The New Iraq 2011 Discovering Business in association with All information accurate at the time of publication, November 2010. © Published by Allurentis Limited (www.allurentis.com) All rights reserved. Acknowledgement: Allurentis would like to thank all our supporting organisations for their kind contributions. Photos courtesy of: Essam al-Sudani for the Department for International Development www.istockphoto.com www.dreamstime.com Angus Beaton Contact: +44 (0) 796 616 6981 email:
[email protected] in association with NIC: www.investpromo.gov.iq UKTI: www.uktradeinvest.gov.uk C o n t e n t s Introduction 4 Iraq 2010 budget allocations 6 Map - cities, oilfields, international airports & borders 7 Messages Dr. Sami Al-Araji, Chairman of the National Investment Commission 8 John Jenkins, the British Ambassor to Iraq 9 Baroness Nicholson of Winterbourne, Executive Chairman, IBBC 10 Business Landscape & Regulatory Environment Huge opportunities but guidance is needed - PricewaterhouseCoopers 13 Legal considerations for doing business in Iraq - DLA Piper LLP 16 Finance Iraqi banking sector - Huge opportunity for growth - HSBC 21 Foreign Investment in Iraq - MerchantBridge 26 Iraqi insurance market - AAIB Insurance Brokers 32 Iraq’s golden investment opportunity - National Investment Commission 37 Iraq: market of potential - UK Trade & Investment 39 Oil & Gas Oil bonanza will fuel engineering boom 42 Education & Training Training the next generation of oil & gas engineers - Penspen 45 Risk Management A fresh perspective on growth in Iraq - Consilium Risk Strategies 53 Security is a challenging area but not insurmountable 56 Securing Iraq - Erinys 58 Infrastructure Infrastructure review 60 Utilities Rebuilding a nation - it’s more than just projects - Parsons Brinckerhoff 64 Turning the tide - Mott MacDonald 69 Construction & Civil Engineering Construction market will be region’s largest 74 Harlow International - Builds on Iraq experience 78 Transport Ports improvement is vital 82 Future of track in Iraq 85 Automotives - Sardar Trading Agencies Ltd.