Thread: Kurdistan Economy

Erbil .. ceremony marking the anniversary of the independence of the United States of America

The presence of representative of the President of the Kurdistan Region and Dr. Kamal Kirkuki President of the Kurdistan Parliament, and Kareem Chenkala interior minister in the Kurdistan Regional Government, and Nawzad Hadi, the governor of Erbil, and Alexander Soares official Office of the U.S. Embassy in Kurdistan and the French Consul in Erbil, and the sons of American community in the capital of the Kurdistan Region and the gathering of guests, organized Kurdish Friendship Society - the U.S., yesterday, a celebration held in Erbil, on the occasion of the anniversary of the independence of the United States of America.

In a speech he praised Harry Schott president of the Friendship U.S. Kurdistan on the occasion, stressing the importance of relations between the Kurdistan Regional Government and the United States of America.

and also congratulated Nawzad Hadi, the governor of Erbil in his speech, the people and the Government of the United States of America on the occasion of Independence Day. For his part, the transfer of Alexander Soares Office of the U.S. embassy official in Kurdistan, Greetings James Jeffrey U.S. ambassador to Iraq, to the audience, thanking the Kurdish Friendship Society - U.S. plans to revive the event in Erbil.

http://www.kurdiu.org/ar/hawal/index.php?pageid=78871

Erbil Property Still a Buy

Erbil property has been one of the best investments in Iraq over the past year. While the ISX is up about 50% over the last twelve months, prices for residential and office space in the Kurdish capital have more than doubled. 600 sq m single detached houses in the city’s Italian Village development, for example, are now listed at US$ 1.5 mn, up from only $600,000 a year ago.

Meanwhile, along Erbil’s 100 m ring road numerous projects are under construction. When completed these will add hundreds of new units of both high and low rise supply. (Several of the international hotels mentioned in this post are coming to this area as well.)

I have also been told that land is selling for prices similar to those in Baghdad. This despite the fact that Erbil still has many large and well situated empty sites available for development.

Are these signs of a bubble?

In any ordinary city you would have to say yes. But Erbil has some special features that make the usual signs of overheating unreliable indicators.

As John Drake points out in his latest post, Kurdistan is an oasis of peace in comparison with the rest of the country. The region thus has an obvious role to play as a “gateway” to Iraq. For foreign investors and vendors and their local partners and clients, locating in Erbil will be a no brainer.

And Iraq’s coming oil bonanza virtually guarantees that the foreigners will keep coming. (John’s observation that many of them don’t yet even realize that Kurdistan is safer than the rest of the country is another bullish sign.) They will come not only to work on oil and gas projects but also to participate in the whole spectrum of activities necessary to Iraq’s reconstruction. They will also come because the Kurdish region, with 70 bn barrels of oil and 200 tr cm of natural gas, is on the verge of a fossil fuels boom of its own.

Finally, property bubbles do not usually occur without leverage. And the Iraqi banks have yet to really start lending. Most of the ten thousand dollar “blocks” of US hundred dollar bills being used to pay for properties are evidently not borrowed money.

Until this changes, it is still much too early to call a top in Erbil property.

http://www.iraq-businessnews.com/201...y-still-a-buy/

Kirkuk, demanding financial and budget planning the launch of petro dollars to provide electrical power to maintain

Council called for the province of Kirkuk, on Friday, the Ministry of Planning and Finance need to launch budget of petro dollars to guarantee payments to the investor, which provides the province of Kirkuk, with 200 megawatts of electricity, while the description of the ministries that deal centralized dictatorships new impede the development of the country, threatened to retaliate the two ministries.

The vice president of the provincial council in Kirkuk Rebwar Talabani in an interview for 'Alsumaria News', "Ministries of Finance and Planning chose not release budget project petro dollars after the approval of the Ministry of Electricity to provide Kirkuk with 200 MW in two waves of investor Kurd," noting that "electric power in the province settled the end of June after the implementation of the agreement "

Talabani said that "the ministries are still working according to the central and hinder the work of the provincial councils, which have limited powers and red tape and procedures that prevent the implementation of projects", describing them as "dictatorships new impede the development of the country."

