Gulf investment in Basra began to come to fruition


Basra province has seen in recent high turnout of foreign investors and Tuadhm from various countries for the investment opportunities offered by the BIC.

Observers attribute this popularity to the relative stability enjoyed by the province of Basra, because of their economic advantages have made them the most important investment environment in the region. Basra and enjoys a secure and stable environment to help attract investors in the world, and there are a lot of companies have opened branches in Basra and without the protection of security companies.

The businessmen and Gulf companies share most of their counterparts in the world for investment opportunities at hand and provide applications for licenses investment projects. Seeks BIC to find appropriate solutions that keep pace with the construction process by agreeing on a map of investment process in various sectors, which yielded to attract foreign companies and the Gulf through the establishment of conferences and invitations as well as a lot of electronic correspondence in the package of measures to attract capital.

Authority is also seeking to seize the investment opportunities which are at the forefront of its priorities and objectives to achieve the goals of the Iraqi investment law and the creation of urban interface to keep fit with the position of Basra economic, historical, and make more efforts to provide jobs for people in the province.
UAE investments
Called BIC UAE companies to invest in the province being contributed in building the United Arab Emirates in record time and have an experience that qualifies them to invest in Basra.

Basra was seen in the last few days the opening of the air route between the UAE and Basra, which would actually promote investment and attract investors from around the world.

It has set up the conferences in Dubai to attract Emirati investments in all sectors in general and in the field of hospitality management and hotel services, in particular because of its successful experience in this sector. And granted the license for investment company / Dow AAC / UAE after its contract with the local government to implement a power plant project investment capacity of 150 MW, at a cost of $ 125 million in the period of completion of six months.

The production plant will be allocated to areas of energy inspired Jihad al-Hussein and Homeland Security and other neighborhoods located north of Zubair. The project is the first of its kind in the Basra, the fact that investment projects witnessed by the province after 2003 did not include the electricity sector, and will contribute to solving the problem of bottlenecks and filling the shortfall in power generation, and will reach a period of work on the project to 6 months and will build the plant in the area While the SAA for up investment in the project to 3 years.

And introduced Khaled Ibn al-Nahayan, the trade and services fields and facilities, oil and gas project to invest in a refinery in Basra for the group after the initial official approvals.

And a group I belong to the commercial Khalid Sheikh Abdullah bin Mohammed bin Khalid Al Nahyan and operates in the field of trade and services fields and oil and gas facilities onshore and offshore, and take from the UAE capital Abu Dhabi-based and center.

The project aims to invest in Basra oil refinery with a capacity of up to 300 thousand barrels per day Alouhd to cover the shortfall in the local markets in Iraq and reduce the import of petroleum products which cost Iraq hundreds of millions of dollars annually.

The project will contribute to reducing unemployment in the governorate of Basra in particular, and it will attract at least 1,500 of the workforce and competencies. It is expected the project final approvals by the General Secretariat of the Council of Ministers to proceed beyond the company's implementation of the project immediately. It is said that UAE companies are invested in Basra, one of which Tinner Golf Company to manage ports and water transport and logistics services to the Iraqi side.

Kuwaiti investments
In April last was held in the Chamber of Commerce and Industry of Kuwait, an economic conference discussed ways to invest in the province of Basra and the mechanism of activation of trade and economic relations between the two countries. The delegation included a group of Iraqi businessmen and investors, Iraqi ambassador in Kuwait and Chairman of BIC, and a host of other economic activities, while the export side, General Manager of the Kuwaiti Chamber of Commerce and Industry of Kuwait Rabah Rabah.

He praised the Kuwaiti businessman Jawad Bukhamseen Iraqi investment law, and the promise of better laws to prevent defects as similar laws in Egypt, Syria and Jordan are great.

He explained that the Iraqi law, gave the opportunity for foreign investors to have direct by a hundred percent, similar to investors Iraqis, as well as he addressed the negative aspects of projects, BOT , which was suffered by investors in many countries, especially in Egypt and Syria to make it a law comparable to the latest systems and laws in force in the world.

And reaped the fruits of BIC Conference, visited the Kuwaiti Holding Bukhamseen, Basra and presented to the Commission a number of projects are being studied and complete the requirements necessary for the purpose of granting vacation investment in industry and tourism.

The most prominent of these projects is a laboratory for the production of concrete at a cost of $ 20 million, and tow the Novotel hotel project at a cost of $ 75 million in addition to agricultural projects is vital.

The company introduced the Everest of two projects in industry and agriculture, the first factory to fill Balaozn treated water, at a cost of KD 292 thousand, and the other farm poultry, sheep and calves and growing vegetables at a cost of 2.1 million Kuwaiti dinars.

The company won the Gulf for the production of industrial gases to permit investment to set up a factory for the production of industrial gases in Zubair and a cost of $ 8 million, in addition to the agricultural project of Abdul Aziz al-Babtain, and a project to recycle waste ships submitted by (Alghanim Group International).

And granted BIC's trade and industrial implementation of the Kuwaiti investment license for the purpose of establishing industrial complex includes four laboratories for the production of generators and aluminum profiles and prefabricated houses and spare parts for heavy vehicles.

The capital project is $ 32.5 million and established on an area of ​​land estimated at 20 dunums located within the area of ​​the southern Alarkli and duration of the implementation of up to 30 months. The company has a trade and industrial implementation of a Kuwaiti industrial companies, branches in Qatar, the UAE, headquarters of Kuwait, and has investments in a number of Arab countries.

It is said that there are a number of projects were rejected because they do not contain the terms of the requirements of the Investment Law No. 13 of 2006 as amended, as well as to the existence of some projects that have deficiencies in the studies, outlines, and similar work, and some other details.

There are also a number of these projects are complete it is final and will be sent to the Department of the single window for the purpose of obtaining the approvals granted leave to sectoral investment.


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