• Covid-19
  • Agrofood
  • Business & Economy
  • Construction
  • Energy
  • Healthcare
  • Hospitality
  • IFP Events
  • IFP Insider
    • Event News
    • Interviews
  • العربية
IFP Info - News
  • Covid-19
  • Agrofood
    • All
    • Agriculture
    • Environment
    • Food
    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

    Azerbaijan, Iraq discuss prospects of relations

    Azerbaijan, Iraq discuss prospects of relations

    Oman inks pack to bolster role of SMEs in food systems

    Oman inks pack to bolster role of SMEs in food systems

    MAFWR, Port of Duqm sign MoU

    MAFWR, Port of Duqm sign MoU

    Trending Tags

    • Business & Economy
      • All
      • Business
      • Communication
      • Digital
      • Economy
      • Finance
      • Trade
      • Transport & Logistics
      Egypt’s Trade minister, Hungarian ambassador discuss economic relations

      Egypt’s Trade minister, Hungarian ambassador discuss economic relations

      Turkey eyes $5bn bilateral trade with Qatar

      Turkey eyes $5bn bilateral trade with Qatar

      Iraq set to award new Faw Port deals

      Iraq set to award new Faw Port deals

      Deal signed to set-up first factory in Qatar to assemble electric vehicles

      Deal signed to set-up first factory in Qatar to assemble electric vehicles

      Railway line to be built between Mosul, Turkey: governor of Nineveh

      Railway line to be built between Mosul, Turkey: governor of Nineveh

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

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

      Trending Tags

      • CES 2017
      • Election Results
      • eSports
    • Construction
      • All
      • Infrastructure
      • Real Estate
      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

      Egypt implements 164 service and development projects at LE4.8 billion in North Sinai

      Egypt implements 164 service and development projects at LE4.8 billion in North Sinai

      Miral’s premier Abu Dhabi waterfront project work on track

      Miral’s premier Abu Dhabi waterfront project work on track

      Aecom wins Neom utilities infrastructure design contract

      Aecom wins Neom utilities infrastructure design contract

      Trending Tags

      • Energy
        • All
        • Oil & Gas
        • Power & Electricity
        • Renewable Energy
        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

        Tadweer opens phase 2 of solar power plant at Al Dhafra

        Tadweer opens phase 2 of solar power plant at Al Dhafra

        France to help Iraq generate electricity, will invest in education, science: Macron

        France to help Iraq generate electricity, will invest in education, science: Macron

        Acwa Power inks finance deals for 900MW Dubai solar park

        Acwa Power inks finance deals for 900MW Dubai solar park

        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

        • IFP Events
          Interior & Design

          Interior & Design

          Food Africa

          Food Africa

          Project Qatar

          Project Qatar

          Project Lebanon

          Project Lebanon

        • IFP Insider
          • Event News
          • Interviews
        • العربية
        No Result
        View All Result
        • Covid-19
        • Agrofood
          • All
          • Agriculture
          • Environment
          • Food
          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

          Azerbaijan, Iraq discuss prospects of relations

          Azerbaijan, Iraq discuss prospects of relations

          Oman inks pack to bolster role of SMEs in food systems

          Oman inks pack to bolster role of SMEs in food systems

          MAFWR, Port of Duqm sign MoU

          MAFWR, Port of Duqm sign MoU

          Trending Tags

          • Business & Economy
            • All
            • Business
            • Communication
            • Digital
            • Economy
            • Finance
            • Trade
            • Transport & Logistics
            Egypt’s Trade minister, Hungarian ambassador discuss economic relations

            Egypt’s Trade minister, Hungarian ambassador discuss economic relations

            Turkey eyes $5bn bilateral trade with Qatar

            Turkey eyes $5bn bilateral trade with Qatar

            Iraq set to award new Faw Port deals

            Iraq set to award new Faw Port deals

            Deal signed to set-up first factory in Qatar to assemble electric vehicles

            Deal signed to set-up first factory in Qatar to assemble electric vehicles

            Railway line to be built between Mosul, Turkey: governor of Nineveh

            Railway line to be built between Mosul, Turkey: governor of Nineveh

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

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

            Trending Tags

            • CES 2017
            • Election Results
            • eSports
          • Construction
            • All
            • Infrastructure
            • Real Estate
            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

            Egypt implements 164 service and development projects at LE4.8 billion in North Sinai

            Egypt implements 164 service and development projects at LE4.8 billion in North Sinai

