Kurdistan - The Worldfolio

Transcription

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Our World
Monday, October 15, 2012
KURDISTAN REGION
A new era in security
and development
REPUBLIC OF IRAQ
This supplement to USA TODAY was produced by United World Ltd., Suite 179, 34 Buckingham Palace Road, London SW1W 0RH – Tel: +44 20 7409 3106 – ourworld@unitedworld-usa.com – www.unitedworld-usa.com
Safety and stability are in the heart of the economic framework of Kurdistan,
a region that is beginning to realize its huge economic potential
he withdrawal of U.S.
troops from Iraq in
December 2011
marked the beginning of a new era for
U.S. - Kurdistan relations, one in
which the region will change its
role as a military partner in
wartime for that of an important
trade and investment destination
in the Middle East.
The U.S. is currently one of
Kurdistan’s most important foreign investors. A number of major American energy companies,
such as Exxon Mobil, Aspect Energy, Marathon Oil Corporation,
Hillwood International Energy,
Hunt Oil, and Prime and Murphy
Oil, are already operating in the
region. There is enormous potential for further U.S. investment
in areas such as telecommunications, infrastructure, and R&D.
Although the war in Iraq is now
over, the growing concerns over
the regimes in Syria and Iran signal that Kurdistan will maintain
its strategic importance for the
United States.
This was made clear during
President Masoud Barzani’s April,
2012 visit to Washington D.C.,
where he was received with the
honors due a head of state and
met with President Barack Obama, Vice-president Joseph Biden,
Secretary of State Hilary Clinton
and Secretary of Defense Leon
Panetta. This reception sent a
strong message to the international community about Kurdistan’s geopolitical importance.
T
Conversely, Washington has
been instrumental in providing
international recognition for Kurdistan as an autonomous region
that is vastly different from the rest
of Iraq.
A rapidly-developing area with
huge economic potential, Kurdistan holds approximately a third
of Iraq’s total oil reserves. The
planned Nabucco pipeline could
make Kurdistan’s gas reserves a
key source of supply to Europe
and Turkey, ending Russia’s monopoly of the European gas market. The region’s successful
development is based on a mixture of respect for individual rights
and private enterprise.
As Herish Muharam, Chairman of the Kurdistan Board of Investment, puts it: “You can see
ambition in the eyes of each individual in this society and it sends
a message about why Kurdistan
has become a kind of hub in the
region and in Iraq.”
Kurdistan has entered a phase
of rapid reconstruction in which
progress is being made through
a combination of public and private sector initiatives.
Ministry of Construction and
Housing Kamaran Ahmed points
out that security is the most important factor in this new era.
“We have to recognize that
safety, stability and safety measures play a fundamental role in
the development of Kurdistan.
This creates a motivated environment and encourages private
investors to come and invest here.”
A UNITED WORLD SUPPLEMENT PRODUCED BY:
Idil Demirel, William Palmer, Jimena Navarra,
Alvaro Aguillo, Carmine George and
Marta de Basilio
A SPECIAL THANKS TO: Mr. Herish Muharam, Ms. Agustina
Bellsola, Mr. Ibrahim Rashid, Mr. Sawri Nabi
and Ms. Dilan Barwary
Kurdistan’s economic future
clearly lies in the potential of
its energy industry. The region
is not only rich in oil and gas;
it is also business-friendly and
provides entry to the energy
giant that is Iraq. 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. And Kurdistan presents an attractive gateway to
Iraq, because it accounts for 43.7
billion barrels of oil reserves, 25.5
billion more barrels of unproven
reserves and between 3 and 6
trillion cubic meters of gas. Kurdistan currently produces
100,000 barrels of oil a day, but
it aims to raise that figure to 1 million barrels by 2015 and to export at least 10% of the total.
The Kurdistan Regional Government (KRG) is headed by the
Kurdistan List coalition, which
won the regional parliamentary
elections in July 2009. The coalition consists of the Kurdistan
Democratic Party (KDP), the Patriotic Union of Kurdistan (PUK),
the Kurdistan Islamic Movement, the Chaldean Assyrian
Syriac Popular Council, Turkmen representatives, Communists and Socialists, but the first
two parties dominate the coalition. Following a cabinet reshuffle in April 2012, the previous
Prime Minister Barham Salih
was replaced by the President’s
nephew, Nechirvan Barzani.
Kurdistan has some of the
most progressive laws in the
Middle East. Its constitution allows for religious and minority freedoms and stipulates that
at least 30% of the members of
parliament have to be women,
the largest such percentage in
the region.
As Falah Mustafa Bakir, Head
of the Department of Foreign
Relations, says: “We are tolerant
and we have taken lessons from
the past in order to have a prosperous and bright future.”
To attain that future, Mr.
Bakir stresses the need for local as well as foreign investment: “If foreign investors do
not see local investors investing in their own country or region, how would they come in?
Because we were isolated, we
did not have the capacity or capability to implement all these
projects, so we needed to bring
them from outside. Without
that, we cannot develop.”
Official data indicates that
there are approximately 1,600
foreign companies and 11,000
local companies in Kurdistan.
The number of foreign companies in the country rose from
1,170 in 2010 to 1,600 right now.
Between 50% and 60% of all foreign investors are Turkish.
Kurdistan has benefited from
a comparatively stable security
situation and an independent
Foreign Investment Law, as well
as from the creation of the Kurdistan Board of Investment (BoI)
in 2006. In order to gain foreign
investors’ trust, the regional government is working to build a
stable banking system and fight
corruption,.
As Mr. Bakir explains: “Kurdistan is open for business and
it can serve as a launch pad to enter the Iraqi market. We don’t
want to encourage people to
come to the region just to benefit from the 5 million plus market here; we’ve told them that it
is a market of 30 million plus.”
“THE KURDISTAN REGION HAS BECOME
... AN IMPORTANT
HUB FOR INTERNATIONAL BUSINESS
AND COMMERCIAL
ACTIVITY, WITH
HUNDREDS OF
FOREIGN COMPANIES AND
INVESTORS SAFELY
AND SUCCESSFULLY
OPERATING HERE.”
Prime Minister
NECHIRVAN BARZANI
“WE HAVE TO
RECOGNIZE THAT
SAFETY AND
STABILITY PLAY A
FUNDAMENTAL
ROLE IN THE
DEVELOPMENT OF
KURDISTAN. THIS
ENCOURAGES
PRIVATE INVESTORS
TO COME AND
INVEST HERE.”
KAMARAN AHMED
Construction
and Housing Minister
“WE ARE TOLERANT
AND WE HAVE
TAKEN LESSONS
FROM THE PAST IN
ORDER TO HAVE A
PROSPEROUS AND
BRIGHT FUTURE.”
FALAH MUSTAFA BAKIR
Head of the Department of
Foreign Relations
Our World Insert is produced by United World. USA TODAY did not participate in its preparation and is not responsible for its content
2
3/10/12
16:46
Page 2
KURDISTAN REGION
Distributed by USA TODAY
REPUBLIC OF IRAQ
Electricity generation keeps up
with the demands of rapid growth
The Kurdistan Ministry of Electricity’s priority is to become energy self-sufficient with plans to export energy in the near future
Over the past decade, Kurdistan has undergone a major
transformation, with doubledigit economic growth propelling a rapid rise in the region’s
living standards.
At the heart of this development has been Kurdistan’s ability to ensure that the provision
of electric power has kept pace
with the booming economy –
helping businesses to expand
and keeping up with household’s
growing demands.
During this time, Kurdistan
has transformed its ability to
generate and distribute electricity, turning it from being a
region reliant on imported power, to one on the brink of exporting its own supplies.
Back in 2003, this was a region
in transition, following the invasion of Iraq. Unable to provide its
citizens and businesses with a
consistent electricity supply, Kurdistan had to turn to neighboring countries to provide much
of the limited amount of power
that did come into the region.
However, as security improved, the economy grew and
a higher standard of living
emerged – resulting
in ever-increasing
energy demands
that required a coherent plan of action if sustainable
growth was to
continue.
“After 2003, there
was big demand
from different sec-
tors, including electricity,” explains Minister of Electricity,
Yasin Sheikh Abu Bakir
Muhammad Mawati. “All sectors began to grow, starting
with industry and housing.”
With the economy expanding by between 10-12% each
year, the region invested in its
energy infrastructure. Nine
years ago, the Ministry of Electricity was able to provide just
200MW to its citizens. By
2006, Kurdistan was still receiving around 150MW from
Turkey and 200MW from the
Iraqi national grid. Just five
years later, however, the region
had ratcheted up its powerproducing capabilities to a level that meant they no longer
required foreign supplies.
“From the beginning of 2011,
we have not received any power from abroad; it is all locally
generated,” says Mr. Mawati.
“In Duhok, we have 100%
coverage, even in the villages
because they are accessible.
For Erbil and for Sulaymaniyah,
which have big populations
and a big geographic area, we
have achieved 90%-93%
accessibility for all
villages,” he adds.
A key aspect of
Kurdistan’s electricity success
story has been
the inclusion of
the private sector. Companies
have been invited
to tender for
Electricity provisions are set to meet and even exceed predicted demand and the country is now looking to recoup costs for the excess energy
“FROM THE
BEGINNING OF
2011, WE HAVE
NOT RECEIVED
ANY POWER
FROM ABROAD; IT
IS ALL LOCALLY
GENERATED.“
YASIN SHEIKH ABU BAKIR
MUHAMMAD MAWATI,
Minister of Electricity
projects, helping to ensure power production kept pace with
the region’s economic growth.
