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    Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

    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

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      Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

      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

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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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          Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

          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

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          Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

          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

          Trending Tags

          • Business & Economy
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            • Business
            • Communication
            • Digital
            • Economy
            • Finance
            • Trade
            • Transport & Logistics

            Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

            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

            Trending Tags

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

            Trending Tags

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

                Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

                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

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                Pacprocess MEA

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              Kurdistan region of Iraq regaining economic growth

              The News-Sentinel

              June 19, 2017
              in Economy
              0

              From a distance, the Erbil city skyline is impressive. At first glance, there seems to be an architectural free-for-all in design application. High-rise buildings twist and turn and slant sideways and not from poor construction. Planned developments, both commercial and residential, sprout mostly on the north side within an easy drive of the international airport. An up-close look, though, belies much of the economic trauma that afflicts the Kurdistan region today.

              When your primary source of national wealth comes from oil and gas extraction and the price of oil runs near $120 a barrel, then all is well. However, when it drops to $40 a barrel with little making up the difference, then all is not well. Couple that at the time with the invasion of Iraq by the Islamic State horde and economic hard times set in. What “little” there was, foreign investment, left as the IS advanced. Hence, the abundance of partially finished high-rise buildings as there was little money or incentive to complete them. Left behind also, was much unemployed skilled labor.

              The Kurdistan region limped along for some time slowly regaining its vitality and bearing. As the IS became less and less of an immediate threat, the regional economy improved helped along by a monetary infusion from the various NGOs preparing for the looming humanitarian crisis. Today with the IS on the ropes and a degree of security and hope palpable, the area shows signs it’s regaining its pre-war status of economic growth and improved living standard.

              Erbil city has been a refuge for many of the non-Arabic ethnic and religious minorities that have lived in this part of the Middle East. One neighborhood in particular. Ankawa, has a Christian population of both Chaldean and Assyrian residents. The population increased considerably when it accommodated many Christians fleeing the horrors of the IS. Among the several churches there is St. Joseph Cathedral, seat of the Chaldean Archbishop of Erbil. The cathedral was completed in 1981 and is built in what is described as traditional Babylonian style architecture. It is currently undergoing re-modeling and expansion and presents a robust image, especially when lit up at night. The cathedral is located just north of an imposing statue of the Virgin Mary on Ankawa Street, a couple blocks from the American consulate.

              With a population of nearly 2 million, Erbil is host to much of the variety that an urban center would have. Commercial nameplates from Europe, Asia, and the Americas abound. Toyota, Ford, KFC, Givenchy, Kia, Pizza Hut, and Dodge confront at every turn. A respectable burger can be had at the Well Done Bowl restaurant or at one of the several Hardee’s about town. The Hardee’s at the Family Mall food court sits between two local establishments providing a variety of fresh salads and shawarma. And yes, the Family Mall is very Westernized with the latest fashion and consumer electronics stores, and a 14-screen cinema showing the latest Hollywood productions often with the same weekend opening as in the States.

              Driving around the Kurdistan region is a bit chaotic as the rules of the road are mere suggestions, but it allows some freedom to see the sights and rub elbows, figuratively, with the locals. The 7,000-year-old UNESCO-designated World Heritage Site, the Erbil Citadel, occupies the very center of the city. The citadel sits atop a grand mound nearly 100 feet above the modern city floor. It is reputed to have had continuous occupancy since its origin. Today, it is surrounded at its base by a mosque and one of the grandest flea markets you will ever visit. Anything and everything, almost, can be had including fresh foods, designer clothes, military surplus, custom-made gold jewelry and the ever-present cheap Chinese knock-offs. Driving about town at night is a bit less taxing, and getting temporarily lost in the back alleys and streets does not create angst as it would in Baghdad. Road maintenance, like driving rules, remain a suggestion and are as dangerous as local drivers.

              After the 2014 oil price drop, Kurdistan region players realized a diverse economy was a must to avoid a similar future wallop. Subsequently, substantial efforts have been made to do so, even if crude prices rise. Korek Mountain has a snow ski area with all the attendant accoutrements including a lift and lodge. Not quite as good as European or American counterparts, but snow skiing in Iraq? Really? The Mar Mattai Monastery of the Syriac Orthodox Church, located some 15 miles northeast of Mosul, dates from the 4th century and remains active as a Christian retreat and worship center. There are enough archeological sites to keep university dig programs busy for decades. The natural habitat welcomes hikers, campers, and hunters alike with its variety and expanse.

              Foreign investment is slowly returning, the IT economy is growing and people are establishing roots and hopes. The Rotana group has just opened a four-star, $40 million suites-hotel adjacent to Ankawa to go along with their five-star hotel in Erbil.

              Should the city of Mosul and the Nineveh Plains regain its population from the many international displaced persons camps after the fighting ceases and some semblance of security and normalcy return to Iraq, the Kurdistan region stands to become an example of what is possible if we just all get along. Opportunities galore! About the only thing missing is a championship golf course, and I know of an exquisite spot northeast of the airport.
              The News-Sentinel
              19 June

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