Iraq’s Investment Commission Says it Cooperates with Neighboring Countries to Improve Investment Law

The head of Iraq’s National Investment Commission, Suha Al-Najjar (Asharq Al-Awsat)
The head of Iraq’s National Investment Commission, Suha Al-Najjar (Asharq Al-Awsat)
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Iraq’s Investment Commission Says it Cooperates with Neighboring Countries to Improve Investment Law

The head of Iraq’s National Investment Commission, Suha Al-Najjar (Asharq Al-Awsat)
The head of Iraq’s National Investment Commission, Suha Al-Najjar (Asharq Al-Awsat)

The head of Iraq’s National Investment Commission, Suha Al-Najjar, said that her country was able to overcome current economic challenges thanks to the strong internal consumption and average income rates, noting that Iraqi and foreign companies in the country were adapted to operate under the most difficult circumstances and political crises.

In an interview with Asharq Al-Awsat, Najjar pointed to cooperation with investment authorities and ministries in Egypt, the UAE, Jordan and Saudi Arabia, with the aim to develop Iraq’s legislative systems and the investment law.

She also emphasized that the Commission has succeeded in reducing the corruption index in projects by 60 percent, which enabled it to attract international investors.

“Our economy is strongly capable of overcoming every challenge, for a simple reason: Iraq is a large market with 40 million people and income rates are medium, not low. This rate is growing with the rise in oil prices and amid financial abundance,” Najjar remarked.

She continued: “The Iraqi people, as well as local and foreign investors operating in Iraq, got used to work under these conditions. Some companies see their profits rise during political crises, when the people resort to buying real estate.”

Najjar stressed that the Iraqi economy was able to face challenges, as the market was growing significantly in terms of population density.

Asked about Baghdad’s expectations from neighboring countries in the Gulf and others, such as Jordan and Egypt, the head of the Commission said: “From an economic point of view, the economic and investment situation in the neighboring countries, whether in the Gulf, Jordan and Egypt, has developed very quickly during the last period. Indeed, they could build successful economies, develop infrastructure and provide the people with services and housing, through investments.”

Najjar noted that Iraq had huge economic potentials that required investments worth hundreds of billions of dollars.

“Iraqi banks cannot provide these amounts,” she said, underlining her country’s need for liquidity, the exchange of expertise, and the development of a suitable legislative and legal environment.

“We have investment gaps, and we have discussed with the Investment Authority in Egypt, and the ministries of Investment in each of the UAE, Jordan and Saudi, our desire to develop the legislative and legal system in Iraq. They have all opened their doors for cooperation,” the senior official told Asharq Al-Awsat.

She added that Iraq would host workshops to come up with an updated investment law in cooperation with neighboring countries.

According to Najjar, investment in her country was, in the past, associated with corruption.

“But today, thank God, we were able to change this idea, with the adoption of stricter procedures,” she said.

Najjar pointed to ongoing projects to address housing needs, including the Rafael City project - the new administrative capital of Iraq - which she said would extend over a large area of 25 square kilometers and would help advance the economy and solve the housing crisis in the capital.

She explained that the Commission completed the first phase by reviving existing projects and granting new investment licenses to investors from Saudi Arabia and the UAE.

“It will be Iraq’s first experience in establishing a new city of this size, similar to the new cities in neighboring countries. It will include housing areas, and recreational and service projects such as universities, hospitals and markets,” Najjar said.

In addition, the head of Iraq’s National Investment Commission highlighted the shift towards solar energy, saying that Iraq was able provide 7,500 megawatts to international companies producing solar energy, namely Total, the UAE’s Masdar, the Norwegian Scatec and POWERCHINA, adding that negotiations were underway with the Saudi ACWA Power.

Asked whether Iraq was able to keep the fight against corruption and rebuild investors’ confidence, despite recent political developments, Najjar said: “With regards to the National Investment Commission, I can say that we were able to eliminate corruption by 60 percent, which enabled us to attract global investors whose main request was to deal only with the Commission.”

She continued that despite the huge powers granted to the commission, “it is a coordinating body and our work depends on all other ministries, and in order to eliminate corruption, it must also be eliminated in other government bodies.”

Najjar stressed that the current Iraqi government was working in this direction, adding that her country’s large market was growing despite all challenges.

On Saudi Arabia’s role in promoting investments in Iraq, she said: “Saudi Arabia, represented by the government and Saudi investors, has been very supportive of Iraq, in building and correcting the economic path... and we thank them for this support, which is done in different ways, by helping to amend legislation and laws related to investment.”



