Investors from Arab countries have led other foreign investors in the Kurdistan Region in the last two years with nearly $2.7 billion (3.2 trillion Iraqi dinars) of investment in various sectors of the Region’s economy, a senior official of the Kurdistan Investment Board (KIB) told AKnews.
“Four Arab countries — Kuwait, Lebanon, Egypt and Jordan — have investment projects in Kurdistan. Among them, Kuwait has the lion share with more than $1.5 billion worth of investment,” said Haidar Mustafa, the general director of Research and Information at KIB.
Lebanon follows Kuwait with around $760 million, while Egyptian companies have invested $350 million. Jordan’s investment in Kurdistan has reached around $29 million.
Mustafa added that the total amount of foreign investment in Kurdistan since August 2008 has approximately reached $3.7 billion with Arab businesses making 74 percent of the investment.
“Arab countries were among the first to invest in Kurdistan and so got an edge over others. We hope their numbers and the amount of their investment will increase and that they will have a broader participation in the reconstruction of Kurdistan,” Mustafa told AKnews.
Kurdistan has been ahead of other parts of Iraq in attracting foreign investment thanks to its stable security situation. Several business delegations from countries such as Turkey, United Arab Emirates, Austria and Germany visited Kurdistan in recent months to explore investment opportunities.
(Source: AK News)