iraq’s economic development and reconstruction.
Source: Iraq Business News