“Exclusive of Iraq, we have
decided to involve the private
sector in the generation of power,” explains the Minister. “We
have achieved that goal and
solved the problem of electricity in our region. The Iraqi
government did not involve
the private sector and they
are still suffering from a
shortage of electricity in
the region.”
With Kurdistan’s economy continuing to experience surging growth,
the Ministry of Electricity has faced an ongoing challenge to meet
energy demands. Consistent investment in
plants at Duhok, Erbil
and Sulaymaniyah has
pushed capacity towards 4,500MW, while
three hydroelectric
plants are also due to be
built. In addition, there
are 300 power projects
designed to improve
the region’s electricity
generation capabilities.
On top of this, the
Ministry has ambitions to increase its power
production capacity to a lev-
el that would enable it to export
electricity, a pivotal development for a region that until 2003
relied on imported power.
“According to our plans, in
the next three years we can meet
all the demand within the region and also to export power
to Iraq and to Turkey,” explains
Mr. Mawati. “Our plan is to establish a 400 kilovolt [KV] network to exchange power
between the region, Iraq and
Turkey, through a new transmission grid.
“The demand for the investment projects of the region is
1,530 MW. That is what is needed on top of the 2,600 MW we
already provide. This is far more
than our growth, which we
mentioned is 15%.,” he says.
With electricity production
set to meet and even exceed
predicted demand, Kurdistan
is now focusing its energies on
how to efficiently recoup some
of the costs. Plans to privatize
the distribution element of the
industry are in place, while the
region is inviting firms to provide cost-effective solutions
to distribution and revenue
collection.
Following the example set by
the region’s approach to measuring households’ water usage,
the Ministry of Electricity plans
to use SmartMeters to calculate billing rates for electricity.
“It is the same software; the
same networking will be used
for electricity and for water,
measuring domestic consumer
use,” says Mr. Mawati. “We
hope that before the end of this
year, we will sign a contract
with a company for collecting
all the electricity revenues for
about one million consumers
in the region.”
For a region which relied
on imported electricity supplies little more than a decade
ago, this latest development
would be a remarkable
achievement. But it doesn’t
look like that will be the last
benchmark to be passed by
Kurdistan. The region’s ambitious plans to transform its
electricity generation infrastructure are likely to continue
exceeding
all
expectations.
Mass Group
Holding Ltd.
delivers power
Mass Group Holding is working toward combined
cycle power and a more efficient electricity
infrastructure across Kurdistan
With Kurdistan enjoying a
booming economy over recent years, the ability of power companies to keep pace
with electricity demand has
become a key component of
their continued growth.
At the forefront of this infrastructure development is
Mass Group Holdings
(MGH), a company whose
three Build, Operate and Own
(BOO) power stations deliver 2,500megawatts
(MW) to hundreds
of thousands of
households and
businesses each
year. And they plan
to nearly double this
output by 2014.
MGH’s first power station was built
in northern Iraq at
Erbil in 2007. A second plant to the
southeast in Sulaymaniyah came a
year later, and a
third site to the
north at Dohuk in
2010. With economic growth of
10-12% each year,
MGH had to regularly invest to increase supplies.
“Once the three projects
were completed, there was
huge development in Kurdistan which was empowered by
electricity,” says Azad Mustafa
Hussain, MGH’s Vice-Chairman. “So we started expanding all of these stations.”
At Erbil, output doubled to
1,000MW, and in July, Prime
Minister Barzani inaugurated the site as Iraq’s first plant
to use a combined cycle system. The process, which recycles energy from turbine
exhausts, means power for another 100,000 households can
be produced with no extra fuel, cutting CO2 emissions and
improving efficiency.
“Just one week ago, we
signed the contract to expand Duhok by another
380MW, to 880MW,” adds
Mr. Hussain. “In our plans,
Azad Mustafa Hussain, MGH’s
Vice-Chairman
we will reach 4500MW in
all three power plants. We’d
also like to generate power
through hydro plants.”
With the economy continuing to expand, MGH’s farranging ambitions seem to be
well aligned with the country’s power demands.
3/10/12
17:10
Page 3
KURDISTAN REGION
3
REPUBLIC OF IRAQ
MITAS is connecting the Kurdish grid
This expanding company
based in Ankara, Turkey
is playing a pivotal role
in the distribution of
power in the region
MITAS Energy and Metal
Construction Inc. was founded in 1955 and since then has
transformed into a group of
nine companies, establishing
itself as a leading firm in the design, the production, and the
galvanized coating of steel towers, poles and their accessories
for energy, telecommunications and the lighting industry. Since 2003, Mitas has been
a primary EPC contractor for
the construction of energy
transmission lines in Iraq.
Over the past 10 years MITAS has grown from being a
company focused on the domestic market to one that
serves the needs of customers
in over 130 countries in five
continents. Major projects for
the supply of HV Energy Steel
towers were in the U.S., Canada, South America, Iraq and
Libya. With an annual processing capacity of 180,000
tons of steel towers in two factories in Izmir and Ankara,
Turkey, Mitas is ranked one of
the top five energy steel tower manufacturers in the world.
MITAS’ facilities include
two lattice tower manufacturing plants, six galvanizing kettles, bolts manufacturing plant,
and a pole manufacturing
plant, all equipped with the
latest technology.
Recently, the company reorganized, invested in upgrades,
and made the decision to focus
exclusively on towers and energy
transmission, particularly in
terms of the design, testing and
manufacture of overhead transmission line (OHTL) towers
and Engineering, Procurement
and Construction (EPC) solution for OHTLs.
Being one of the energy transmission line contractors, MITAS has executed projects
cumulating up to 40% of
Turkey’s power grid, which consists of 380 kV and 154 kV trans-
MITAS is positioning itself as the leading company in the provision of towers for electricity transmision and telecommunications
mission lines as main voltage
levels and backbone.
Furthermore, since 2003 Mitas had completed a lot of 400
and 132 kV OHTLs in different regions of Iraq, especially
in the area starting in Basra on
the south and ending in Dohuk
in the north. Through those
projects MITAS worked and
cooperated with the U.S. Army
Corps of Engineering and
North American companies
like Perini, Washington Group
and Fluor. Of course, in all
those projects the clients were
the Ministries of Energy in
Baghdad and the Kurdistan Regionl Government (KGR).
Among the major projects
completed are the reconstruction work of 300 miles of 400 kV
lines and the building of 600
miles’ worth of brand new 132
kV OHTL, which comprise the
ring around Erbil City as well as
the Chamchamal projects that
include 17 OHTLs that transmit electric energy from the
Chamchamal power plant to
different locations.
MITAS also designed, tested and supplied numerous towers and poles to the Ministries
of Energy of KRG and Iraq. Other MITAS products include antenna structures used in
telecommunications and installed throughout the country.
Not only is MITAS experienced in this sector, it is also extremely efficient.
Fuad Kaldzija, CEO of MITAS, recalls that when the war
was declared over, the new gov-
Erbil’s shopping
paradise
The diversified Hewa Group is behind Kurdistan’s top shopping center, Majidi Mall
The Hewa
Group has
grown from
a humble
trading outfit into a
t r a n s national conglomerate with
operations and investments
spread across Kurdistan,
Gulf Cooperation Council
(GCC) countries and
Turkey.
Today, the Hewa Group
specializes in construction,
contracting, commodity
trading, retail, residential
cities, entertainment parks,
hospitals, petroleum and
petrochemical trading, plastics and real estate projects.
“We started off in 1977 as
a textiles importing com-
The Hewa Group is driven by a passion for business growth, a focus on
brand building and unmatched customer service
pany,” explains Mr. Al Majidi. “We imported men’s
and women’s clothing from
South Korea, Japan and Taiwan until 1985, when we
started in the food business,
with tea and sugar. In 2002
we started with construction and investment by
building a shopping mall
and hotel,” he says.
The pièce de résistance in
the Hewa Group’s portfolio
is the Majidi Mall. It is Iraq’s
most entertaining shopping
center with more than 67
shops over three floors.
The center is located in
Erbil, the Kurdistan capital
and main metropolitan area,
which is a mecca for all fashionistas and food lovers.
Creating a new Iraq
The Darin Group provide the backbone for Iraqi infrastructure
In 1998, Mala
Shene Bashir
founded
Darin Group,
identifying an
opportunity
to rehabilitate
Iraq’s infrastructure for commercial benefit, and for the
Iraqi people.
Based in Erbil, but with operations in Dubai and Istanbul, Shene has overseen the
company’s rapid diversification and growth in construction, industrial production,
trading and telecoms.
In 2010, Darin opened the
first ‘Dubai style’ mall in the
heart of Erbil city next to the
Group’s ‘Family Fun’ amusement park development,
which draws visitors from
around Iraq.
Chairman of Darin, Mr.
Bashir says: “Darin is a
tremendous success story
and a beacon of hope in a region that’s seen significant
turmoil and instability.
“We’ve shown that there
are exceptional opportunities here in infrastructure and
in supplying an ever in-
creasing consumer demand.
With a proven track record
in delivering growth and
plans to diversify, Darin
Group is the partner of choice
for foreign investors seeking
economic prospects in the
region; and professionals
seeking exciting careers.”
The Darin Group built the first Dubai-style mall in Kurdistan and is looking
for investors to help with further infrastructure development in the region
ernment called MITAS to complete an urgent job. “So we prepared and sent a proposal, and
they told us to come over on
the next flight. So we came and
we agreed on everything. We
promised that we would mobilize things in twelve days. This
was in 2003. We completed
about 500 kilometers of construction and a 400kV network,”
he says.
