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Report of the Souq: Kurdistan stable and promising investment destination for UAE companies
Monday, January 13, 2014
City News Agency
A report by the Dubai Chamber of Commerce and industry in cooperation with the Economist Intelligence Unit of the Economist that the Kurdistan region is stable and promising investment destination for UAE companies especially in the sectors of oil and gas, real estate and tourism.
The report revealed that Iraq is one of the most important commercial partners of the UAE, with the trade volume with Iraq at the end of 2012 to 8 billion u.s. dollars while Iraq occupies the second largest market for re-exports.
This report on the occasion of the visit of the trade mission of the Dubai Chamber of Commerce and industry to the Kurdistan region of Iraq, chaired by h.e. Abdulrahman Saif Al ghurair, Chairman of the Board room to discuss opportunities for collaboration and the opportunity for UAE companies to expand into the market for Kurdistan.
The report highlighted the potential and investment opportunities between Dubai and Kurdistan. The launch of Emirates air cargo service to Basra to meet the demand for transport mechanisms for oil companies and major food contributed to the consolidation of bilateral relations between Iraq and the UAE.
The report predicted that the Iraq over the next five years a remarkable economic growth to become one of the fastest growing economies of the developed world, however, such as the new economy faces a number of challenges that may affect sustainability. Oil is the main ingredient for the growth of the economy of Iraq, where 85 percent of GDP and 90 percent of government revenue.
And skip the oil production levels of 2003, but Iraq's potential in this sphere remains untapped despite plans to double output 3 times by 2020 while the poor transportation and storage and export infrastructure adversely affects the increase of oil production.
Iraq has a variety of trade and investment opportunities in a number of industrial sectors including construction, real estate and tourism therefore experience in these sectors may be essential to take advantage of these opportunities.
The report said that the Kurdistan region is the commercial and economic base for trade and investment and a gateway to the Iraqi market, promising the Kurdistan report more open compared to other Iraqi cities where the Government is encouraging foreign investment in the region, backed by strong growth led by spending and government investment in oil and gas.
The report noted that investment in the region has seen significant growth, especially in the field of construction logistics and lead the city of Erbil in particular growth in the real estate sector which has seen the city revolution and rapid growth have dubbed "Dubai Iraq" where it is hoped to become a regional centre of Arbil, especially after the opening of the airport in 2010.
The report showed that imports of Iraqi Kurdistan are 85 percent of the total trade of the region with the anticipated increase in demand for basic materials and consumer goods due to the boom in the construction sector, construction and rising income and wages.
Kurdistan has, as the report-the strengths most important stability and improved infrastructure and logistics services and strong trade ties with Turkey and Government support for foreign direct investment as well as increasing demand for all sectors while the region more stable gate to the Iraqi market with free trade zones and a new focus on tourism and agriculture.
The investments are concentrated in the non-oil sectors in the housing sector and rebuilding infrastructure and restoring the region's authorities focus on other investment areas, such as agriculture and light industry and tourism.
The report noted that construction of homes and housing estate in the revolution led by the Lebanese and Turkish investments however Trojan construction based in the UAE is currently working on a housing project for three years.
The report said an Emirati companies active in the market, including Kurdistan, Dana gas, Rutana and Majid Al Futtaim and Abu Dhabi national energy company.
Meanwhile, the banking sector has witnessed great success in foreign banks especially Turkish and Lebanese banks, which began entering Kurdistan market. He noted that investments in the sector by the HSBC Bank and Standard Chartered.
The report noted that the industry is 22 percent of the total GDP of the region led by the oil and gas sector, but investment in inexpensive industries such as building materials, factories began attracting investors bottles such as PepsiCo.
Tourism is 19 percent of total gross visited the territory in 2010 of about 1.3 million people, including 20,000 from outside Iraq, while most of the territory's foreign visits are for business and attractive natural beauty of the region more tourists from Iran and Turkey
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Monday, January 13, 2014
City News Agency
A report by the Dubai Chamber of Commerce and industry in cooperation with the Economist Intelligence Unit of the Economist that the Kurdistan region is stable and promising investment destination for UAE companies especially in the sectors of oil and gas, real estate and tourism.
The report revealed that Iraq is one of the most important commercial partners of the UAE, with the trade volume with Iraq at the end of 2012 to 8 billion u.s. dollars while Iraq occupies the second largest market for re-exports.
This report on the occasion of the visit of the trade mission of the Dubai Chamber of Commerce and industry to the Kurdistan region of Iraq, chaired by h.e. Abdulrahman Saif Al ghurair, Chairman of the Board room to discuss opportunities for collaboration and the opportunity for UAE companies to expand into the market for Kurdistan.
The report highlighted the potential and investment opportunities between Dubai and Kurdistan. The launch of Emirates air cargo service to Basra to meet the demand for transport mechanisms for oil companies and major food contributed to the consolidation of bilateral relations between Iraq and the UAE.
The report predicted that the Iraq over the next five years a remarkable economic growth to become one of the fastest growing economies of the developed world, however, such as the new economy faces a number of challenges that may affect sustainability. Oil is the main ingredient for the growth of the economy of Iraq, where 85 percent of GDP and 90 percent of government revenue.
And skip the oil production levels of 2003, but Iraq's potential in this sphere remains untapped despite plans to double output 3 times by 2020 while the poor transportation and storage and export infrastructure adversely affects the increase of oil production.
Iraq has a variety of trade and investment opportunities in a number of industrial sectors including construction, real estate and tourism therefore experience in these sectors may be essential to take advantage of these opportunities.
The report said that the Kurdistan region is the commercial and economic base for trade and investment and a gateway to the Iraqi market, promising the Kurdistan report more open compared to other Iraqi cities where the Government is encouraging foreign investment in the region, backed by strong growth led by spending and government investment in oil and gas.
The report noted that investment in the region has seen significant growth, especially in the field of construction logistics and lead the city of Erbil in particular growth in the real estate sector which has seen the city revolution and rapid growth have dubbed "Dubai Iraq" where it is hoped to become a regional centre of Arbil, especially after the opening of the airport in 2010.
The report showed that imports of Iraqi Kurdistan are 85 percent of the total trade of the region with the anticipated increase in demand for basic materials and consumer goods due to the boom in the construction sector, construction and rising income and wages.
Kurdistan has, as the report-the strengths most important stability and improved infrastructure and logistics services and strong trade ties with Turkey and Government support for foreign direct investment as well as increasing demand for all sectors while the region more stable gate to the Iraqi market with free trade zones and a new focus on tourism and agriculture.
The investments are concentrated in the non-oil sectors in the housing sector and rebuilding infrastructure and restoring the region's authorities focus on other investment areas, such as agriculture and light industry and tourism.
The report noted that construction of homes and housing estate in the revolution led by the Lebanese and Turkish investments however Trojan construction based in the UAE is currently working on a housing project for three years.
The report said an Emirati companies active in the market, including Kurdistan, Dana gas, Rutana and Majid Al Futtaim and Abu Dhabi national energy company.
Meanwhile, the banking sector has witnessed great success in foreign banks especially Turkish and Lebanese banks, which began entering Kurdistan market. He noted that investments in the sector by the HSBC Bank and Standard Chartered.
The report noted that the industry is 22 percent of the total GDP of the region led by the oil and gas sector, but investment in inexpensive industries such as building materials, factories began attracting investors bottles such as PepsiCo.
Tourism is 19 percent of total gross visited the territory in 2010 of about 1.3 million people, including 20,000 from outside Iraq, while most of the territory's foreign visits are for business and attractive natural beauty of the region more tourists from Iran and Turkey
[You must be registered and logged in to see this link.]
