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Rapid economic growth in Iraq, opening the door for Ostmarat large citizen - translation Ammar Kazim Mohammed when he decided to hospitality group in Dubai to build a hotel and apartment complex worth $ 175 million in the holy city of Karbala took place in a common problem with all investors in Iraq and is to raise the funding has been to solve this The problem of acceptance to sell some of the rooms according to the base of participation of visitors and travel agents and other investors. the company says: The construction underway at the moment and waiting to complete the complex by the end of this year. says Manaf Ali Group Executive Director UAE: We are here in Iraq since 2009 we have seen change view Holy City is remarkable, adding: It seems the political landscape today is also more stable as you can see the improvement in security, infrastructure, day after day. after nearly nine years on the U.S. occupation of Iraq that toppled the dictatorship former there are signs that foreign investment in the country is finally beginning in building momentum for him, but nevertheless there are still many obstacles despite a drop in violence largely what it was in its peak years from 2006 to 2007. but a project such as this luxury hotel in Karbala, proving that Iraq had reached a critical point where investors are Foreigners that rapid economic growth in the country and the great potential the more valuable of the dangers in it, and this is not in the oil sector, but also in other sectors as well. says Farouk Sousse, chief economist at the Bank of SETTEC the U.S. in the Middle East: there is lack of balance in a large between the wealth of potential in Iraq and the current situation in economic terms in the fields of infrastructure, consumer goods and when this happens balance the results will be enormous, stressing: The potential of Iraq's oil wealth makes some investors willing to accept risk is greater when those countries with financing less. Iraq had declared during the last month that oil exports had risen to more than three million barrels per day for the first time in more than three decades and the country also aims to double production over the next three years in addition to its long-term is to reach production of 12 million barrels per day, the goal of optimistic But the very fact of Iraq in trying to be the largest oil exporter in the world during the next few years and this certainly shows an escalating economic growth in the country until the end of this decade, which does not apply to most countries, even if Iraq did not fit the political and legal disadvantages. The gross domestic product (GDP) in Iraq has averaged growth of 3.6% in the years 2004 to 2010, but jumped to $ 9.6% in the last year and the International Monetary Fund speculates that the average overall growth of 10% over the next five years until 2016. This certainly will improve the growth of official funding for Iraq dramatically which allows him to provide large contracts in the reconstruction of local and foreign investors. It is also expected to double oil exports income to become 139 billion in 2016, which makes the budget deficit, which amounted last year to 8.7% of gross domestic product turns into a surplus by 18% during the four years from now. emphasizes Farouk Sousse, chief economist at Bank SETTEC U.S. that: Iraq will become one of the richest countries in the world, Masadjal Iraq, which has $ 50 billion in government reserves will become net $ 100 billion in 2020. says Sherif Salem, director of Abu Dhabi Chamber of investments: This depends on the political stability of Iraq. He pointed out that: look beyond the political instability the short term, according to his opinion, which extends from four to six years from now. In any case, it is the overall economic sense, the rise of foreign investment in Iraq, where foreign trade activity speculate that it has reached to 55.7 billion dollars during the last year the presence of 276 companies from 45 countries in Iraq. The Farouk Sousse, saying that Iraqi politics could become more stable gradually over the coming years, while the benefits of leaking oil wealth to more people. He pointed out that: at the same time, the growth of the oil industry requires more peripheral industries such as housing, electricity and transport.
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