Hiwa Rauf for Investment & Development (HRID) and International Finance Corporation (IFC) Sign Financing Partnership Mandate for Iraq’s First Sustainable Mixed-Use Real Estate Development.

Baghdad, Iraq — September 13, 2025 — Hiwa Rauf for Investment & Development (HRID) and the International Finance Corporation (IFC), a member of the World Bank Group, have entered into a financing partnership mandate for Downtown Slemani, Iraq’s first certified sustainable mixed-use real estate development. The mandate was formally highlighted during the IFC Partnerships Day in Iraq, underscoring a shared commitment to advancing sustainability, ESG standards, and innovative urban development in the country.

This builds on prior collaboration with IFC which provided extensive support with assessing the market and viability of the project and advice on corporate governance, financial management, and operational proficiency. This new milestone represents a significant step forward in financing and sustainability, with IFC now partnering with HRID to support the project’s vision of setting a new benchmark for urban development in Iraq. Downtown Slemani is being designed around environmental, social, and governance (ESG) principles, ensuring that sustainability, inclusivity, and long-term community impact are at the core of its delivery.

“Our collaboration with IFC is a milestone for HRID and for Iraq,” said Rebaz Hiwa Rauf, CEO of HRID. “By embedding ESG standards into Downtown Slemani, we are not only building the country’s first sustainable mixed-use project but also shaping a model for future developments across the region.”

HRID has participated in the upcoming IFC Partnerships Day in Iraq, under the patronage of H.E. Prime Minister Mohammed Shia’ al‑Sudani, where this collaboration was highlighted among IFC’s landmark initiatives supporting Iraq’s sustainable future.

“With this new partnership, we aim to provide $65 million to support the establishment of Iraq’s first sustainable mixed-use real estate project in Slemani in the Kurdistan Region of Iraq,” said Shelisa Samgy, IFC’s Regional Pre-Investment & Advisory Manager “This important initiative is expected to help promote sustainable urban infrastructure, address residual supply gaps, attract private investment, and generate jobs in construction and services."

Downtown Slemani, designed as Iraq’s first certified sustainable mixed-use real estate development, which will bring together residential, commercial mall and entertainment center, 5‑star hotel, office tower, performance center, and leisure spaces within one integrated urban hub. The project aims to create a vibrant community where people can live, work, and socialize in a modern environment built on international standards. By combining retail avenues, offices, green public spaces, and cultural venues, Downtown Slemani is poised to redefine urban living in Iraq, promoting sustainability and long-term economic growth.

This partnership reflects IFC’s continued commitment to fostering sustainable private-sector growth in Iraq, while reinforcing HRID’s role as a pioneer in setting new benchmarks for urban development in the region. Beyond the signing itself, the collaboration marks a significant milestone in Iraq’s economic transformation, demonstrating how global institutions and local visionaries can work together to unlock long‑term impact, resilience, and inclusive growth.