Wadee Al Handal, Chairman of Al Handal International Group (HIG) and President of the Iraqi Private Banks League (IPBL), attended a key meeting with the Iraqi Prime Minister on December 16, 2024. The meeting marked the announcement of the third phase of the Baghdad Downtown Initiative, focusing on the rehabilitation of Al Rasheed Street, a historic and cultural landmark in Baghdad.
The third phase of this ambitious project will see the restoration of 72 buildings along Al Rasheed Street, with a strong emphasis on preserving their architectural heritage. This initiative aligns with Baghdad’s recent designation as the Arab tourism capital for 2025, underscoring the importance of restoring the city’s historical charm.
The Baghdad Downtown Initiative is a collaborative effort spearheaded by the Prime Minister's Office, supported by the Iraqi Private Banks League, the Baghdad Municipality, and other key stakeholders. Previous phases of the initiative successfully restored Mutanabbi Street and rehabilitated Sarray Street, revitalizing these cultural hubs.
Following the meeting, Wadeea Al Handal shared, “The city of Baghdad deserves a lot from us, especially after being chosen as the Arab Tourism Capital. This project is a step toward making the city a prominent destination for visitors and a source of pride for its residents.”
This initiative represents a milestone in preserving Baghdad’s cultural and architectural identity while enhancing its position as a key destination for tourism in the Arab world.