MITAS’ organizational
reshuffle, combined with its
decision to focus solely on the
transmissions
industry,
brought with it some exciting
opportunities, such as the
manufacture of high voltage
steel utility poles that carry
electricity through Kurdistan.
“We go after the business. If
there is a project and they need
towers, then we are in the picture. Later on we decided we
only wanted to be involved in
the transmissions business, and
today it looks like we made the
right decision,” says MITAS
Chairman, Volkan Karabag.
MITAS has seen huge
growth in Kurdistan and is now
a major energy transmission
line contractor.
“We have a great advantage
because we are not only one of
the leading EPC contractors
in the energy transmission and
substation business in northern Iraq, but we are also the
biggest manufacturer of steel
towers and steel structures for
substations globally,” says Bora Aslan, the company’s General Manager.
As both GDP and the demand for electricity rise in Kurdistan, thanks to MITAS’ work
the region is operating at a near
optimal level of 22 hours per
day. There is still scope to grow
in the energy market as the demand is there; with the help of
investors, private companies in
the Kurdistan region, and the
government, this could be increased to an optimal level.
MITAS is continuing a successful trend of expansion and
has recently formed a new
partnership with a Dallasbased energy steel tower manufacturer to have a brand new
steel tower manufacturing facility in Texas called New Falcon Steel. The new production
facility will serve the U.S. market for the supply of the high
voltage lattice steel towers with
60,000 tons of annual manufacturing capacity.
An electricity
success story
In just two years Middle East Power has worked with the Ministry of Electricity to
increase the supply of electricity to the national grid by investing in the country’s
out-of-service power plants
Bachir Al Kheshen, CEO of
Middle East Power (MEP)
and a London Business
School alumnus, attributes
the company’s achievement
to the region itself : “Any
company from around the
world investing in Kurdistan will grow much faster
than it would anywhere else,
thanks to the clear investment laws and the transparency when dealing with
the public sector,” he says.
Acting also as the Business Development Manager for Tahseen Khayat
Group – which owns MEP
and has been doing business
in the MENA area for the
past 35 years – he was given a task: “to identify a region and an activity.”
He did his homework, and
with the founding of MEP in
2009, he set an example.
“We are an investment
company,” says the CEO, “so
we invest in the countries
we go to; we do not just get
contracts and execute them.”
Mr. Al Kheshen has traveled to 22 countries in the
Middle East, plus some in
Europe, and spent a year researching. He took with him
the knowledge of working
for Tahseen Khayat Group,
a holding company with 12
subsidiaries and publishing
relationships the Middle
East and North Africa region. He compared projects
and performed feasibility
studies. Interest landed the
company in Kurdistan due
to a “sophisticated market”
and a “really good future.”
Opportunity asked it to stay.
Kurdistan’s strengths as a
business partner make it an
attractive draw. Mr. Al
Kheshen speaks of a fresh,
young region “as safe as
Geneva.” He predicts the
“ANY COMPANY
FROM AROUND
THE WORLD
INVESTING IN
KURDISTAN WILL
GROW MUCH
FASTER THAN IT
WOULD
ANYWHERE ELSE.”
BACHIR AL KHESHEN,
CEO of Middle East Power
economy will grow to match
that of Saudi Arabia and
highlights the respect and
honor essential to the Kurdish personality: “An ethnicity full of honorable
courageous people over the
course of history.”
While most investors in
Kurdistan focused on the region’s “main attractions”,
namely real estate development and oil and gas, Mr. Al
Kheshen decided to do
something different and focused on the electricity sector.
Middle East Power carried out an impressive reconstruction of two power
plants: the rehabilitated
power plant at Erbil (one of
Kurdistan’s first plants, built
in 1997) had lain dormant
since 2003, while the revived
Dohuk station celebrates its
re-opening this September.
Both plants have been restored to like-new condition, which was a sincere
challenge due the amount
of detailed technical work
and the availability of some
spare parts in the international market.
Due to a genuine belief
in Kurdistan, MEP’s board
has decided to further invest in the electricity sector,
proposing a $400-million
project to build and operate a 325MW combined cycle power plant. The
proposed plant will bring
electricity to remote areas,
facilitating the region’s agricultural, industrial and educational growth. MEP has
signed a power purchase
agreement with the Ministry of Electricity for this
project, which will soon be
launched upon the assignment of the exact location.
As always, directed by its
chairman, Tahseen Khayat
Group gives back to society
by training and hiring locals, deepening its commitment to society growth.
Together with Kurdistan’s
Ministry of Electricity it
looks to an “efficient, costeffective, environmentally
clean” future – a happy hybrid of the company’s ingenuity and the Ministry’s
reconstruction efforts.
www.me-power.me
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KURDISTAN REGION
REPUBLIC OF IRAQ
Record year forecast for foreign
investment in Kurdistan
Already an investment hotspot, Iraqi Kurdistan is eager to encourage foreign
companies to take advantage of the enormous business opportunities on offer
Foreign and domestic investment in Iraqi Kurdistan
has been rising annually for
the last six years, and with
more than $3 billion invested in the first six months
alone 2012 looks set to be a
record year.
Offering security and stability as well as excellent
business opportunities, the
autonomous region currently boasts approximately
450 major projects valued at
$21 billion – more than 20%
of which is being funded at
least in part through foreign
direct investment.
A total of around $7 billion
is expected to be invested by
Kurdish and foreign companies this year.
Iraqi Kurdistan paved the
way for foreign investment
with its liberal investment
law of 2006. One of the most
foreign-investor friendly in
the Middle East, the law provides incentives for foreign
firms that include the possibility of owning land, up to
10-year tax holidays, and the
removal of tariffs on exports
and imports related to investment projects.
Foreign investors are treated the same as national investors, with the right to own
entire projects. The profits of
a project and interest on capital can be transferred abroad,
and capital repatriated upon
the liquidation or disposal of
the project, provided that doing so does not conflict with
the provisions of law, customs
procedures, and tax procedures. Foreign labor can be
employed, and foreign workers have the right to transfer
their earnings to their original countries.
A wide variety of economic sectors are open for
investment, including agriculture, banking and insurance, energy, hotels, health,
ICT, industry, tourism, transportation, and infrastructure
projects such as housing,
roads, bridges, and airports.
Overseeing and promoting all foreign and domestic
investment, except in the oil
and gas sector, is the Kurdistan Board of Investment
(BoI). Established in 2006 as
a one-stop shop, the board
streamlines the work of national and international
firms, ensuring that investment procedures are simple
and transparent, as well as
liaising with relevant governmental bodies and other
professional institutions.
Through wholly owned
projects and joint ventures,
foreign companies and governments account for 21% of
the investment in Iraqi Kurdistan. Since the passing of
the 2006 investment law,
around 20 countries have
shown interest. Currently,
the largest investor is Egypt,
which in the first five months
of this year, invested $497
million, followed by Lebanon
with $231 million of investment. Other significant investors include Kuwait and
Turkey.
Herish Muharam, the BoI’s
Chairman, says more needs
to be done to attract investment from Western countries, including the United
States. “It is entirely understandable that Western companies are war y of newly
emerging markets, especially post-conflict regions. But
there is a danger that British,
American, and European
firms and investors will continue to miss out.
“We are ambitious, we aspire to great things,” he says.
“But we are also realistic and
aware of our shortcomings
and challenges, such as corruption, red tape, and inefficienc y. We are taking
concrete steps to tackle corruption, for example through
the PricewaterhouseCoopers transparency ini-
“TO INCREASE
THE EFFICIENCY
OF OUR
INVESTMENT
BOARD, WE ARE
DELEGATING
MORE OF OUR
OPERATIONS TO
THE PROVINCIAL
LEVEL, SO THAT
WE CAN FOCUS
ON OUR VISION,
AND ON THE
STRATEGIES THAT
WE NEED TO
ACHIEVE OUR
VISION.“
HERISH MUHARAM,
Chairman of the Kurdistan
Board of Investment
tiative. To increase the efficiency of our Investment
Board, we are delegating
more of our operations to
the provincial level, so that
we can focus on our vision,
and on the strategies that we
need to achieve our vision.”
In September senior Iraqi
Kurdish officials gave board
members of the United
States-Kurdistan Business
Council a private briefing
about economic development in the autonomous region and the political
situation in Iraq.
Erbil is dotted with construction sites, evidence of
the large investments in housing projects
In addition to highlighting the business-friendly
environment and stable security situation, the offic i als empha si ze d that
Amer ic an investment is
beneficial to both the U.S.
national interest and to the
whole of Iraq.
Falah Bakir, Head of the
Kurdistan Regional Government’s Department of Foreign Relations, says U.S.
investment in Kurdistan will
continue to strengthen the
bonds between Americans,
Kurds, and Iraqis. “ We
strongly encourage the U.S.
government to support
American business in our region and make that commitment known to the U.S.
business community.”
More than half of the investment in Iraqi Kurdistan
has gone into housing projects, as evidenced by construction sites all over Erbil,
the province that has attracted the lion’s share.
The state authorities are
particularly eager for investors to put their money
into big infrastructure projects, some focused on
boosting trade with neighboring Turkey.
Amendments are being
planned to the investment
law to give them even more
encouragement to do so. According to Peshtiwan Ali,
head of the legal department
of the BoI, businesses investing in agriculture, industry, and tourism are likely
to be exempt from paying
taxes and tariffs for 15 years.
“There are shortcomings
in the infrastructure of the
Kurdistan Region, and investors are not stepping forward to invest in those
areas,” says Mr. Ali. “In order to have them invest ,
there need to be more privileges and incentives provided, including exemption
from taxes and tariffs for a
few years.”