And threatened to Talabani to "respond to these two ministries in the absence of Mr. Al Emadi own budget," noting that "the Council is seeking through the budget to provide electrical energy to maintain, especially with rising temperatures." and announced the province of Kirkuk, the final month of last June, for the approval of the Ministry of Electricity to agreement of the investor Kurd to provide maintenance of 200 MW of electricity in two stages, noting that the agreement will eliminate 80% of the electricity problem in the province.

http://www.alsumarianews.com/ar/3/24...-details-.html

The people of Kirkuk: the satisfaction of a relative improvement in services and claim to bring investors to the ages

the whole number of the citizens of Kirkuk their satisfaction with the progress witnessed in the province of Kirkuk in the area of improved services after four months, undertake the tasks of the new administration work, which reflected a state of great coordination and programmed between the administration and the provincial council in Kirkuk in the area of agreement and coherence in their work for the benefit of the people of Kirkuk to all Perigord ..

say farm behind Mohammed Jubouri 58 years from the people of Hawija southwest of Kirkuk, 55 km to our province of Kirkuk is witnessing an improvement in services reflected positively on the reality of living standards and social and make them more stable than the other cities of Iraq and the best proof of this not out demonstrations or sit-ins, such as the rest of the other cities of Iraq is the result of accelerated efforts to moderated Kirkuk new Bmhafezha and the provincial council, who see them poured their effort in improving the service first ..

and said we would suffer greatly in the field of insurance kerosene to run water pumps and watering the plants and to provide fuel for the vehicles of today we are seeing improvement energy and that we ensure watering Mzruatna and marketing Khaddrna and secure returns good financial to ensure that living well and this is a step we dream of last season ..

and said Aslan Abdullah Ahmad earner 46 years If we compare the Kirkuk before six months and Alan to see that it is undergoing construction in the area of clothing and ages of roads, squares, entrances and exits of Kirkuk and the power good and able citizens comfort during the summer heat of the great and reached temperatures of more than 45 degree Celsius ..

He says that his grandparents the new administration and programming work and follow up of provincial institutions and activities and the adoption of precision work and rise above above the political fray in order to work one team to make the day of Kirkuk city optimal between the cities of Iraq, we feel safe to a large mental management and understanding of people's suffering and its quest to organize the daily work and every day see a renewal great for the people of Kirkuk language of understanding today in Kirkuk is the progress of work and improve the services ..

and wished Kaveh Khadr is Forgiving, 44 years an earner of the people of Kirkuk Kirkuk to be the first between the cities of Iraq in terms of age, construction and services because of the diversity of national contribution to create a state of competition and work and makes it distinctive everything ..

and confirms we hope to contribute to all institutions and departments of Kirkuk, the work of the voluntary age and beauty of Kirkuk until the owners capital and industrialists, traders and shop owners because we Snaftkhr we all Pkrkkna that are worthy of us to make it Alabhy and more attractive for people and private investors ..

and Aadh We appeal to the Department of Kirkuk, the provincial council to intensify efforts and acceleration to bring new investments and large international companies to the age of Kirkuk and the establishment of factories, facilities and tourist resorts in All Oqdatha and its environs and this is not impossible and I am confident in the ability of his hand the decision, but we hope that the grant of Kirkuk, more powers for the development and reality is sad and painful view of what has the wealth of oil, natural, and place large agricultural and fertile land, and Mazlomeh suffered in the wrong policies that targeted the people of Kirkuk through the decades ..

and see Sargon Youkhana Matthew, 43, engineer, that the administration and the presidency of the Provincial Council as sought to improve the services the closer to the hearts, minds and homes of citizens, one who relieves the suffering of the people makes them call be raised above their differences and Mazlomyatem because Karkuk worthy of our further dialogue and continuous support and diagnose the failures and progress towards goodness and righteousness of the radiator to make progress and return them to the history embraced the components and make all the alleys, villages and cities of history we are proud of all of us ..

http://www.mustakbal.net/ArticleShow.aspx?ID=12978

AlBaraka Bank ‘to Open a Branch in Erbil’

The Turkish AlBaraka Bank will open a branch in Erbil in August, according to a report from Turkish Weekly.

