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Rudaw

Business

Foreign investments top $1 billion in Kirkuk following security improvements

By Rudaw 11/2/2017
Many new housing units, mini cities, hotels and malls could be seen in Kirkuk as the security improves, despite the fact that ISIS is still holding Hawija, some 55 km west of Kirkuk, mainly thanks to new security measures introduced by the local government in the province, and the Kurdish Peshmrga who have been stationed there since 2014. Photo: Rudaw Video.
Many new housing units, mini cities, hotels and malls could be seen in Kirkuk as the security improves, despite the fact that ISIS is still holding Hawija, some 55 km west of Kirkuk, mainly thanks to new security measures introduced by the local government in the province, and the Kurdish Peshmrga who have been stationed there since 2014. Photo: Rudaw Video.

KIRKUK, Kurdistan Region — Kirkuk’s masterplan for 2018 contains a total of 65 investment projects.  A move which has motivated many local and foreigner business owners to come and invest their assets in the city to boost its infrastructure. They cite the city’s improving security conditions behind their motives.

Faris Rafiq,  a businessman and property developer from Emirates has decided to invest $1.3 billion in three projects in Kirkuk. 

Rafiq says he has made a great decision and will bring in more assets to invest in the city

“We are a group from the Emirates. After following up on the city’s security, it turned out that it is much more stable for us to invest in compared to years ago. Therefore, we invested our assets here to improve the city’s infrastructure,” said Rafiq.

Unlike a few years go, recently many new housing units, mini cities, hotels and malls could be seen in Kirkuk. 

The emergence of these projects in Kirkuk comes after the Kirkuk administration dug trenches around the city.

“Initially, we were very afraid of bombings. We would start a project, a car bomb would destroy it,” said Mohammed Sami, a local investor. “But, since the Peshmerga came here we have no fear. We are working on six huge projects as security measures are paving the way for investment here.”

The number of investors and companies in Kirkuk is on the rise. In the past three months, 140 investment licenses are issued, of which 80 of them were to foreign investors. 


Head of Kirkuk Investment Board Falah Bazaz explained that they “have issued more than 140 investments licenses in all fields.”  The goal of investment is to provide job opportunity for unemployed people and be able to bring a new technology for Kirkuk.”

Seventy other companies are yet to receive investment permits.

However, due to their shortcomings, three companies are blacklisted and their licenses are revoked.

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Kirkuk dile Kurdistan | 11/2/2017
People of Kirkuk are brave and proud may Allah bless them. Where are this Baathist scum and Kurd haters who opposed that the Kurdish town Kirkuk to be becomes part of Kurdistan because it would cause a conflict bla bla bla. So what happened Kirkuk stayed part of Iraq and IS emerged and Iraq failed. Now Kirkuk is protected by Peshmerga and there is no discrimination or revenge attacks and just improvement of securuty and economy. Now the same liars who made this false claimes about Kirkuk say the same about Kurdish indipendence but the truth is without freedom for Kurds there will be no peace in the middel east.
Islam is not kurdish | 12/2/2017
Kirkuk dile Kurdistan, why would Allah bless kurds to take Karkok from arabs? Mohammed would not like kurds to take Karkok or even have a Kurdistan.
Kirkuk | 12/2/2017
May Allah bless Kurdistan and destroy all terrorists
Kirkuk | 12/2/2017
Over 1 billion Muslims in the world and just 10-15% of them are Arabs so its not a Arab religion its for all people. And majority of Kurds are Muslims if you would be a real Kurd you would know that. But unlike you I respect all others too no hate.
Kurmanc | 12/2/2017
Kirkuk, you are a rape victim that support the rapist. Islam raped you. I have meet guys like you, you run when i fight you, because Islam made you to small bitches.
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