IFP Info - News
  • Agrofood
    • All
    • Agriculture
    • Environment
    • Food
    Egypt’s agriculture exports rise 17.2 percent in 5 months

    Egypt’s agriculture exports rise 17.2 percent in 5 months

    Egypt secures $66 mln from EU, AFD to expand wheat storage

    Egypt secures $66 mln from EU, AFD to expand wheat storage

    Agreements signed to establish 4 food factories in Jordan

    Agreements signed to establish 4 food factories in Jordan

    Morocco set to launch potash project: report

    Morocco set to launch potash project: report

    Food Africa and pacprocess MEA to launch in December with an even larger area

    Food Africa and pacprocess MEA to launch in December with an even larger area

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

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

    Trending Tags

    • Business & Economy
      • All
      • Business
      • Economy
      • Finance
      • Industry
      • Technology
      • Trade
      • Transport & Logistics
      Qatar’s non-oil sector achieved 9.9% growth in Q4 2022: Prime Minister

      Qatar’s non-oil sector achieved 9.9% growth in Q4 2022: Prime Minister

      International investors keen on entering Saudi market, says minister

      International investors keen on entering Saudi market, says minister

      Egypt aims to enhance contribution of IT sector to GDP: Talaat

      Egypt aims to enhance contribution of IT sector to GDP: Talaat

      Saudi airports witness 42% rise in passengers in first 4 months of 2023

      Saudi airports witness 42% rise in passengers in first 4 months of 2023

      Oman’s annual inflation rate eases to 1.1% in April, lowest since March 2021

      Oman’s annual inflation rate eases to 1.1% in April, lowest since March 2021

      Egypt starts implementation of silicon production project in New Alamein

      Egypt starts implementation of silicon production project in New Alamein

      Trending Tags

      • CES 2017
      • Election Results
      • eSports
    • Construction
      • All
      • Infrastructure
      • Real Estate
      Oman gears up for its first smart city

      Oman gears up for its first smart city

      Saudi real estate ‘booming’ on big office space demand

      Saudi real estate ‘booming’ on big office space demand

      Value of Saudi construction contracts jump 35% to $51.3bn: report

      Value of Saudi construction contracts jump 35% to $51.3bn: report

      Qatar to implement new strategies for real estate development

      Qatar to implement new strategies for real estate development

      Real Estate Development Fund deposits $248m in Sakani accounts to boost Saudi housing goals

      Real Estate Development Fund deposits $248m in Sakani accounts to boost Saudi housing goals

      Sharjah records 21,486 real estate transactions worth Dh5.9 billion in Q1 2023

      Sharjah records 21,486 real estate transactions worth Dh5.9 billion in Q1 2023

      Trending Tags

      • Energy
        • All
        • Oil & Gas
        • Power & Electricity
        • Renewable Energy
        Clean energy technology manufacturing market to reach $790bln by 2030: IEA

        Clean energy technology manufacturing market to reach $790bln by 2030: IEA

        Egypt invests $64mln in electricity network development in South Sinai since July 2014

        Egypt invests $64mln in electricity network development in South Sinai since July 2014

        First accredited low-carbon ammonia shipment dispatched from Saudi Arabia to Japan

        First accredited low-carbon ammonia shipment dispatched from Saudi Arabia to Japan

        Oman’s refinery products output jumps by 44%

        Oman’s refinery products output jumps by 44%

        Iraq agrees to 30% stake in TotalEnergies $27bln energy project

        Iraq agrees to 30% stake in TotalEnergies $27bln energy project

        Oman signs $20bn hydrogen deals

        Oman signs $20bn hydrogen deals

        Trending Tags

        • Hospitality
          Qatar: Over 700 hotel keys added in Q1

          Qatar: Over 700 hotel keys added in Q1

          Jordan’s tourism income surges 88% as visitors flock to the country

          Jordan’s tourism income surges 88% as visitors flock to the country

          Dubai’s hotel stock hits 150,000 keys as tourist influx from India, Russia, Oman buoys hospitality sector

          Dubai’s hotel stock hits 150,000 keys as tourist influx from India, Russia, Oman buoys hospitality sector

          Leisure sector in Qatar stronger after World Cup 2022

          Leisure sector in Qatar stronger after World Cup 2022

          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

        • IFP Events
          • Event News
          • Upcoming Events
        No Result
        View All Result
        • Agrofood
          • All
          • Agriculture
          • Environment
          • Food
          Egypt’s agriculture exports rise 17.2 percent in 5 months

          Egypt’s agriculture exports rise 17.2 percent in 5 months

          Egypt secures $66 mln from EU, AFD to expand wheat storage

          Egypt secures $66 mln from EU, AFD to expand wheat storage

          Agreements signed to establish 4 food factories in Jordan

          Agreements signed to establish 4 food factories in Jordan

          Morocco set to launch potash project: report

          Morocco set to launch potash project: report

          Food Africa and pacprocess MEA to launch in December with an even larger area

          Food Africa and pacprocess MEA to launch in December with an even larger area

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

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

          Trending Tags

          • Business & Economy
            • All
            • Business
            • Economy
            • Finance
            • Industry
            • Technology
            • Trade
            • Transport & Logistics
            Qatar’s non-oil sector achieved 9.9% growth in Q4 2022: Prime Minister

