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The New Iraq 2013 2013 Discovering Business Iraq N NIC n a o t i io s n is a in association with l m In om vestment C Contents USINESS B Introduction The New Iraq - the story so far... 5 ISCOVERING Messages Dr. Sami Al-Araji: Chairman of the National Investment Commission 6 HMA Simon Collis: British Ambassador to Iraq 8 D - 2013 Baroness Nicholson of Winterbourne: Executive Chairman, Iraq Britain Business Council 10 RAQ UKTI I UK Trade & Investment in Iraq 12 EW N Business Matters HE Iraq: Land of opportunities - PricewaterhouseCoopers 15 T Establishing your legal presence in Iraq - Sanad Law Group in association with Eversheds LLP 19 Finance Investing in the Iraq Stock Exchange - Rabee Securities 23 Banking offers a wealth of opportunities 30 Financing the Iraqi private sector - IMMDF 34 Invest in Iraq - Investment Consulting Associates 36 Emerging insurance markets: Iraq - AAIB 41 Trading Al Burhan Group’s successful efforts to revive business 46 Risk Management Operating in partnership - Control Risks 50 Oil & Gas Hans Nijkamp: Shell Vice President & Country Chairman, Iraq 53 Shell in Iraq: a history of development 54 Ambitious targets for oil & gas development 59 Role in rebuilding Iraq’s oil & gas industry - Mott MacDonald 65 Infrastructure Iraq’s ‘massive market’ in infrastructure renewal 68 Utilities Power problems on schedule for solution 71 Continuing lasting partnerships - Parsons Brinckerhoff 76 Construction & Civil Engineering Investment spurs massive housing boom 79 Turning commercial vision into trading reality - Harlow International 83 Telecoms Investment rings the changes 86 3 THE NEW IRAQ - 2013 DISCOVERING BUSINESS Mining Mining helps diversify the economy 90 Agriculture Government makes increasing food production a priority 92 Transport Ambitious transport plans drive forward 96 Iraq is back on global aviation map 100 Fly Gulf Air and experience a host of benefits 102 Airport growth reflects dynamism of Kurdish economy - Erbil International Airport 104 Diversified firms rebuild Iraq - Sardar Group 108 Tourism Rising visitor numbers spurs hotel expansion 111 Healthcare Healthcare overhaul gathers pace 114 Education Education is foundation of Iraq’s future prosperity 117 Media Economic development needs reliable business reporting - Iraq Business News 121 Key Facts 124 Featured Contacts 127 Copyright © Allurentis Limited 2012. All rights reserved. Allurentis is delighted to have been involved in association with the National Investment Commission of Iraq and UK Trade & Investment on this, the fourth edition and would like to thank all sponsoring organisations for their kind contributions. We are confident that it will raise awareness with all readers and prove to be an invaluable resource, especially for those wishing to become involved in the extraordinary business opportunities and growth prospects within Iraq. Electronic copies of this publication may be downloaded from Allurentis Limited's website at www.allurentis.com, provided that the use of any copy so downloaded, complies with the terms and conditions specified on the website. Except as expressly stated above, no part of this publication may be copied, reproduced, stored or transmitted in any form or by any means without the prior permission in writing from Allurentis Limited. To enquire about obtaining permission for uses other than those permitted above, please contact Allurentis by sending an email to [email protected] Photos courtesy of: www.istockphoto.com 4 NTRODUCTION I The New Iraq - the story so far... I am delighted to introduce readers to the fourth edition of our publication and welcome all sponsors, partners and friends. It is a good time to reflect on four years of “The New Iraq” and to explain the history behind the publication's continuing development and success. In early 2009, the National Investment Commission of Iraq was launched and the highly experienced Dr. Sami Al-Araji was appointed Chairman. One of his first initiatives was to hold a major Iraq Investment Conference in London, in April 2009. It was at this conference that Dr. Al-Araji and members of his delegation met with representatives of UK Trade & Investment and myself, to discuss plans to provide material to an international audience, in order to publicise the many ideas and policies required and business opportunities available, in the huge redevelopment of Iraq’s post-conflict economy. Allurentis was commissioned to undertake the task and in October 2009, we published “The New Iraq”. This publication has since been updated annually. Its influence has grown through the continued use of expert analysis and informed editorial content. Over the period, many companies and organisations have been attracted to the marketing potential presented by the publication. They have brought their insight and expertise to its pages, creating interest among readers and significant business opportunities for their services. Allurentis sincerely thanks all those partners and organisations who are or have been involved with us, either from those early days or along the way since. “The New