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Date Created: 12/21/15
Erbil Companies in an Emerging Market With a growing population that reaches more than 1.5 million people, a tremendous influx of Arab and international visitors, as well as increasing financial activities, the city of Erbil has become a hub of modern contemporary living which is combined with the significant traditional culture of the Kurdish people. A large number of international, Arab, and local Erbil companies, upper-scale luxurious hotels, and all kind of businesses, such as retail, entertainment, and services, make the capital of the autonomous Kurdish region flourish and prosper. Applying the Democratic Values The autonomous Kurdistan Government is oriented towards limiting the public sector while embracing and assisting the private sector to achieve its goals through favorable legislation, democratic principles, and through fighting corruption and inefficiency. Since the difficult years of the 1990s and the early 2000s, Kurdistan has made a big progress towards becoming a successful emerging market under a democratic regime that protects the interests of its people. A Success Story Although the whole of the Kurdistan region enjoys a stable political environment and significant levels of security compared to the rest of Iraq, Erbil, the capital of the region, seems to have attracted the largest number of investments. From the major construction projects of luxurious gated “villages” to the construction of the new Erbil International Airport, and from the building of several shopping malls, hotels, and amusement parks, to the building of roads and highways, Erbil companies seem to have bright prospects for undertaking similar projects in other Kurdish cities and in the rest of Iraq. Oil and Gas Companies The oil and gas sector is probably the most significant in the autonomous Kurdistan region and it has made a major contribution to the economic growth of the area. There are plans for the building of a new pipeline to take oil from the Kurdistan area to the Turkish border which will strengthen the relationship and the economic ties of the two countries and increase profits for Kurdistan. A Multitude of Erbil Companies Apart from the Oil and Gas sector that offers the more prospects for dealings in the existing and unexplored reserves in Kurdistan, the most flourishing Erbil companies include: •157 construction companies •327 general business companies •19 auto, clothing and furniture companies •45 hotel companies •17 media companies •27 health care companies •32 travel and tourism companies •35 Information technology companies •18 car companies and a lot more… Today Erbil is a bustling business and trade center that attracts investments from the Arab world and from a large number of international companies. Some of the existing Erbil companies are vital for the economy not only of the Kurdistan region, but also for the whole of Iraq. However, the greatest advantage this growth has brought to the region is the thousands of job prospects offered to young Kurdish scientists who come back to their native land after having spent several years abroad, while at the same time the young people living in the country are optimistic about having a bright future in their own country.
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