UAE keen on investments in Kurdistan

Arbil: With an investment of Dh2.5 billion in Kurdistan, the UAE is looking for more investments in the Kurdistan region, said Abdul Rahman Saif Al Ghurair, Chairman of Dubai Chamber of Commerce and Industry (DCCI).

Al Ghurair said the UAE in general, and Dubai in particular, are looking to open more companies other than the existing 134 companies in Arbil. He said opening the Dubai Chamber office in Arbil is a part of the Chamber’s strategy to explore promising markets and to enhance the competitiveness of Dubai businesses in that part of the world.

The new office will help boost the presence of Dubai businesses in Kurdistan, the second largest destination for Dubai Chamber members’ exports and re-exports accounting for 14 per cent of the total goods traded with regional partners during the first half of this year, Al Ghurair told Gulf News during the opening of Dubai Chamber’s representative office in Kurdistan.

He called upon Dubai-based companies to invest in Kurdistan which, he said, offers excellent investment opportunities in the areas of construction, infrastructure, tourism, oil and SME (small and medium enterprise) sectors.

He added that Dubai aspires to promote bilateral trade and investment between Dubai and Kurdistan.

Hamad Bu Amim , DCCI president and CEO, told Gulf News that Kurdistan is experiencing considerable growth and it has significant potential for Dubai businesses to increase trade and investment and the stability of the Kurdistan region offers a suitable base.

“The new office will help boost the presence of Dubai businesses in Kurdistan. It was the second-largest destination for Dubai Chamber members’ exports and re-exports after Saudi Arabia,” Bu Amim said.

He added that in Kurdistan, Dubai sees an opportunity for investments in oil fields, gas, trade, logistics and construction and real estate sectors.

“The rising profile of Kurdistan’s investment potential can be evaluated from the fact that Iraq, which ranked 14th on the list of Dubai’s top trading partners in 2008, jumped to the seventh position in 2011 due to rise in non-oil trade between Dubai and Iraq,” he said.

The value of non-oil trade between the UAE and Iraq reached in 2012 a total of $8 billion (Dh29.42 billion).

Bu Amim said this is the third Dubai Chamber of Commerce office to be opened overseas after Africa and Azerbaijan. “We are looking to open more offices in the future such as India and others,” he said.

Mohammad Al Shehi, Director-General of the Ministry of Economy, said that setting up a Dubai Chamber office in Kurdistan will be an opportunity for wide range of investments here.

Arbil Mayor Nozad Hadi said Dubai is one of the top five investors in Kurdistan. “The government is working hard to provide a healthy investment environment while new regulations to enhance business growth through the implementation of attractive investment laws and other related laws were underway.”

“The area holds excellent investment potential but needs expertise and capital from Dubai companies,” he said.