            Qatar’s non-oil sector achieved 9.9% growth in Q4 2022: Prime Minister

            International investors keen on entering Saudi market, says minister

            International investors keen on entering Saudi market, says minister

            Egypt aims to enhance contribution of IT sector to GDP: Talaat

            Egypt aims to enhance contribution of IT sector to GDP: Talaat

            Saudi airports witness 42% rise in passengers in first 4 months of 2023

            Saudi airports witness 42% rise in passengers in first 4 months of 2023

            Oman’s annual inflation rate eases to 1.1% in April, lowest since March 2021

            Oman’s annual inflation rate eases to 1.1% in April, lowest since March 2021

            Egypt starts implementation of silicon production project in New Alamein

            Egypt starts implementation of silicon production project in New Alamein

            Trending Tags

            • CES 2017
            • Election Results
            • eSports
          • Construction
            • All
            • Infrastructure
            • Real Estate
            Oman gears up for its first smart city

            Oman gears up for its first smart city

            Saudi real estate ‘booming’ on big office space demand

            Saudi real estate ‘booming’ on big office space demand

            Value of Saudi construction contracts jump 35% to $51.3bn: report

            Value of Saudi construction contracts jump 35% to $51.3bn: report

            Qatar to implement new strategies for real estate development

            Qatar to implement new strategies for real estate development

            Real Estate Development Fund deposits $248m in Sakani accounts to boost Saudi housing goals

            Real Estate Development Fund deposits $248m in Sakani accounts to boost Saudi housing goals

            Sharjah records 21,486 real estate transactions worth Dh5.9 billion in Q1 2023

            Sharjah records 21,486 real estate transactions worth Dh5.9 billion in Q1 2023

            Trending Tags

            • Energy
              • All
              • Oil & Gas
              • Power & Electricity
              • Renewable Energy
              Clean energy technology manufacturing market to reach $790bln by 2030: IEA

              Clean energy technology manufacturing market to reach $790bln by 2030: IEA

              Egypt invests $64mln in electricity network development in South Sinai since July 2014

              Egypt invests $64mln in electricity network development in South Sinai since July 2014

              First accredited low-carbon ammonia shipment dispatched from Saudi Arabia to Japan

              First accredited low-carbon ammonia shipment dispatched from Saudi Arabia to Japan

              Oman’s refinery products output jumps by 44%

              Oman’s refinery products output jumps by 44%

              Iraq agrees to 30% stake in TotalEnergies $27bln energy project

              Iraq agrees to 30% stake in TotalEnergies $27bln energy project

              Oman signs $20bn hydrogen deals

              Oman signs $20bn hydrogen deals

              Trending Tags

              • Hospitality
                Qatar: Over 700 hotel keys added in Q1

                Qatar: Over 700 hotel keys added in Q1

                Jordan’s tourism income surges 88% as visitors flock to the country

                Jordan’s tourism income surges 88% as visitors flock to the country

                Dubai’s hotel stock hits 150,000 keys as tourist influx from India, Russia, Oman buoys hospitality sector

                Dubai’s hotel stock hits 150,000 keys as tourist influx from India, Russia, Oman buoys hospitality sector

                Leisure sector in Qatar stronger after World Cup 2022

                Leisure sector in Qatar stronger after World Cup 2022

                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

              • IFP Events
                • Event News
                • Upcoming Events
              No Result
              View All Result
              IFP Info - News
              No Result
              View All Result

              Russia emerging as strategic economic partner to KRG

              Sputnik

              September 11, 2017
              in Economy
              0
              Share on FacebookShare on Twitter

              Now that Daesh no longer poses a direct threat to Kurdistan region, the KRG is redoubling its efforts to revive and reform its economy. Even prior to the defeat of Daesh in Mosul, there were encouraging signs for the economy, especially tourism.

              "Demonstrating that our region is always secure was pivotal in winning the trust of multinationals and tourists alike — the driving force of our rapid 12 percent growth before the war. Tourism alone has more than doubled, to 1.6 million just from 2015 to 2016," the Prime Minister's office told Sputnik.

              New initiatives, led by Prime Minister Nechirvan Barzani, are being implemented throughout many sectors of the economy, with modernization and sustainability being prioritized. Russia is playing a significant role in the revival of the economy, especially in the energy sector.

              "The Prime Minister's economic vision includes empowering the private sector, encouraging public-private partnerships, and enhancing joint ventures between local and foreign companies. The investor-friendly investment laws, the open culture of Kurdistan Region, and the clear vision of the KRG leadership attracts foreign investment on a great level," KRG Foreign Minister, Falah Mustafa, told Sputnik, outlining the Prime Minister's free-market philosophy.

