A 3,000 acre industrial town is to be built in the Arbat district of Sulaymaniyah Governorate, according to a report from AKnews.
Sulaymaniyah Investment Commission met with a number of private companies this week to discuss the master plan for “The Industrial Town of Arbat District”, which will involve an initial investment of $3 billion USD (3,500 billion IQD).
Yasin Mahmoud, spokesman for Kurdistan Investors Union, told AKnews the construction of almost 450 factories of various sizes will begin this year because all formal bureaucratic boxes have been ticked.
Mahmoud said that Iran is especially interested in the project because the EU and U.S. are imposing economic sanctions on the Islamic Republic. It hopes the project is launched soon so that it can rescue some of its factories by relocating them to Arbat district, explains Mahmoud.
“It will become a very important project for Sulaymaniyah because it will change the city from a tourist destination to an industrial hub,” he added.
Farman Gharib, Sulaymaniyah investment director told AKnews that after the master plan for the project is approved, the plan will be opened to competing companies to bid for spaces.