'UAE to be top investor in Iraq'

[SidneyJr]

Investment projects in Iraq by the UAE worth billions of dollars are to be announced in the coming months, Sharwan Al Waeli, Iraq's Minister of State for National Security, has revealed.

And the UAE is set to become the largest investor in the country, he added.

"The projects will include infrastructure ventures, hotels and resorts, malls and homes in a number of Iraqi cities, especially Karbala and Basra," he added on the sidelines of the Emergency and Crisis Management Conference in Abu Dhabi.

"The UAE will become the biggest investor in Iraq. Private Emirati companies are behind the investment plans, not the federal government.

"Economic links between the UAE and Iraq are growing stronger day by day. The UAE's decision to cancel debts owed by Iraq is an original Arab stance."

He said the political leadership in Iraq supported any UAE investment in the country.

"The current state of security and political stability in Iraq will increase foreign and Arab investment in the country, especially UAE investment," he added.

"There are attractive opportunities in Iraq today and we are currently negotiating with many Arab officials, especially UAE officials, to award contracts."

He expressed regret Arab companies had not won any contracts for new oil exploration projects in Iraq.

http://www.emirates247.com/2.266/investment/uae-to-be-top-investor-in-iraq-2010-01-14-1.6588

[HYDRANT]

PEOPLE THIS IS HUGE THE UNITED ARAB EMIRATES WILL TURN THIS PLACE A GOLD MINE NOT TO MENTION MONEY IN THEIR POCKETS FOR THEM AND IRAQ THEY POSSESSES ONE OF THE MOST ECO. IN WEST ASIA THEY SPEND MONEY ON GREAT HOTELS,GREAT RESTAURANTS,MALLS,RESORTS THIS WILL BOOM THE AREA---THIS IS GREAT NEWS FOR IRAQ

Edited April 9, 2011 by HYDRANT

[zaborniake]

Since when is there a Iraqi Minister of State for National Security?!

Edited April 9, 2011 by zaborniake

[GaryB]

I agree this is huge and a great positive indicator. I have heard before folks talking about UAE and other countries investments into Iraq would total about $500 billion and would be announced to the world at the summit. Foreign capital flows to where it can make a healthy return. That is FACT. My only issue with this article is the date. January 2010. Maybe just another indicator of prematurity and delays? Many say this was suppossed to have been done already. Maybe that is a fact?

[hoosier1470]

Since when is there a Iraqi Minister of State for National Security?!

I dont know....is this one of the seats that needed to be filled? It is aparent that there is one now! Im just guessing....really have no knowledge on the matter!!!

[Roadrunner]

This is Great news.