Builders of Egypt ’24: Iraq welcomes Egyptian firms to participate in reconstruction plan

The Iraqi government plans to offer 6,000 infrastructure projects for tendering between October and December, according to Ali Sanafi, head of the Iraqi Contractors Federation.

These projects, covering sectors such as health, education, water, sanitation, roads, and bridges, are part of Iraq’s ongoing reconstruction efforts, Sanafi noted.

Speaking at the ninth edition of the Builders of Egypt Forum on Sunday, the Iraqi official explained that the government’s annual allocation for reconstruction projects ranges between $10 billion and $15 billion.

Sanafi highlighted the opportunities for Egyptian and Arab companies to participate in these projects and emphasised the Iraqi government’s commitment to creating a favourable environment for foreign investment. He noted that the government has shifted its focus from the oil-for-reconstruction initiative to direct cash payments for projects.

The Iraqi Investment Forum will take place next December, he said. It will be an opportunity for Egyptian and Arab companies to learn about investment projects in Iraq, which will be under the direct auspices of the Iraqi prime minister.

Furthermore, Sanafi mentioned the development of several new cities in Iraq, including East Baghdad. These projects aim to revitalise the country and create new opportunities for investment and development.

Egyptian business tycoon leading East Baghdad City project

Egyptian business tycoon Naguib Sawiris is spearheading the development of East Baghdad City, he noted. This ambitious project is part of a larger plan to create several new cities in Iraq. Sanafi indicated that seven or eight more such projects will be tendered in the near future.

He stated that Egyptian and Jordanian companies were among the earliest and most active players in the Iraqi market, executing a wide range of projects across various sectors. Sanafi mentioned that between 10 and 15 Egyptian companies had completed government-backed projects in Iraq.

Moreover, Sanafi highlighted the Iraqi government’s focus on infrastructure projects to address challenges such as traffic congestion and inadequate sanitation. He said there are currently between 10 and 15 sanitation projects underway in Iraq, and the government plans to implement numerous road and bridge projects to improve connectivity within Baghdad.

The Builders of Egypt Forum, taking place under the patronage of Prime Minister Moustafa Madbouly, provides a platform for discussing these opportunities and promoting collaboration between Egyptian and Iraqi contractors. The Forum showcases Egypt’s expertise in construction and urban development and encouraged regional cooperation.

Attribution: Amwal Al Ghad Arabic

Subediting: M. S. Salama