Greece Headed for ‘Record Year’ for Tourism, Says Minister

Tourists descent Propylaia, the ancient gate of the Acropolis archaeological site in Athens on June 21, 2023. (AFP)
Tourists descent Propylaia, the ancient gate of the Acropolis archaeological site in Athens on June 21, 2023. (AFP)
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Greece Headed for ‘Record Year’ for Tourism, Says Minister

Tourists descent Propylaia, the ancient gate of the Acropolis archaeological site in Athens on June 21, 2023. (AFP)
Tourists descent Propylaia, the ancient gate of the Acropolis archaeological site in Athens on June 21, 2023. (AFP)

Greece is on track for "another record year" for tourism in 2025, despite ongoing labor shortages in a key sector of its economy, Tourism Minister Olga Kefalogianni said on Sunday.

Between January and the end of September, the Mediterranean nation -- long beloved by tourists for its sunny islands and rich archaeological sites -- welcomed 31.6 million visitors, a four-percent increase compared with the same period in 2024, according to Bank of Greece data published in late November.

"Overall, we expect 2025 to be another record year for tourism in our country," Kefalogianni said in an interview with the Greek news agency ANA.

The conservative minister also expressed hope for another bumper year in 2026.

"The indicators for 2026 are already particularly encouraging and allow us to be optimistic," she said.

Since the Covid-19 pandemic, Greece has been breaking annual records in tourism revenues and the number of foreign visitors.

Across 2024, 40.7 million people visited Greece, up 12.8 percent from 2023.

But the uptick has sparked concern over the unchecked construction in several hotspots, while Athens locals have complained that the proliferation of short-term holiday lets has caused rents to skyrocket.

Climate change-fueled heatwaves and increasingly devastating wildfires also pose a threat to the sector, which Prime Minister Kyriakos Mitsotakis has trumpeted since taking office in 2019 in a bid to revive the economy after the financial crisis.

According to the Institute of the Greek Tourism Confederation (INSETE), tourism directly contributed around 13 percent of GDP in 2024 and indirectly to more than 30 percent of GDP.


Iraq Says International Firms in Kurdistan Obliged to Transfer Crude Under Deal

A handout picture released by Iraq's Prime Minister's Media Office on January 2, 2025, shows a partial view of the oil refinery of Baiji north of Baghdad, during the inauguration ceremony of the fourth and fifth units. (Iraqi Prime Minister's Media Office / AFP)
A handout picture released by Iraq's Prime Minister's Media Office on January 2, 2025, shows a partial view of the oil refinery of Baiji north of Baghdad, during the inauguration ceremony of the fourth and fifth units. (Iraqi Prime Minister's Media Office / AFP)
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Iraq Says International Firms in Kurdistan Obliged to Transfer Crude Under Deal

A handout picture released by Iraq's Prime Minister's Media Office on January 2, 2025, shows a partial view of the oil refinery of Baiji north of Baghdad, during the inauguration ceremony of the fourth and fifth units. (Iraqi Prime Minister's Media Office / AFP)
A handout picture released by Iraq's Prime Minister's Media Office on January 2, 2025, shows a partial view of the oil refinery of Baiji north of Baghdad, during the inauguration ceremony of the fourth and fifth units. (Iraqi Prime Minister's Media Office / AFP)

Iraq’s state oil marketer SOMO said on Sunday international producers in Kurdistan were still obliged to send it their crude under a September export agreement, after Norway's DNO said it would not take part in the agreement. 

SOMO said its statement was in response to a Reuters report in ‌September which ‌quoted DNO as ‌saying ⁠it would ‌sell directly to the Kurdish region and had no immediate plans to ship through the Iraq-Türkiye pipeline. 

The September deal between Iraq's oil ministry, Kurdistan's ministry of natural resources and producing companies stipulated that SOMO ⁠will export crude from Kurdish oil fields through ‌the Türkiye pipeline. 

At the ‍time, DNO - the ‍largest international oil producer active in ‍Kurdistan - welcomed the deal but did not sign it, saying it wanted more clarity on how outstanding debts would be paid. 

It said it would continue to sell directly to the semi-autonomous region of ⁠Kurdistan. 

SOMO said on Sunday the Kurdistan ministry of natural resources had reaffirmed its commitment to the deal "under which all international companies engaged in extraction and production in the region's fields are required to deliver the quantities of crude oil they produce in the region to SOMO, except for the quantities allocated ‌for local consumption in the region." 


