Diwaniya signs MoU with Lebanese firms

DIWANIYA / IraqiNews.com: The investment commission in Diwaniya has signed a memorandum of understanding (MoU) with a group of Lebanese companies to carry out services projects in the province at a cost of up to $500 million U.S. dollars. “The MoU includes the construction of a residential city and a dairy factory,” the commission’s head, Engineer Hakim al-Khazaali, told Iraqi News. The estimated cost of the projects is $500 million U.S. dollars, Khazaali noted. Under the memorandum, the company will have the right to invest in the factory for 50 years, after which it will belong to the Iraqi government, according to Khazaali. “A total of 255 donums (1 donum= 2,500 square meters) on the Najaf road has been zoned for the project…,” the official added. Diwaniya, the capital city of Diwaniya province, lies 180 km south of Baghdad. SS (P) 1