Quotes: 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 witnesed 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
 May 1 2016 - Bahrain to benefit from Jordan's health sectorMENAFN
(MENAFN) Bahrain affirmed keenness to benefit from Jordan's health legislation expertise and to start mega health projects in cooperation with Jordan.Furthermore, the Bahraini lawmakers discussed ...

 May 1 2016 - Dubai to build new bridge at Jebel Ali Zone at USD 28.58mnMENAFN
(MENAFN) Dubai will build a new bridge project which will link the South and North of Jebel Ali Zone.Moreover, the project which will be undertaken in cooperation with the Jebel Ali Zone will cost ...

 May 1 2016 - Qatar's Ezdan Holding net profit grows 12 percent in Q1MENAFN
(MENAFN) Real Estate Ezdan Holding Group posted a net profit of USD 160.82mn for Q1 of 2016, up 12 percent compared to USD 143.39mn posted last year.Moreover, the group is working to issue USD 2bn ...

 Apr 30 2016 - Qatar's MPHC net profit up 83 percent in Q1MENAFN
(MENAFN) Mesaieed Petrochemical Holding Co. posted net profit of USD 58.28mn for the first quarter of this year, an increase of 83 percent.Furthermore, the increase was attributed to growth sales ...

 Apr 30 2016 - Aaml Co. net profit jumps 33.7 percent in Q1MENAFN
(MENAFN) Aamal firm, one of the GCC's fastest growing firms, proclaimed net profit of USD 42.18mn for Q1 of this year, a jump of 33.7 percent.Additionally, group profit were up 6.9 percent to USD ...

 Apr 30 2016 - Egypt, UAE to discuss relations in real estate projectsMENAFN
(MENAFN)Egypt and UAE will discuss real estate investment projects that UAE seeks to participate in.Moreover, these projects involve the New Administrative Capital, as well as housing projects in ...

 Apr 29 2016 - Omani power firm to build vital power facilityMENAFN
(MENAFN) Omani Musandam Power Company SAOC (MPC) will construct the Musandam Independent Power Plant (Musandam IPP) in the Musandam Governorate.As a high level official stated, the firm's strategy ...

 Apr 29 2016 - Saudi, French bilateral trade to reach USD13.6bMENAFN
(MENAFN) The Saudi-French Business Opportunities Forum taking place in Saudi Arabia delivers the finest stage to advance parts of mutual collaboration in many new areas.The two countries enjoy great ...

 Apr 29 2016 - KSA continues to prioritize low spendingMENAFN
(MENAFN) Saudi plans to return unspent money which was allocated in this year's budget for the purpose of cutting waste as state revenues weakens due to low oil prices.In the recent past, government ...

 Apr 29 2016 - Qatar- El Jaish aim to dethrone LekhwiyaThe Peninsula
(MENAFN - The Peninsula) Lekhwiya players lift the Qatar Cup trophy in this May 2 2015 file picture. Doha: El Jaish will be looking for a repeat of their 2014 Qatar Cup success when they ...

 Apr 29 2016 - Qatar Cup Trophy Tour stops at OoredooThe Peninsula
(MENAFN - The Peninsula) Doha: The Qatar Cup tour made its final stop at Ooredoo the official telecom partner of the Qatar Cup 2016. Staff and management took an opportunity to take photos and ...

 Apr 29 2016 - Al Rayyan rally to win Qatar Cup titleThe Peninsula
(MENAFN - The Peninsula) Al Rayyan SC players and officials celebrate while receiving the Qatar Cup after they beat El Jaish SC 21-25 25-18 25-17 32-34 18-16 in the final played at Ali Bin Hamad Al ...

 Apr 29 2016 - Qatar- Emir Cup: Al Kharaitiyat Al Gharafa earn thrilling wins to advanceThe Peninsula
(MENAFN - The Peninsula) Al Sailiya’s Abdurahman Al Harazi (left) celebrates after scoring the first goal for his team during their Emir Cup third round match against Al Wakrah SC at Al Arabi ...

 Apr 29 2016 - Steinmeier doubts Trump's 'America first' planThe Peninsula
(MENAFN - The Peninsula) German Foreign Minister Frank-Walter Steinmeier gestures during a joint press conference with Portuguese Foreign Minister Augusto Santos Silva (not seen) after their meeting ...

 Apr 29 2016 - Qatar- Met predicts a hot day with some cloudsThe Peninsula
(MENAFN - The Peninsula) Doha: The weather forecast for Qatar valid until 6pm Thursday inshore will be hot during the day with some clouds offshore will be hazy to misty at places and partly ...

 Apr 29 2016 - Qatar key to boosting Turkey-GCC tiesThe Peninsula
(MENAFN - The Peninsula) Emir H H Sheikh Tamim bin Hamad Al Thani met Turkey’s Prime Minister Dr Ahmet Davutoglu and his delegation at the Emiri Diwan yesterday. They discussed relations ...

 Apr 29 2016 - Qatar- Emir welcomes King Mohammed of MoroccoThe Peninsula
(MENAFN - The Peninsula) Emir H H Sheikh Tamim bin Hamad Al Thani welcomes King Mohammed VI of the Kingdom of Morocco and his delegation at Hamad International Airport. Doha: Emir H H Sheikh ...

 Apr 29 2016 - Qatar eyes 'best of the best' turf for 2022The Peninsula
(MENAFN - The Peninsula) A worker tends to grass being grown at a research and development centre in Murakh to find the best playing surface for FIFA 2022 yesterday. Doha: Watching grass grow ...

 Apr 29 2016 - Qatar discusses WTD eventsThe Peninsula
(MENAFN - The Peninsula) Doha: Qatar Tourism Authority (QTA) yesterday held a meeting with UN World Tourism Organisation (UNWTO) to discuss Qatar’s preparations to host World Tourism Day 2017. ...

 Apr 29 2016 - Qatar- Premier meets EU Counterterrorism CoordinatorThe Peninsula
(MENAFN - The Peninsula) Doha: Prime Minister and Interior Minister H E Sheikh Abdullah bin Nasser bin Khalifa Al Thani yesterday met European Union Counterterrorism Coordinator Gilles de Kerchove ...

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

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

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
Economic Calendar
Financial Glossary


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


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help