Iraq” will continue to be published in hard copy, at the express wish of many of our partners. The book’s distribution at conferences, events and business to business circulation has consistently proved to be a very effective means of reaching its audience. That said, its already wide online presence and development will continue to increase significantly. With very best wishes, Laura Curtis - Managing Director, Allurentis Ltd 5 THE NEW IRAQ - 2013 DISCOVERING BUSINESS Dr. Sami Al-Araji: Chairman of the National Investment Commission Greetings and welcome to the latest edition of The New petrochemicals projects come on stream, hydrocarbon Iraq - Discovering Business. This fourth edition is revenues will increase greatly in the next decade. published at an especially opportune time as Iraqi Our Five Year National Development Plan for 2010- reconstruction projects as well as developments in the 2014 targeted economic growth of 9.4% a year and country’s oil & gas sector gather momentum. included some 2,700 of projects valued at US$186 As economic development takes off, this invaluable billion. However, the economy has grown faster than dependable resource provides incisive background on initial predictions and reconstruction and development Iraq’s economic and cultural landscape together with needs have also widened. Dr. Sami Al-Araji expert insights into the country’s key economic The Investment Law of 2006, was designed to assist industry drivers. foreign investment and is due to be further improved. It is a time of profound but positive change for Iraq. In this, the Government intends to examine the Rebuilding the country’s economy is one of the biggest legislation to make it more flexible to remove any global investment opportunities to emerge in the past obstacles facing local and foreign investors. 50 years, with every sector open for investment. Iraq is The country’s infrastructure requirements are immense set to become one of the fastest growing economies in and while the oil & gas sector is an immediate priority, the world over the next ten years. the Government is committed to diversify the economy The potential is clear with a largely untapped market away from hydrocarbons. This is vital to provide the and rapidly increasing and young population, employment opportunities that need to be generated for predicted to reach 40 million in the next 15 years. a young population that will build the country’s future. Proven oil reserves have recently been re-evaluated to Infrastructure renewal and expansion is one of the key 143 billion barrels and could be much higher and an areas for development. In the transport sector, more estimated natural gas reserve of 126.7 trillion cubic than 2,000 kilometres of new railway is expected to be feet (tfc) making Iraq one of the most important global developed by 2017, including cross-border links to energy producers for years to come. neighbouring countries. Airport projects are starting Oil revenues are well over US$100 billion a year and up throughout Iraq including a Middle-Euphrates are set to increase greatly over the next decade and as airport to serve Karbala and Najaf. Baghdad and other gas processing projects, refinery projects and existing facilities are being extended. 6 ESSAGES M A range of other industrial, manufacturing and 5,000 new primary and secondary schools. Another construction developments are already showing US$5.2 billion has been allocated to healthcare and results. Reliable electricity supplies will speed up the construction of 34 new hospitals. these investment projects. The nationwide shortage of As Chairman of Iraq’s National Investment Commission power is planned to be resolved within the next three (NIC), my mission, with the support of my team, is to years, as new generation comes on stream. help foreign companies and investors become involved Construction and housing development in particular in this massive reconstruction opportunity. offer many opportunities. More than a million new We work on a national and provincial level, acting as a housing units are planned to be built in the next five one-stop-shop to assist foreign companies enter and years and many more in the longer term. A series operate efficiently in Iraq and to help investors to of contracts have already been agreed or are at obtain licences, tax exemptions and land. We are advanced stages. committed to creating mutually beneficial Iraq as well needs to vastly increase its capacity to relationships with investors from all parts of the world produce cement, steel and other inputs for the and encourage you not to miss out on Iraq’s huge construction surge due to occur within the next few investment potential. years. Many more investment opportunities are opening The NIC is committed to providing all necessary up in manufacturing, financial services, consultancy, services to investors to achieve a mutually beneficial training and tourism development among others relationship and look forward to welcoming you to Iraq, However, we are only at the beginning of dramatic a land of unique opportunity.
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