            Miral’s premier Abu Dhabi waterfront project work on track

            Miral’s premier Abu Dhabi waterfront project work on track

            Aecom wins Neom utilities infrastructure design contract

            Aecom wins Neom utilities infrastructure design contract

            Trending Tags

            • Energy
              • All
              • Oil & Gas
              • Power & Electricity
              • Renewable Energy
              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

              Tadweer opens phase 2 of solar power plant at Al Dhafra

              Tadweer opens phase 2 of solar power plant at Al Dhafra

              France to help Iraq generate electricity, will invest in education, science: Macron

              France to help Iraq generate electricity, will invest in education, science: Macron

              Acwa Power inks finance deals for 900MW Dubai solar park

              Acwa Power inks finance deals for 900MW Dubai solar park

              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

              • IFP Events
                Interior & Design

                Interior & Design

                Food Africa

                Food Africa

                Project Qatar

                Project Qatar

                Project Lebanon

                Project Lebanon

              • IFP Insider
                • Event News
                • Interviews
              • العربية
              No Result
              View All Result
              IFP Info - News
              No Result
              View All Result

              Lebanese invest in Kurdistan region of Iraq

              Executive Magazine

              September 28, 2012
              in Business, Finance
              0

              As you wait for your bags at the airport in Erbil, the capital of the northern region of Iraq, a large sign reads "Welcome to Kurdistan". But the sponsor's name plastered below is not the Kurdish Regional Government or a local firm, but Lebanon's own Byblos Bank.

              In the decade since the invasion of Iraq, no region has grown as much as the semi-autonomous Kurdish region. And the province has paved the way into the Iraqi market for many Lebanese, with more than 6,000 currently working there according to the Lebanon-Kurdistan Friendship Association. The Kurdistan Board of Investment estimates there is more than $760 million in Lebanese capital invested in the region, the second largest of any Arab country behind only Kuwait.

              Banking on business

              In the banking sector Byblos itself first opened a branch in Erbil in 2007 and now has expanded beyond Kurdistan to establish branches in Baghdad and Basra, while the Intercontinental Bank of Lebanon and Bank of Beirut and the Arab Countries (BBAC) are also well established.

              These success stories are leading other banks to take the plunge, with Credit Libanais, Banque Libano-Francaise (BLF) and BankMed all heading to Erbil in the next year. Maurice Iskandar, head of the International Division at BLF, believes it is the perfect time to invest.

              We consider the Iraqi market as a vast and growing one… Iraq remains a primary destination for Lebanese exports and investments, having been for many years the most important export destination for Lebanese products

              "We consider the Iraqi market as a vast and growing one… Iraq remains a primary destination for Lebanese exports and investments, having been for many years the most important export destination for Lebanese products," he said. "It is in many ways a strategic location and a natural market for our expansion."

              BankMed , which is unusually due to open branches both in Erbil and Baghdad simultaneously rather than using the former as a springboard for the latter, said they were hoping their strong position in neighboring Turkey, where their affiliate T-Bank has 27 branches, will help differentiate them from their rivals. "Our presence in Turkey, in particular, is a definite plus for our customers in Iraq given the significant trade flow between the two countries," said Ziad Hariri, economic researcher in the Market and Economic Research Division at BankMed .

              Too many fish in the pond?

              While banking is undoubtedly still growing, there are other areas where the relatively small market may already have become overpopulated. Toufic Tasso was among the first to realize the potential for top quality private higher education in Kurdistan. The Lebanese-French University was eventually established in 2007, the first private institution of its kind in Erbil.

              The Lebanese-French University was eventually established in 2007, the first private institution of its kind in Erbil

              Yet five years on and the university is still to turn a profit, while Tasso, the university's president, admits that the market has become heavily competitive. Ten rival private universities have set up, while the regional government has continued to subsidize growing public universities. The 800 students being taught per year is below capacity by almost 200.
              "I would say for the time being (the market) is definitely saturated," Tasso said. "It is not necessarily saturated in terms of quality offer, but it's not a market that is now in dire need for new universities."

              He points out that the culture of private education, so prevalent elsewhere in the Middle East, is not dominant in Kurdistan, highlighting tuition fees as an example. "It's a totally different market than, let's say, the Lebanese and Emirati models where people are used to private education in most cases — they know that they have to pay a price and that is adjustable with time."

              "Here we have lots of trouble changing the tuition fees every year to adjust for inflation. For them, when they start those are the fees whether it's a two year program or a four year program, whether inflation is weighing on their costs or improving their revenues."

