Erbil: The Kurdish dream.

Erbil, the capital of the oil-endowed Kurdish Regional Government, in northern Iraq, has been transformed from a dismal, impoverished place to a cosmopolitan city. Its economy has boomed in recent years, attracting investors from all over and yielding a shiny international airport and other glistering facilities.

Arguably, the primary reason for Erbil’s success is the KRG’s 2006 Investment Law.  This law provides for: equal treatment of foreign and local investors, the ability for investors to own all the capital of their projects and to repatriate profits in full.  Many have said that the local authorities' plan is for Erbil to be a lot more like Dubai, with the same economic, touristic and international prestige. According to figures released, investment in Iraqi Kurdistan totaled around US$29 billion with around US$16 billion invested in Erbil alone. Most of these investments are coming from Turkey followed by Lebanon. For many years, the city has benefited from peace and security but Kurdistan’s haven of safety now fears the threat of the Islamic state. It is believed that, had it not been for US airstrikes, IS militants would have entered Erbil. It would be nice to be independent but it is a big risk because, nowhere in the world can one million barrels (of oil) per day remain stranded forever…