Iraq has approved a project to build new industrial cities in various governorates to create investment opportunities, the official Arabic language daily Alsabah said on Tuesday.

The Industry and Minerals Ministry has designated sites for such projects, which will be offered to local and foreign investors as well as companies wishing to set up industries, the paper said, quoting Planning and Studies Director at the Ministry Amal Al-Bazooni.

"We have received approval for such projects from relevant authorities in the governorates," she said, adding that the zones would cater to light and medium industries.

The zones, with areas ranging between 5 million square metres and 15 million square metres, are located in Najaf, Al-Anbar, Nineveh, Dhi Qar and other provinces.

Bazooni said the zone in the Southern Dhi Qar Governorate would be ready in 2021.

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.

© ZAWYA 2020