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The Investment Authority reveals new mechanisms for investment lands
Economy News - Baghdad
Head of the National Investment Commission, Suha Daoud Najjar, said on Sunday that the commission is continuing its efforts and procedures related to reviewing the allocation of land to investors with all its priorities in order to identify cases of manipulation and correct the course.
And she revealed in a statement received by "Al-Iqtisad News", that "the presence of (850) investment projects in Iraq is suspended or lagging, reflecting a great financial waste that requires concerted efforts by all concerned institutions and the necessary firmness and will to stop this waste."
She pointed out that "the mechanisms for granting land at almost free prices are also subject to review and scrutiny, as we work to determine land prices in proportion to their locations and their actual economic value, in which the profit margin from investments reaches 400% sometimes, as some investors (brokers and traders) return Selling the lands they obtained at huge prices, taking advantage of the privileges that were granted to them from customs exemptions, entry visas, and others, thus achieving very large profits at the expense of serving the economy and infrastructure of the Iraqi society.
Najjar confirmed that "stopping the granting of licenses in Baghdad and the provinces and subjecting them to scrutiny was one of the first measures taken by the commission to preserve the assets and lands of the state, especially with the presence of (2300) projects in Baghdad and the provinces, of which only 300 projects have been completed, which means that there are about (1800) projects suspended or Fake, we are intensively working to complete the measures taken in this regard, which will positively affect the reality of investment in Iraq."
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