‘Don’t miss out,
be a pioneer’
Demand for North Bank’s range of services spans small businesses to multinationals
Nozad Dawood Fattah Al-Jaff, Chairman of North Bank,
says that banking in
Iraq has undergone
a sea change since
2003, when private
sector banking burst
onto the scene. Since
then, according to
the chairman of
what is today one of
the most reputable
banks in the country, many new financial institutions
have experienced a
series of stops and
starts as the burgeoning industry
blossomed beyond
their capacity –
growing pains that
North Bank managed to avoid.
“Private banking in Iraq is
new because up until 2003 we
had a completely socialist system. After 2003, a lot of steps
were taken to encourage the
private sector. Banks were
opened by people here with
the resources to do so. The
capital was quite modest
though, and little by little they
realized that these were not
family businesses that they
could manage. They then tried
to diversify their shareholders,
but a lot of them did not want
to relinquish control so they
remained small,” he explains.
Founded in April 2004 by a
number of prominent shareholders, many of whom were
established businessmen
throughout the region, North
Bank “never took this approach,” and has been successfully targeting the private
sector for the past eight years.
Mr. Al-Jaff continues: “We are
now one of the most diversified banks in Iraq, with approximately 8% of our
shareholders from NYSE and
hedge funds from Finland,
“WE ARE NOW ONE
OF THE MOST
DIVERSIFIED BANKS
IN IRAQ, WITH
APPROXIMATELY 8%
OF OUR
SHAREHOLDERS
FROM NYSE AND
HEDGE FUNDS FROM
FINLAND, EGYPT,
JORDAN, KUWAIT,
THE EMIRATES AND
OTHER PARTS OF THE
WORLD.”
NOZAD DAWOOD FATTAH AL-JAFF,
Chairman of North Bank
Egypt, Jordan, Kuwait, the
Emirates and other parts of
the world.”
North Bank’s success in
building its business was reflected in the 45% increase in
deposits it registered in the
first half of this year, bringing
total deposits to 917 billion
Iraqi Dinars ($787 million).
Lending was also up by 27%,
with corporate loans representing roughly 80% of this.
In addition to
specializing in
SME loans ranging from $100,000
to $500,000, the
bank also does significant business
with international
companies operating in the Iraqi
oil sector and other industries.
“There are other international
companies like
Samsung, Nokia
and Kodak, that
deal with us because they need a
way to transfer
their money in and
out of the country
so they use our services,” Mr. Al-Jaff says. In addition to a range of traditional
retail products, these services
include accounts in both Iraqi
dinars and U.S. dollars, as well
as loans in both currencies,
and the issuance of internal
and external guarantee letters
for both currencies.
With paid-up capital of 210
billion Iraqi dinars ($180 million), making it the most wellcapitalized bank in Iraq,
North Bank today boasts 17
branches across the country,
including Baghdad. It also has
four branches in Kurdistan in
Erbil, Duhok, Suleymaniyah
and Kirkuk.
“The majority of our large
shareholders are of Kurdish
origin, but we have a very good
relationship with Baghdad. I
believe we have a great deal of
potential and eventually we
would like to be recognized as
one of the largest financial institutions in the region,” concludes the chairman, adding
that investors looking to the
regional market should wait
no longer. “Don’t miss out –
be a pioneer.”
3/10/12
16:57
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KURDISTAN REGION
REPUBLIC OF IRAQ
Accords with major companies
are changing Iraqi telecoms
Iraqi mobile operator Korek Telecom has joined forces with some of the biggest names in the industry and is keen to capitalize on 3G connectivity
Korek Telecom is the first privately owned telecommunications business to operate in
the Kurdistan region of Iraq.
The cellular phone operator
has developed a lot since the
turn of the millennium, when
in 2000 the Ministry of
Telecommunications granted Korek an exclusive fiveyear global system for
communications (GSM) license to operate a mobile network, covering Erbil, the
capital of Iraqi Kurdistan and
the province of Duhok.
In August 2007, the Communications and Media Commission (CMC) granted
Korek one of three long-term
mobile service licenses, which
enables the network to provide services throughout Iraq
to more than 30 million people in 18 provinces. A few
months later, it entered into
a $2.2 billion joint venture
with Orascom of Egypt. Last
year, Agility of Kuwait and
France-Telecom Orange took
a combined 44% stake in Korek, as the company looks to
expand its existing network
and enhance its position in
the Iraqi telecommunications
sector.
At present, Korek holds a
70% market share in the Kurdistan region, and the company’s CEO Ghada Gebara
realizes that there is always
room for improvement.
“It all starts with good service, like having strong network coverage, stable
connectivity, and accurate
monthly billing statements,”
she says. “We need to challenge
the existing prices and give our
subscribers more value for
money. It is all about knowing
our customers better.”
Korek has actively sought
to rectify any network coverage problems it might have by
enlisting the help of Ericsson
to prepare its network to cater
for its rapidly growing customer base. Korek has awarded Ericsson with a three-year
managed services contract,
under which Ericsson will provide provisioning and field
maintenance services including day-to-day services for Korek’s network in Baghdad.
Ericsson will help Korek
achieve optimal network sta-
Korek currently holds a 70% market share in the Kurdistan region, but are looking to increase their overall presence in the Iraqi market
bility for 99.999% of its radio
base station (RBS) and microwave sites, while finding
better efficiencies by focusing on its core activities, which
include network quality assurance and customer satisfaction, as well as business and
strategy development.
Globally, Ericsson has
signed more than 300 managed services contracts in
more than 100 countries,
signing 70 out of those 300 in
2011 alone. Ericsson manages
networks on behalf of operators that service over 900
million subscribers worldwide so their undoubted experience, exposure and
knowledge of the mobile network market can only further
the development of Korek.
“Based on Ericsson’s successful track record and our
experience with the company, we are positive that with
their pool of knowledge, expertise and capabilities that
we will be able to offer the
highest standards of network
quality and reliability, use our
resources more efficiently,
and focus solely on enhanc-
“ICT IS A KEY
COMPONENT OF
INFRASTRUCTURE.
IT IS AS VITAL AS
ROADS, WATER
AND ELECTRICITY.
FOR EVERY 10%
MOBILE MARKET
PENETRATION,
YOU INCREASE
THE GDP BY 1%.
THE POTENTIAL
FOR INTERNET IS
EVEN HIGHER.“
“NEARLY 45% OF
THE IRAQI
POPULATION IS
LESS THAN 15
YEARS OLD.
THIS MEANS
THAT ALMOST
EVERYONE CAN
AFFORD A
PHONE.
SOME EVEN
HAVE MORE
THAN ONE
UNIT.“
GHADA GEBARA, CEO of Korek Telecom
ing our customers’ experience,” says Ms. Gebara.
The agreement marks an
extension of a longstanding
relationship between Ericsson
and Korek, during which they
have worked closely on several projects, including the deployment of a post-paid billing
system for Korek’s customers
and the preparation of the telecom operator’s network for
3G and LTE (Long Term Evolution/4G).
Korek is keen to exploit the
3G market. While it is the
dominant network provider
in the Kurdistan region, Korek only holds a 13% market
share of total Iraqi cellular
subscribers. The company
aims to launch a 3G network
this year, but is awaiting the
government’s release of the
required spectrum.
The 3G launch may help
Korek to attract customers
from 2G operators Zain Iraq
and Qatar Telecom’s Asiacell,
resulting in a boost to its
overall market share. However, Iraq’s government has
not decided whether to
charge a fee for the new spectrum, which could lead to increased tariffs and discourage
investment in new technologies, ruling out significant
profits in the short-term.
Nevertheless, looking further
ahead, Ms. Gebara realizes
the importance of developing technology that the country and the consumer desire.
“At this juncture, 3G is a
big investment with little return; however it is all about
creating an ICT infrastructure in a country that does
not have it. 3G will allow for
fast and affordable Internet
solutions at home and at
work. It is not a luxury, but a
necessity. You can check your
e-mail, do transactions, access e-Libraries for research,
read the news, share documents with colleagues, and
complete work tasks in a
quicker and more cost-effective way,” Ms. Gebara says.
“We need 3G to catch up
with other countries, to develop our communication
systems, and aid in the country’s economic growth. Of
course, there is profit in the
long run. By stimulating economic activity, we expand our
subscribers’ purchasing power, allowing them to avail from
more of our services. That is
all in the future. Right now, we
just need to get the ball rolling
so that we can keep up with
the global market. It is a
strategic decision that the
government needs to make,”
she adds.
Creating a 3G network will
attract more foreign investment, which Korek needs to
support the initiative, as it
seeks to provide the best service possible. Having a functioning 3G network is
essential for infrastructure
growth, along with information communications technology in general.
“ICT is a key component
of infrastructure. It is as vital
as roads, water and electricity. For every 10% mobile market penetration, you increase
the GDP by 1%. The potential
for Internet is even higher.
For every 10,000 connections,
you create at least 80 jobs.
The effects are immediate. It
stimulates start-ups. These
start-ups eventually become
profitable SMEs that contribute to the GDP, as is
evident in developed
economies,” she says.
The mobile telecommunications industry has come
along way in Iraq since 2000,
with a market penetration
rate today of 75%. Unlike
many Western countries,
Iraq’s market is not saturated
and there is ample room for
further growth.
With the Iraqi population
being so young, there are opportunities for companies to
attract these potential clients
in the future. The arrival of
3G will certainly help with
this, as youngsters especially like to be connected to the
world via a handheld device.
