List of all articles filed under “kurdistan-economy” category.
As is the case in many conflict and post-conflict economies, in Iraq the private sector is primarily cash-based. Bank financing is unavailable for all but the largest companies and even then is limited mainly to overdraft facilities.
Not long ago, the future looked bright for the Kurdistan Region of Iraq (KRI). Long an oasis of peace in an otherwise unstable region, by 2013 the three Kurdish provinces of Erbil, Sulaimaniyah, and Dohuk had become the most prosperous part of the country. Not only were they developing their own oil and gas resources but they were also diversifying into non-oil sectors such as cement, tourism, and real estate. In the major cities consumers were flush with cash—business was booming at shopping malls, car dealerships, gold shops, hotels, and restaurants. Iraq’s tallest apartment and office buildings were under construction. The region’s dream of becoming the “next Dubai” seemed to be fast becoming a reality.
Seven billion dollars was invested in the city of Erbil in the last eight years. The effect of this investment can be seen in the infrastructure and construction of the city. Furthermore, about 65% of an $18 billion investment to support the private sector was spent on Erbil.
Mark DeWeaver, co-founder of Quantrarian Capital Management – a DC-based emerging markets hedge fund – and author of Animal Spirits with Chinese Characteristics: Investment Booms and Busts in the World’s Emerging Economic Giant, discusses the general economic overview of Iraq.
View an exclusive interview with the leading private bank in Iraq and the Kurdistan Region of Iraq – North Bank.
Exclusive interview with the Chairman of Rabee Securities Shwan Ibrahim Taha.
Dara Jalil Al-Khayat, President of the Erbil Chamber of Commerce & Industry, talks about the economy, budget and investment in 2013.
A prominent area of early investment since 2006 has been in the lucrative real estate sector.
At the top of the list driving the region’s economy is Kurdistan’s gas and oil reserves, estimated respectively at 100-200 trillion cubic feet and 45 billion barrels, with possibly another 25 billion potential barrels in unproven reserve.
