Kamaran N. Bakr, CEO of Civelec, a company specialized in civil and electrical projects in Kurdistan and a leading supplier of electrical materials in the region, gives an overview of Civelec and mentions some of its upcoming projects and success stories. He also discusses international reach and talks about his wish to attract investors.

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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.

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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.

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Since the beginning of the Islamic State’s (ISIS) hostilities against Kurdistan, which began in August 2014, Falcon Group has stepped forward to provide support and services to the Peshmerga forces.

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The role of tourism has been, is and will continue to be very important. When I first arrived in Kurdistan two years ago, there were not nearly as many hotels and brands with their eyes focused on Kurdistan as there are today. The role of the tourism industry is continuously increasing here.

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Doaa Amin, General Manager of Tangram Hotel talks about her vision for Tangram Hotel. The General Manager wants the hotel to become the best business hotel in Erbil and in Iraqi Kurdistan.

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According to Doaa Amin, General Manager of Tangram Hotel Erbil tourism sector in Erbil could be improved by simplifying the visa procedures. Despite Challenges tourism sector continues steady progress to place Erbil as one of the regional tourism hot-spots.

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According to Doaa Amin, General Manager of Tangram Hotel Erbil hotel industry in Iraqi Kurdistan is booming. International brands such as Marriott are entering the market and more hotel rooms will enter the market in the next 5 years.

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Doaa Amin, General Manager of Tangram Hotel Erbil talks about Erbil being the Arab Tourism Capital for 2014 and its main tourism attractions. Also, she discusses how Tangram Hotel is capitalizing on this opportunity.

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Doaa Amin, General Manager of Tangram Hotel Erbil talks about Iraqi Kurdistan and its potential to become the top tourism destination in the region.

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When Marriott International decided to enter the Iraqi hotel market, it partnered with Falcon Group, one of the largest business firms operating in the autonomous region of Kurdistan and throughout Iraq.

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North Bank is the leading and largest bank in Iraq (Private). Mr Al-Jaff provides his latest overview of the banking sector in Iraq and he also discusses North Bank's performance throughout 2013, current expansion plans for Iraq and Iraqi Kurdistan, and a project with Asiacell (Asiaviolet)―among others.

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Kurdistan Sector Analysis

For Nozad Dawood Fattah Al-Jaff, chairman of North Bank, the goal is to be not only the largest bank in Iraq, but to be recognized as a strong regional player as well.

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Kurdistan Sector Analysis

As Iraq finds itself soon midway through 2014, the banking sector has grown markedly in the previous year term, with established names getting larger and new names entering the field.

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"Larry Milam brings solid leadership skills as well as broad experience and in-depth knowledge of all aspects of business toward the task of leading our company forward. Having just celebrated our 10th Year Anniversary, Falcon Group will continue to grow and flourish under Larry's guidance."

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The Kurdish conglomerate Falcon Group -- a holding company for a diversity of units, ranging from construction to agriculture -- formed a new company last year focused on servicing the region's oil and gas businesses, including equipment rental, security, catering, housing and warehouse space.

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Slated for completion in 2017, the Empire World development is the largest development in Iraq and represents a $2.3 billion investment in the future of the high-economic growth autonomous Kurdistan region in northern Iraq.

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Gary Cavender, General Manager of Falcon Security talks about why he thinks Falcon Security is considered on the of the best security companies in Iraq offering top security services to many foreign oil and gas companies that require the highest standard possible.

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Gary Cavender, General Manager of Falcon Security talks about the inception of the company and strategy to become the leading security services company in Iraq.

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A long-time Iraqi security veteran, Gary Cavender, General Manager of Falcon Security talks about the most important security risk in Iraq.

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Gary Cavender, General Manager of Falcon Security -- a leading private security services company -- shares his views on the outlook for security services in Iraq.

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Gary Cavender, General Manager of Falcon Security talks about the security situation in Iraqi Kurdistan.

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Imran Khan, Director of Falcon Oil and Gas services talks about one of the divisions of Falcon Group, a leading group in Iraq.

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Imran Khan, Director of Falcon Oil and Gas services talks about the oil and gas service sector in Iraqi Kurdistan.

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Falcon Oilfield services division is focusing at equipment rental, warehousing and other related services.

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With the vision to be the best provider of warehousing for the international oil and gas companies in Iraqi Kurdistan, Falcon Oil and Gas has expanded into warehousing niche.

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Health-Care Sector in Iraqi Kurdistan

Fakhri Karim Khan Bradosti, Vice President of Zozik Group explains the health-care sector in Iraqi Kurdistan.

