Sulaymaniyah: Iraq's Top City in Investment

Kurdistan 11:22 AM - 2024-02-05

Sulaymaniyah Province

Sulaymaniyah holds the top position in Iraq in terms of investment, with a total of 370 licensed investment projects during the past 19 years. In 2023, there were a total of 53 projects, making it the year with the highest number of projects. Sulaymaniyah has emerged as the leading city in Iraq and the Kurdistan Region due to the significant progress and advancement of the investment industry.

The majority of projects took place in 2023

PUKMEDIA's analysis reveals that from 2004 to 2023, a total of 370 investment projects were licensed in Sulaymaniyah. The year 2017 had the lowest number of projects, while the year 2023 witnessed the highest number, with a total of 53 projects.

Based on official statistics and data acquired by PUKMEDIA from the Sulaymaniyah Investment Directorate, there are a total of 370 authorized projects with a combined value of $39,957,813,408 (39 billion, 957 million, 813 thousand, 408 dollars).

The projects were categorized into 8 sectors

Over the course of 19 years, the highest number of projects occurred in 2023, with a total of 53 projects valued at $21,280,437,064. These projects are categorized into eight distinct sectors, as outlined below:

First, there are 30 housing projects with a total value of $2,429,680,900.
Secondly, there are five industrial projects valued at $51,963,650.
Thirdly, there are two service projects valued at $13,954,000.
Fourth: One tourist project valued at $1,666,600.
Fifth: There are 8 commercial projects with a total value of $48,450,200.
Sixth: Four health projects valued at $36,513,600.
Seventh: Two education projects valued at $15,660,600.
Eighth: An agricultural project valued at $5,170,000.

The majority of housing projects are licensed

Based on the data and investigations conducted by Sulaymaniyah Investment Directorate and PUKMEDIA, it was found that in 2023, there were a total of 30 licensed housing projects, while only one project was licensed for both the agriculture and tourism sectors, making them the least licensed sectors.

Of the 53 projects worth $21,280,437,064, 57% are for housing projects, 15% for commercial projects, 9% for industry, 7% for health, 4% for services, 4% for education, 2%. for agriculture, and another 2% for tourism.

Qubad Talabani increased the number of investment projects

In 2023, Sulaymaniyah province had the highest amount of investment compared to the previous 19 years, primarily attributed to the tireless efforts of Deputy Prime Minister Qubad Talabani.

Engineer Aziz Saeed Rashid, Director General of Investment Directorate in Sulaymaniyah PUKMEDIA: "The significant investment in Sulaymaniyah province can be attributed to the efforts of Qubad Talabani. He held meetings with the majority of the province's directors last year and explicitly communicated his refusal to tolerate any further issues or obstacles for investors. Instead, he asked to support investors in accordance with the law and within the directorate's capabilities."

"The donation that investors receive upon receiving their projects, in return for the project owners' provision of services, represents a significant advancement for the province's service sector. This initiative has resulted in the creation of almost 19,000 jobs. Nevertheless, a significant majority of 75% of the enterprises that have obtained the projects and made investments are domestic companies," he added. "In the previous year, a total of over 19,000 employment opportunities were generated directly, and more than 10,000 individuals benefited indirectly."

2023 was a year of investment for Sulaymaniyah

Statistics indicate that the investment activities undertaken in the past two years in Sulaymaniyah have significantly influenced the economic infrastructure of the province.

Sulaymaniyah emerged as the leading province in Iraq for investment in 2022, with a total of 39 investment projects. However, in 2023, it maintained its position as the top investment province in Iraq, with 14 additional investment projects compared to the previous year.



PUKMEDIA