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BAGHDAD (Reuters) - Instead of waiting for
security to improve in blood-stained Baghdad,
leading contractor Kais al-Khalidi headed north to
Iraq's Kurdish region to invest.
The results, the Iraqi engineer says, have surpassed
expectations.
Andraust, an American group in which Khalidi is a
shareholder, has agreed with Kurdish leader Masoud
Barzani to invest $350 million in villas and resorts
and a Nestle dairy products factory.
"We expect construction to start by the end of the
year and see the first villas rented out in 18
months. Andraust is both contractor and investor,"
Khalidi, whose interests range from oil to medical
equipment, told Reuters on Wednesday.
"The north could be a model for Iraq. Its success in
attracting business will put pressure on the rest of
the country to improve security and encourage
investment," he said, adding that a tire factory was
also under discussion.
Bureaucracy in the north, stable since last year's
Iraq war, is less than in Baghdad. Persecuted by
Saddam Hussein, Iraq's Kurds broke away from Baghdad
after the 1991 Gulf War and have enjoyed de facto
self-rule ever since.
Many Iraqi Arabs resent the Kurds for their close
ties to the United States which set up a no-fly zone
in the north to protect them from Saddam's aircraft.
But Khalidi hopes big profits will overshadow
politics as Iraq moves toward elections due in
January.
"There is Kurdish nationalism, but also a history of
ties with the rest of Iraq. Kurds address me as our
dear brother Kais and do business professionally,"
said Khalidi.
Like many, he seeks refuge from the almost daily
bombings in the mountainous Kurdish region where
Iraqi Arabs fill hotels.
"We are thinking of an alternative to Lebanon, which
is the main place in the region where Arabs go to
see snow, greenery and mountains."
That may be a long way off. Iraq's economy is
battered, oil pipelines are frequently sabotaged and
violence is keeping away foreign investment.
But that has not stopped Khalidi. His planned
resorts near the northern cities of Dohuk and Arbil
are set to include shopping malls, banks, villas,
hotels and restaurants.
Iraq's Kurds are trying to lessen dependence on
Baghdad. An oil refinery is planned and Washington
is funding the expansion of Arbil airport.
"The airport is vital to draw Arab tourists and
operators are requesting landing rights," said
Khalidi, who was also awarded major contracts by
Saddam.
But Khalidi sees no contradiction between doing
business now and under Saddam, saying his bids were
too superior to ignore.
Khalidi has submitted plans to the interim
government for a 350,000-unit a year car factory and
a 15,000-unit housing project in central Iraq, but
he says those projects are on hold because of chaos
in that region.
© Reuters 2004. All Rights Reserved.
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