It is inhabited by 120 thousand people.. “Sawiris” establishes a city in Iraq

The head of the National Investment Authority in Iraq, Haider Makiya, revealed discussions with Egyptian businessman Naguib Sawiris to establish a residential city in Iraq that can accommodate more than 120,000 people, according to the East Economy.

He said in statements on Saturday, December 2, 2023, on the sidelines of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28) in Dubai, that the articles of association are scheduled to be signed during the first quarter of 2024.

Visit Sawiris

“Makiya” explained that this is a result of the visit made by the international investor “Sawiris” to the National Investment Authority in Iraq during last January, when he held a dialogue about his desire to invest in Iraq, and we determined an area of land amounting to about 24 thousand dunums. “An Iraqi dunam is equal to 2,500 dunams.” Square meters".

He pointed out that the city will be civilized and include various types of housing, whether medium-sized or luxury. The current stage is witnessing the preparation of a draft contract with the Egyptian businessman, as the Supreme Committee for Investment in Iraq agreed to exclude it from some provisions that facilitate the start of investment.

Investment cost

The head of the National Investment Commission in Iraq, Haider Makiya, continued: “We are continuing cooperation to benefit from the expertise of businessman Naguib Sawiris, and it is expected that the city’s foundation stone will be laid in the first quarter of next year.”

Makiya expected that the investment cost of the city’s infrastructure alone would reach about $2 billion, but the investment cost of the project depends on the tenders presented by Sawiris and the number of units, etc., which will appear through the feasibility study presented by the Egyptian billionaire.

Egyptian billionaire Nassef Sawiris had announced the transfer of the Family Investment Office “NNS” to Abu Dhabi, joining a group of prominent investors who established their businesses in the emirate.

The current economic boom in the Kingdom of Saudi Arabia

Earlier, the founder of Orascom Development Holding, Samih Sawiris, praised the current economic boom in the Kingdom of Saudi Arabia, especially in the tourism sector.

Sawiris said in an interview on Thursday, October 19, 2023, that this boom makes us very optimistic, and our company is developing projects in 9 countries, and we have no doubt that the new tourist city project in Jeddah will be the most successful among our projects.

Emaar, the Economic City Company in Saudi Arabia, announced the signing of a cooperation agreement with Orascom Real Estate Development and Al-Kholy Holding Company, to develop a multi-tourist destination in King Abdullah Economic City in Jeddah.

This project is Orascom Development's first investment in the Kingdom, and Sawiris said that his company aims to develop a copy of the Egyptian El Gouna project in the new political city on the Red Sea in the Kingdom.

He pointed out that the cost of the project is expected to exceed more than one billion dollars, explaining that the tourist city in King Abdullah Economic City will be integrated and will attract visitors and residents, due to the most important factors, the most important of which is its proximity to Jeddah Airport.