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Investment boom in Kurdistan
Posted on 11 Jun 2008

Newroz Amin, a representative from the Kurdistan Investment Authority revealed that “Over 105 investment projects worth over US $16 billion in the regions of Erbil, Sulaymaniyah and Duhok have been recorded.”

Amin, the director general of legal, financial and administrative affairs at the Kurdistan Investment Authority spoke to Asharq Al-Awsat from her office in Erbil she said, “All of these projects are independent of the regional government we do not hold any shares in them. These are private company investment projects.”
“The projects encompass various fields including tourism, production, agriculture, finance, education (private universities), health (private hospitals), commerce (the construction of shopping centers) and housing,” she added.
“16 percent of the investment projects are funded by foreign investors, 25 percent of investment projects are funded by foreign and local investors, and 59 percent of investors are Iraqi,” explained Newroz Amin.
Amin also discussed recently authorized projects “One newly approved investment project was the Damac company project, the capital of which will reach over US $6 billion. The project will be implemented over two stages each stage will cost US $3 billion dollars and will take five years to complete.”
“Erbil, or Hewler as it is known in Kurdish, has been transformed into a large construction site with the building of two large hotels the Grand Rotana Hotel and Le Royale Hotel. In addition, American Village, a large residential project, as well as the English Village and the Italian Village are being built. Residential, tourism and production investment projects are being established in Sulaymaniyah and Duhok and a German Village in Sulaymaniyah is under construction next to three cement factories,” she added.
Amin pointed out that “There are many factors for success in the region, the most prominent of which are perhaps the stability of security and the standards of procedure according to fixed laws. Moreover, the Prime Minister of the Kurdistan Regional Government, Nechirvan Barzani, encourages the youth to implement administrative projects in the region, including investment projects, which is critical for the Kurdish economy.”
Newroz Amin indicated that the facilities or privileges offered to investors are open to all in accordance with the Kurdistan Region Investment Law 2006, which states that any investment project in the region is exempt of all non-custom taxes and duties for 10 years from the date that it provides services or the date of actual production. Amin described this law as an “incentive for investment by providing facilities that are not offered elsewhere in the region.”
“This law applies to projects that are approved by the Investment Authority in the sectors of manufacturing, electricity and related services, in addition to agriculture, forestry, hotels and tourism projects, theme parks, health, the environment, scientific and technological research, information technology, transport and modern communications, banks, insurance companies and other financial institutions, infrastructure projects including construction, reconstruction, housing projects, roads and bridges and the relevant advisory services,” explained Amin.
Newroz Amin continued to discuss the laws related to foreign investors: “Foreign investors and capital are treated the same as national investors and capital. Foreign investors have the absolute right to own the capital of any project that they have set up in the region in accordance with this law.”
“The regional Supreme Council for Investment, based on a proposal made by the Investment Authority, has the right to transfer ownership of the land that is allocated to strategic projects at a promotional price proposed by the Authority or free of charge provided that the nature and importance of the project and public interest are safeguarded,” she said.
Amin stressed, “Investors must obtain reliable foreign or national insurance to cover their projects. The investor has the right to employ the necessary foreign or domestic workforce for the project, while giving priority to employing domestic workers in accordance with the implemented laws in the region.”
“Foreign investors are permitted to transfer their profits abroad in accordance with the provisions of this law. Similarly, non-Iraqi workers and those with whom they deal outside of the region have the right to transfer their dues and wages abroad,” she said.
Amin added, “The law stipulates that the foreign investor can return his capital abroad upon completing or liquidating the project as long as the operation does not violate the regional law and the tax and customs measures that govern the project.”
Asharq Al-Awsat

http://www.projectsmiddleeast.com/read.asp?id=3575&CategID=49
 
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European company to build residential compound in Iraqi city of Diwaniya

Posted on 15 Jun 2008


GEM Euro Group signed a contract to construct a residential compound in Dewaniya, the province’s governor announced.
He added that work on the project will commence in early August 2008. “After four days of negotiations, a contract with the Euro GEM was signed to invest in constructing a residential compound in Dewaniya city, and work in the project will commence in early August 2008,” Hamid al-Khdhairi said in a press conference in Diwaniya, which was attended by GEM’s representative.
“This compound will be built according to high quality criteria, with a power system separate from the city’s, in addition to water and cooking gas supplies, furniture, and advanced services, such as mosques, markets, schools, and others,” he explained.
“It will be called ‘The New City of Diwaniya,’ and it will occupy an area of 80 donams (1 donam = 1,000 square meters),” he said.
“The compound will consist of two separate units, and each ground floor flat will have an area of 200 – 250 squared meters, while flats at other levels will have an area of 100 – 120 squared meters each,” he added. “Green spaces will occupy 40 percent of the total compound’s area,” he noted.
He did not mention how many flats the compound will embrace, or where it will be constructed.
He noted that there is an international agreement with this company to construct an oil refinery, a concrete factory, in addition to other projects proposed by the company to Diwaniya’s local authorities, such as an investment bank to fund the residential houses that company builds.
Al-Khdhairi stressed that the Euro GEM will sell or rent the flats in coordination with Diwaniya local authority.
From his side, Habib-Allah al-Jazaeree, GEM’s representative, said “we will complete the project’s designs next week, and work will commence in early August.”
“Work will be finalized within an exceptional period of time,” he added.
“After we thoroughly examined the security situation in Diwaniya, we found that the situation allows companies to execute projects in the city,” he noted.
He highlighted that there are other agreements to be signed with Diwaniya’s local authorities to execute other large important projects.
Local authorities in Diwaniya signed a memorandum of understanding with GEM Group that belongs to five Euro countries, during the second investment conference that was held in Cairo two weeks ago.
Diwaniya city lies 180 km south of Baghdad.