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Investors are welcome to take advantage of the opportunities available in Erbil, and to establish their base in the area. “We would also like to tell them that even people here are welcoming them and will be very friendly when receiving them.” With over 8000 years of history, Erbil’s old civilization makes this city unique and incomparable to others.

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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.

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Since the fall of the regime in 2003, Iraqi Kurdistan witnessed rapid progress and development. Abdul-Rahman believes there is “big hope that Erbil Stock Exchange will be promising and successful in the area.” Investments in Iraqi Kurdistan are increasing, as well as involvement in the international fairs from countries from all over the world.

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According to Abdul-Rahman, “There are many reasons for the establishment of the market in Erbil. One of these reasons is that people save big amounts of their money at home because of what happened during the past regime time when banks' managements were withdrawn from Iraqi Kurdistan taking people money with them, so a lot of people today don't trust banks enough to deposit their money at.”

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It has long been an idea to establish a capital market in Erbil. The ball began rolling in 2007 when Prime Minister of Iraqi Kurdistan, Nechirvan Barazani, mandated to study the possibility of establishing another capital market besides the Iraq Stock Exchange.

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Jorge Eduardo Baldi, Exploration Manager at Repsol explains that key to doing business in Iraq is to find the right contractor and at the same time is it is hardest thing to achieve.

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Jorge Eduardo Baldi, Exploration Manager at Repsol shares his insights into doing business in Iraqi Kurdistan and especially dealing with Iraqi and Kurdish companies.

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Empire World's Marriott Hotel will be a unique hotel catering for needs of all visitors of Erbil, including business travelers. Peshraw Majid Agha has a positive outlook for the real estate in Erbil, which is now one of the most important cities in Iraq for businesses. The prices in Erbil are increasing and investments are flowing into the region at a substantial rate. Peshraw Majid Agha also discusses the other divisions of Falcon Group: Falcon Oil & Gas and Falcon Security.

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North Bank: “Double Digit Growth in 2013 and 2014” says Al-Jaff

In 2014 North Bank will outperform the banking sector. Nozad Dawood Fattah Al-Jaff, Chairman of North Bank, largest private bank in Iraq gives the latest update on North Bank's financial performance, profitability, returns on assets and equity.

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Banking Sector in Iraq 2014: Outlook

The head of the largest private bank in Iraq shares his outlook for the banking sector in Iraq for 2014.

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Ultimately, the strategy for Falcon Group is to provide an integrated set of services for international oil companies. Starting from security, catering, accommodation, offices to warehousing and equipment rental.

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Falcon Security was established in 2003 as one of the first companies to be registered not only in Iraq but also as a local company. Falcon Security, a part of Falcon Group, is currently employing 540 local people and about 75 expats. Their main business is in the oil service; providing security services for the executives and employees as they move back and forth to the oil fields. Falcon Security operates all over Iraq; from Basra to Baghdad to Kirkuk to Erbil.

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Falcon Oil and Gas (Falcon Group) began its operations in early 2013. The company provides specialized rental equipment and warehousing facilities to the major oil and gas companies and also service companies that are working in Iraqi Kurdistan. Falcon Oil and Gas aims to attract more international companies to the region through various joint ventures.

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Repsol is an international oil company (originally from Spain) that has been working in Kurdistan since mid-2011. Repsol has ongoing explorations in two blocks in the region and hopes to follow the success route of oil discoveries in Iraqi Kurdistan.

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A revival of the health care sector in Iraqi Kurdistan happened 6 or 7 years ago. Healthcare facilities in Erbil, including private hospitals, experienced an increased demand as, due to security concerns in Iraq, more and more patients from different regions of Iraq started to come for treatment. In that time, Zozik Group opened its Soran Hospital. At present, Soran Hospital has 50 beds, 6 operation rooms, an IVF section, and all the other specializations except for the open heart operations and brain surgeries.

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$25 billion had been spent on the development of the Erbil governorate in between 2004 and 2012, resulting in profound changes in different sectors, including construction and infrastructure, which predisposed Erbil to become an important trade center not only for Iraqi Kurdistan but for all of Iraq; thus becoming, for some, the economic capital of Iraq. Accommodating 37 nationalities and 27 consulates, Erbil boasts with an unemployment rate of about 5% and was named the tourism capital of 2014.

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The idea of establishing a stock exchange in Iraqi Kurdistan dates back to 2007. Erbil Stock Exchange recently signed a new agreement with Nasdaq Omex, which will substantially facilitate companies participation whether they are local or foreign. All companies in Iraq, not only those in Erbil or other parts of Iraqi Kurdistan, will have the opportunity to be enlisted on Erbil Stock Exchange.

