An agreement has been signed for the development of $1bn Jadat Baghdad (Baghdad Avenue) in Iraq. The agreement is between the governments of Iraq and Saudi Arabia.
The ambassador of the latter to the former announced that his government will finance the project which comprises the construction of about 6,500 houses including 2,500 villas and 4,000 apartments. Located near Baghdad’s international airport, the Baghdad Avenue development will also comprise include commercial offices, restaurants, cafes and one of Iraq’s largest shopping malls.
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The development strives to transform the region and to serve as a reflection of the progressive relations between Iraq and Saudi Arabia, entering a strong collaborative stage. While commenting on the project, Abdul Azizi Al-Shammari noted that Iraq will definitely witness great economic momentum owing to the Jadat Baghdad (Baghdad Avenue) project in Iraq.
Furthermore, it will also contribute to Iraq becoming a distinguished stage for investing. Similarly, the Bagdad Avenue project is set to serve as a reflection of the country’s progress. Moreover, Abdul Aziz Al-Shammari said the project will be a watershed for the country’s development.
Baghdad Avenue in Iraq: One of the gamechanger projects in the wartorn Iraq
Back on August 5, 2002, Iraq held its 14th-anniversary celebrations since the end of the 1980 BB-Iraq-Iran War. Thereafter, the Madrid Conference of 23 October 2003 led to the further redevelopment of Infrastructure within the region. Over 25 nations assembled funds at the conference under the umbrella of the International Reconstruction Fund Facility for Iraq.
Fast forward to 2023, and infrastructural development is making impressive strides, especially with the approval of the year’s budget funds for the metro line. The Saudi Public Investment Fund created a brand new company in March 2023 geared towards investment in various industries across Iraq. The company’s capital is said to be $3 billion.