How 2025 Decisions Redrew the Future of Riyadh’s Real Estate Market

Construction is seen at a real estate project in Riyadh. (SPA)
Construction is seen at a real estate project in Riyadh. (SPA)
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How 2025 Decisions Redrew the Future of Riyadh’s Real Estate Market

Construction is seen at a real estate project in Riyadh. (SPA)
Construction is seen at a real estate project in Riyadh. (SPA)

The Saudi capital underwent an unprecedented structural shift in its real estate market in 2025, driven by a forward-looking agenda led by Prince Mohammed bin Salman, Crown Prince and Prime Minister. Far from incremental regulation, the year’s measures amounted to a deep corrective overhaul aimed at dismantling long-standing distortions, breaking land hoarding, expanding affordable housing supply, and firmly rebalancing landlord-tenant relations.

Together, the decisions ended years of speculation fueled by artificial scarcity and pushed the market toward maturity, one grounded in real demand, fair pricing, and transparency.

Observers dubbed 2025 a “white revolution” for Saudi real estate. The reforms severed the link between property and short-term speculation, restoring housing as a sustainable residential and investment product. Below is a detailed outline of the most significant of these historic decisions:

1- Unlocking land, boosting supply

In March, authorities lifted restrictions on sale, subdivision, development permits, and planning approvals for 81 million square meters north of Riyadh. A similar decision in October freed another 33.24 million square meters to the west.

The Royal Commission for Riyadh City was also mandated to deliver 10,000 - 40,000 fully serviced plots annually at subsidized prices capped at SAR 1,500 per square meter, curbing price manipulation and offering real alternatives for citizens.

2- Rent controls and contractual fairness

To stabilize households and businesses, the government froze annual rent increases for residential and commercial leases in Riyadh for five years starting in September. Enforced through the upgraded “Ejar” platform, the move halted arbitrary hikes while aligning growth with residents’ quality of life.

3- Tougher fees

An improved White Land Tax took effect in August, extending beyond vacant plots to include unoccupied built properties. Annual fees rose to as much as 10% of land value for parcels of 5,000 square meters or more within urban limits, raising the cost of land hoarding and incentivizing prompt development.

4- Investment openness and digital governance

A revised foreign ownership regime allowed non-Saudis - individuals and companies - to own property in designated zones under strict criteria, injecting international liquidity. Transparency was reinforced by the launch of the “Real Estate Balance” platform, providing real-time price indicators based on actual transactions and curbing phantom pricing.

5- Quality and urban standards

Policy shifted from quantity to quality with mandatory application of the Saudi Building Code and sustainability standards for all new developments, ensuring long-term operational value and preventing low-quality sprawl.

Structural shift

Sector specialists told Asharq Al-Awsat the measures represent a qualitative leap in market management, moving Riyadh from a scarcity and speculation-led cycle to a balanced market governed by genuine demand, efficient land use, disciplined contracts, and transparent indicators.

Khaled Al-Mobid, CEO of Menassat Realty Co., said the reforms were timely and corrective after years of rapid price escalation. He noted early positives: slowing price growth, a return to realistic negotiations, increased supply in some districts, and better-quality offerings focused on intrinsic value rather than quick appreciation.

Abdullah Al-Moussa, a real estate expert and broker, described the steps as addressing root causes, not symptoms.

He observed a behavioral shift, especially in northern Riyadh, from “hold and wait” to reassessment, alongside calmer price momentum, renewed interest in actual development, and clearer rental dynamics.

Saqr Al-Zahrani, another market expert, told Asharq Al-Awsat that the reforms tackled structural imbalances by breaking artificial scarcity created by undeveloped land banks.

Opening vast tracts north and west and introducing market-wide indicators restored “organized abundance,” aligning prices with real demand and purchasing power without heavy-handed intervention, he remarked.

He added that recent months have seen weaker demand for raw land and stalled auctions, contrasted with rising interest in off-plan sales and partnerships with developers.

Banks, too, have reprioritized toward projects with operational viability, lifting overall supply quality despite a temporary slowdown in some transactions.

Consumers, meanwhile, are showing greater patience and interest in self-build options, signaling a maturing market awareness.

Outlook

Experts expect the effects to continue through 2027, delivering broad price stability with limited corrections in overheated locations rather than sharp declines.

Homeownership, especially among young buyers, is projected to rise as capital shifts from land speculation to long-term development.

The 2025 decisions were not short-term fixes but the launch of a new social and economic trajectory for Riyadh’s property market, redefining real estate as a housing service and value-adding investment, not a speculative vessel.

As Riyadh advances toward becoming one of the world’s ten largest city economies, its real estate reset offers a model for aligning regulation with quality of life, transparency, and sustainable growth.