If Korek successfully exploits
this potential, there is every
likelihood that it can be the
market leader, not just in Kurdistan, but also in the whole
of Iraq.
Getting Kurdistan communicating
Korek Telecom is the fastest growing mobile network operator in Iraq, and its service covers the whole country. It has a market share of more than 70% in Kurdistan
and a countrywide market share of 13-14%
Ghada Gebara, CEO of Korek Telecom talks about the
development of the company, how it intends to expand
into the 3G market and the
importance of ICT and
telecommunications in creating solid infrastructure and
jobs.
Kindly give us a brief
overview of the Iraqi
telecommunications sector, and how Korek Telecom
began.
Telecommunications in
Iraq started in phases. In
2000, the Ministr y of
Telecommunications issued
licenses. Korek was granted
a five year GSM license to
operate within Erbil, Iraqi
Kurdistan, and Duhok. Korek
is the first privately-owned
telecom company in the Kurdistan region.
Liberalization took place
in 2007. The Communications & Media Commission
(CMC) released a tender for
long-term mobile services licenses in the country – a year
after it had concluded the
tender for fixed licenses for
local telecom services. It was
an important milestone for
Korek.
The company was awarded one of the three national
licenses in the country. A few
months later, Korek entered
into a US$2.2-billion joint
venture with the Egyptian
Orascom. This partnership
opened up access to the
northern region. Today, Korek offers telecom services
all over the country.
The industry has gone a long
way since then, with a market
penetration rate of 75% to 76%.
Yes, we have. Of course,
75% is low compared to Europe and some Arab countries. However, it is
important to note that nearly 45% of the Iraqi population is less than 15 years old.
This means that almost
everyone can afford a phone.
Some even have more than
one unit.
What are the key growth
challenges for the company?
The market continues to
be dynamic. New developments take place. Communication is no longer as
straightforward as a phone
call. Now, you have broadband, Internet, mobile
browsing, video calls, MMS,
mobile email, and e-Money.
The challenge is in coping
with the increasingly sophisticated demands of the
market. In terms of Internet
services, we hope to achieve
the same success we have had
with voice, going from 5% to
7% in only four years, growing from 1% to 100%. The
goal is to offer high quality,
affordable web access.
Korek has been evolving. Last
year, it sold a total of 44% of
their shares to Agility (of
Kuwait) and France Tele com-Orange.
Korek is a shared limited
telecom company registered
to operate and provide GSM
services in Iraq. Last year, it
entered into a partnership
agreement with France Telecom-Orange and Agility.
France Telecom-Orange now
owns 20% of the company,
while Agility holds 24%.
ICT is a crucial element in
attracting foreign direct in vestment (FDI).
Yes, it is. It is a key component of infrastructure. It
is as vital as roads, water and
electricity. For every 10% mobile market penetration, you
increase the GDP by 1%. The
potential for Internet is even
higher. For every 10,000 connections, you create at least
80 jobs.
“KOREK IS THE FIRST PRIVATELY-OWNED
TELECOM COMPANY IN THE KURDISTAN
REGION.”
“I WANT KOREK TO BE THE TOP PLAYER IN
ITS CATEGORY. I INTEND TO ACCOMPLISH
THIS BY BEING HONEST WITH OUR SERVICE
– DOING WHAT WE SAY WE WOULD DO. IT
IS ABOUT GIVING THE BEST SERVICE. THAT
IS WHAT THE CUSTOMER WANTS, AFTER
ALL.”
GHADA GEBARA, CEO of Korek Telecom
What are your thoughts on
foreign investment in the
Kurdish-Iraqi ICT sector?
Foreign investment is crucial, not only for ICT, but for
the entire economy. Everywhere you go, foreign investment plays an important
role. Everybody is looking into country branding to attract FDI.
In Kurdistan and Iraq, all
the laws are there. I can testify that in Kurdistan, where
we are, it is working and we
can see it. There are several
facilities for investment. The
opportunities are there. Proof
of that in Korek is its partnership with France Telecom-Orange and Agility.
We understand that Korek
is introducing 3G/LTE ser vices this year.
We are still working on this
with the regulator. There is
still some resistance from the
government because they do
not know how to manage it.
We are ready to move to 3G.
We are just waiting for the
frequencies to be given to us
so that we can go live.
You have been the CEO
since August, last year. What
legacy would you like to leave
behind?
I want Korek to be the top
player in its category. I intend to accomplish this by
being honest with our service – doing what we say we
would do. It is about giving
the best service. That is what
the customer wants, after all.
What would you say is your
recipe for success?
It is not about where you
come from. It is hard work
and heart that make success.
What sets Kurdistan apart
from the rest?
We have found a way to
move on from the injustices
of the past to build a common future. There is no discrimination. What matters
is where you are now, where
you intend to go, and what
you have achieved with what
you have been given.
In Kurdistan, the Peshmerga, who once fought for
the freedom of the people
are now managing companies. They understand that
peace and forgiveness are essential to moving forward.
That has been our success.
Achieving this understanding is what we hope for, for
the rest of the region.
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KURDISTAN REGION
7
REPUBLIC OF IRAQ
Connecting Kurdistan’s
people and businesses
past should now be resolved.
One issue was the airports,
but now the airports will be
managed by the Committee
or authority of Civil Airports,
which will work under our
ministr y
Transport and
communication links are
what connect people,
take goods to their
destinations and
essentially allow business
to operate. Without
these links, the world as
we know it could not
function
The Ministry of Transport
and Communications in the
Kurdistan region of Iraq has
an important role to play in
the development of the area.
If infrastructure growth is to
be successful, the transport
links in the region have to be
equally suitable to this expansion, to accommodate for
any potential increase in inhabitants and commuters
who might use the area. Hon.
Mr. Jonson Siyaoosh, the
Minister of Transport and
Communications for the
Kurdistan Regional Government, explains how the ministr y plan to oversee this
evolution.
What has helped change the
general picture in Kurdistan
over the last decade?
Many things have changed
here since 2003. In addition
to the political climate change,
the security and economic
transformations have helped
the government to develop
the country. The biggest challenge that is impeding development is our relations with
the central government and
the political situation in the
whole region. The new KRG
cabinet’s relations with
Turkey and other countries
will help us continue with our
development. We hope that
these relations will lead to
more growth in the region.
What specifically has changed
with regards to Turkey?
There has been a change in
our relations with Turkey for
according to our new law.
We are also reviewing our
terms in the ministry with
regard to the communications and transportation
sectors, so we are trying to
regulate our standards so
they are in line with the rest
of the world.
We have many projects, including building a tramway.
As you know Erbil and Sulimany are crowded cities,
and this will help decrease the traffic on the
roads. We are looking for
investors to implement
this project on a BOT
(Build Operate Transfer) basis. The most important project for us is
the railway project. We
want to start it and we
are looking for investors.
We need the council of
ministers help for implementing this project
and connecting the Kurdistan egion with European countries. We will
also be connected with
Baghdad to the south
and the Iranian boarder to the east.
Liberating television
“MANY THINGS HAVE CHANGED HERE
SINCE 2003. IN ADDITION TO THE
POLITICAL CLIMATE CHANGE, THE SAFETY
AND ECONOMIC TRANSFORMATIONS
HAVE HELPED THE GOVERNMENT TO
DEVELOP THE COUNTRY.”
JONSON SIYAOOSH, Minister of Transport and Communications
the better. We have business
relations with them and we
are looking to expand this for
further development.
How can the Ministry of
Transport & Communications
help with the growth of the
region, and more specifically
what projects do you have on going to aid this development?
To be honest with you, up
until now, this ministry was
not very well supported by
the government. Now we are
starting to implement the
mandate or the Law of the
Ministry of Transport and
Communications which was
submitted a few months ago
by the Kurdistan Parliament.
The problems we had in the
Not long after the turn
of the millennium,
the studio
lights came on, the screens
glowed and somebody said
‘action’, as the first home-spun
TV channel in Kurdistan went
live. And this was no mean
feat, as the country had just escaped from the locked-solid
grip of dictatorship.
Kurdsat TV now provides
a host of quality television content that adeptly satiates the
hunger for news and lifestyle
events, both at home and on
a global basis.
It’s not just reporting current affairs that is essential,
but also Kurdsat’s ability to
produce original content that
both informs and entertains
the TV audience.
Kurdsat TV nowadays has
a reputation and a thirst for
providing this level of highend programming. The station – which broadcasts to the
estimated 30 million people of
Kurdish origin scattered
around the globe – heralds a
new age in Kurdistan communications, enabling a
strong, unfettered voice to be
heard throughout the region
and indeed the world.
Kurdistan’s home-produced TV channel shows the way
Asiacell: responding to the needs
of a data-hungry region
Asiacell was the first cell phone company to cover the country’s 18 provinces. It now reaches 96% of the population
Iraq’s military conflict at the beginning of this century slowed
the development of the country’s telecoms sector. The
change in political climate has
allowed Iraq and Kurdistan to
make impressive advances in
this field. However, there is still
a long way to go.
Cellular phone company
Asiacell was created in Iraq 13
years ago in a competitive marketplace, and today has 9 million
clients. By 2009, Asiacell had
achieved its target of becoming
the first operator to offer services in all of Iraq’s 18 provinces,
providing universal mobile coverage across the whole country.
Faruk Mustafa Rasool, Managing Director of Kurdistanbased Asiacell, is fully aware
that there remain several key
obstacles to overcome before
Asiacell can achieve the same
status as rivals in neighboring
countries. He insists that the
government’s policy regarding
infrastructure investments
must be “reviewed and modified” and gives as an example
the limits imposed by the Iraqi
government on building fiber
optic networks in the country.