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Most roads were old and there is a great need to renew and rebuild these roads, as well as construct new lines of transportation including roads, tunnels, highways and railways. We need international companies to joint venture with local companies to carry out large projects in Kurdistan...

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Mass Global Investment Company is involved in many sectors which include power plants. We have an active power plant in Erbil which generates 1,000 megawatts, we also have another power plant in Sulaymaniyah which also generates another 1,000 megawatts and another power plant in Duhok which generates 500 megawatts of power. We are also working to develop our project in Erbil...

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"We focus our efforts to rebuild Iraq and its different sectors like construction, real estate, transportation, agriculture, security, oil and gas services and many other fields … because we love our country and we focus on rebuilding and investing in it."

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Licensed by the Iraqi Minister of Interior and the KRG, and with offices and operations centers in Baghdad, Basra, Erbil, Kirkuk, Dohuk and Sulaymaniyah, Falcon Security is in a strategic position to provide professional security services anywhere in Iraq.

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Autonomous Kurdistan has found itself with a comparative advantage in the telecoms department, with defacto faster Internet connections and consistent mobile service compared to the rest of federal Iraq.

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The banking sector in Kurdistan and Iraq is in need of major reforms. There are a number of banks interested in the market as it has huge growth potential but lack of strong regulator robust regulations is deterring major banking players from entering the country.

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As for Halal banking (Islamic Banking and Finance), We see prospectus for emergence and growth of Islamic finance and banking in Kurdistan in as much as the state is part of the larger Muslim MENA countries.

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Saad Hassan, Vice Chairman of Qaiwan Group of Companies, one of the major diversified companies headquartered in Sulaymaniyah with an annual turnover of US$ 3 bn, talks about the biggest challenge for companies when doing business in Iraq and Iraqi Kurdistan.

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Qaiwan group is a conglomerate involved in real-estate development, downstream oil and gas, oil distribution and trading as well as in electronics trading (sole distributor of Hitachi brand).

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Saad Hassan, Vice Chairman of Qaiwan Group of Companies, an operator of the Bazian Refinery near Sulaymaniyah, talks about the expansion plans and the strategy.

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Ahmed Rikany, Chairman of Rekan Group and President of Kurdistan Investors Union talks about the real estate bubble in Iraqi Kurdistan and Rekan Group.

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Abdulla Gardi, President and CEO of Senk Group discusses the tendering process, business climate in Iraqi Kurdistan and the strategy of Senk Group. The president's vision is to become the top road construction company in Iraqi Kurdistan and Iraq by offering superior quality of construction.

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Sabah Milhim Mohi, Chairman of Emerald Bank discusses the banking sector, banking regulation, competition, challenges and investment opportunities in an exclusive interview.

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Albeit untouched, the international isolation and 30 years of limited investment, has left Iraqi Kurdistan struggling with aging infrastructure.

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Azad Mustafa Hussain, Vice-Chairman of Mass Global Investment Company chalks out the growth of the group that is responsible for 22 hour electricity supply in Iraqi Kurdistan and is the largest power-industrial conglomerate in Iraqi Kurdistan.

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 Salahaddin University-Hawler: The Evolution of Higher Education in Iraqi Kurdistan

Dr. Mohammed R. Mochtar, Vice President for Administration and Finance Affairs of Salahaddin University-Hawler maps out the evolution of higher education in Iraqi Kurdistan.

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Ibrahim Al-Sofy, General & Executive Manager of Al-Sofy Group of Companies talks about Iraqi Kurdistan, the retail and agriculture sector and business environment.

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Fidaden Garde, Chairman of Sana group and Member of the Board of the Erbil Chamber of Commerce and Industry discusses the vision for Iraqi Kurdistan.

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Soran A. Aziz, Vice-President of Erbil Chamber of Commerce and Industry discusses the development of agriculture in Iraqi Kurdistan.

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Kurdish foreign relations are in a process of quick evolution as former foes become development partners, such as with Turkey and Iran, where there have been respective degrees of rapprochement have been reached.

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While the strong irredentist urge of the Kurdish people over the centuries has always been to have a state to call their own, the one territory to have nearly achieved this -- the Autonomous Kurdistan Region -- part of northern federal Iraq, is walking a tightrope on actually pressing for full statehood in the near term.

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Korek is a big player in Iraq now, "we have nationwide coverage. We increased our market share by 4 percent in less than a year: we moved from 11 to 15.7 percent."

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You cannot build an instant country, but since the 2003 fall of the Hussein regime, the autonomous Kurdistan region has been accomplishing something close to this with its rapid pace of business and infrastructure construction supported by a strong boom in the oil based economy.