It would be Albaraka’s first branch in a foreign country.

“The Erbil branch will contribute to bilateral relations between Iraq and Turkey,” Albaraka’s director general Fahrettin Yahsi said.

There have been reports of AlBaraka opening an Erbil branch in August 2010 and again in January of this year.

http://www.iraq-businessnews.com/201...anch-in-erbil/

Empire Iraq to Launch Erbil Marriott Hotel and Marriott Executive Apartments in 2014

Empire Iraq signed an agreement with Marriott International to manage a five star hotel and an executive apartment property during a ceremony that was held at the newly inaugurated U.S. Consulate in Erbil. The agreement covers a 200 - room, upscale Marriott Hotels & Resorts - branded hotel, and a 75-Unit deluxe Marriott Executive Apartments' property. The investment on the Hotel and Executive Apartments is expected to exceed USD 100 Million; both are planned to launch in 2014.

The 200-room Erbil Marriott will provide a range of amenities, connectivity & services to help business travelers achieve their objectives. Its unique and stylish interiors will blend the latest in residential design, color and real comfort. Recreational amenities will include an extensive fitness facility, an on-site spa and an outdoor swimming pool. As for the 75-Unit Marriott Executive Apartments Erbil especially designed for extended stay travelers will offer the convenience of a five-star, full service hotel with the space, ambience and privacy of residential living.

This agreement is inline with Empire Iraq's expansion plan for Empire World, a private real estate development project, with an investment of over USD 1 Billion, distinguishes itself with its diverse development projects ranging from commercial developments (Erbil Business Tower and Business Complex), Residential developments (Royal City Villas & Apartments), Hospitality and Leisure (Erbil Marriott, Marriott Executive Apartments Erbil and Erbil Speed Center).

Mr. Peshrow Agha, chairman of Empire Iraq stated: "We are very excited to welcome Marriott to Empire World; Marriott is the first truly global hotel brand to recognize the potential of Iraq, as a result establishing not one but two propertiesin the Kurdish Region."

To compliment Mr.Agha's statement, Mr. Ed Fuller, President & Managing Director of Internationallodging for Marriott Int. said: "Erbil is an encouraging destination with promising economic & commercial opportunity. Erbil is believed to be one of the oldest, continuously inhabited communities in the area".

Mr. Agha also added "Empire World is an upscale, unique, lively, and relaxed work destination; and we believe that both Erbil Marriott & The Marriot Executive Apartments Erbil are truly jewels for our development."

The Erbil Marriott and the Marriott Executive Apartments Erbil will be Marriott International's first two properties in Iraq, among their many operating hotels and properties in the Middle East and Africa.

http://www.zawya.com/story.cfm/sidZA...tments_in_2014

About Empire Iraq
Empire World was established in January 2006 as a private real estate development company. With a constant search for development and growth, Empire World has successfully distinguished itself through diverse development projects ranging from commercial offices, hotels, residential projects, to leisure and entertainment facilities.

Empire World is a pioneer in real estate development, as part of their mission of contribution to economic re-emergence of Iraq on a strong foundation of free market economy, the company is now involved in the development of multi-functional commercial, residential, hotel and leisure projects. Empire World is a comprehensive company catering to different needs and markets with top-notch proficiency and dedication.

As part of its expansion plans, Empire World has acquired a land of 750,000 sqm to develop different real estate projects. The land is in Erbil, the capital of the Kurdish Regional Government (KRG), about 3 km from the city center, 3 km from the Citadel, and approximately 4.5 km from Erbil International Airport. The land plot is now home to six Real Estate Projects:

1- Erbil Business Tower
2- Royal City Villas
3- Royal City Apartments
4- The Erbil Marriott Hotel and the Marriott Executive Apartments Erbil
5- Erbil Speed Center
6- Commercial and Business Complex

This strategically located land plot, introducing Empire World with its rich and different interactive real estate projects, has come to be known as Empire Premier Land. www.empireiraq.com

http://www.zawya.com/story.cfm/sidZA...tments_in_2014

Britain: Kurdistan deserves all the support and backing

MPs announced British part of a group (APPC), in a special report on the visit they made ​​last month to Kurdistan at a news conference they held in the building of the British Parliament, said that although there are some issues, but that the province step successfully for the development and deserves all the support and backing.