Aswat Al-Iraq


http://www.projectsmiddleeast.com/read.asp?id=3590&CategID=49
 
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Foundation stone laid for disabled rehabilitation center in Karbala

Posted on 16 Jun 2008


The Iraqi minister of health laid the foundation stone for a rehabilitation center for the disabled in Karbala province, which is expected to be completed within eight months.


“The project is the first of its kind in Iraq and will be followed be similar projects in other cities, including Samawa, Basra and Amara,” Minister Saleh al-Hasnawi told Aswat al-Iraq.
Given the center’s need for qualified staff, a number of physicians, nurses and therapists have been sent to Bosnia and Herzegovina and Germany to undertake training courses there, the minister noted.
The center, whose total cost is 1.4 billion Iraqi dinars (1 U.S. dollar= 1,221 Iraqi dinars), will be especially equipped for the disabled, Hasnawi explained.
Karbala, Iraq’s second holiest Shiite city after Najaf, lies 110 km southwest of the Iraqi capital Baghdad.

http://www.projectsmiddleeast.com/read.asp?id=3596&CategID=49
 

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Son of the cedars
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Lebanese companies build five-star hotel in Kurdistan
July 18, 2008



Prime Minister of the Kurdish region in Iraq Najirvan al-Barazani and Former Lebanese Tourism Minister Joe Sarkis laid the first stone of a five-star hotel in the city of Irbil in northern Iraq.

The hotel is being built by Lebanese construction companies at an estimated cost of $60 million.

Barazani said that the first stone sends a message to the whole world that Kurdistan is a region that is open to all commercial activities and will be a gateway to Iraq in the future.

“Foreign investment in this region shows that this part of Iraq enjoys security stability, and that there are chances for investment,” Barazani said.

Former Minister Sarkis said he is optimistic over the future of Lebanese investments in the Kurdish region of Iraq.

-NOW Staff
 

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Dreams of Babylon Rising
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Five-star hotel planned for Baghdad

BAGHDAD (AP) — Iraqi officials say they have approved plans to build a five-star hotel in the Baghdad's heavily guarded Green Zone.

Iraq's National Investment Commission says land for the project is being leased by the Summit Global Group, a U.S.-based investment company.

Robert Kelley, head of Summit Global, says the 300-room hotel will cost $100 million. He says American and Iraqi investors are involved in the project, but he did not name them.

At a groundbreaking ceremony on Saturday, Kelley said construction would begin soon, but he did not specify a date.

Iraqi government offices and American diplomatic and military facilities are inside the Green Zone, also known as the International Zone.
 

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hi guys >>>

I dont know how to upload pictures on this thread from my computer
would you guys show me the way because im new in this form >>>
 

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Brief State of Euphoria
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Lebanese companies build five-star hotel in Kurdistan
July 18, 2008



Prime Minister of the Kurdish region in Iraq Najirvan al-Barazani and Former Lebanese Tourism Minister Joe Sarkis laid the first stone of a five-star hotel in the city of Irbil in northern Iraq.

The hotel is being built by Lebanese construction companies at an estimated cost of $60 million.

Barazani said that the first stone sends a message to the whole world that Kurdistan is a region that is open to all commercial activities and will be a gateway to Iraq in the future.

“Foreign investment in this region shows that this part of Iraq enjoys security stability, and that there are chances for investment,” Barazani said.

Former Minister Sarkis said he is optimistic over the future of Lebanese investments in the Kurdish region of Iraq.

-NOW Staff
there is no a country which name is kurdistan!!!:bash::bash:
 

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Just called Damac "They will launch the project on the 17 of July and in order to get the pre-launch prices you need to deposite a refundable 10,000 $ now" , i will visit them next thirsday to get more info about the construction order for the mall villas .....etc.

Another Project is taking place in north of iraq-erbil in the name of american villages , more info can be found in there website.

http://americanvillage.info/

^^now you can imagine!!
 

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Dreams of Babylon Rising
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Najaf and Baghdad announce multi million dollar tourism projects (18/08/08)

Officials in Baghdad and Najaf governorates both announced over the weekend that they intend to cash in on the growing tourism industry in Iraq by commissioning local tourism projects.

Radio Dijla reported that British company has won a contract to design and supervise the construction of a $30 billion tourist town in the histrocially important province of Najaf, quoting the Minister of Municipalities and Public Works, Riyadh Ghareeb.

The minister claimed that studies of the site have already begun. He did not name the British company.

"A British company will be making the designs but the execution will be done by a Kuwaiti company under supervision by the British," the minister said.

In Baghdad, Dr. Sabir al-Isawi, mayor of Baghdad, has said that Baghdad's municipality is making plans of its own to develop local tourist resorts in it, including the "Gardens Town", for which and solicitations for bids have already been made he claimed.

Speaking to the press, al-Isawi said: "This Gardens Town will include huge playground which will be set up north of Baghdad on an area estimated at 650 acres. It will have 14 different gardens at a cost in the excess of $300 million.

"Each of these gardens will have statues of cultural, scientific and political figures and for personalities that played a major and important role in the history of Iraq."

The mayor pointed out that the cost of the designs ranges from between $2-3m and that the overall cost of the project will be more than $300m.

"The [Baghdad] municipality has announced the town's project, and seven companies have expressed their desire to build it. A committee headed by the general director of the designs in Baghdad's municipality to study the offers and sign contracts," al-Isawi said.

He explained that interest in the project has mainly come from foreign companies, with only local firms having expressed an interest.
 
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