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For Nozad Dawood Fattah Al-Jaff, chairman of North bank, the goal is to be not only the largest bank in Iraq, but to be recognized as a strong regional player as well.

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Newroz Telecom is building a high-speed broadband ADSL network in Erbil and Dohuk and laying more than 1,500 kilometers of fiber-optic cable, according to the Newroz Telecom website.

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The international and local investments into the Kurdistan Region have affected it positively though the lack of credit system in Kurdistan still hinders larger, long-term investments. On the other hand, the cash-based projects are less riskier than projects financed through bank loans like in the US, Europe or UAE. Falcon Group, one of the leading companies in Iraqi Kurdistan, earns money from Iraq and invests it back in Iraq; its primary effort is to rebuild Iraq and its different sectors of economy.

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However, we see that there is a need for 350,000-500,000 houses while there are currently only 120,000. Moreover, the number of residents is increasing so the demand for houses is there.

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Among the small but growing band of investors in the Iraq Stock Exchange (ISX), the question most asked is whether 2013 will mark the start of a new bull market.

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Rebaz Zedbagi, partner at Senk Group, talks about road construction in Iraqi Kurdistan.

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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 stability issues in Iraq.

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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, reveals the secrets to investing in Iraqi stock market.

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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.

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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.

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Saad Hassan claims any estimates for the growth of oil and gas sector in Kurdistan are going to be surpassed; the growth will be immense. Qaiwan Group is a regional company present in different countries, employing more than 2,000 people. Mr. Hassan's dream for the company is to get it listed among at least the 100 largest companies in the world in ten years' time.

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Kyle Long, Director of Communications at American University of Iraq, Sulaimani

There's a longer history of private education in other parts of Iraq in the south, particularly in Baghdad, but in the Kurdistan region this is something of a novelty. There are about a dozen or more private universities in the Kurdistan region. The American University of Iraq, Sulaimani, was founded in 2007. The university is the only private not-for-profit university in the Kurdistan region (and Iraq, too).

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Sabah Milhim Mohi, Chairman of Emerald Bank

Banking is an emerging sector in Iraq and it hasn't gotten full opportunity yet. Most of Iraqi banks dont have enough capital to make larger investments. Also, majority of Iraqi people dont trust the banking sector - the same applies to the Kurdistan region. Iraqis haven`t yet got accustomed to deposit their money in banks instead of keeping it as cash.

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2003 brough a long-desired change of regime in the region and Kurdish entrepreneurs started to build new hotels, develop more tourist attractions and open sport places and restaurants. Tourism is blooming in Kurdistan and it is also a very profitable business. Moreover, the region will be Iraq's capital for tourism in 2014.

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Sarmand Group is a well-known company in the Kurdistan region and its roots go back to 1979. Throughout its existence the Group has been involved in different sectors including construction, industry, trading, and it has cooperated with the Government on diferent construction projects. Sarmand Group has also an animal feed factory along with poultry farms. Its latest involvement is related to the oil sector in Iraqi Kurdistan.

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Investing in the agriculture sector is of continuing interest to the KRG, for reasons practical – becoming food self-sufficient- and also for reasons historical and cultural.

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"Investors look for some pillars when they make their analysis of an investment climate. One is them is the legal framework. Kurdistan's investment law was found to be the friendliest law for foreigners, with a high scale of incentives, flexibility in dealing with investors, giving good rights and position to the foreigners and protection measures."

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For the last several years the semi-autonomous Kurdistan region of northern Iraq has been attracting a relatively large, continuously growing, amount of investment; including local investment, foreign direct investment, and foreign/local partnerships.

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New shopping malls are being built throughout the Kurdistan region and the retail sector in the Iraqi Kurdistan is picking up. The retail market is now capable of accommodating international brands and it can thus compete even with the market in Dubai.

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International media generalize the security situation in Iraq and thus they are also spreading negative image of the Kurdistan region which is in reality very stable and secure. Mr. Aziz wishes for more international investors coming to the region to experience the situation on the ground. He claims the best investment opportunities lie in agriculture and oil and gas of Kurdistan.

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Rehab Company is a holding company which grew out of a smaller Pola Group, following the transformation within the Kurdistan Region of Iraq. Rehan Company is involved in housing, tourism and industry-related projects in different cities throughout the Kurdistan Region, including Erbil, Sulaymaniyah, Mosul, Ramadi, Tikrit, Basrah and Fallujah.