“While it does not allow other companies to invest in it, the
government’s steps to invest in
fiber optic networks are so slow
that telecoms operators cannot
meet the demand for services
that we are seeing,” says Mr. Rasool. “It will make a real difference if trade, investments and
any business deal regarding infrastructure (fiber optic networks) are released from
government control, and put
within a modern and realistic
regulation framework, as seen
in other countries.”
Asiacell is confident that telecoms progress will continue at
an expanding rate. Mr. Rasool
points out that “a lot of growth
is expected in the large market
of Iraq which has a population
of over 33 million people.”
He adds: “We’ve seen penetration rates more than double
since 2006, when only 34% of
people had a mobile phone.
We see this as a clear indication that there will be a lot of
growth in Iraq. The Iraqi economy generally is one of the
fastest growing in the region –
between 2011 and 2016, the
economy is expected to grow
by 6.7% per year, according to
Global Insight.”
Mr. Rasool says that the telecoms market expansion rates
are slightly above GDP growth
rates. The Iraqi telecoms market has been growing steadily
at an average rate of around
8% per year since 2006. He
stresses that “as the economy
grows, we expect the telecoms
penetration rates to rise too –
telecoms is a vital part of the
country’s infrastructure which
supports the growth of the
economy generally.”
But another handicap in
Iraq’s telecoms potential is the
almost total lack of broadband
services. “Until now, Iraq has
had no broadband services,”
says Mr. Rasool, adding that
broadband service penetration
in Iraq is less than 1%.
“That shows investment
and growth is expected
in Iraq’s future broadband business. There
is no real broadband
without a reliable
fiber optic network.
So, a fiber optic network is also the precursor to any
successful rollout of
broadband in Iraq,
which is a vital ingredient for the growth of
any economy,” Mr.
Rasool stresses.
He says
that anoth-
er way to improve the region’s
telecommunications infrastructure is to develop 3G services together with broadband.
“Iraq is one of the few countries
left in the world that does not
have broadband services and
solid 3G licenses, and we have
to play a very big role in developing these.”
How does Mr. Rasool explain
Asiacell’s success within such
a difficult sector that is crip-
pled by its very limited fiber
optic network, broadband services and 3G licenses?
“Not everything has been
calculated in terms of numbers
and math – we are a company
that takes care of the emotional
part of our business,” he says.
“Our field is communications, and communications is
about people. We want to
enrich people’s lives and experiences through the com-
munication services we provide. We are very close to our
customers – we truly listen to
them and deliver services they
want,” Mr. Rasool adds.
“As a result, we have reached
a harmony between the business, our consumers and our
employees,” he says.
He regards Asiacell’s commitment to serving people, its
employees, and making the
most out of its investments,
The Iraqi telecoms market has
been growing at an average rate
of around 8% per year since 2006
Faruk Mustafa Rasool ,
Managing Director of Asiacell
as three areas that have
strengthened the company.
“When you carry the motto
of ‘commitment to serving people’, it means something crucial,” says the managing director.
“It means there is a comprehensive vision and a wise strategy. You have to invest and go
further, serving everyone in-
cluding rural areas – inhabitants of mountains and deserts,
as well as the major cities”.
Mr. Rasool thinks the main
reason for Asiacell’s success in
gaining 9 million customers is
that “we really care for our customers and make every effort
to give them an excellent experience. We also set out to offer our customers the best
quality services using the best
mobile technology available.
Our customer services teams
really help us to differentiate
from our competitors.”
But at the same time, understanding the policies of
competitors, including internal
competition as well as that
coming in from abroad, is key
to planning a future strategy.
Mr. Rasool says, “we are
competing with OTT (Over
The Top) suppliers, and vendors like Facebook, Google and
Whatsapp. All of these companies are now competing with
national operators. Whatsapp
or instant messaging, for instance, is affecting SMS revenues hugely in some
countries. We hope that this
competition will result in better services and reasonable
prices for customers, but we
do not want to destroy our values. If revenues decline dramatically, then the network will
be affected.”
Mr. Rasool says that “OTT
players like Skype, Whatsapp
and Voice Over Internet Protocol (VOIP) will not substitute
the providers in any country,
but they can complement them.
So we need to think about competition in this regard.”
“We need to make sure that
the people working for us are
comfortable and satisfied, and
that they gain financial rewards
and feel part of the Asiacell
team spirit. We are not Google,
but we are one of the best, if
not the best, in Iraq,” concludes
Mr. Rasool.
8
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KURDISTAN REGION
REPUBLIC OF IRAQ
“THE ECONOMIC
SITUATION IN THE
REGION HAS
IMPROVED, SO WE CAN
PROVIDE ALL SCHOOLS
WITH ELECTRICITY,
HEATING AND AIR
CONDITIONING. WE
CAN PROVIDE THEM
WITH NEW BOOKS AND
WE CAN HIRE MORE
TEACHERS.”
“I HOPE THAT WE
HAVE MORE AND
MORE AREAS OF
COOPERATION,
RELATIONS, AND
INVESTMENT
BETWEEN THE U.S.
AND IRAQI
KURDISTAN.“
DR. ALI SAEED MOHAMMAD,
Minister of Higher Education &
Scientific Research
DR. ASMAT M. KHALID,
Minister of Education
Creating the foundations of a
knowledge-based economy
The reform of schools and
universities aims to create
a workforce capable of
responding to the needs of
a progressively more
sophisticated economy
Since the fall of the Ottoman
Empire in the 1920s right up
to 2003, Kurdistan suffered
under political and military
regimes which pretty much
obliterated the nation. Now
with political stability and
economic prosperity, the Kurdish government can make
plans to improve every sector
from higher education to agriculture.
Dr. Ali Saeed Mohammad,
the Minister of Higher Education & Scientific Research,
explains in detail his plans to
make the workforce more
skilled and talented and to
create a more knowledgebased economy.
“Under the umbrella of the
Ministry of Higher Education
& Scientific Research we have
11 private universities and 10
public universities, along with
two technical foundations.
Our ministry supervises all
private and public universities
with our roadmap for quality and reform. For scientific
research programs, we hope
to have Ph.D. projects with
centers of excellence and
good universities in the U.S.
and Europe. We also hope to
send our teaching staff for
training, post-graduate education, refresher courses, and
sabbatical leave,” he says.
Two years ago, in a very ambitious move backed by a significant budget, the Kurdistan
Regional Government decided to pursue the Human Capacity Development Program
(HCDP), allocating $100 million a year for new university graduates to study for their
Masters and Ph.D.s abroad.
“This is part of the nation
building we are planning for,”
says Dr. Saeed Mohammad.
“We want to secure human
rights, as well as rights for
women, children, and the disabled. The Ministry of Labor
has plans for the disabled and
unemployed.
“On the whole, our goals in
higher education and scientific research are to follow
University students from Kurdistan travel abroad to further their education, to undertake Masters and Ph.D. programs
our roadmap for quality and
reform; upgrade the standards and raise the potential
of our teaching staff; and create opportunities for higher
education and scientific research.”
Ministry of Education Dr.
Asmat M. Khalid explains that
there are very specific plans
to reduce illiteracy in Kurdistan by having more schools
and more teaching programs.
“The illiteracy rate has been
reduced significantly, and
now we can provide all
schools with electricity, heating and cooling. Students
have new books and we can
hire more teachers. We have
a very high birth rate in Kurdistan – it is very close to 3%,
which is in line with four or
five top countries,” he says.
“On the other hand, people are moving back to Kurdistan from Iraq and Turkey.
Also, a lot of people who fled
from other parts of Iraq for
one reason or another have
came back. This results in a
very fast increase in the number of students.”
Over the next five years,
Dr. Saeed Mohammad hopes
to have more definite educational links between the
U.S. and Iraqi Kurdistan.
“I hope that we have more
and more fields and areas of
cooperation, relations, and
investment between the U.S.
and Iraqi Kurdistan. This will
help stabilize our government. We can benefit from
U.S. expertise in the fields of
higher education and scientific research.
“We need to send our graduates for training in the U.S.
in engineering, nanotechnology, physics, information
technology, etc. We hope that
the Kurdistan region will be
more and more of a focal
point for the United States,
and they will help us to establish our democracy,
strengthen human and
women’s rights, and plan for
the future. This is our vision
and the ministry’s policy,” he
says.
Dr. Khalid believes that the
education system in the region of Kurdistan still needs
lots of reforms and improvements.
“At the end of the day, you
would like better graduates,
but universities still have to
improve. The teachers we are
getting from the universities
are not very well qualified to
come and teach the new generation. The cycle is independent and dependent, and
vice-versa. We are depending
on teacher graduates from
the universities, but they are
not very well qualified. We
will start a huge educational reform program in Kurdistan.
“It is a 12-year program and
it will take time for us to reach
an outcome. It is true that the
education system should be
improved, and at the same
time, universities should revise their curricula and outputs to improve the level at
graduation,” he says.
The economy of Kurdistan
is currently expanding; this
year Gross Domestic Prod-
uct is forecast to grow by 12%.
With this in mind, better infrastructure, especially of
fiber optic networks, is essential for the continued development of the education
system.
“Infrastructure is developing fast in Kurdistan, and
there is construction everywhere.Telecoms in Kurdistan
today are not bad, but they
are not at the level we want.
We are looking to grow faster
to achieve international standards in every sector. We are
thinking about having railways and more airports in
Kurdistan. We would like to
have more links with international flights at cheaper
prices, but education has to
be a priority,” concludes Dr.
