Iraq continues to strengthen its position as a regional hub for large-scale development projects. Recently, Iraq signed a key agreement with Egypt’s Talaat Moustafa Group (TMG) to develop a major part of the Al-Rufail Economic City. This new Iraq investment collaboration also involves Saudi Arabia and reflects growing interest in Iraq’s economic transformation.
During a high-level ceremony in Baghdad, Prime Minister Mohammed Shia Al-Sudani confirmed the government’s commitment to this Iraq investment collaboration. He emphasized Iraq’s readiness to support regional investment partnerships and to create a better environment for foreign and local investors.
Moreover, this partnership marks a major step for the Al-Rufail Economic City project. Located in western Baghdad, the city aims to attract long-term investment from global and regional players. As Iraq’s first planned economic zone, it symbolizes a fresh chapter in national development.
Hisham Talaat Moustafa, chairman of TMG, expressed confidence in the agreement. He affirmed his company’s readiness to begin work immediately and highlighted the scale of the planned development. According to TMG, the new city will include 45,000 housing units on 14 million square meters of land.
The project, once completed, is expected to generate around $17 billion in property sales. This further highlights the scale of the Iraq investment collaboration. TMG’s involvement showcases Egypt’s growing role in Iraq’s recovery and development efforts.
Additionally, Al-Sudani noted that Iraq has already signed contracts worth hundreds of billions of dinars with Egyptian companies. These agreements confirm the strong ties between the two nations and their shared goal to promote regional prosperity.
Iraq plans to use the Al-Rufail project as a model for future investment-driven urban expansion. The country aims to improve housing, infrastructure, and employment through these collaborative projects. By encouraging foreign participation, Iraq also hopes to diversify its economy beyond oil.
Furthermore, this new Iraq investment collaboration includes active participation from Saudi Arabia. The trilateral partnership is a clear example of how regional cooperation can support long-term growth in the Middle East.
Iraq remains focused on reform and expansion through joint ventures. Leaders believe strategic investment will rebuild cities, improve services, and open new economic doors.