Iraqi Kurdistan: Investment from the Gulf
As Iraqi
Below are extracts from an article written by Mayada Al Askari and published by Gulf News:
This is not
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
"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
According to Mazouri, when Nechirvan Barzani became prime minister in 1998, he introduced a whole new vision.
"He was highly interested in
After the end of Saddam Hussain's regime,
Growing interest
The recent months have witnessed a growing interest in
"We have actually finalised some contracts [with UAE entities] 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 "
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
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
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
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
[…]
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.