Iraqi government signs largest city contract with Egyptian billionaire Sawiris
The Iraqi Prime Minister, Mohammed Shiaa Al-Sudani, the Minister of Construction, Housing, and Public Municipalities, Bangen Rekani, and the Egyptian businessman, Naguib Sawiris, Chairman and CEO of Orascom Investment Holding (OIH). Photo: PMO
Baghdad (IraqiNews.com) – Under the auspices of the Iraqi Prime Minister, Mohammed Shia Al-Sudani, the Minister of Construction, Housing, and Public Municipalities, Bangen Rekani, signed on Wednesday the Ali Al-Wardi city project contract, the largest residential project in Iraq, with the Egyptian businessman, Naguib Sawiris, Chairman and CEO of Orascom Investment Holding (OIH).
Out of the five new residential city projects, Ali Al-Wardi will be the largest in its initial phase and was given priority for development under the government agenda, according to a statement released by the Prime Minister’s Office (PMO).
In a ceremony held to sign the contract, Al-Sudani stated that the government’s plan to address the housing crisis entails building cities with the necessary infrastructure and thousands of different housing options to accommodate people from different social levels while also attempting to lessen the strain of population growth in Baghdad.
According to Sawiris, the collaboration between Iraq and Ora Developers, his company, to construct the Ali Al-Wardi city project will mark a turning point in the innovative vision for putting residential cities that balance population and environmental needs into practice.
Named for the late Iraqi sociologist and scholar Ali al-Wardi, the new city project will span 61 million square meters on the southeast side of Baghdad and include 120,000 different housing units along with green spaces, urban amenities, and smart city technology to apply cutting-edge standards in sustainability and environmental preservation.
Sawiris said in early December that one of his companies, Ora Developers, is negotiating with Iraqi government agencies to build an entire city outside Baghdad with very huge investments.
The Egyptian businessman mentioned that work was underway to determine the size of the new city on an area of 55 million square meters.
Following a meeting last July with the Iraqi Prime Minister, Mohammed Shia Al-Sudani, Sawiris confirmed his intention to launch a major project in the Iraqi real estate sector.
The project represents the return of the Egyptian billionaire to the Iraqi market, where he previously invested in the telecommunications sector nearly 20 years ago.
Investing in real estate development in Iraq is considered the first experience for the Egyptian businessman, but he previously invested in the Iraqi telecommunications sector in 2003.
In January 2023, Sawiris met with the chairman of the National Investment Commission (NIC), Haider Makiya, in Baghdad, where they discussed investment opportunities in the real estate sector, according to the Iraqi News Agency (INA).
The two gentlemen talked about building large cities for both high- and low-income individuals outside the Iraqi capital.