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    Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

    Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

    Egypt’s food industries contribute 24.5% of GDP

    Egypt’s food industries contribute 24.5% of GDP

    $36mln contract for construction of Duqm fisheries complex

    $36mln contract for construction of Duqm fisheries complex

    Ministry signs agreement to support Oman’s honey industry

    Ministry signs agreement to support Oman’s honey industry

    Local, Italian companies partner up to establish food retail chain in Egypt

    Local, Italian companies partner up to establish food retail chain in Egypt

    Egypt’s agriculture minister stresses importance of boosting intra-regional trade cooperation among African states

    Egypt’s agriculture minister stresses importance of boosting intra-regional trade cooperation among African states

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      Profits at top Saudi banks jump 17.6% in Q1

      Profits at top Saudi banks jump 17.6% in Q1

      GCC can create 600,000 tech jobs and add US$255 billion to GDP by 2030

      GCC can create 600,000 tech jobs and add US$255 billion to GDP by 2030

      What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

      What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

      New study reveals that UAE is most competitive economy in the Arab world

      New study reveals that UAE is most competitive economy in the Arab world

      Top 10 listed companies in the Middle East

      Egypt’s Trade minister, Hungarian ambassador discuss economic relations

      Egypt’s Trade minister, Hungarian ambassador discuss economic relations

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      Oman Construction Equipment Industry to 2028

      Oman Construction Equipment Industry to 2028

      $36mln contract for construction of Duqm fisheries complex

      $36mln contract for construction of Duqm fisheries complex

      What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

      What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

      Madayn working on major Oman industrial city projects

      Madayn working on major Oman industrial city projects

      Foundation stone laid for new 700-bed hospital is Salalah, Oman

      Foundation stone laid for new 700-bed hospital is Salalah, Oman

      Iraq set to award new Faw Port deals

      Iraq set to award new Faw Port deals

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        Suez Canal expects US$3.5 billion in revenues in H1

        Suez Canal expects US$3.5 billion in revenues in H1

        UAE and Egypt’s consortium to buy African renewables firm Lekela Power

        UAE and Egypt’s consortium to buy African renewables firm Lekela Power

        Fitch revises Saudi Aramco’s outlook to positive from stable

        Fitch revises Saudi Aramco’s outlook to positive from stable

        Investments in renewables in Egypt reach LE6 bn: Official

        Investments in renewables in Egypt reach LE6 bn: Official

        Egypt signs 8 gas exploration contracts worth $934mn over 15 months

        Egypt signs 8 gas exploration contracts worth $934mn over 15 months

        JGC lands $3.7bn Iraq refinery upgradation project deal

        JGC lands $3.7bn Iraq refinery upgradation project deal

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          Coronavirus: UAE conducting human trials for Covid-19 vaccine

          Coronavirus: UAE conducting human trials for Covid-19 vaccine

          COVID-19 vaccine could be available by autumn: Oxford University

          GSK to develop plant-based COVID-19 vaccine with Canada’s Medicago

          Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

          Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

          UAE sends medical aid to Iraq to fight COVID-19

          UAE sends medical aid to Iraq to fight COVID-19

          UAE launches phase III trial of inactivated Covid vaccine

          UAE launches phase III trial of inactivated Covid vaccine

          COVID-19 vaccine could be available by autumn: Oxford University

          COVID-19 vaccine could be available by autumn: Oxford University

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          Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

          Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

          Saudi to be among world’s big leisure tourism hubs by 2030

          Saudi to be among world’s big leisure tourism hubs by 2030

          Qatar’s hospitality sector peaks despite turbulent 2020

          Qatar’s hospitality sector peaks despite turbulent 2020

          Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

          Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

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          Staycations to stimulate Qatar’s hospitality sector

          Quarantine rule to give a boost to Qatar’s hospitality industry in Q3: CWQ report

          Quarantine rule to give a boost to Qatar’s hospitality industry in Q3: CWQ report

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          Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

          Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

          Egypt’s food industries contribute 24.5% of GDP

          Egypt’s food industries contribute 24.5% of GDP

          $36mln contract for construction of Duqm fisheries complex

          $36mln contract for construction of Duqm fisheries complex

          Ministry signs agreement to support Oman’s honey industry

          Ministry signs agreement to support Oman’s honey industry

          Local, Italian companies partner up to establish food retail chain in Egypt

          Local, Italian companies partner up to establish food retail chain in Egypt

          Egypt’s agriculture minister stresses importance of boosting intra-regional trade cooperation among African states

          Egypt’s agriculture minister stresses importance of boosting intra-regional trade cooperation among African states

