Iraq and Egypt-based El-Sewedy Electric have entered into a lucrative deal worth $5 billion, which includes the establishment of three industrial cities in Iraq. The agreement, facilitated by the Iraq Fund for Development, aims to attract industry and advanced education to the country, promoting economic growth and prosperity.
Director Mohammed Al-Najjar expressed optimism about the deal, highlighting the potential for significant investment in Iraq. The joint Iraqi-global fund created as part of the agreement will focus on the development of industrial and economic centers in the region.
At a recent meeting between Iraqi and Egyptian officials, plans were discussed to enhance economic cooperation and collaboration in various sectors, including industry, energy, and infrastructure. El-Sewedy Group presented several proposals for consideration, with a focus on the creation of industrial cities in Baghdad.
The excitement surrounding this partnership underscores the potential for economic development and growth in Iraq. This deal marks a significant step towards a brighter future for the country, paving the way for increased investment and prosperity.
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