7 companies to invest $470m. in Karbala

KARBALA / IraqiNews.com: Seven Iraqi and non-Iraqi companies are planning to invest $470 million in several projects in Karbala city over a period of three years, a media spokesperson for the investment authority in the city said on Wednesday. “Seven companies from Iraq, Turkey, Iran and Britain are going to make $470 million investment in Karbala,” Raed al-Asli told IraqiNews.com. Karbala, with an estimated population of 572,300 people in 2003, is the capital of the province and is considered to be one of Shiite Muslims’ holiest cities. The city, 110 km south of Baghdad, is one of Iraq’s wealthiest, profiting both from religious visitors and agricultural produce, especially dates. SS (P)/SR 1