Iraq’s Real Estate Bank challenges legality of Zayouna Gate project

Baghdad (IraqiNews. com) – The state-owned Real Estate Bank of Iraq issued an official statement on Saturday, October 3, 2026, challenging claims regarding the newly launched Zayouna Gate residential development in eastern Baghdad. Addressing promotional campaigns and unit pre-sales announced by private developer Amwaj International, the bank warned that the underlying land remains protected sovereign property, stating that unauthorized residential conversions on the site constitute an infringement on public assets and a squandering of public funds. According to a formal statement received by the Iraqi News Agency (INA), the Real Estate Bank detailed five structural and legal clarifications: Sovereign Land Ownership: As a public state-owned banking enterprise, all real estate holdings and property assets form an indivisible part of the bank’s sovereign capital reserves.

The institution stressed that no civil servant or public official, regardless of executive rank, holds legal authority to waive, transfer, or reassign ownership of the land to private parties. Permit Scope & Build-Operate-Transfer Terms: The investment permit associated with the property was issued in 2022 to a private firm, Wahat Al-Rawan, solely for the construction of a modest three-story commercial complex—not a high-density, multi-tower residential project for freehold unit sales. Under the statutory terms of the concession, all structures were mandated to revert fully to the Real Estate Bank upon expiration of the investment lease. Physical Status of the Site: The bank affirmed that the land plot remains vacant and free of authorized construction as of October 3, 2026. Authorities cautioned that any unauthorized excavation, perimeter fencing, or groundwork on the parcel will be treated as an…