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Rashid Hoshiar, CEO of Address Kurdistan / Kani Group

According to Hoshiar, the prices of real estate in the Kurdistan Region of Iraq have increased by more than 500% over the last five years. His company Address Kurdistan is currently working on a residential project known as Dream City, located in the city of Erbil.

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Nozad Dawood Fattah Al-Jaff, Chairman North Bank, explains the reason behind the lack of confidence in the banking system and subsequent rise in the cash economy.

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Nozad Dawood Fattah Al-Jaff, Chairman North Bank, says that Iraq is severely under-banked and the sector could absorb another 100 banks.

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View an exclusive interview with the leading private bank in Iraq and the Kurdistan Region of Iraq - North Bank.

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View an exclusive interview with the leading private bank in Iraq and the Kurdistan Region of Iraq - North Bank.

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The "Empire World Project" is a prime example of the new Kurdistan; a combination of business and leisure, and showcases the promising increase in investment and business confidence.

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Korek Telecom is a big player in Iraq with a nationwide coverage. Korek's market share now stands at 15.7%. The Iraqi telecom operator offers the best quality and price. Also, a year ago Orange and Agility became Korek's partners, bringing in finance and know-how. Mrs. Gebara also discusses the 3G connection in Iraqi Kurdistan and the story of Korek going IPO.

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Exclusive interview with Peshraw Majid Agha, Chairman of Empire World and Falcon Group.

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Exclusive interview with Peshraw Majid Agha, Chairman of Empire World and Falcon Group.

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Exclusive interview with Peshraw Majid Agha, Chairman of Empire World and Falcon Group.

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Exclusive interview with Peshraw Majid Agha, Chairman of Empire World and Falcon Group.

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Tourism is one venue of economic growth that presents immense potential, as the region is a geographical marvel that is steeped in rich history and culture. Erbil, the functioning capital of the Kurdistan region, was chosen as the 2015 capital of Arab Tourism.

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Not only does Kurdistan have valuable natural resources and numerous opportunities to develop an entirely new business infrastructure, the region also offers unique opportunity to combine these emerging sectors to develop business and MICE tourism in Kurdistan.

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Salaei Group consists of different companies working in various fields such as construction, general trading or agriculture. Mr. Hasan highlights the fact that foreign companies investing into Kurdistan are primarily bringing in new expertise and technology. Salaei Group has already successfully imported construction technology from Germany, the UK or Italy.

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While many areas retain the traditional female role and conservative gender practices in society, in some areas of Iraqi Kurdistan the role of women has changed, equal social treatment is more commonplace, and women are functioning in positions that were previously male dominated.

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Newroz group is a regional telecom group. When Newroz Telecom began their operation in 2005 the internet penetration rate was almost zero. Newroz Telecom was the first company to interconnect Iraq around the world and replace the old connections. Following the recent negative experience in Iraq, Newroz Telecom is now focusing on Kurdistan only. The company plans to deploy 4G (LTE) all over the Kurdistan region of Iraq.

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Imagine it is 2005 and the Internet penetration rate of Kurdistan (KRG) is near to zero, the only telecom was the government monopoly entity with aging exchanges and no fiber optics.

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Two years ago an ISP or a data company had always had a disadvantage in comparison to a 2G mobile company, as the latter always had an upper hand because the voice application was more popular.

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The Internet penetration rate in Iraqi Kurdistan is a subject to controversy. Kawa A. Junad, CEO of Newroz Telecom, the largest and leading Internet provider in Kurdistan, believes that the penetration rate is around 7% in Kurdistan and 1% in the greater Iraq.

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Newroz Telecom had a plan to position Iraq on the global map by building data transfer infrastructure that would have connected the East to the West with a data hub in Baghdad, which would have competed with traditional sub-marine cables going throught the Suez Canal.

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Newroz group is a regional telecom group. Allai Newroz Telecom is a shareholding company with local and international investors. Furthermore, Newroz Telecom holds shares in other companies and projects.

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According to the Iraqi constitution, Iraqi Kurdistan's Ministry of Communication has a right to issue numerous licenses.

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The role of the private sector in Iraqi Kurdistan is gaining momentum. Since 2005 the KRG changed it's attitude towards the private sector and now perceives the private sector to be an important part of the economic development of the region.

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Kawa A. Junad discusses the future of the Internet in Iraq's Kurdistan. According to Junad, Kurdistan will become a hub for new technologies and the deployment of 4G LTE will enable further development of ICT.

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Kawa A. Junad, CEO of the largest Internet service provider in Iraqi Kurdistan, which boasts 85% market share, argues that Newroz Telecom has been playing a key role in reducing the Internet prices by connecting Kurdistan to Turkey via a fiber optic cable.

