Tag Archive | "Kurdistan"

The latest news from Kurdistan – security updates, reconstruction and more – brought to you by Iraq Business News

KRG Min. of Natural Resources Publishes Annual Report

The Kurdistan Regional Government (KRG)’s Ministry of Natural Resources (MNR) announces the publication of its Annual Financial Report for 2013, a detailed and comprehensive guide to the financial operations of MNR.

The report includes revenue figures from crude oil production, local crude oil sales, the selling of refined products, and bonuses and capacity-building support derived from the KRG’s production sharing contracts with international oil companies.

Also detailed are MNR’s operational expenditures and overheads as well as the funding of a significant number of projects managed by the Kurdistan Regional Government (KRG) and by the individual governorates of the Region.

Costs for the purchase of diesel, kerosene and benzene for use in the Region’s power plants, in local industry and agriculture, and in people’s homes are included in the report.

Because it is the first of its kind, the 2013 report also contains comparative earnings and expenditure tables for the six previous years. Nevertheless, for completeness MNR will soon publish separate annual financial reports for each of the years 2007-2012.

From 2007-2013, MNR created gross revenue of US$9,714,331,861. Its gross expenditure over the same period amounted to US$8,794,110,220. Of this, after costs of refining, transportation and logistics, some US$5.85 billion was spent on projects for the Kurdistan Region.

The revenues derived to date have been within the limits of the 17% crude oil refining and internal consumption rights of the Kurdistan Region and are being used to fund the provision of electricity, new hospitals, fresh water units, housing for Anfal victims, new schools, universities and roads, and to help diversify the economic base through agriculture and tourism.

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Kurdistan Welcomes British Business

The Kurdistan Region is open for business and British companies are welcomed, Kurdish officials told members of British Expertise, a leading trade association at a seminar last week.

Minister Falah Mustafa, Head of the Kurdistan Regional Government’s Department of Foreign Relations, and Bayan Sami Abdul Rahman, the KRG’s High Representative to the UK, were joined by Alex Lambeth, Director of British Expertise, in highlighting the business opportunities and investor-friendly laws in the region.

The seminar was part of a series of meetings by Minister Mustafa who was in the UK on an official visit. The Minister was accompanied by Siham Mamand, the Assistant Head of the DFR, and High Representative Abdul Rahman during the visit which included meetings with British officials, parliamentarians, journalists and think tanks.

Minister Mustafa told the seminar at British Expertise, ‘There is huge potential in many areas of the economy and we like to do business with the British. Foreign Secretary William Hague recognised this when he made the decision to increase the number of staff at the British Consulate in Erbil a few years ago while other British diplomatic missions were facing cuts.’

The minister outlined the key areas the KRG is promoting – tourism, agriculture and manufacturing – so that the economy is not over reliant on oil.

He also updated the meeting on political developments, relations with Turkey, the Syrian refugee crisis and the forthcoming Iraqi elections.

Ms Abdul Rahman spoke about the Kurdish economy’s rapid growth over the past decade, which has been achieved thanks to high levels of security, clear economic policies that focus on services such as the provision of electricity, and the development of an oil and gas sector from scratch in the past seven years.

She urged Britain to make visas access easier for business visitors, to start direct flights and for British ministers to lead trade delegations to Kurdistan in the same way as other European countries do.

British Expertise members had a range of questions, including on Kurdistan’s trade relations with Scotland and Northern Ireland, the KRG’s procurement methods and the impact of Syrian refugees on the economy.

(Source: KRG)

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Mosul “to Refine Oil in Disputed Areas”

By John Lee.

An agreement to build an oil refinery has reportedly been signed between Iraq’s Mosul province and the Kurdistan Regional Government (KRG) on Monday.

Governor Atheel al-Nujaifi (pictured) said:

“This agreement will change Iraq’s image, which is identified with war and incitement to war.”

(Source: Turkish Press)

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$46bn-Worth of Projects Boosts Kurdistan Region

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

Rebecca Cousins

Marketing Executive, Kurdistan Projects 2014

T +971 (0) 48180281

E Rebecca.cousins@meed.com


For media-related inquiries and assistance, please contact:

Anthon Garcia

PR Consultant, Kurdistan Projects 2014

M +971 50 139 8661

E anthon@meacommunications.com

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French Firm to build mini Eiffel Tower

By John Lee.

A French company is planning to build a replica of the Eiffel Tower in Sulaymaniyah.

But according to reports from Zawya, the structure will be a mere three storeys high. The project will include shops selling French products, and will feature laser lights showing the flags of Kurdistan and France.

The name of the French investor behind this project has not yet been revealed.

In line with investment laws in Kurdistan, foreign investors are asked to carry out a tourism project in the city where they intend to invest,” said Yousuf Yassin, director of Sulaymaniyah municipality.

