Iraq’s National Investment Commission (NIC) and Egypt’s Talaat Moustafa Group (TMG), a leading real estate developer, signed a Memorandum of Understanding (MoU) on Sunday to develop a section of the Al-Rufail Economic City, a joint investment initiative involving Iraq, Saudi Arabia, and Egypt.
The signing ceremony, held in Baghdad under the patronage of Prime Minister Mohammed Shia Al-Sudani, highlighted Iraq’s commitment to creating a favorable environment for investment. Al-Sudani reiterated the government’s support for large-scale development projects aimed at boosting economic growth.
TMG Chairman Hisham Talaat Moustafa confirmed the group’s readiness to begin work and advance the implementation of agreed initiatives.
According to the Iraqi News Agency, Al-Rufail Economic City will be located in western Baghdad and is designed to attract both local and international investment. It is set to become Iraq’s first dedicated economic zone.
TMG previously announced in April that it was in advanced talks to build a new city spanning 14 million square meters, comprising 45,000 housing units, with estimated total sales of $17 billion.
In January, Prime Minister Al-Sudani revealed that the government had signed contracts exceeding 600 billion Iraqi dinars (approximately $459 million) with Egyptian companies, further deepening regional cooperation.
Source: IraqiNews.com