Khalid.
University of Duhok, a symbol of
Kurdistan’s resilience
Celebrating its 20th year, the university plays a vital role in developing the Kurdistan region of Iraq
The University of Duhok
(UoD) is a
fast-growing
institution
which plays a
vital role in
promoting socioeconomic,
cultural, scientific and educational progress in Kurdistan.
UoD was founded on the
31st of October 1992, following a resolution by the Parliament of the Kurdistan Region
to address the increasing demand for higher education in
the region. The first colleges
to be established in the university were the College of
Medicine and the College of
Agriculture.
During the first two years,
the two embargos imposed
by the UN on Iraq and by the
Iraqi Central Government on
Kurdistan contributed to the
slow paced growth of the university and the poor economic
conditions in Kurdistan.
After these hardships had
passed, the university found itself in a position to steer towards
advancement and new growth.
By 2010 the UoD had 17 colleges and a Higher Institute of
Planning. After applying a reform in the Kurdistan Region
in 2010, the structure of the
UoD has changed to a faculty
system. Today, the UoD has
nine faculties with 18 schools,
more than 11,000 undergraduate students and 660 graduate students.
“Here, at the University of
Duhok, we offer a wide spectrum of subjects to study
through our many faculties and
departments,” says University
President, Dr. Luqman Dosky.
“We are proud of our ever
growing teaching staff from all
over the world. We are fortunate
to have strong relations with
local businessmen and the Kurdistan government,” he adds.
New partnerships, whether
local relationships or links to
Dr. Luqman Dosky, President of University of Duhok, a member of the International Association of Universities, the
European Association for International Education, and the Association of Arab Universities
universities abroad, are high
on UoD’s agenda.
Vice President of Interna-
tional Relations at the University, Dawood S. Atrushi, believes that when it comes to
international relations, UoD
is the most successful university in Kurdistan. “We have
implemented many good projects almost perfectly. America always says the University
of Dohuk is at the top of the
list when it comes to cooperation and implementing projects,” he says.
Over the coming years, Mr.
Atrushi says UoD will work
hard on quality assurance in
education.
“We also hope that in the
next five years hundreds of our
students who are abroad will
come back to Kurdistan with
a new education, way of thinking, and culture,” he says.
“The challenge here is how
to help our older, traditional
professors who are educated in
Iraq, who have not been
abroad. We now have a project where we are sending 37
of our professors to the U.K. for
10 weeks, just to expose them
to this environment. The challenges are there, and I also hope
we can get on track towards
accreditation,” he concludes.
3/10/12
17:24
Page 9
10
3/10/12
17:24
Page 10
KURDISTAN REGION
REPUBLIC OF IRAQ
A real-estate market
open to investors
The Kurdish government has approved legislation permitting the sale of land to foreign companies
The Kurdish government provides free land lots for housing projects in the hope of
resolving the housing shortage in Iraqi Kurdistan.
In a bid to lure foreign investment, as a concession, the
Kurdistan Regional Government (KRG) has enacted a
legislation permitting the sale
of land to foreign companies
operating there. Major corporations from diverse countries have purchased real
estate properties in Kurdistan, including the U.S.,
Turkey, Iran, Canada, Saudi,
Kuwaiti, Dubai, the U.K.,
France and China.
One of the latest trends in
the property market is buying off-the-plan properties
from larger developments.
They’re very much in demand
and often popular projects sell
out almost immediately. Even
before a popular property development is completed, buyers may have been able to cash
in on up to a 40% increase in
the property’s value, according to the experts.
High property prices may
well lead to a mortgage market opening up in the region,
which would also be a catalyst
for the multinational banking
sector’s presence in Iraqi Kur-
The real-estate market in Kurdistan offers higher rental yields than other
European markets, attracting a lot of investment
distan. However, an overpriced market may mean that
banks are reluctant to lend a
great deal if, and when, they
decide the time is right to enter the Kurdish market. Lack
of financing and a shortage of
new capital could eventually
catch up with the market and
discourage buyers.
According to Iraqi weekly
magazine Niqash, “the rental
market has risen outrageously and rental yield (that is, the
amount of rent the property
earns over a year expressed as
a percentage of the purchase
price) in the populous city of
Sulaymaniyah, for example,
appears to be go between 6%
and 17%.
“To compare, average rental
yields in Germany sit at
around 4%, in the USA around
5% and in Egypt they are
around 7%. This rise in rental
yield in Iraqi Kurdistan has
made the commercial property market particularly attractive and investors have
been rushing to cash in on
what the market has to offer.”
One of the largest builders
of housing in Iraqi Kurdistan is KAYAR – headed by
Chairman of the Board Ali
Nerway – which provides architectural, engineering and
construction and real estate
development
ser vices.
Among its major projects is
Kayar City, near Duhok, a
modernistic development
which will include apartment
buildings and private homes
as well as hospitals and other services.
Another top builder is SerHat Construction – headed
by Chairman Hamit Özalp –
which began as a road builder
in 1983 and has grown to take
on major projects in Kurdistan and other countries. The
company has built housing,
factories, hospitals and cultural centers, and has installed
infrastructure such as water
supply, sewer lines, and natural gas pipelines.
Azmar Airlines,
aviation service
providers
The company has found a
niche in the Iraqi aviation
market in only five years
and is looking to develop
further
Life hasn’t being easy for Azmar Airline, the only Kurdish aviation company that
operates in Iraq. But it has
gained an interesting market position thanks to the region’s unique role as a
gateway to Iraq.
“Kurdistan is the destination for anyone who wants
to work in, or come to Iraq
for business or tourism,” explains Baker Saeed Taufiq,
General Manager (GM) of
Azmar Airline.
The company has advantages over competitors for
numerous reasons. “We are
the only aviation company
that can offer ground-handling services in airports in
Iraq. We have an IATA license and top certifications
in the aviation business. Our
staff have been trained and
they are professional staff,
holding qualified degrees in
their areas. For example, the
ground handling services for
a real airport are handled by
DANATA, the UAE company. We are managing Sulaymaniyah Airport. We are
Baker Saeed Taufiq, General
Manager (GM) of Azmar Airline
also looking at Baghdad Airport and apparently we will
win the bid because we do
not have competitors,” says
Mr. Taufiq.
The target for the next five
years is to become the number one aviation company in
its territory, but this will be difficult. “Baghdad is really stopping us from accomplishing
that ambition because of the
severe rules and regulations,”
explains Mr. Taufiq.
However, this will not deter the company from trying to overcome any obstacle
placed in front of them.
A diversified real estate group Building Kurdistan since 2005
One of the principal real estate
firms in Kurdistan is the Baghdad-based Galala Group of
Companies, with offices in Erbil, the regional capital, and in
Amman, Jordan. Headed by
Chairman Dr. Adnan Y. AlAsaadi, Galala is considered
one of the most prestigious industrial and commercial
groups in Iraq, with wide local and international relations.
Its activities are extensive, and
include the fields of industry,
commerce, investment, contracts, project management
and project execution.
Among Galala's major real
estate projects is Ashti City, a
4,600-unit housing development in Erbil. The project has
been so successful that it has
already sold out and Galala is
on its way to constructing
Ashti City 2, with 1,400 additional housing units.
However, Galala operates
not only in the real estate field,
but also in tourism, investment,
the health care field – which it
began in Kurdistan in 1997 –
and banking. The company is
also a multifaceted organization engaged in engineering,
system integration, contracting and procurement activities. Galala Contracting acts as
a commercial agent for several international companies.
Khatib & Alami is an international consolidated engineering
firm, instrumental in Kurdistan’s
infrastructure development. Its
portfolio of projects includes
Choueifat International School,
English Village, Future City, Media City, a water supply improvement in Kurdistan, and
now Korek Towers, a twin tower structure, comprising hotel
and business sections, and a mall
on ground level. Dosty Ab-
dulkader Mohamed, Resident
Manager of Khatib & Alami says
Korek Towers will be a regional landmark.
With more than eight ongoing projects, Mr. Mohamedsays
foreign investment and skills
are needed, particularly from
the U.S. and Europe, in order to
develop the region further in
health, education, services,
buildings, and high-end residential real estate.
4/10/12
13:12
Page 11
KURDISTAN REGION
11
REPUBLIC OF IRAQ
Pioneers in developing
a new Kurdistan
Aviation ventures
demonstrate lofty
ambitions of Zagros
The Zagros Group has become one of the region’s most valued companies, leading the way in numerous sectors
The airline will further increase the accessibility of the
region to the world’s business and tourist travelers
In 1991, after the liberation
of the Kurdistan region from
the Iraqi Government, the
Zagros Group began its operations in Erbil, Kurdistan
to help rebuild and develop
the area. Since then, the Zagros group of companies has
been prominent in many areas of Kurdistan and has expanded into sectors such as
oil, IT, health, aviation, energy and tourism in response
to market needs.
The Zagros Group is now
made up of 12 different companies under the Zagros umbrella. Things have developed
a lot since the company began operating. Today they are
one of the three biggest companies in Kurdistan, with
nearly 1,000 employees.
The Zagros Group began
with construction, but what
has led the company to grow
is the obvious need for facilities after the country was
almost destroyed following
the second Gulf war and the
Saddam Hussein regime.
The company cooperated
with the government with
its rebuilding plan as Delsoz Sherwani, CEO of the
Zagros Group explains: “We
started our parliament in
1992 and we tried to help
and participate in the Government’s reconstruction
program. From 1992 until
2003, when Iraq was liberated, this area was separated from Iraq, so we helped
the Kurdistan Regional Government (KRG) to do a lot
of projects like building
roads.”
