Kuwait Tops Foreign Investors in Kurdistan Region

Investment Authority in the Kurdistan region of Iraq announced that the volume of investment projects in the private sector amounted to more than US$1.97 billion during the current year 2010, where Arab companies are in the forefront of foreign investments in the region.

The director of studies and information in Kurdistan investment Authority, Haider Mustafa said that "about 61 investment projects were carried out during the past seven months by the private sector, pointing out that the volume of investment in these projects amounted to more than US$1.9 billion," noting that " the volume of investments implemented by local companies -Kurdish and Iraqi- in the Kurdistan region amounted to 90%, while the volume of foreign investments was 8%, and the rest 2% went to the joint investment during the past seven months. " Mustafa added that the "volume of foreign investment in the region over the past four years reached 26%, estimated at more than US$3.6 billion," stressing that "Arab countries are ranked first then western countries in the second place and Turkey in the third place." Mustafa cleared out, "Kuwaiti companies ranked first among foreign investors, accounting for investments of more than 42% of the total foreign investments in the region." - Alsumaria news