Three investment licenses are granted by the Investment Commission in Karbala province to allow three major projects to take place in the province. Ahmed Mahel al-Maliki, the deputy chairman of the Investment Commission stated that the commission has contracted with a few local and foreign companies to revamp the housing, commerce and tourism sector of the province. In order to do that the commission has granted three licenses which cost around 400 million USD.
The first license is about the housing projects in the province. The project will be carried out by Fadh al-Amara and Green Land companies and the overall cost of the project is around 326,982,400 USD.
The second project is for the development of shopping malls and tourist hotels in the province and the project will cost around 10,888,524 USD. Afaq Baed is the company to carry out the project and expected to complete the project within a time span of 36 months.
Investor Reda Ibraheem Saleh’s company will conduct the third project which is about the establishment of a hotel in the province, and the project budget is around 54 million USD.