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Kurdistan to support UAE investors
15.3.2008
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March 15, 2008
Erbil-Hewler, Kurdistan region 'Iraq', --
Businessmen in the UAE have been invited to invest
in tourism, civil aviation, infrastructure and real
estate in Iraq’s Kurdistan Region.
Massoud Barzani, the region’s president, said his
government would provide support and facilities with
a view to attracting investment from the UAE.
He made the offer during talks with FNC Speaker
Abdul Aziz Abdullah Al Ghurair and the delegation
accompanying him to meetings of the Arab
Inter-Parliamentary Union.
Barzani expressed admiration for the UAE’s success
in a number of fields, saying it had managed to turn
the desert into a green paradise.
Al Ghurair said the UAE wished to explore investment
opportunities in Kurdistan Region and invited
Barzani to visit his country.
The Speaker held talks on investment opportunities
with the region’s Prime Minister,www.ekurd.net
Nechirvan Barzani, who
said many openings were available to Arabs and
others. He spoke in particular of the tourism, oil,
real estate, civil aviation, banking and insurance
sectors.
“The cement sector is open to investors as Iraq will
need cement for at least 25 years, and the door is
open for investments in factories and agriculture,”www.ekurd.net
he added. “The investors
can enter Kurdistan and cross from there to the rest
of Iraq.”
Al Ghurair stressed the need to closely examine the
realities of investing in banking sector, oil
extraction, insurance and investment banks. (Wam)
RICH IN NATURAL RESOURCES
There are many oil and mineral resources in
Kurdistan. Kurdistan Regional Government-controlled
parts of Iraqi Kurdistan is estimated to have around
45 billion barrels of oil reserves, making it the
sixth largest in the world, most of it recently
discovered.
Extraction of these reserves was due to begin in the
first three months of 2007. As of July last year,
the Kurdish government invited foreign companies to
invest in 40 new oil sites, with the hope of
increasing regional oil production over the next
half decade by a factor of five, to about one
million barrels per day.
Gas and associated gas reserves are in excess of 100
TCF. Other underground resources that exist in
significant quantities in the region include copper,
iron, zinc and limestone, which is used to produce
cement. The world’s largest deposit of rock sulphur
is just southwest of Erbil. Other important
underground resources include coal, gold and marble.
business24-7 ae
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