              Economic and political ties between Russia and Iraqi Kurdistan region strengthened as a result of the former's support to the Peshmerga Armed Forces against Daesh.

              Earlier this year, Russian Foreign Minister, Sergey Lavrov, expressed his support for the Kurdish referendum on independence from Iraq, further solidifying ties.

              "While we've always had friendly relations with Russia, a turning-point began when they supported our brave forces against Daesh during one of the most difficult periods. Following Prime Minister Barzani's recent meetings with President Vladimir Putin, you now see this cooperation expanding to include the massive development of our natural resources, with deals in motion that would almost double our output capacity," the KRG Prime Minister's office added.

              On the topic of Kurdish-Russian relations, the KRG's Foreign Minister mentioned the "historical dimension" to their relationship, while expressing his support for future collaboration between the two nations.

              As a result of tax-cuts and a multi-billion-dollar investment plan, forming part of the KRG's fiscal policy, production in the agriculture sector is expected to triple in just a matter of years. With self-sustainability in mind, the KRG is also setting into motion plans to manufacture tractors, and other pieces of equipment, for the first time.

              The KRG is continuing to adopt supply-side initiatives to encourage investment in the autonomous region, which proved to be one of the most popular regions in the Middle East for foreign investors prior to 2014, largely due to its political stability.
               
              "Our free market reforms emphasize the importance of keeping taxes and regulatory burdens low. The Kurdistan Region offers exceptionally generous incentives for new projects, with rock-bottom tax rates and tax abatement for up to ten years. Compared to the wartime halt of thousands of development projects, visitors can see construction projects now restarting, one-by-one, with fresh commercial and residential projects opening at a brisk pace," the KRG Prime Minister's office said.

              As Iraqi Kurdistan has an estimated 45 billion barrels of oil reserves, as well as sizable natural gas reserves, reform and activity in the energy sector is especially pertinent to the success of the wider economy.

              Earlier this year, the Kurdish Regional Government (KRG) signed a deal with Rosneft at the International Economic Forum in St. Petersburg, aimed at increasing cooperation in the energy sector.

              The agreement will allow Rosneft, an oil giant owned by the Russian government, to assist in exploration and production, thus, increasing Iraqi Kurdistan's oil production capabilities from around 600,000 barrels per day (bpd) to in excess of one million barrels per day (bpd.).

              Almost all of the additional oil will be available for export, providing the KRG with additional funding to develop other areas of the economy, and diversify, thus, reducing its reliance on the energy sector.

              Given the volatility of oil and natural gas prices, the diversification away from the energy sector will be welcomed, as it will aid the KRG in achieving stable, prolonged growth.
               
              Like Iraq, and most countries in the Middle East, the autonomous Kurdish region has a relatively undeveloped public transport network. The Foreign Minister indicated that the transport sector may soon be reformed and developed, with potential assistance from Russia.

              "Russia may prove to play an important role in the economy of the Kurdistan Region as they have already done so by the presence of Gazprom, and now Rosneft. We hope and look forward to establishing areas of cooperation beyond the oil and gas sectors. Infrastructure advancements could include on-ground transportation and a railway network extended to the whole Kurdistan Region. On this matter, we can benefit a great deal from the experience of the Russian Federation," KRG Foreign Minister, Falah Mustafa, told Sputnik, referring to the expertise Russia gained from constructing the Trans-Siberian railway, the longest railway line in the world.

              Clearly, there is significant interest from the KRG to cooperate with Russia, and the wider international community, to achieve its ambitious macroeconomic objectives.

              Russia's economic activity in Iraqi Kurdistan potentially serves as an indication of their future role in the post-war Syrian economy, though we can expect collaboration on a much larger scale in Syria due to the probable absence of financial aid, and support from the US and Europe.
              Sputnik
               

              Previous Post

              Lebanon extends first Oil & Gas exploration licensing round deadline

              Next Post

              Value of ongoing GCC construction projects at $2.4 trillion

              Next Post

              Value of ongoing GCC construction projects at $2.4 trillion

              News Letter

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

              *we hate spam as much as you do

              Filter By Country

              IFP Info – News

              The resource of credible, industry-specific updates

              Categories

              • Agrofood
              • Business & Economy
              • Construction
              • Energy
              • Event News
              • 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 receive daily updates direct to your inbox!

              *we hate spam as much as you do

              • About
              • Advertise
              • Privacy & Policy
              • Contact

              © 2023 IFP Group - All Rights Reserved / www.ifpexpo.com

              No Result
              View All Result
              • Agrofood
              • Business & Economy
              • Construction
              • Energy
              • Hospitality
              • IFP Events
                • Event News
                • Upcoming Events

              © 2023 IFP Group - All Rights Reserved / www.ifpexpo.com