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Kawa A. Junad, CEO of Newroz Telecom, the leading and largest Internet provider in Iraq's Kurdistan Newroz Telecom, talks about the Internet development in Kurdistan.

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The government of Kurdistan Region is doing everything necessary to achieve self-sufficiency of the Region within the new federal Iraq. Kurdistan Region is well-known for its investment-friendly law thanks to which the Investment Board of Kurdistan has been so far able to attract more than $22 billion of investments since 2006. Mr. Barzani also stresses the importance of understanding and recognition of the difficulties the Region had to overcome in the past.

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Exclusive interview with Shwan Bakr Hasan, Chairman of Salaei Group.

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Exclusive interview with Shwan Bakr Hasan, Chairman of SALAEI Group.

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New Tangram Hotel, a subsidiary-brand of Kempiniski Hotels opened a new innovative business hotel in Erbil, Kurdistan as a part of their international expansion.

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The neighbouring countries do invest because of the proximity to Kurdistan - especially Turkey - and because of the good trading policy with surrounding countries.

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The latest figures right now show that more or less US $22 billion is the size and scale of committed investment; investment according to what we have in licenses.

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Zozik Group started with construction in cooperation with big international companies, especially in the area that was under the supervision of the U.N.

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We should show investors the capability and potential of Kurdistan. The investment law in Kurdistan is one of the most attractive in the world.

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The cabinet has set the budget for 2013 and it exceeds US $130 billion. We know that our region will receive a 17% share of the budget, minus the sovereign expenses.

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Mr. Noori discusses various regulations that could facilitate their operation in the Kurdistan region of Iraq. These regulations include removal of every monopoly and privatization of land lines and cables. Also, there is a great need for a total review of all the 21 licenses issued by the Ministry of Communication. Nevertheless, the fiber-optic network in Kurdistan is witnessing a rapid expansion and progress at the moment.

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Many investors come to Iraq and ask what they shall invest in while a better question would be what they should not invest in because Iraq is a vast land of investment opportunities. It nevertheless remains difficult to invest in Iraq as it is a very difficult place to operate in; a war-torn country where the financial knowledge equals almost to zero.

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Mark DeWeaver, Principal at Quantrarian Capital Management

Iraq is set to experience rapid economic growth due to several factors including enormous untapped, low-cost oil reserves, recovery from a civil war, a transition from a state-controlled economy to a market economy, and excess demand for almost everything. Whether compared to Russia in the early 90's or to the story of the Chinese economy, Iraq, including the Kurdistan Region, is a powerful emerging market. Mr. DeWeaver views the case of Iraq as one in which the potential reward by far exceeds the risks.

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Dr. Mohammed R. Mochtar, Vice President for Administration and Finance Affairs at Salahaddin University-Hawler

Salahaddin University has a plan to reform its educational system and programs. A crucial part of this plan is to convince the private sector to make available and share their resources and so contribute to the reform of the educational system in the Kurdistan Region. Dr. Mochtar also stresses the importance of strong relations with other regional and international universities.

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Iraq, including the Kurdistan Region, requires an enormous amount of materials which are currently still being shipped in or transported by trucks into the country. The country still represents only a workshop for installation - and it will remain so until there are new factories established which will cater for the local demand. Regarding the electricity consumption, the government is unable to anticipate the growth and thus is always behind the demand.

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Bustam Al-Janabi, Managing Director (CEO) of Kurdistan International Bank

Kurdistan International Bank provides comprenehsive banking services since 2005. It is an investment-oriented institution based on Islamic banking. Kurdistan International Bank has doubled its profits when compared to last year and the same is expected to happen in 2013, says Mr. Al-Janabi.

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80% of the real estate investments in the Kurdistan Region are local. The prices of real estate are high as there is neither functioning mortgage system, nor an insurance to cover that. Atconz believes the real estate business in Kurdistan needs another 10 years to settle down at a sustainable level. Atconz is leading the real estate market in the Kurdistan Region in terms of quality.

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Kurdistan is a baby tiger growing in the mountains of the Middle East and it is the second fastest growing region in the world according to the World Bank. Mr. Zedbagi explicitly comments on what more should be done to improve the overall business climate in the Kurdistan Region. He also decribes the process of road construction within the Region and what makes Senk Group an ideal investment partner in Kurdistan.

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November 2012 was the first time Arab Idol - the leading entertainment show in the Arab world - came to the Kurdistan region of Iraq to cover the country and find new pop-stars. What were the first experiences of the team and why is Arab Idol certainly coming back to Kurdistan next year?

