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 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
 Jan 31 2015 - Vodafone Qatar revenue up 21 percent in 9MMENAFN
(MENAFN) Vodafone Qatar's said its total revenue grew by 21 percent to USD474.59 billion for the nine months ended December 31, 2014, The Peninsula Qatar reported.The company's mobile customer base ...

 Jan 31 2015 - Qatar Airways to acquire 10 percent of IAGMENAFN
(MENAFN) Qatar Airways announced that it has bought nearly 10 percent of the parent company of British Airways and Spain's Iberia, deepening wealthy Qatar's business ties to Europe, Arab News ...

 Jan 31 2015 - Saudi RCJY signs three deals worth USD138.25mMENAFN
(MENAFN) Chairman of the Royal Commission for Jubail and Yanbu (RCJY) signed three contracts worth USD138.25 million to provide essential equipment and develop industrial zones, Arab News ...

 Jan 31 2015 - Saudi- Outspoken prince to launch pan-Arab news channelThe Peninsula
(MENAFN - The Peninsula) An outspoken, billionaire Saudi prince will on Sunday launch a pan-Arab satellite news channel aimed at challenging established networks in the region.Prince Alwaleed bin ...

 Jan 31 2015 - Qaeda in Yemen says France top enemyThe Peninsula
(MENAFN - The Peninsula) The ideological leader of Yemen-based Al-Qaeda in the Arabian Peninsula (AQAP) said Friday that France had surpassed the United States as the top enemy of Islam.With the ...

 Jan 31 2015 - Qaeda group launches assault on Western-backed Syria rebelsThe Peninsula
(MENAFN - The Peninsula) Al-Qaeda's affiliate in Syria battled Western-backed rebels Friday as the jihadists pressed their bid to seize control of northern areas, a monitoring group and rebels ...

 Jan 31 2015 - Iraq- Air strike kills IS 'chemical weapons expert'The Peninsula
(MENAFN - The Peninsula) A US-led coalition air strike killed a chemical weapons specialist with the Islamic State group in Iraq who once worked for Saddam Hussein, US military officers said ...

 Jan 31 2015 - FM honours Qatari missionsThe Peninsula
(MENAFN - The Peninsula) The second annual general meeting of heads of Qatar's diplomatic, consular and representative missions abroad ended in the presence of the Foreign Minister H E Dr Khalid bin ...

 Jan 31 2015 - Qatar- Demand for books declines as craze for movies risesThe Peninsula
(MENAFN - The Peninsula) The charm of printed words is fading away in Qatar and the craze for movies is peaking, according to report released by the Ministry of Development Planning and ...

 Jan 31 2015 - Qatar- HBKU hosts graduate students from USThe Peninsula
(MENAFN - The Peninsula) Hamad Bin Khalifa University (HBKU), a member of Qatar Foundation for Education, Science and Community Development (QF), hosted 25 faculty, staff and graduate students from ...

more...


 






Google

Internatinal Property Show

 
 

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