Egypt's Ora Developers breaks ground for Ali-Wardi project in Iraq

Iraq on Tuesday broke ground on a project to build a new city near the capital Baghdad after it was awarded to an Egyptian developer.
Al-Wardi city comprises 100,000 houses and will be constructed by Ora Developers, owned by Egyptian tycoon Naguib Sawiris, the official Iraqi news agency reported.
Construction and Housing Minister Benkin Rikani laid the foundation stone for the project, which has an area of nearly 60 square kilometres.
'This is one of the largest housing projects in Iraq…it also includes schools, universities, hospitals, shops and recreation facilities,' Rikani said.
Iraq has awarded several contracts to foreign firms over the past two years for the construction of new cities within a post-war programme to tackle a housing crisis.
Last month, Zawya Projects reported that Egypt-listed TMG in talks with the Iraqi government to build 45,000 houses in the country.
(Writing by Nadim Kawach; Editing by Anoop Menon)
(anoop.menon@lseg.com)

Try Our AI Features

Explore what Daily8 AI can do for you:

Learn with AIFact CheckingText to SpeechAI Summary

Related Articles

Middle East Eye

2 hours ago

• Middle East Eye

Iraqi air space violated, says Iraq's representative to UN

Abbas al-Fatlawi, the Iraqi representative to the United Nations, said on Friday that his country's airspace had been breached ahead of the UN Security Council meeting held earlier today. The aircraft flew from the Syrian-Jordanian border areas, according to Fatlawi. 'Twenty aeroplanes started, followed by 30 aeroplanes heading to the south of Iraq, and they flew over Basra, Najaf and Karbala cities,' he said. 'These violations are violations of international law and the UN Charter,' he added. The Iraqi diplomat said the violation of his country's airspace constitutes a 'threat to the sacred sites and regions'.

Zawya

11 hours ago

• Zawya

Tunisia: FDI up 21% in 2024 (UNCTAD)

Tunis - Foreign Direct Investment (FDI) in Tunisia increased by 21% in 2024, compared to 2023, reaching $936 million, according to the latest World Investment Report published Thursday by the United Nations Conference on Trade and Development (UNCTAD). Along with Egypt, Tunisia contributed «significantly» to the rise in the value of new projects in North Africa, where investments grew by 12% to reach $76 billion, accounting for two-thirds of the continent's total investment spending. Tunisia contributed to this growth with investment announcements worth $13 billion, along with a considerable increase in the number of projects. According to UNCTAD, North Africa was the only region in the continent to record an increase in the value of new projects. It also attracted the highest amount of FDI on the continent, with a value of $51 billion, compared to $13 billion in 2023. Moreover, the report highlighted a significant rebound in FDI flows to Africa, which surged by 75% to reach $97 billion, representing 6% of global FDI flows, compared to 4% the previous year. This increase is largely attributed to an international financing agreement for urban development projects in Egypt, according to the same source. Excluding this boost, FDI in Africa still grew by 12%, reaching about $62 billion, which is 4% of global flows. Efforts to facilitate investment continued to play an important role in Africa, accounting for 36% of investor-friendly policy measures. Liberalisation also remained a key aspect of investment policy-making in both Africa and Asia, representing one-fifth of the measures adopted in 2024. The continent attracted a growing share of global megaprojects in 2024, including seven valued at over $4 billion each. Among the largest announcements was a megaproject in Tunisia's renewable energy sector, worth a total of $6 billion. At the sector level, construction and metal products saw the largest increases in investment in entirely new projects, while electricity and gas supply projects dropped by $51 billion. According to the report, European investors hold the largest stock of FDI in Africa, followed by the United States and China. Chinese investments, valued at $42 billion, are diversifying into sectors such as pharmaceuticals and agribusiness. © Tap 2022 Provided by SyndiGate Media Inc. (

Zawya

12 hours ago

• Zawya

Egypt: EIUD's board greenlights EGP $296,045 capital raise

Arab Finance: The board members of Egyptians for Investment and Urban Development (EIUD) approved raising the issued and paid-up capital to EGP 165 million from EGP 150 million, according to a bourse disclosure. The company will increase its capital by EGP 15 million, distributed over 150 million shares, with a nominal value of EGP 0.10 per share. Accordingly, EIUD will distribute 1-for-10 bonus shares, financed from the retained earnings account for 2024, valued at EGP 17.531 million. Founded in 1998, the company is engaged in real estate development and construction projects. Its activities include investment in real estate, tourism, construction, land subdivision, tourist villages, hotels, restaurants and territorial division, real estate development.