Iraq Weighs Investment in $150 Billion State Assets
At a Glance
- Iraq owns about 600,000 state properties.
- Assets are valued at more than $150 billion.
- Investment proposals emerge amid financial crisis.
Reports indicate that Iraq is considering investing in or selling part of its state-owned real estate portfolio as officials explore ways to ease the country's financial crisis and generate additional revenue for the federal budget.
Key Statements and Focus Area
- Iraqi media report discussions on investing in or selling selected government assets.
- State-owned properties are estimated to be worth more than $150 billion.
- More than 20,000 government properties are reportedly under illegal occupation.
Iraqi media outlets reported that political and economic discussions are underway on investing in or selling part of the country's state-owned properties as Baghdad seeks additional revenue amid ongoing financial pressures.
According to the reports, Iraq owns approximately 600,000 government properties, including about one thousand palaces and facilities dating back to the era of Saddam Hussein, with an estimated value exceeding $150 billion.
The proposals come as Iraq continues to face challenges in financing public expenditures, including employee salaries.
According to al-Mada newspaper, Federal Board of Supreme Audit President Ammar al-Mashhadani said more than 20,000 government properties have been subjected to illegal encroachment and unlawful occupation.
The reports also cited allegations that political parties, armed factions, and militias have taken control of a significant number of public properties, while some assets have allegedly been sold or transferred through non-transparent procedures.
According to the reports, Prime Minister Ali Faleh al-Zaidi discussed an economic strategy with leaders of the Coordination Framework that included reviewing state ownership of productive public institutions.
The proposals reportedly include liquidating some government assets, adjusting the U.S. dollar exchange rate, and recovering public funds linked to corruption cases.
However, no official announcement has been made confirming the adoption or implementation of any of these measures.
FYI
Iraq owns one of the largest government real estate portfolios in the region. Sources and economic specialists estimate that around 1,000 presidential palaces and government facilities were built during Saddam Hussein's era, including nearly 200 in Baghdad. Since 2003, many of these properties have been converted into government offices, while others have been used for political activities or transformed into resorts and tourist destinations.
Following the fall of the former regime, the Iraqi government confiscated thousands of properties belonging to former senior military officers, Baath Party officials, and members of the security apparatus.
Corruption remains one of Iraq's biggest economic challenges. Political estimates suggest that assets linked to corruption cases could total as much as $200 billion, although official figures show that only about $250 million has been recovered so far, including approximately 400 kilograms of gold and around 80 real estate properties.
In June, Prime Minister Ali Faleh al-Zaidi launched a high-profile anti-corruption campaign inside Baghdad's Green Zone, deploying security forces and overseeing the arrest of more than 20 officials and members of parliament. The campaign, however, also triggered significant political tensions.
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