Gulf Arabs invest heavily in Kurdish north

[Seaview]

Arab investors from oil-rich Gulf countries are investing heavily in the Kurdish north, according to Hirish Mohammed.

Mohammed, who heads the Investment Commission in the area, said investments worth 16 billion U.S. dollars from the Arab Gulf region have been promised so far.

He said half of the money has been pledged by private sector entrepreneurs in these countries.

The United Arab Emirates tops the list of foreign investors in the region, he added.

Iraqi Kurdish autonomous region which comprises three provinces – Dahouk, Arbil and Sulaimaniya – is relatively quiet in comparison with the central and southern parts of Iraq.

Arab investors are mainly property developers who are building hotels and other tourist facilities in the area.

The Kurds have issued new regulations to lure investors under which foreigners have the right to transfer profits in foreign cash.

There are no restrictions on partnership and projects are exempt from taxes.

http://www.azzaman.com/english/index.asp?fname=news\2009-01-05\kurd.htm

[Money4Nothin']

This is one of the projects.

DAMAC properties start selling the first stage of housing units in Iraqi Kurdistan 28/10/2008

DAMAC Properties, the Emirates company, began from Dubai the first stage of selling its real estate venture, “Tareen hills” in Erbil, the capital of Iraqi Kurdistan at prices ranging between 149 and 352 thousand dollars per apartment.
The residential units consist of one bedroom and hall area ranging between 79 - 220 sq ft, and two bedrooms with hall area ranging between 113 - 263 sq ft, and three bedroom with hall area of 185 - 288 square feet.
Prices start from 149 thousand dollars for apartments, consisting of one room and hall, and up to 352 thousand dollars of flats consisting of 3 bedrooms and a hall, and prices vary according to the flat area and scope of view. The project provides each flat with car park free of charge.
This offer continues until the end of October, when prices are expected to increase with the new stages.
The sales is direct through DAMAC offices in Dubai, or through accredited agents, and procurement solutions are either to pay the full amount or installment payment into periods, and this case requires the buyer to pay 10% of the total amount as a first batch and the rest of the money in installments.
Investment opportunity
The Tarin Hills was announced in the beginning of this year in Dubai and was attended by Chairman of the Council of Ministers of Kurdistan region Nnigervan Barzani and a number of ministers and businessmen.
It is scheduled to complete the project in stages, the foundation work begins early next year, and receipt of the first stages in two years after the date of Construction commencement.
The project constitutes a unique opportunity for those wishing to invest in Iraqi Kurdistan offers freehold ownership of the property and supplies good returns and a good opportunity for the people of the Kurdish community in Europe, America and the Arabian Gulf to build a modern house in their region.

http://www.rebuild-iraq-expo.com/newsdetails05.asp?id=4281