Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Kurdistan: A gateway to opportunities in Iraq  Join our daily free Newsletter

MENAFN - Khaleej Times - 13/01/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Khaleej Times) The Kurdistan region of Iraq offers UAE-based companies a gateway to business opportunities in oil and gas, construction, real estate and tourism in the rest of the country, says a study



According to the report commissioned by Dubai Chamber of Commerce and Industry, Iraq has become one of the UAE's key trade partners and is the second largest market for re-exports. UAE statistics estimate total trade for 2012 to have reached over 8 billion



Details of the report, compiled by the Economist Intelligence Unit, are released as a delegation of high-profile UAE business leaders depart to Kurdistan on a trade mission organised by Dubai Chamber



"Bilateral trade has been boosted by the launch of Emirates Sky Cargo's freight flights from Dubai to Basra, which supply equipment for oil companies and key foodstuffs," the report said



Iraq will be one of the world's fastest-growing economies over the next five years, but like many frontier markets there are challenges to this sustainability. Its main economy driver is oil, which accounts for 65per cent of GDP and 89 per cent of government revenue



"Oil production has surpassed 2003 levels and the country remains relatively unexplored. However, it is likely that ambitious targets to triple production by 2020 will be scaled down. Meanwhile, poor transport, storage and export infrastructure will curtail plans to boost production," according to the report



Opportunities for business and investment also exist across a number of other industry sectors, including those which UAE-based businesses have significant expertise, like construction, real estate and tourism. For UAE businesses, the Kurdistan region of Iraq offers a more stable base and gateway to the rest of the country. According to the report, Kurdistan is more open than elsewhere in the country and the regional government is actively promoting foreign interest. The region's economic growth is robust and led by public section expenditure and investment in oil and gas



The UAE's involvement in the region has grown in recent years, led by construction and logistics. The province of Erbil is particularly strong in real estate and has witnessed rapid growth and a real estate boom, earning it the title the "Dubai of Iraq"



"It is hoped that Erbil will become a regional hub, with growth being driven by its airport which opened in 2010," according to the report



Figures quoted in the report state that imports account for 85 per cent of the Kurdistan region's total trade. With a booming construction market and rising disposable incomes, demand for basic materials and consumer goods is rising rapidly. According to the report, the strengths of the Kurdistan region include, stability, improving infrastructure and logistics, a positive attitude to FDI and strong trade links with Turkey, while opportunities are being driven through the huge demand across all sectors, stable gateway to the larger Iraq market, Free Trade Zones and new focus on tourism and agriculture



In the non-oil sectors most investment has been focused on housing and rebuilding dilapidated infrastructure. Authorities are now turning their attention to new sectors, primarily agriculture, light industry and tourism, the report states



The boom in housing construction has been led by Turkey and Lebanon, however the UAE company Trojan Construction is currently engaged in a three-year housing project



Other UAE companies that are active across a number of different sectors in Kurdistan include Dana Gas, Rotana, Majid Al Futtaim, and Abu Dhabi National Energy Company (Taqa), the report states



In terms of other opportunities, banking is starting to see proliferation with foreign banks, primarily from Turkey and Lebanon, starting to move into the market. HSBC and Standard Chartered have also invested, according to the report



Industry accounts for 22 per cent of the region's GDP and is led by the oil and gas sector. However, low-end manufacturing, such as bottling plants and construction materials, has attracted investors such as Pepsi Cola



Meanwhile, tourism and travel account for 19 per cent of GDP. In 2010, 1.3 million people visited the region, with 20,000 of this number from outside Iraq. Western visitors come primarily for business, but Kurdistan's picturesque mountains attract tourists from Iran and Turkey

 


Khaleej Times




  MENA News Headlines
 Oct 31 2014 - Saudi Arabia's Sedco Capital eyes $300m Europe real estate dealThe Peninsula
(MENAFN - The Peninsula)  Jeddah-based Islamic investment firm Sedco Capital plans to arrange a club investment of up to $300 million in European real estate, and will soon distribute its Luxembourg ...

 Oct 31 2014 - Qatar Exchange index falls on heavy sell-offThe Peninsula
(MENAFN - The Peninsula)  Qatari stocks plunged on heavy profit-taking yesterday, a day after Federal Reserve announced its decision to wound up its over five-year-long quantitative easing stimulus ...

 Oct 31 2014 - Kuwait prioritizes protection of human rights - EnvoyKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA))  The State of Kuwait on Thursday reaffirmed respect for human rights out of belief in their crucial role in the achievement of sustainable development.The Kuwaiti ...

 Oct 31 2014 - Kuwait welcomes Sweden's recognition of Palestinian statehoodKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA))  Kuwait welcomes Sweden's decision to recognize Palestine as an independent state, a senior Foreign Ministry source said on Thursday.The decision comes in line ...

 Oct 31 2014 - Ban condemns Sudan hostilitiesKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA))  UN Secretary General Ban Ki-moon strongly condemned the resumption of hostilities between the Sudan People's Liberation Army (SPLA) and Opposition forces in ...

 Oct 31 2014 - US, Israeli officials discuss ISIL, IranKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA))  Senior US officials working on the Obama Administration's counterterrorism strategy met with their Israeli counterparts on Thursday for the semi-annual meeting ...

 Oct 31 2014 - Kuwaiti Speaker condemns Israeli closing of Aqsa MosqueKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA))  We condemn the unjustly Israeli act of closing the Holy Aqsa Mosque in the face of worshippers, Kuwait's National Assembly Speaker and Chairman of the Arab ...

 Oct 31 2014 - S. Korean Pres. calls for more economic ties with Saudi ArabiaKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA))  South Korean President Park Geun-hye on Friday called for expanding economic ties with Saudi Arabia, saying the two countries should seek exchanges in new areas ...

 Oct 31 2014 - EU condemns ISIL atrocities in IraqKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA))  The EU Friday expressed condolences to the families of the tribesmen who were killed in recent ISIL atrocities in the Anbar province, as well as to the families ...

 Oct 31 2014 - OPEC basket price down by 45 cents to USD 82.79 pbKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA))   OPEC daily basket price stood at USD 82.79 a barrel Thursday compared with USD 83.24 the previous day, the cartel said on Friday.The annual rate of the OPEC ...

more...


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help