The Prime Minister's Financial Advisor, Mazhar Mohammed Salih, confirmed on Monday that Iraq has become the Arab world's leading gold buyer. He also indicated that Iraq is working to localize the gold and jewelry industry within the country by launching the Global Gold City project.
Saleh stated that "the Global Gold City, recently approved by the Council of Ministers in the capital, Baghdad, is expected to be completed within two to five years, with partial and gradual activation of the city beginning immediately under the supervision of the Ministry of Trade and in coordination with the National Investment Commission, which granted the land and investment license."
He added, "This city is expected to bring about a qualitative shift in regulating the gold and jewelry trade in Iraq according to international standards, through the establishment of a transparent stock exchange, accredited laboratories, strict quality controls, and anti-money laundering measures, including monitoring gold sources and trading records, within a clear legislative and regulatory framework within licensing laws, industry standards, and oversight mechanisms."
He emphasized that "the project's goal is to localize the gold and jewelry industry within Iraq, instead of continued reliance on imports. It also provides job opportunities and vocational training for Iraq's renewable human resources interested in goldsmithing according to international standards."
Saleh continued, "The project is currently in the preparation and implementation phase, including land allocation, issuing investment licenses, equipping infrastructure, and establishing relevant factories and laboratories, under the direct supervision of the Ministry of Trade."
He explained that "the project is being implemented within the concept of an 'integrated economic city,' which will enhance Baghdad's position as a regional center for the gold and jewelry industry and trade, as well as raise Iraq's ranking on global gold exchanges."
He pointed out that "Iraq has become the Arab world's leading gold buyer, according to 2024 statistics, with imports ranging between 50 and 70 kilograms flowing into the country daily."
Iraq is the first Arab country to buy gold.