Mr. Sherwani says doing
business in Kurdistan has
been easier since 2003.
There are less political interventions and in fact people realized that growth was
needed because before 2003,
all businesses suffered from
The Zagros Group is one of the three largest companies in Kurdistan, active in a
wide variety of fields including IT, construction, health and energy, among others
the banking system, as there
simply wasn’t one. Companies had to do their banking
business in other countries.
“After 2003, when we were
liberated, there was more
budget for additional projects in different sectors. So
the government looked to
companies like ours to support the development of the
country,” says Mr. Sherwani.
The political transformations in the country benefited Z agros Group, but
without the vision to develop their strategies, they
could not be in the position
they are today. The first Zagros initiatives after 2003
were in telecommunications
and IT. This was closely followed by health projects.
Mr. Sher wani explains:
“Zagros Technology became
the first certified partner of
Oracle (the American software giant) in Kurdistan, so
we did a lot of projects for
them. This is how we started. There were also lots of
projects in the health sector and we created a master
plan with the help of British
consultants.”
The progression continued when embargos were
lifted and Iraqi companies
were allowed to work in the
oil sector. The Zagros Group
became a pioneer in this
field Mr. Sherwani says.
“International oil companies started to sign projects
with KRG in 2005. The first
company to start with oil
production was DNO, so we
registered Zagros Oil to participate in those projects.
We were the first local company to work with DNO and
together we did the pipelines
for the central processing facilities, which was the first
oil exported from the Kurdistan region,” he says.
The priority now is the energy sector for KRG and Zagros Group.
“We are willing to increase
our participation and get
more involved in this successful process as the KRG
has been focusing on this
sector more than others as
it is a priority,” says Mr. Sherwani.
The Zagros Group also
progressed into the aviation
sector. Seeing that Iraqi Air
could not cope with growing
demand, they started Zagros
Air, leasing aircrafts and
starting to fly to neighboring countries like Turkey,
and in 2006 the company
moved into international
carriers.
“We made an agreement
with an Austrian airline and
they have been offering a
daily flight since 2006. This
has changed the image of
Kurdistan as it shows that
the country is safe if companies are offering flights
here,” says Mr. Sherwani.
With regard to the future,
Zagros Group will continue
to cooperate with international companies in different
fields.
The aim going forward for
Zagros Group is to extend
its business opportunities
on a regional level, to protect the reliability of the
company according to international ethical codes and
to continue developing Iraq
with local and international partners.
The Zagros Group aims to
develop the Iraqi and Kurdistan regions and give
them an international profile. One effective way of
doing this is through aviation. It is a marketing tool
in itself to see a country’s
flag or a slogan on the side
of an aircraft, and this has
been recognized by Zagros.
Their development in the
aviation sector began in
2005 when the old international airport was developed
and the group registered Zagros Air.
When Zagros saw that
Iraqi Air could not cope with
increasing demand, they
started leasing aircraft and
flew to neighboring countries, and in December 2005,
they started flying to Istanbul.
Sheikh Saman, the Chairman of Zagros, feels honored by his achievements in
the sector.
“We were very instrumental in bringing airlines to
Erbil and to other international destinations,” he says.
The country had been at
war for 40 years and it takes
a long time to repair the damage done. However Zagros is
doing everything it can do
help rectify the situation.
“With the continued cooperation between local
businesses and the Kurdistan Regional Government
and the fact that we all share
the same goal, means we are
surpassing all obstacles,”
Sheikh Saman says.
There are many positives
in Kurdistan that Zagros has
had a direct influence on. In
2006 Zagros Air signed an
agreement with Austrian
Airlines and most recently
with Lufthansa to be their
preferred general sales
agent. This has helped
“WE WERE VERY
INSTRUMENTAL
IN BRINGING
AIRLINES TO
ERBIL AND TO
OTHER
INTERNATIONAL
DESTINATIONS.”
SHEIKH SAMAN,Chairman
of the Zagros Group
changed the image of Kurdistan. CEO of Zagros, Delsoz Sherwani agrees.
“It gives the impression the
country is safe if international
airline companies are offering flights here,” he says.
The only way is up for Kurdistan, and coupled with the
support of Zagros, the sky is
the limit.
Zagros is leading the way in international relations through aviation
12
3/10/12
17:25
Page 12
KURDISTAN REGION
REPUBLIC OF IRAQ
Atconz’s ventures build communities
while tackling market demand
With a mission that is a simple idea but effective in application, the Atconz Group’s successful housing and community-building projects highlight the region’s potential
Anyone investing in the Middle East should seriously consider Kurdistan’s potential. It
has some of the friendliest private investment laws in the entire region. Some 12,600 private
companies are already operating in the region, 13% of which
are foreign, and the country has
attracted more than $20 billion
in investment over the past
three years. Economic growth
this year is expected to be over
9%, while population growth is
currently at 8.1%. The capital
city, Erbil, was recently named
fifth-best destination for Middle East Cities of the Future by
FDI Magazine. In addition, the
United Nations Human Settlements Program, UN-Habitat,
has suggested that the Kurdistan region needs to construct
14,000 housing units a year to
meet the massive shortfall in
homes. As such, the region is
undergoing a consumer and
construction boom.
The Kurdistan Regional Government (KRG) is functioning
with a newfound vision. Nearly 70% of villages in Kurdistan
have been rebuilt while real estate value is increasing considerably. Controlled border points
allow steady trade between
neighboring countries. Cargo
terminals at Erbil and Sulaymaniyah airports allow imports
from around the world to enter. A planned European fuel
pipeline heightens local importance in the global marketplace. Investors work with the
Ministry of Construction and
Housing to improve roads for
agriculture and transport. Rebuilding extends well beyond
construction to enhance economic growth.
Atconz is one of the major
players in Kurdistan’s real estate and property development
sectors. The firm’s mission is
simple but extremely effective
in application. The group is
looking to create and deliver
the most secure, valuable assets and solutions to partners
in the Iraqi market. They also
aim to be the most valuable professional group providing innovative economic models and
sustainable market success.
Atconz’s activities span investment, real estate development, oil and gas, trading,
consultation and property management. Its groundbreaking
work in real estate is transforming the Kurdistan Region’s
infrastructure.
Dean Michael, Chairman of
Atconz, explains the move toward a more quality-based
product. “With 70% of housing
rebuilt, we are shifting from
quantity demand to quality demand. That is the nature of the
people and the market, and how
we understand it,” he says.
“WHEN WE STARTED, WE STARTED SELLING
AT COST OR AT A LOSS... BUILDING
HOUSES IS NOT ENOUGH. YOU NEED A
COMMUNITY.”
DEAN MICHAEL,Chairman of Atconz
“We studied the environment
and the social demographics of
the region first, and we understood that the loyalty of the
client is the prize. When we
started, we started selling at
cost or at a loss because we
wanted to establish our credibility... Building houses is not
enough. You need a community,” he says.
The group’s 2005 KurdistanIraq market survey resulted in
the construction of the new 8
million square foot Azadi residential area north of Erbil. Its
architecture was planned and
constructed based on inter-
views with clients and their projected needs.
New Azadi (2009) is a prime
example of Atconz’s work, with
2,500 housing units, commercial
areas, schools, and a hotel. It is
a landmark development due to
the materials and construction
techniques employed, and the
unique services afforded to residents: water treatment plants,
a power generation plant and
substation, and full-scale facilities management services.
New Azadi’s Phase 1 villas
saw a swift sell-out and handover earlier this year. Phase 2
villas are 70% sold with an ex-
pected handover in early
2013. The production release
will take four phases culminating in a $550-million project value and a total living
environment.
The Dragon Mall is part of
the New Azadi area community. The Asian-themed shopping mall contains 300 shops,
100 warehouses, 100 apartments with all facilities, and a
600-car parking garage – it is
the largest steel structure building in Iraq. Dragon Mall is dedicated to Chinese companies
and sells products from
throughout the Middle East as
far as Europe.
Elsewhere, Atconz’s Piroz
business hotel runs the upscale
side of commerce. Piroz is an integrated business bay, complete
with five-star hotel, serviced
apartment area, work offices,
mall, and fine dining area.
Mr. Michael emphasizes the
importance of developing a
country by “setting the right
economic infrastructure” and
how “finance, legal infrastructure and the right know-how”
were vital.
BITCO is the trading and
procurement arm of the Atconz Group. It is a stronghold
of the company’s innovation efforts and a first-class trading
business set up in partnership
with the Iraqi Ministry of Trade
and Baghdad Chamber of
Commerce. Together they have
joined the Microsoft Partner
Network and procured an
agreement to operate Microsoft’s Enterprise Resource
Planning system. Atconz is the
first company in Iraq to employ
such software.
U.S. consultants will be particularly interested in Atconz
Group’s joint venture investment methods, which allow
for the transfer of knowledge,
management skills, and professional workmanship.
Atconz has on-the-ground
presence in Iraq and key governmental contacts. The group
advises on investment security regarding relevant laws and
regulations, and physical security that reports on situations on
the ground.
Atconz’s methods provide
comprehensive solutions for businesses within the Iraqi market,
and long-term infrastructure development with the Ministry of
Construction and Housing.
“We will give you a fantastic
community in a safe environment. We will give you clean
roads and electricity 24/7. We
believe that quality will prevail.
If you have a decent house, you
will focus on your community
and you will love it. It is safe.
This is how we make the difference – we create value,” adds
Mr. Michael.

Kurdistan - The Worldfolio

Transcription

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