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            Profits at top Saudi banks jump 17.6% in Q1

            Profits at top Saudi banks jump 17.6% in Q1

            GCC can create 600,000 tech jobs and add US$255 billion to GDP by 2030

            GCC can create 600,000 tech jobs and add US$255 billion to GDP by 2030

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            New study reveals that UAE is most competitive economy in the Arab world

            New study reveals that UAE is most competitive economy in the Arab world

            Top 10 listed companies in the Middle East

            Egypt’s Trade minister, Hungarian ambassador discuss economic relations

            Egypt’s Trade minister, Hungarian ambassador discuss economic relations

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            • CES 2017
            • Election Results
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            Oman Construction Equipment Industry to 2028

            Oman Construction Equipment Industry to 2028

            $36mln contract for construction of Duqm fisheries complex

            $36mln contract for construction of Duqm fisheries complex

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            Madayn working on major Oman industrial city projects

            Madayn working on major Oman industrial city projects

            Foundation stone laid for new 700-bed hospital is Salalah, Oman

            Foundation stone laid for new 700-bed hospital is Salalah, Oman

            Iraq set to award new Faw Port deals

            Iraq set to award new Faw Port deals

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            • Energy
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              Suez Canal expects US$3.5 billion in revenues in H1

              Suez Canal expects US$3.5 billion in revenues in H1

              UAE and Egypt’s consortium to buy African renewables firm Lekela Power

              UAE and Egypt’s consortium to buy African renewables firm Lekela Power

              Fitch revises Saudi Aramco’s outlook to positive from stable

              Fitch revises Saudi Aramco’s outlook to positive from stable

              Investments in renewables in Egypt reach LE6 bn: Official

              Investments in renewables in Egypt reach LE6 bn: Official

              Egypt signs 8 gas exploration contracts worth $934mn over 15 months

              Egypt signs 8 gas exploration contracts worth $934mn over 15 months

              JGC lands $3.7bn Iraq refinery upgradation project deal

              JGC lands $3.7bn Iraq refinery upgradation project deal

              Trending Tags

              • Healthcare
                Coronavirus: UAE conducting human trials for Covid-19 vaccine

                Coronavirus: UAE conducting human trials for Covid-19 vaccine

                COVID-19 vaccine could be available by autumn: Oxford University

                GSK to develop plant-based COVID-19 vaccine with Canada’s Medicago

                Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

                Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

                UAE sends medical aid to Iraq to fight COVID-19

                UAE sends medical aid to Iraq to fight COVID-19

                UAE launches phase III trial of inactivated Covid vaccine

                UAE launches phase III trial of inactivated Covid vaccine

                COVID-19 vaccine could be available by autumn: Oxford University

                COVID-19 vaccine could be available by autumn: Oxford University

              • Hospitality
                Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

                Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

                Saudi to be among world’s big leisure tourism hubs by 2030

                Saudi to be among world’s big leisure tourism hubs by 2030

                Qatar’s hospitality sector peaks despite turbulent 2020

                Qatar’s hospitality sector peaks despite turbulent 2020

                Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

                Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

                Staycations to stimulate Qatar’s hospitality sector

                Staycations to stimulate Qatar’s hospitality sector

                Quarantine rule to give a boost to Qatar’s hospitality industry in Q3: CWQ report

                Quarantine rule to give a boost to Qatar’s hospitality industry in Q3: CWQ report

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              Kurdistan Region: Untapped economic potential

              Washington Times

              July 27, 2017
              in Economy
              0

              I have no doubt that the economy of the Kurdistan Region will experience significant growth as early as next year. There are several reasons why.

              After ISIL overtook Mosul in August 2014, the Peshmerga, Kurdistan’s defense forces, showed immense bravery in their fight, preventing the terrorists from taking Erbil and moving deeper into Iraqi Kurdistan territory. The news was all the more devastating considering that the U.S. and its allies had previously trained and equipped hundreds of thousands of Iraqi soldiers and policemen, who fled the 1,500 ISIL fighters, handing over expensive U.S. weaponry, while the Peshmerga defended the Kurdistan Region with decades-old rifles.

              Before the emergence of ISIL, the Kurdistan region of Iraq experienced an economic “golden period,” with investments pouring in from all sides. Erbil, Suleimania and Dohuk looked to diversify their local economies, investing in the cement industry, tourism and the real estate industry.
              The Kurdistan Regional Government-Iraq (KRG) was referred to as the “next Dubai.” In 2011, FDI magazine ranked Erbil fifth in terms of opportunities for direct foreign investment and one of the most business-friendly cities in the entire Middle East.

