Basra: The head of the Basra Investment Authority, Engineer Alaa Abdul Hussein Salman, announced that the province is experiencing a rapid economic boom, stressing that total investments are steadily progressing towards exceeding the $15 billion ceiling.
According to National Iraqi News Agency, Salman stated in a press release: “There has been exceptional activity in investment licenses for 2026, with the value of completed and planned projects across various sectors exceeding 3 trillion dinars. In addition, more than 54 new investment licenses have been granted, reflecting a trend aimed at supporting the industrial sector and enhancing the residential and service sectors in the province.”
As part of ongoing field visits, the Vice President of the National Investment Commission, Engineer Salar Mohammed Amin, accompanied by the Head of the Basra Investment Commission, inspected the “Al-Narjis Cable Factory,” constructed at a cost of $95 million. The factory has a production capacity of 3,400 tons per month, covering more than 50% of the country’s needs and contributing to import reduction and the provision of locally produced goods with international standards.
The tour also included the “Al-Safa Residential Complex” project, costing over 329 billion dinars. This complex comprises 2,516 residential units, distributed across 388 houses and 2,128 apartments within 19 residential towers, designed according to the latest engineering standards to offer diverse options that meet various needs. The aspirations of Basra families and ensuring the sustainability of the facilities were addressed.
In the same context, the “Al-Farah Residential Complex,” with an estimated investment of $233 million, was inspected. It features a balanced residential layout comprising 941 horizontal housing units and 981 vertical apartments, totaling 1,922 units, along with green spaces and advanced security systems. The delegation expressed its appreciation for the level of achievement, which reflects the investors’ commitment to providing a high-quality and efficient residential environment in terms of services offered to citizens.
These projects are part of the governorate’s strategy to enhance its investment climate and create thousands of job opportunities for young people, thus solidifying Basra’s position as a leading economic destination driving reconstruction and development throughout Iraq.