(Source: Zawya)

Posted in Construction & Engineering, Leisure and TourismComments (0)

Luaibi sees Kurd Oil Export Deal Soon

By John Lee.

Iraqi oil minister Abdul Kareem al-Luaibi [Elaibi] (pictured) has said that parliament set up a high-level delegation several days ago to resolve the oil export dispute between Baghdad and Erbil, and he expects a deal to be reached within days.

According to Reuters, Ankara is awaiting Iraq’s blessing before allowing exports to begin through a new pipeline to the port of Ceyhan — more than 1 million barrels of oil have already been shipped.

Iraq wants to double the oil flow to Ceyhan to more than 1 million barrels per day (bpd) with the construction of a second line.

We are building a pipeline in Iraq,” Luaibi told Reuters on the sidelines of a conference in Ankara. “I believe the daily oil flow will exceed 1 million barrels a day when that line is completed. I hope it happens this year.

(Source: Reuters)

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Iraq’s First Pizza Hut Opens

By John Lee.

Yum! Brands has announced the opening of the first Pizza Hut in Iraq with franchise partner, Al Kout Food Company.

The new restaurant in the popular Majidi Mall in Erbil features “a full casual dine-in experience for Iraqi consumers with a vibrant, youthful design and seating for 120 people. The menu is in Kurdish and offers a range of appetizers, pizzas and flatbreads, pasta, salads, desserts and drinks”.

Scott Bergren, CEO of Pizza Hut and Chief Innovation Officer of Yum! Brands said:

We’re pleased to be able to bring Pizza Hut to Iraq as part of the explosive growth for our brand around the world. While Pizza Hut’s footprint is already significantly larger than our nearest competitor, we’ve still just scratched the surface of global growth.

“We are taking the powerful Pizza Hut Red Roof icon and accelerating the development of our brand across the Delivery, Express, and Dine-In channels around the world as only we can.

Mrs. Fadwa Al-Homaizi, Managing Director, Al Kout Food Company and Co-founder and Chairwoman, Kout Food Group, said:

Kout Food Group is proud of its partnership with Yum! and the success of launching the first Pizza Hut Dine-In store in Iraq. Our utmost priority is to serve our customers with excellent products and services. This is in line with our strategy of expansion in Iraq. More and more customers are visiting the restaurant to test the high-quality Pizza Hut products and to enjoy the dine-in experience.

Al Kout Food Company plans to open four more Pizza Hut restaurants in Iraq this year including three in Erbil and one in Sulaymaniyah. The franchisee expects that the five restaurants, including the new Pizza Hut, will create more than 150 jobs in the region by the end of the year.

Iraq-based Al Kout Food Company is owned by Kout Food Group which is located in Kuwait.

(Source: Yum)

Posted in Leisure and TourismComments (0)

Kurdistan Minister Meets German Think Tank

The Head of the KRG’s Department of Foreign Relations, Minister Falah Mustafa, and Assistant Head of the DFR, Ms. Siham Jabali, met with the Director of the German Institute for International and Security Affairs (SWP), Dr. Volker Perth, to brief him on KRG foreign and domestic policy and the current political developments in Kurdistan, Iraq, and the Middle East generally.

Minister Mustafa welcomed Dr. Perth to Kurdistan and discussed the history and development of the KRG. He said, “In 1992 elections were held. There was no international recognition, but this first free and fair election was a milestone achievement for the people of this Region, and our progress today stems from such early, home-grown accomplishments.” German Consul General Mr. Alfred Simms-Protz accompanied Dr. Perth in the meeting.

Minister Mustafa also discussed a variety of essential KRG policy matters, including the disputes with Baghdad, the unpredictable situation in Syria, the KRG relationship with Turkey and Iran, and the KRG relationship with Europe and the international community. The Minister emphasized the KRG’s policy of dialogue and peaceful, constructive negotiations with the federal government, outlining the KRG’s hope of resolution and progress in accordance with the constitution of Iraq.

Regarding the KRG role in the ongoing Syrian conflict and refugee crisis, Minister Mustafa said, “We remain concerned about the situation in Syria and we have urged and will continue to urge the Kurds of Syria to stand united.” He added, “It is our national and moral obligation to help refugees wherever and whenever we can because not long ago, we too were refugees, scattered throughout the mountains of Turkey and Iran.”

Minister Mustafa stated that the KRG has an open-door policy and enthusiastically welcomes mutually beneficial relationships with any nation willing to stretch out the hand of friendship. While pleased by the level of relations that the KRG enjoys with the German government, the Minister expressed the importance of a more consolidated relationship between the two governments and more high level visits between Erbil and Berlin.

(Source: KRG)

Posted in Industry & Trade, SecurityComments (0)

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