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Iraq's Kurdistan region opens its arms to
Gulf investors
21.5.2007 |
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May 21, 2007
Kurdistan Region (Iraq)
This is not Switzerland. But in its most enchanting
spirit, high up in the Iraqi clouds and skies, is
the Kurdistan province in Iraq. It has witnessed so
much pain and misery throughout its history, we
actually applaud its perfect beauty today.
With stability, peace and a willingness to develop
the area, the Kurdish Regional Government put down
the Kurdish Regional Investment Law No 4, which was
issued in mid-2006.
According to Eamad Jamil Mazouri, the Kurdish
Regional Government's General Representative to the
UAE, the process to attract investment to Kurdistan
started as early as 1992. |
Iraq's Kurdistan opens its arms to Gulf investors |
"When the Kurdish Parliament elections took place in
1992, we started building our regional state's
establishments, we decided to tread the road of free
enterprise as opposed to socialism, which did not
work in Iraq as a whole. We also had to mend our
devastated infrastructure," he told Gulf News.
According to Mazouri, when Nechirvan Barzani became
prime minister in 1998, he introduced a whole new
vision.
"He was highly interested in Dubai as a superb model
of a dynamic fast-growing metropolis," Mazouri said.
After the end of Saddam Hussain's regime, Iraq voted
on the constitution that approved a federal model
for Iraq. In 2005, the Kurdish region constitution
was issued.
Growing interest
The recent months have witnessed a growing interest
in Kurdistan. In a recent economic conference in the
UAE, a number of Gulf investors expressed their
interest in energy supply, road and water projects,
Mazouri said.
"We have actually finalised some contracts [with UAE
entity] such as Dana Gas, Sharjah, which signed
agreements with the Kurdistan Regional Government to
study gas development and utilisation potential in
Iraqi Kurdistan," he said.
The total cost of the project is $400 million.
Dana Gas and its Crescent Petroleum affiliate will
launch an industrial gas complex concept called
"Kurdistan Gas City", designed to promote private
sector investment and employment.
Under a separate service contract, Dana Gas will
develop, process and transport gas from the Khor Mor
field on a fast-track basis. Dana Gas will also
appraise Chemchemal gas field, which is needed to
supply power plants under construction near the
cities of Erbil and Suleymania, by January 2008.
The Kurdish regional government may also establish a
free zone to attract more investments.
"The free zone will be established close to the
Kurdish-Turkish borders in Zakho" Mazouri said.
A new $300 million airport is being built in the
city of Erbil, which will be able to handle the
biggest aircraft in the world, including the Russian
Antonov 225 cargo plane and the American C-5 Galaxy.
The airport's new runway 18/36 will be one of the
longest in the world at 4,800 metres.
Additionally, the Iraqi Kurdish regional government
and a Dubai firm are also to build a $400 million
"Media City" in Erbil.
Under the deal to create the Erbil City Media
Company, the regional government will have a 60 per
cent stake and a Dubai-based TV and cinema
production company will hold the remaining 40 per
cent. Six satellite television stations currently
air from Kurdistan, which is home to hundreds of
foreign companies, including 400 Turkish ones. This
project is to see light in two years' time.
Specific draft
The Kurdistan Company for Real Estate Development
presented the specifications draft for the
construction of a mall in Kurdistan valued at $120
million and on an area of 104,000 square metres; it
is expected to be completed within four years.
According to the plan proposed, the mall will
include a hotel, a commercial offices complex, big
retail market, large shopping centre, three
buildings of residential apartments and a
recreational area.
Kurdistan and the rest of Iraq have become even more
dramatic. The plains around Erbil are the location
for luxury housing developments. They have names
like the British Village, which resembles a
gated-California suburb, and the Dream City, which
will have a conference centre, supermarket and a
American-style school.
The Turkish developers of Naz City, a high-rise
condominium complex, are trying to sell house-proud
Kurds on modern apartment living. An American
company is planning to build Iraq's first ski resort
in the mountains near the Turkish and Iranian
borders.
Mazouri was optimistic about the future. "The new
policy has opened great opportunities for Kurdistan
Al Iraq. We will soon see a tourist destination open
to all the people in the area, a prosperous entity
with open arms for all," he said with a smile.
gulfnews com
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