Istithmar Holding Q.P.S.C. signed three memorandums of understanding with the National Investment Commission in Iraq in the fields of developing new modern cities, developing hotels, and managing and operating a number of hospitals. The memorandums were signed by Dr. Haider Muhammad Makiya, Chairman of the National Investment Commission in Iraq, with Mr. Ramez Al-Khayyat, Vice Chairman of the Board of Directors of Investment Holding.
The first memorandum provides for work on developing two new cities with an integrated modern model and with its various residential, commercial and entertainment sectors, and responding to the highest international standards in this field, with the aim of supporting sustainable economic development and opening investment fields in Iraq.
Mr. Ramez Al-Khayyat stated that the cities that Istithmar Holding will develop come in response to the need of the Iraqi real estate market, which is witnessing a shortage of housing units estimated at two million housing units.
He added, “The cities will be planned in accordance with international standards adopted in the field, and they include residential complexes, villas, schools, commercial complexes, entertainment cities, and other facilities and services, in addition to all the basic infrastructure that these cities need.”
As for the second memorandum of understanding, it establishes cooperation frameworks for the development of five-star hotels and resorts in distinct locations in Iraq to support economic development and push the wheel of internal and external tourism in Iraq, noting that these investments will contribute to meeting part of the deficit in the Iraqi tourism market, which is estimated at ten thousand hotel rooms.
As for the third memorandum of understanding, it was signed by Elegancia Healthcare Company W.L.L. A subsidiary of Investment Holding to manage and operate a number of hospitals in different governorates in the Republic of Iraq. Mr. Ramez Al-Khayyat stated: “The Elegancia Healthcare Company, which is owned by Investment Holding, will manage and operate a number of hospitals in Iraq to provide high-quality health services to the Iraqi citizen.
Mr. Ramez Al-Khayyat also expected that the Investment Holding Group would launch the implementation of the projects that were announced at the end of this year.
Finally, Mr. Ramez Al-Khayyat commented: “The signing of these memorandums represents our commitment to the Investment Holding strategy, which aims to expand the company’s business at the international level, in order to achieve the growth of the investment value of shareholders. He also noted that this step comes within the framework of the close strategic relations between the two countries on the economic and social level. The notes confirm that the investment environment in Iraq has become attractive to investors, enabling them to work on other projects in various sectors.
