While the world was dealing with the huge global economic disaster, the Kurdistani government registered about 8 percent growth in 2011. And at the center of this growth is Erbil. The economic climate in Erbil is booming. Powered by its rich oil & gas supplies, which is projected at forty five billion barrels, Erbil is seeing unprecedented economic expansion. Erbil’s income per-capita is 50 percent greater than the remainder part of the whole country. This isn’t too bad for a region that just few years ago was Saddam Hussein’s regime in all its factors that contributed to the current situation.
Many observers credit a big portion of the region’s economic growth to the security measures of the Kurdistan Regional Government. After the economic sanctions were lifted in 2003, the region’s economy began to bloom.
Due to the increase in Erbil companies some are calling Erbil the next UAE Dubai. “This city is rising at a pace even quicker than the Emarati Dubai. Within 4 or 5 years, the Kurdistan region of Iraq will attain what the United Arab Emirates had attained in 20. It will change so much that no one can to recognize it,” Cem Saffari said, who is the Turkish business development manager at the luxury Divan Hotel in Erbil. He moved to this company in Erbil from a comfy lifestyle in London because of the pioneering efforts seen in Erbil. The Divan Hotel is just one example of businesses popping up all over Erbil and attracting international employees. So what is the buzz about and which sectors and countries are bringing the most growth?
More info on Erbil companies and companies in Iraq in general coming up soon on Erbilia Online Magazine.