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Cash is today the safest method both in Iraq and Kurdistan. North Bank therefore is trying to gain the trust of all people - individuals and businesses - through various services including internationally-used credit cards or car loans. Another issue to resolve is the lack of skilled and experienced staff in the whole of Iraq - a result of the 23 years embargo in Iraq.

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Cash is today the safest method both in Iraq and Kurdistan. North Bank is therefore trying to gain the trust of all people - individuals and businesses - through various services including internationally-used credit cards or car loans. Another issue to resolve is the lack of skilled and experienced staff in the whole of Iraq - a result of the 23 years embargo in Iraq.

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For some time the Northern Iraq city and province of Kirkuk has been the political, security and economic fault line between the increasingly autonomous Kurdistan Regional Government, and federal Iraq.

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According to the General Manager of Tangram Hotel Doaa Amin, the tourism sector in Erbil still has to pick up.

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The strategy of Tangram Hotel is to secure itself a share within the business segment and serve it in a better way.

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Best Night Club in Erbil: 360 Club in Tangram Hotel

Tangram Hotel offers one of the best night spots in Erbil. It is 360 Club located on its rooftop.

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Investment Value: $2.3B

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Exclusive interview with Tangram Hotel, a business hotel in Erbil.

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Exclusive interview with Peshraw Majid Agha, Chairman of Empire World and Falcon Group.

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Exclusive interview with Ghada Gebara, CEO of Korek Telecom.

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Exclusive interview with Ghada Gebara, CEO of Korek Telecom.

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Exclusive interview with Dean Michael, Chairman of ATCONZ.

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Exclusive interview with Dean Michael, Chairman of ATCONZ.

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Exclusive interview with Faisal K. Khan Bradosti, Vice President of Zozik Group .

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Zozik group started with construction in cooperation with big international companies, especially in the area that was under the supervision of the United Nations who led all the projects there.

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Exclusive interview with Delsoz Sherwani, CEO of Zagros Group.

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Exclusive interview with Delsoz Sherwani, CEO of Zagros Group.

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Exclusive interview with the Chairman of Rabee Securities Shwan Ibrahim Taha.

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Exclusive interview with the Chairman of Rabee Securities Shwan Ibrahim Taha.

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Iraqi Stock Market: High-Risk High-Reward Market

Exclusive interview with the Chairman of Rabee Securities Shwan Ibrahim Taha.

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Investing in Iraq: "Stock Market is the Easiest Way to Invest in Iraq"

Exclusive interview with the Chairman of Rabee Securities Shwan Ibrahim Taha.

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View an exclusive interview with the leading private bank in Iraq and the Kurdistan Region - North Bank.

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View an exclusive interview with the leading private bank in Iraq and the Kurdistan Region of Iraq - North Bank.

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Bustam A. Al-Janabi, Managing Director (CEO) of Kurdistan International Bank, one of the Islamic banks in Iraq, talks about Kurdistan International Bank (KIB).

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Bustam A. Al-Janabi, Managing Director (CEO) of Kurdistan International Bank, one of the leading private Islamic banks in Iraq, discusses Iraqi banking system.

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A major problem for industrial development of Kurdistan has been the loss of control over the borders in 2003.

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Dara Jalil Al-Khayat, President of the Erbil Chamber of Commerce & Industry, talks about the economy, budget and investment in 2013.

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Dara Jalil Al-Khayat, President of the Erbil Chamber of Commerce & Industry, talks about business opportunities in Kurdistan.

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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.

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The US-Kurdistan Business Council led a delegation of 48 members representing 30 companies from a diversity of business sectors.

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A prominent area of early investment since 2006 has been in the lucrative real estate sector.

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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.

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Chairman of the Kurdistan Board of Investment Herish Muharam explains the political, regional and international risks facing Kurdistan and their impact on the foreign direct investments.

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Chairman of the Kurdistan Board of Investment Herish Muharam explains the intricacies of the progressive investment law Kurdistan has adopted in 2006 and its amendments that are due in 2013.

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Mrs. Doaa Amin confirms the business tourism in Erbil is slowly but certainly picking up. She manages one of the best business hotels in the city - Tangram Hotel. The hotel is perfectly designed to cater for any needs of a businessman travelling to the Kurdistan Region. Moreover, the rooftop club at the top of Tangram is the best night club in Erbil!

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Minister of Transportation & Communications of Iraqi Kurdistan talks about the main infrastructure and transportation projects that are to transform the public transport system in Erbil, Duhok and Sulaymaniyah.

