Iraq expects projects worth nearly $450 billion in the coming years thanks to better investment laws, stability and good economic performance, an official has said.

Saudi Arabia, Qatar and the US will likely be the main investors in such projects, which mostly cover housing, infrastructure, renewable energy and climatic change projects, said Mohammed Al-Najar, an investment adviser to Iraqi Prime Minister Mohammed Al-Sudani.

“Strong economic performance due to oil price stability along with security and political stability are prompting the private sector to pump massive funds into strategic projects,” Najjar said, quoted by the Iraqi News Agency on Thursday.

“I believe that investment projects worth nearly $450 billion will be executed in Iraq in the next period…Saudi Arabia, Qatar and the US are expected to be the main investors following the signing of several agreements with these countries.”

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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