Iraq now fastest growing projects market after Saudi Arabia and UAE

Iraq now fastest growing projects market after Saudi Arabia and UAE

According to MEED’s Gulf Projects Index at the end of January 2014, Iraq is currently the fastest growing projects market in the region with an estimated $519 billion dollars worth of projects planned or underway.

In the region, only Saudi Arabia with $1.05 trillion and the UAE with $713.15 billion have larger projects markets.

Iraq has become one of the world’s fastest-growing emerging markets, offering huge opportunities for businesses. The capital city of Iraqi Kurdistan, Erbil has become the first stop for many foreign firms looking to establish a presence in Iraq.

Southern Iraq is also rapidly rebuilding. In the coming months, a raft of new legislation will be introduced to include vital new hydrocarbons and infrastructure laws that will substantially boost the redevelopment of the country. Following the introduction in 2006 of Iraq’s Investment Law, which established the National Investment Commission to streamline processes for establishing businesses in Iraq, there are now a host of local firms looking for partners.

“Any international company that establishes itself in Iraq at this stage is sure to win many allies that will provide a valuable first-mover advantage for long and fruitful business in the years ahead,” adds Richard Thompson, Editorial Director, MEED.

The above is a summary of a February 24, 2014 article from Business Intelligence Middle East. To see the full article, click here.