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Minister of Transportation and Communications of Iraqi Kurdistan talks about the main responsibilities of the Ministry and the strategic transportation projects in Iraq and Iraqi Kurdistan.

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The Minister reveals his greatest worries and also plans in order to improve the state of infrastructure in the Kurdistan region of Iraq.

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According to Salahaddin University - Hawler, industry contributes around 22% to Kurdistan's GDP, which makes industry the top contributor to the GDP. Most of industry in Kurdistan revolves around oil and gas sector, petrochemicals and chemicals. Furthermore, the region has minor textile industry, leather industry, construction materials industry, food processing industry, fertilizer industry, and metal fabrication/processing industry. The major industrial groups are also part of diversified conglomerates that operate in Kurdistan. Find more below on oil and gas companies, contracting companies and diversified conglomerates in Kurdistan.

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With the economy booming at unprecedented rate the construction and contracting sector in Kurdistan experienced unparalleled boom over the past 5 years.

Citing just a few short facts in addition to the oil reserves: the region is tipped to hit a 12% contribution to the region's GDP by 2013; the autonomous region boasts with 450 major projects valued at $21 Billion, of which at least 20% is being funded in part through Foreign Direct Investment (FDI) .

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Traditionally, family-owned conglomerates form the back-bone of any emerging economies, especially in the Middle East. Likewise, Kurdistan is rife with―often―family-owned large diversified conglomerates.

The list below provides an overview of the most important diversified conglomerates that are crucial to know when doing business in Iraq's Kurdistan.

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According to the Kurdistan Region's Ministry of Transportation and Communications, there are currently 21 companies providing internet services in Kurdistan. The sector is divided into fixed line operators (that lease out their network but at the same time offer internet services), companies selling the internet, wireless internet service providers (mobile and WiMax) and satellite ISPs.

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There are 12 foreign banks present in Iraqi banking sector. Most of the banks are from Lebanon, followed by banks from the Gulf and Turkey.

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There are currently 11 Islamic banks operating in Iraq. According to the World Bank statement from 2010, "the Islamic banking activities in Iraq started in 1993, where the Iraqi Islamic Bank for Investment and Development was established as the first Iraqi Islamic bank. Islamic banks now have 83 branches and 1504 employees, with the ratio of branches and employees of the Islamic banks to that of all private banks being broadly similar at 19 percent and 17 percent.

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The two largest banks in Iraq is Trade Bank (Public) and North Bank (Private). View the latest list of the largest banks in Iraq. 

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Real-estate sector in Iraq's Kurdistan is the second most dynamic sector after oil and gas. According to figures from the Kurdistan Investment Board (KIB), since the passage of an investment law in 2006, around $20 billion has been invested in Kurdistan. More than half of that, or $11.1 billion, has gone into the housing sector, the other sources state that 51% of all capital investment in the Region has been in real estate (around $9.8 billion to date).

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Top Telecommunication Companies in Iraq & Kurdistan

 Zain Iraq - 53% market share
 AsiaCell - 31% market share 
 Korek Telecom - 15.7% market share

Introduction to the Telecom Sector in the Kurdistan Region of Iraq

penetration rate in the telecom sector stands around 75-78%, which is below penetration rates of the other Arab countries where it is 100% (for example 110% internet penetration rate in Saudi Arabia). The telecom sector experiences an exponential growth of 11.6%, where the penetration rate went in less than 7 years from 5% to 75%. The largest operator in the market is Zain with a 53% market share, followed by AsiaCell with a 31% market share and Korek Telecom with a 15.7% market share.

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Oil and gas reserves are undoubtedly the most important assets for Iraq's Kurdistan. According to OPEC, Iraq's resources of 143 billion barrels of crude oil and 126.7 trillion cubic feet of gas are the fourth largest in the world after Venezuela, Saudi Arabia and Iran. However, Iraq's oil production is almost half that of Iran, meaning there is plenty of room for growth.

Kurdistan accounts for 43.7 billion barrels of proven oil reserves, 25.5 billion more barrels of unproven reserves and between 3 and 6 trillion cubic meters of gas (30% of Iraq's proven oil reserves). If Kurdistan was a country, the amount of oil and gas reserves would place it among the top 10 oil rich countries in the world.

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Among the top 10 list are 2 telecom operators, 1 bank and 7 diversified conglomerates. Most of the labor force is employed in the public sector (more than 50%), thus the private sector in Kurdistan represents less than 50% of the economy. Due to lack of reliable data and statistics the main limitation of the list is that it does not provide the exact ranking from largest to smallest, rather it should be regarded as a general overview of the main players from different sectors of the economy in the Kurdistan Region of Iraq.

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