An investment licence has been approved for the Mawten Basra Residential City project in Basra, with a total investment of more than 1.4 trillion Iraqi dinars, worth around $930 million. The project will be developed by Al-Mawj Company for Investment and Real Estate Development in five phases.
According to the National Investment Commission (NIC), the project will be fully carried out by the investing company and will follow modern urban planning standards. The licence was signed by NIC Chairman Adel Dakhil Muhammad al-Yasiri.
The commission said the project is part of the Prime Minister’s initiative to provide one million serviced residential plots across Iraq’s provinces. It also supports the government’s plan to develop modern, sustainable cities and expand housing opportunities across the country.