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Empire Holdings: Erbil as ideal investment
environment
27.11.2006
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November 27, 2006
In a press conference held at the Dubai Press Club
on 27 November 2006, Shwan Al-Mulla, co-Founder and
President of Empire Holdings reviewed progress of
Empire World, a $350 million property development
project.
The project aims to provide the infrastructure
necessary for regional and international companies
to establish bases for their operations in the city
of Erbil the capital of Kurdistan semi-autonomous
region in northern Iraq.
Shwan Al-Mulla, who founded Empire Holdings with
Peshraw Al-Agha, called on private sector investors
to follow the example of Empire Holdings founders
and invest in the province, which is a natural
gateway for commercial operations in Iraq, and which
offers an empowering environment for low-risk and
high-return investments.
Al-Mulla described to journalists a vision for the
private sector-led reconstruction of Iraq, to
achieve sustainable development and enhance social
prosperity and stability.
Shwan Al-Mulla emphasized the qualities of the
investment climate in Kurdistan, in particular the
recent enactment of the investment promotion law
which offers attractive incentives for investment
and guarantees equal treatment for both domestic and
foreign investors.
This builds on the other attractive aspects of
Kurdistan, such as the political stability that has
encouraged expatriates to return to their homeland,
and oil revenues that are being employed to build a
solid infrastructure.
He called on the Arab and international private
sectors to capitalize on the opportunities for
low-risk and high-return investment to execute
projects to the highest international standards.
These investments, Al-Mulla said, will result in
private sector-led growth, sustainable development,
greater employment opportunities, and higher
revenues and prosperity.
Continuing the presentation, Empire Holdings CEO
Michel Hébert explained that the Empire World
project, which broke ground in June 2006, covers
750,000 square meters of integrated commercial,
residential, hotel and leisure facilities in a
"mini-city" all-inclusive environment where a
growing local and expatriate community can live and
work while enjoying a comfortable and safe lifestyle
in Iraq.
The site is designed to provide its users with the
latest and most sophisticated technology and
services.
The main feature of the project is the two towers
that will be landmarks of Erbil. One tower will
provide office space while the other will house a
5-star hotel run by an international hotel company.
ameinfo com
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