The National Investment Commission has recently issued regulations for advertising investment projects as follows:

First: Advertisement

1. Advertisement Procedures: Investment opportunities are announced by the National Investment Commission or the provincial investment commissions, each according to its jurisdiction, in coordination with the owning entities and the relevant sectoral authorities. This includes all those interested in participating in the implementation of the investment project who meet the participation requirements.
2. Coordination and Completion of Approvals: The concerned commission is responsible for approaching the owning entity and the relevant sectoral authorities to complete the required approvals for the project, including land allocation, before announcing the investment opportunity. The concerned commission does not bear any fees or charges for this.
3. Content of the Advertisement: The advertisement includes the following:
• The project name, plot number, district, land area, name of the property owner, property map, and description of the project to be executed.
• The advertisement period for the investment opportunity, which should not be less than 30 days and not exceed 90 days, depending on the nature and importance of the project.
• The technical requirements from the organizing sectoral entity and the owning entity.
• Submission of projects previously executed by the investor, endorsed by the entities for which the works were executed by the investors.
• Statement of the date and place for submitting the investment opportunity application, the deadline for the advertisement, the place and date of selling the application documents for the investment opportunity, specifying the date for opening the bids, and the location designated for that.
• Service fees for purchasing application documents for the investment opportunity are non-refundable.
• Any other information or conditions deemed necessary by the concerned commission, compatible with the requirements of the investment opportunity, accompanied by a sample investment opportunity announcement.
• The website and email address of the concerned commission.
4. Publishing the Advertisement: The advertisement for investment opportunities is published on the website of the concerned commission.

Second: Extending the Advertisement

1. Approval of the Commission Chairman: The commission may extend the advertisement period for the investment opportunity if necessary, with the approval of the commission chairman for justified reasons, only once.
2. Issuing an Addendum: An addendum is issued in the same manner as the first advertisement, announced on the website, and a copy is sent to all applicants for the investment opportunity.
3. Extension Period: The extension does not exceed the period of the first advertisement.

Third: Re-advertisement

1. Cases for Re-advertisement: The investment opportunities are re-advertised if only one bid is submitted during the advertisement period or if the bids do not meet the advertisement requirements.
2. Using the Previous Document Purchase Receipt: When re-advertising the investment opportunity, the previous document purchase receipt is relied upon.

Fourth: Comparison Form

• Points of comparison and competition among applicants are determined by a form prepared for this purpose before announcing the opportunity, including economic and technical indicators, with the legal and financial conditions specified, accompanied by a sample comparison form.

Fifth: Guidance by Government Contracts Execution Instructions No. (2) for 2014

1. Non-Compliance with Government Contracts Execution Instructions: The awarding of investment opportunities is not subject to Government Contracts Execution Instructions No. (2) for 2014 or any instructions replacing them.
2. Guidance by Instructions: Opening and analysis committees may be guided by Government Contracts Execution Instructions No. (2) for 2014 and its accompanying regulations for any deficiencies in these regulations, as needed.

Sixth: Formation of Bid Opening and Analysis Committees

1. Committee Formation: The concerned commission forms a committee to open the bids, including representatives from legal, economic, single-window, technical departments, and others.
2. Bid Analysis Committee: The concerned commission forms a committee to analyze the bids, including representatives from legal, economic, single-window, technical departments, and others.
3. Raising Recommendations: The Bid Analysis Committee raises its recommendations to the chairman of the provincial investment commission for submission to the board of directors of the concerned commission, which approves, rejects for justified reasons, or returns them to the same or another alternative committee for justified reasons deemed necessary by the board of directors.
4. Sectoral Entity Participation: Compliance with paragraph (1) of the seventh section of Cabinet Decision No. (23374) for 2023 regarding the participation of the relevant sectoral entity in the bid opening and analysis committees with the National Investment Commission and provincial investment commissions. The sectoral entity is responsible for technical analysis, while the National Investment Commission and provincial investment commissions handle financial and economic analysis.
5. Authority of the Board of Directors: Compliance with the authority of the board of directors to grant the investment license according to the provisions of Article (4/Second/B) of the Internal Regulations of the Provincial Investment Commission not organized in a region No. (3) for 2009.
6. Committee Renewal: Bid opening and analysis committees are periodically reformed for a period not exceeding one year.

Seventh: Required Data from Applicants for Investment Opportunities

• The instructions to applicants for investment opportunities include the following:

1. Data Required from Legal Entities: If the applicant is a legal entity, one or more of the following documents must be provided (certificate of incorporation, articles of association, company's internal regulations, authorization letter for review and signature, contractor classification ID, chamber of commerce ID, etc.), as per the nature of the announced project, certified according to the law, with financial statements for the last two years at a minimum, and any other data according to the conditions, announcement, and prevailing legislation.
2. Responsibility of Joint Investors: In the case of more than one natural or legal investor submitting a bid for project implementation, their liability is joint and several for execution purposes, and an officially certified partnership contract must be submitted with the bid.
3. Economic Studies for Residential Projects: When applying for investment projects, the economic feasibility study for residential projects must include the price per square meter for residential units in Iraqi dinars with the required unit specifications, clearly stated in the investment contract, taking into account Cabinet decisions, Central Bank of Iraq instructions, and the National Investment Commission circulars issued in this regard.
4. Participant Inquiry Conference: The date for the conference to answer participants' inquiries about the investment opportunities should be set at least seven (7) days before the advertisement and application closing date for the investment opportunity.

Eighth: Compliance with Cabinet Decisions, Central Bank of Iraq Instructions, and National Investment Commission Circulars.