Posted on 11 April 2014.
MEED’s Kurdistan Projects conference 2014 shows why the region, long seen as a platform for doing business elsewhere in Iraq, has now become a hotspot for investments.
The Kurdistan Region of Iraq has long been considered as a business friendly environment for foreign companies and a gateway for doing business elsewhere in the country. But recent developments have seen an upsurge in business activity making it one of the fastest growing economies on earth.
The region’s projects market reflects the growing demand for all types of goods and services. There are approximately $46bn-worth of projects currently planned or under way in the energy, construction, tourism and basic infrastructure sectors that make the Kurdistan Region one of the most dynamic projects markets in the world.
MEED’s Kurdistan Projects conference scheduled to take place on 8-10 June at The Rotana, Erbil, will provide a comprehensive overview of the projects market by sector and outline where the main opportunities lie for investors, financiers, contractors, and suppliers.
“We are delighted to work with the Kurdistan Regional Government and major private sector investors on this ground breaking conference set to reveal opportunities across key sectors including: oil & gas, power, real estate, industry, hospitality & tourism, water & agriculture and banking & finance,” said Edmund O’ Sullivan, Chairman, MEED Events. “Being the only event catering to all major areas of the region’s economy and attracting all the region’s leading stakeholders, this is a must attend event for any organisation looking to expand existing business in the Kurdistan Region or enter this booming market to explore new business opportunities”.
Other healthy signs indicating Kurdistan’s steady march to progress has been the growing inflow of Foreign Direct Investment (FDI). Kurdistan is open for business and the National Investment Law of 2006 has attracted more than $20bn to the region already with the government actively encouraging further investment most notably in the Water, Agriculture, Industry, Tourism and Power sectors. As of June 2013 there are now in excess of 2,300 foreign companies registered in addition to the 15,000 local companies.
“It has been especially successful in opening up the power sector, with 75 per cent of electricity in Kurdistan currently coming from independent power projects. With ample opportunities in oil and gas, and demand continuing to grow for power and water, there will be increased opportunities for FDI in these sectors and across the board,” said Leo Koot, President, TAQA Iraq.
The cornerstone of the region’s economy is the untapped natural resources proving highly attractive for oil companies. The region is moving rapidly from exploration to production, and with political stability and security unrivalled elsewhere in Iraq, there are numerous openings throughout the hydrocarbons value chain.
Erbil has also been called “the next Dubai”, thanks to the huge construction boom currently under way. Its build-it-and-they-will-come attitude is now maturing as the Kurdistan region develops, with the Prime Minister releasing details on a plan to improve the quality of future property developments including the implementation of building regulations and an active building control department.
Tourism is likely to receive a major boost as Tourism Erbil has been named the Arab Tourism Capital 2014 by the Arab Council of Tourism. “Hotels are springing up in the city and further afield, and Kurdistan is taking advantage of its safe reputation to develop attractions and leisure projects that will attract more visitors,” continued O’ Sullivan.
MEED’s Kurdistan Projects conference 2014 is supported by the Kurdistan Regional Government and Department of Foreign Relations, UKTI, Taqa as Strategic Event Partner, as well as U.S.-Kurdistan Business Council (USKBC) and Kurdish Europe Dutch Business Community (KDBC). Drake and Scull has signed up as the event’s Conference Sponsor and Parsons is on board as the Networking Programme Sponsor. With massive interest in Kurdistan’s further development growing, organisers are encouraging early registration at www.kurdistanprojects.com.
About MEED’s Kurdistan Projects conference 2014
Kurdistan Projects 2014 is a ground breaking event detailing exclusive project opportunities across the Kurdistan Region, taking place in the heart of Erbil. This year’s edition includes n
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