              The ISIL attack on Kurdistan coincided with a dramatic drop in oil prices, forcing a rebalancing of budgets in most of oil revenue-driven economies, including Kurdistan. To make matters worse, 2.2 million refugees, mostly from Iraq and Syria, looked for a safe haven in the Kurdistan Region. The Iraqi central government’s payment of 17 percent of total revenues to the KRG, required by the Iraqi constitution, had not been honored by Baghdad due to internal political rifts. Moreover, the KRG struggled to meet its monthly obligations, which exceeded $1 billion.

              During the golden period, the KRG hired one out of six Kurds to work for the government, creating a monthly payroll obligation of more than $700 million.

              Progressive investment laws
              In the midst of it all, the KRG launched a comprehensive set of reforms to modernize its economy.

              To bring transparency into its oil sector, the KRG hired Deloitte to audit its oil production, exports and revenues. In partnership with the World Bank, the KRG committed to reforms in the electricity sector, with a goal to privatize electric providers and reduce domestic production costs by 40 percent. It installed meters for electricity usage both to stabilize the system and collect revenue, as many people were exploiting Kurdistan’s electric grid, adding to a significant deficit in the electricity balance sheet.

              In an effort to curb corruption and enhance transparency, the KRG, again with the World Bank, introduced an electronic payment system to its employees, accounting for about 65 percent of the labor force in the Kurdistan Region. The process included the registering and issuing of biometric cards for government employees, including the Peshmerga forces. This task was completed recently, creating a fiscal order for about 1.4 million employees while also eliminating so-called “ghost employees” and those that were registered (and paid for) twice. The KRG also began to reduce salaries, remove subsidies on gasoline and eliminate various allowances that were draining the budget.

              The investment law that the KRG launched in 2006 was one of the most progressive laws of its kind in the entire Middle East. The law treats foreign and local investors equally, allowing them to buy and own land for investment purposes, accommodating full ownership of capital, the ability to repatriate profits in full, and a 10-year non-custom tax break after the beginning of production, among numerous other incentives.

              Abundant natural resources
              The Kurdistan Region has been divided in to seven blocks for exploration and investment on the bases of suitable target areas: Blocks 1 and 2 in Duhok governorate; blocks 3 and 4 in Erbil governorate, and blocks 5,6 and 7 in Sulaymania Governorate.

              Mineral exploration and development are investments. They hold forth the promise of rewards for private companies, governments and local communities. In June 2016, the Ministry of Natural Resources of the KRG invited expressions of interest from qualified international mining companies for the “Mineral Exploration & Investment in the Kurdistan Region-Iraq.” More than 10 regional and international mineral companies showed their interest to submit a proposal to invest in the mining sector in Kurdistan Region.

              Kurdistan’s oil is sold to markets in Europe, the Middle East and Asia. Last month, the KRG signed an agreement with Russian oil giant Rosneft to develop its exploitation and production. They agreed on the monetization of an export oil pipeline along with several production sharing agreements, as a result of Rosneft’s direct purchase of Kurdistan’s crude oil for its refineries in Germany. In 2016, pipeline oil exports from the KRG to Turkey reached 500,000 barrels per day, while truck exports of heavier crude oil to Turkey currently average around 38,000 barrels per day. Kurdistan has proven natural gas reserves of 703 bcm and an estimated 5.6 tcm of unproven reserves.

              The KRG-Turkey Gas Sales Agreement signed in 2013 foresees plateau export of 10 bcm annually by 2020, with the option of increasing export capacity to 20 bcm per year.

              Baghdad’s efforts to undermine Kurdistan’s direct oil exports are proving to be ineffective. Every barrel of oil exported by the KRG has found a buyer. Actions to prevent the Kurdistan Region — which passed its own oil and gas law in 2007 — from selling its oil directly are of pure political nature. Article 115 of the new Iraqi constitution states that “all powers not stipulated in the exclusive powers of the federal government belong to the authorities of the regions and governorates that are not organized in a region. With regard to other powers shared between the federal government and the regional government, priority shall be given to the law of the regions and governorates not organized in a region in case of dispute.”

              In an ever-complex and changing Middle East, one thing is clear: nothing will remain the same after Sept. 25, when the Kurds are expected to vote overwhelmingly in favor of independence for the Iraqi Kurdistan Region. Although the time of the actual proclamation of Kurdistan independence is not set yet, the referendum, in spite of internal political rifts, will strengthen KRG’s position, and there is little doubt that investors will take notice. The road to recovery has begun, and with the ongoing reforms, there is a general feeling that Kurdistan has turned the tide.
              Dr. Sasha Toperich
              Washington Times
              27 July

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