Kurdistan Economy

[Anthea]

Italian Firm to Invest in Kurdistan’s
Waterfalls as Part of Tourism Project

ERBIL (Kurdistan24) – A major tourism project is set to transform the landscapes of Gali Ali Beg and Bekhal Waterfalls, as an Italian company prepares to invest in the area, according to Dr. Mohammed Shukri, Chairman of the Kurdistan Regional Government’s (KRG) Investment Board

Speaking to Kurdistan24 on Wednesday, Shukri confirmed that the project is expected to begin between April and May of this year, following the Kurdistan Region’s increasing appeal to international investors. Prime Minister Masrour Barzani has emphasized the project’s potential to turn the region into a global tourist destination.

Foreign Investments Growing in Kurdistan

Shukri highlighted the growing presence of foreign investment in Kurdistan, revealing that it now constitutes 17% of total investments in the region. While some foreign investors fully own their projects, others opt for joint ventures with local companies, ensuring broader economic engagement.

The investment climate in Kurdistan has significantly improved over the past five years, with the KRG hosting several economic forums in collaboration with advanced economies. These efforts, Shukri noted, have allowed investors to differentiate Kurdistan’s investment environment from that of Iraq.

Resumption of the "Dashti Bahisht" Project

In addition to new projects, Kurdistan is also reviving investment initiatives that were halted due to previous financial crises. Shukri announced the imminent resumption of work on the "Dashti Bahisht" project, following direct orders from Prime Minister Masrour Barzani.

A special committee within the Investment Board is currently working on the necessary procedures to restart the project, which will be developed by a local company.

Shukri further emphasized that while some projects were paused due to the war against ISIS and economic constraints, most have now resumed, reflecting Kurdistan’s commitment to fostering long-term economic stability.

A Promising Future for Investment in Kurdistan

With a strong focus on tourism, infrastructure, and foreign investment, Kurdistan continues to position itself as an economic hub in the region. The upcoming Italian investment in the waterfalls marks another step toward expanding Kurdistan’s global tourism appeal, reinforcing its economic diversification strategy.

https://www.kurdistan24.net/en/story/82 ... sm-project

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China Expresses Interest in Expanding

Cooperation with Kurdistan

A senior delegation from the Kurdistan Democratic Party (KDP) met on Friday with Yang Guangrong, Deputy Chairman of the Standing Committee of the People's Congress of Anhui Province, along with officials from the Communist Party of China (CPC), to discuss bilateral relations and regional developments

During the meeting, Yang provided an overview of Anhui Province, stating that it is home to 62 million people and ranks as China’s 11th largest economic hub in terms of industry and commerce. He emphasized Beijing’s growing focus on Iraq and the Kurdistan Region, recognizing the KDP’s significant role in the area. Yang expressed China’s desire to enhance cooperation across multiple sectors, including trade, energy, and infrastructure.

China has been expanding its presence in Iraq in recent years, particularly through the Belt and Road Initiative (BRI), which has led to major investments in infrastructure, energy, and economic projects. Chinese companies are already involved in oil exploration and refinery operations in Iraq, while Beijing has strengthened its diplomatic outreach to the Kurdistan Region.

Hemin Hawrami, head of the KDP delegation, conveyed Kurdish leader Masoud Barzani, president of the KDP’s greetings to Chinese President Xi Jinping through Yang Guangrong. The delegation also provided a detailed briefing on the Kurdistan Region’s political landscape, the KDP’s governance policies, and the broader political situation in Iraq and Syria.

Discussions also touched upon the Kurdish issue in the Middle East, highlighting the challenges Kurdish communities face across the region. The delegation emphasized the importance of stability, political cooperation, and economic development in ensuring long-term prosperity for the Kurdistan Region and Iraq.

The meeting underscores the deepening ties between the Kurdistan Region and China, with both sides reaffirming their commitment to advancing cooperation in various fields. Over the past decade, China has increased its diplomatic and economic engagement with the Kurdistan Region, particularly in trade, energy, and infrastructure projects.

As Iraq’s second-largest trading partner and a key importer of its oil exports, China continues to expand its economic footprint in the country. The Kurdistan Region, with its strategic location and natural resources, remains a crucial partner in Beijing’s broader Middle East strategy.