A statement of the Representation of the provincial government in Britain that the co-chair of the group MiG-moon, said the group met during her visit to the province, with a number of organizations and individuals and conducted a review of the demonstrations last (province), adding that the work was not investigated in the demonstrations, but to listen to directions and the views of all parties, and we believe it requires that the provincial government to continue to make the reforms and work on the institution of government departments, at the same time trying to understand more of the role of the opposition.

For his part, MP and chair of the group of deputies of all parties, the British, Nazim Zahavi, the future of Iraq lies in the system federal, and Iraq should benefit from the successful experience of the region of Kurdistan.


http://ar.radionawa.com/Detail.aspx?id=11148&LinkID=63

British consulate in Arbil, reveal the growing number of English companies in Kurdistan

A British Consul General in Arbil on Sunday that his country is currently pursuing to strengthen its relations with the Kurdistan region, at various levels of political, economic, and cultural rights. He explained Chris Paores told the Kurdish news agency (Rn) announced today "We gathered strong relationships now with the Kurdistan province in the political and economic, but we seek to strengthen those relationships more and more and at various levels."

He added by saying that "there are 700 Kurdish student currently studying in British universities as part of the program to enable young Kurds, and this has positive effects on the development of relations between London and Erbil."

He said "Britain occupies the third place in terms of the number of businesses operating in the Kurdistan region, and those companies are in the areas of extraction and the discovery of oil, and in the fields of banking, consulting and other."

He continued by saying "Otherwise, the British company has agreements with the General Directorate of Traffic Police Kurdistan region in order to bring the car type (Land Rover) to the organs of traffic police, in addition to a British company again took it upon themselves to do the process of cleaning and upgrading of waste and residues in areas west of Irbil and spend Biermam."

Said British Consul General in Erbil that "the coming days will witness a noticeable increase in the number of British companies operating in the Kurdistan region, and the clear reference to the work to strengthen relations with the province of Kurdistan."

And on the peaceful coexistence among all components of national and religious province of Kurdistan, said Paores, "The Kurdistan region has a culture of atypical beautiful, and we note that there is an atmosphere of fraternal co-existence the joint between the sons of nationalities and religions province of Kurdistan, and is taking active efforts in order to work to end violence against women, as are Kurdish women with respect and appreciation, and this specimen is beautiful".

http://www.aknews.com/ar/aknews/2/253438/

Transport Kurdistan: We will not be granted any new licenses for mobile phone companies during the current year

A spokesman for the Ministry of Transport Region of Kurdistan, it will start working the program of standardized contracts awarded licenses for mobile phone companies by the government of the territory and the federal government as of next year, pointing out that it will stop granting licenses to companies mobile in Iraq and the region until the introduction of the new program.

The Omid Mohammad, told the Kurdish news agency (Rn), that "the Ministry of Transportation Government of the Region was held earlier in several meetings with its counterpart in the federal government and the Iraqi communications to discuss the work program of a uniform for the granting of licenses for the phone companies mobile in the whole of Iraq including Kurdistan Region, "noting that" the meetings went out in agreement on the standardization of software licensing to companies mobile in Iraq and the region as of next year."

He also explained that "will stop granting licenses to companies mobile in Iraq and the region until the introduction of the new program". Under the permanent Iraqi constitution to limit the powers of granting licenses for mobile phone companies in the whole of Iraq Authority FCC, but because there is no law governing that authority, a Government of the Territory granted several contracts for licenses for mobile phone companies.

http://www.aknews.com/ar/aknews/2/255665/