              Servicing up services

              It may be that services, an area where the Lebanese have traditionally excelled, offers the best opportunity for new investors to the market. Erbil itself is barren of much of the luxuries that are so prevalent both in Beirut and the Gulf, as economist Riad Khouri pointed out. "If we were in Erbil and we wanted a nice Lebanese lunch, there is no nice restaurant. Let's say we wanted to go and buy a certain book or DVD, the shops don't exist. If you want to go to a club in the evening, they are not there," he said.

              The regional government aims to increase tourism exponentially in the coming years

              The regional government certainly plans for this to change, aiming to increase tourism exponentially in the coming years. Some 1.7 million tourists visited the Kurdistan region in 2011, the majority of whom were from other parts of Iraq. The regional government hopes this figure will rise as high as 2.5 million, necessitating growth in the hotel market.
              Erbil's Rotana Hotel became the city's first 5-star hotel when it opened in 2010, with much of the capital behind the project Lebanese. The development, which cost $55 million, was the result of a partnership between the Lebanese group Malia and the Italian company DIVA. Malia chief Jacques Sarraf has targeted the Kurdish market heavily, holding several major assets, of which the Rotana is the most prized.

              We are seeing double digit increase on occupancy rate due to increased demand and short supply

              Thomas Touma, the hotel's Lebanese manager, said the hotel had benefited from its pioneer status. "We have been profitable since we opened, the profit has grown month by month, but we started with a profit," he said, declining to give more detailed financial numbers. "We are seeing double digit increase on occupancy rate due to increased demand and short supply," he added.

              Touma admits that the market is going to get a lot tougher in the coming years as "five or six" 5-star hotels, none of which are Lebanese-owned, are due to open. However, he is hopeful that instead of undermining Rotana's profits, the rivals will help spur the market.

              Tourism in the first six months of the year was up 75 percent on the same period in 2011

              "There is a new five star hotel open next to us — they opened and we did not see any drop in our occupancy or restaurant returns," said Touma. "This is due to the fact that demand is increasing on a daily basis." The statistics seem to suggest he may be right, with the Kurdistan region's investment board announcing in July that tourism in the first six months of the year was up 75 percent on the same period in 2011.

              The Rotana's success appears to be pushing others into the market. In July, Lebanese real estate company Zardman announced the launch of a 200,000 square meter project in Erbil, which will include 269 luxury apartments, a medical center, a hotel and high-end shopping and entertainment centers (slated for completion in 2015).
              Executive Magazine
              28 September

              Previous Post

              Bahrain the most economically free country in the MENA region

              Next Post

              Saudi Arabia has over 54 million mobile phone users

              Next Post

              Saudi Arabia has over 54 million mobile phone users

              News Letter

              Subscribe to our mailing list to receives daily updates direct to your inbox!

              *we hate spam as much as you do

              Recent News

              Madayn working on major Oman industrial city projects

              Madayn working on major Oman industrial city projects

              September 28, 2020
              Qatar 2022 to offer cruise ships for fan accommodation

              Qatar 2022 to offer cruise ships for fan accommodation

              September 28, 2020
              Egypt’s Trade minister, Hungarian ambassador discuss economic relations

              Egypt’s Trade minister, Hungarian ambassador discuss economic relations

              September 28, 2020
              IFP Info – News

              The latest Middle East Business News & Events brought to you on a daily basis from multiple credible news portals around the world

              Follow Us

              Categories

              • Agrofood
              • Business & Economy
              • Construction
              • Covid-19 Updates
              • Energy
              • Event News
              • Healthcare
              • Hospitality
              • Interviews

              Countries

              • Bahrain
              • Egypt
              • Iran
              • Iraq
              • Jordan
              • Kingdom of Saudi Arabia
              • Kuwait
              • Lebanon
              • Oman
              • Other Africa
              • Other GCC
              • Other Middle East
              • Qatar
              • Syria
              • United Arab Emirates
              • Worldwide

              Newsletter

              Subscribe to our mailing list to receives daily updates direct to your inbox!

              *we hate spam as much as you do

              • About
              • Advertise
              • Privacy & Policy
              • Contact

              © 2018 IFP Group - All Rights Reserved / www.ifpexpo.com

              No Result
              View All Result
              • Covid-19
              • Agrofood
              • Business & Economy
              • Construction
              • Energy
              • Healthcare
              • Hospitality
              • IFP Events
              • IFP Insider
                • Event News
                • Interviews
              • العربية

              © 2018 IFP Group - All Rights Reserved / www.ifpexpo.com