Monthly Archives: February 2014

Iraq launches $95m snow sports resort in Kurdistan

BBC News 8 February 2014

Iraq is not currently the obvious choice for a ski holiday but the Korek Mountain Resort in Kurdistan is hoping to change that.

The $95m resort in northern Iraq threw a pre-launch party as part of the government’s plan to make the region a major tourist destination.

Watch complete story Iraq launches $95m snow sports resort in Kurdistan

Standard Chartered to open first branch in Iraqi Kurdistan

Reuters Thu Feb 6, 2014

Britain’s Standard Chartered bank will open its first branch in Iraqi Kurdistan early next month, attracted by financing opportunities for large government infrastructure projects planned in the autonomous region.

The bank is one of a small number of foreign lenders with operations in Iraq, which is experiencing rapid oil-fuelled economic growth, but also its worst upsurge in violence in at least five years.

Standard Chartered opened its country head office and first branch last November in Baghdad’s banking district, on a street lined with blast walls and patrolled by guards with Kalashnikov rifles.

Kurdistan is relatively peaceful by contrast, and the autonomous region’s main cities are full of cranes and construction sites.

The bank also plans to open another branch in the southern oil hub of Basra later in 2014.

Chief Executive Officer of Standard Chartered Iraq Gavin Wishart told Reuters that thebusiness environment in Kurdistan was “progressive” and described the pace of development as “encouraging”.

Security concerns and a complex regulatory and political environment have put some international firms off doing business there. HSBC is trying to exit Iraq by selling its stake in Dar Es Salaam Investment Bank.

“We hope that as the financial services sector develops, we can be the partner of choice in that area,” Britain’s Ambassador to Iraq Simon Collis said at a news conference during his visit to the Kurdish capital Arbil on Thursday.

http://www.reuters.com/article/2014/02/06/stanchart-kurdistan-idUSL5N0LB20V20140206