China’s growing interest in the Kurdistan Region is part of a wider push to strengthen ties with emerging economies. With political stability and economic cooperation at the center of discussions, both the KDP and Chinese officials have reaffirmed their commitment to deepening diplomatic and economic relations in the years ahead.

https://www.basnews.com/en/babat/877382

[Anthea]

KRG Announces Second Phase of Project Bloom

The Kurdistan Government (KRG) is launching the second phase of Project Bloom, a major economic initiative providing crucial financial support to small and medium-sized enterprises (SMEs) in the Region

According to Aram Anwar, Director of Project Bloom, this economic initiative aims to empower local entrepreneurs through loans ranging from 1 million to 150 million Iraqi dinars. “The financial assistance provided under Project Bloom will allow businesses to expand sustainably, enhancing local economic growth,” Anwar stated.

He highlighted that only SMEs operating in the Kurdistan Region for at least 12 months, employing fewer than 100 individuals, and registering officially with the KRG are eligible to apply.

Applicants must also hold a Unique Personal Number (UPN) and Unique Unit Number (UEN) and their businesses must be registered with the KRG's General Directorate of Companies Registration.

The second phase of Project Bloom specifically targets strengthening local industries, fostering job creation, and boosting economic stability in the Region.

Anwar emphasized that applicants must reside in the Kurdistan Region, reinforcing the initiative’s focus on supporting regional economic resilience.

https://www.basnews.com/en/babat/877923

[Anthea]

PM Barzani Discusses Investment

With Qatar’s Wealth Fund

Kurdistan Prime Minister Masrour Barzani met with Sheikh Bandar bin Mohammed Al Thani, Chairman of the Qatar Investment Authority (QIA), on Monday to explore investment opportunities and economic reforms

The meeting, attended by QIA CEO Mohammed Al-Suwaidi, focused on strengthening bilateral cooperation in key sectors, including energy, infrastructure, and banking reforms. The discussions highlighted the Kurdistan Regional Government's (KRG) interest in attracting foreign investments to diversify its economy and modernize its financial systems.

QIA, one of the world’s largest sovereign wealth funds with assets exceeding $450 billion, has been expanding its investments globally, particularly in emerging markets. In recent years, Qatar has intensified economic ties with Iraq, including a $7 billion investment agreement in 2023 covering real estate, tourism, and healthcare.

For the KRG, improving its banking system has been a long-standing goal as it seeks to transition from a largely cash-based economy to a more structured financial framework. The involvement of QIA could pave the way for enhanced banking regulations, digital financial services, and greater investor confidence in the region.

The meeting marked another step in the Kurdistan Region’s broader strategy of fostering economic partnerships with Gulf states, positioning itself as a regional hub for trade and investment.

https://www.basnews.com/en/babat/878980

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Hotels Prepare for Tourist Influx

Hotels in Kurdistan are preparing for an expected surge in tourists ahead of Eid al-Fitr, with many establishments undergoing renovations and finalizing holiday bookings

Shuker Aziz, deputy president of the Erbil hotels and restaurants association, said that most hotel and motel owners in Erbil have been busy getting their facilities ready. “Many hotels have signed contracts with tourism companies for the second and third days of the holiday,” he told Kurdistan 24 on Wednesday.

Ibrahim Abdulmajid, spokesperson for the Kurdistan Regional Tourism Board, said authorities have coordinated with provincial committees and security checkpoints to ensure a smooth experience for incoming tourists. “We expect most visitors and local citizens to explore Kurdistan’s natural and tourist attractions,” he added.

The Kurdistan Region, known for its mountainous landscapes and cultural heritage, has been a popular destination for visitors, especially during holidays. The Region boasts more than 470 hotels, including 40 five-star and branded establishments, catering to a growing number of domestic and international travelers

In recent years, the tourism sector has seen steady growth, driven by improved infrastructure and government efforts to promote Kurdistan as a safe and attractive destination. Officials expect this Eid to bring a significant boost to the industry, particularly in major cities such as Erbil, Sulaymaniyah, and Duhok, where hotel occupancy rates tend to rise during holiday periods.

https://www.basnews.com/en/babat/879162