The investment commission cancels the Golden Tower project license and pledges to compensate the affected citizens

The investment commission cancels the Golden Tower project license and pledges to compensate the affected citizens

Erbil (Kurdistan 24) - The Investment Authority of the Kurdistan Region, on Monday 10 August 2026, approved the cancellation of the license of the residential Golden Tower project, and decided to refer the project to a new investor to guarantee the rights of citizens who paid financial payments to it.

Chairman of the Investment Commission, Mohammad Shkeri, in a statement to Kurdistan 24, said that the license for the Golden Tower project has been permanently revoked, stressing that the goal is to protect citizens' rights and ensure that the project is implemented as scheduled.

Chairman of the Investment Commission reaffirmed that the Authority will implement strict procedures against any investor violating citizens' rights, noting that withdrawing the license and handing it over to another investor is the follow-up procedure in the event of repeated violations, to ensure no citizen is harmed and their full financial entitlements are recovered or their housing units are guaranteed through the new investor.

The decision comes after a series of protests organized by the project's shareholders over the investor's failure to comply with agreements and a recommendation from the Erbil Investment Directorate that the license be revoked.

In a related context, Mohammad Shkeri explained that the decision not to grant new investment licenses to residential projects is still in force, in execution of the order issued by the Council of Ministers presidency on February 19, 2024, which aims to direct efforts towards projects serving low-income and tenants.