KURDISTAN REGION: UNTAPPED ECONOMIC POTENTIAL !

[DinarThug]

CNN. Broadcasting From The Next Dubai - So Now's The Time To Buy !

 

 

 

http://iraqdailyjournal.com/st.....-z15668118

KURDISTAN REGION: UNTAPPED ECONOMIC POTENTIAL

 

29th July, 2017

I have no doubt that the economy of the Kurdistan Region will experience significant growth as early as next year. There are several reasons why.

After ISIL overtook Mosul in August 2014, the Peshmerga, Kurdistan’s defense forces, showed immense bravery in their fight, preventing the terrorists from taking Erbil and moving deeper into Iraqi Kurdistan territory. The news was all the more devastating considering that the U.S. and its allies had previously trained and equipped hundreds of thousands of Iraqi soldiers and policemen, who fled the 1,500 ISIL fighters, handing over expensive U.S. weaponry, while the Peshmerga defended the Kurdistan Region with decades-old rifles.

Before the emergence of ISIL, the Kurdistan region of Iraq experienced an economic “golden period,” with investments pouring in from all sides. Erbil, Suleimania and Dohuk looked to diversify their local economies, investing in the cement industry, tourism and the real estate industry. The Kurdistan Regional Government-Iraq (KRG) was referred to as the “next Dubai.” In 2011, FDI magazine ranked Erbil fifth in terms of opportunities for direct foreign investment and one of the most business-friendly cities in the entire Middle East.

The ISIL attack on Kurdistan coincided with a dramatic drop in oil prices, forcing a rebalancing of budgets in most of oil revenue-driven economies, including Kurdistan. To make matters worse, 1.8 million refugees, mostly from Iraq and Syria, looked for a safe haven in the Kurdistan Region. The Iraqi central government’s payment of 17 percent of total revenues to the KRG, required by the Iraqi constitution, had not been honored by Baghdad due to internal political rifts. Moreover, the KRG struggled to meet its monthly obligations, which exceeded $1 billion. During the golden period, the KRG hired one out of six Kurds to work for the government, creating a monthly payroll obligation of more than $700 million.

Progressive investment laws

In the midst of it all, the KRG launched a comprehensive set of reforms to modernize its economy.

To bring transparency into its oil sector, the KRG hired Deloitte to audit its oil production, exports and revenues. In partnership with the World Bank, the KRG committed to reforms in the electricity sector, with a goal to privatize.

washingtontimes

 

[DinarThug]

http://iraqdailyjournal.com/st.....-z15667829

ANTICIPATING INCREASED TRAFFIC, ERBIL AIRPORT SIGNS DEAL FOR UPGRADE PROJECTS

 

29th July, 2017

Erbil International Airport (EIA) has signed a contract with a German company as it revives a plan for updates to the airport that was shelved because of the outbreak of the ISIS war and the Region’s financial crisis.

The contract with Lufthansa Consulting, “will secure for the airport key expertise across a range of airport disciplines from project management, through planning, design, cargo, security and safety,” read a press release from EIA on Thursday.

The airport will begin four projects this fall to upgrade facilities in advance of anticipated increased traffic through the airport, including cargo.

First is repairs to the terminal roof and other infrastructure, including the airfield. This will be done by Makyol Construction, which had done the initial construction of the runway and terminal buildings. The cost of the repairs was not detailed in EIA’s statement.

Anticipating increased passenger and cargo traffic, EIA will spend $6.5 million on a four million gallon fuel storage facility that, “once complete will offer greater resilience to the airport’s ability to operate in event of fuel shortages,” the airport announced.

They will also begin a $7 million dollar water treatment project needed to accommodate increased passenger numbers and the presence of US and anti-ISIS coalition forces at the airport.

EIA will also spend $17.5 million on landscaping.

“The expertise that Lufthansa Consulting can bring is essential as we seek to develop and expand infrastructure and services at EIA,” said the airports General Director Talar Faiq. “Managing projects, keeping them on time and to budget is a vital part of developing Kurdistan’s gateway to the world.”

The first plane landed at Erbil Airport on December 15, 2003, home to the world’s tenth-longest runway, according to EIA. The airport was built on a former military airfield as an important “gateway” to the world for the landlocked region.

Lufthansa Consulting’s Catrin Drawer said her company was “honoured” to develop EIA’s masterplan in 2014, before the projects were put on hold, and they “look forward to supporting EIA and the KRG [Kurdistan Regional Government] with expert resources as they seek to manage a range of complex projects across the airport site to upgrade the infrastructure and services for further business development and attracting potential investors.”

 

[Jmcc]

I've had several customers over the years that couldn't pay their bill but always lived in a nice house and drove new cars. Sounds to me like a broke US city building a new stadium to attract an NFL team to build the economy. Hope they get the job done. 

[DinarThug]

5 minutes ago, Jmcc said:

Sounds to me like a broke US city

 

Yes - If It's A Broke US City With The World's Third Largest Oil Reserves !