Over $6 billion in investment in Erbil over 2 years: official

ERBIL (Kurdistan 24) – The Kurdistan Region’s capital has seen more than $6 billion in investment projects in just two years, according to the head of the Erbil investment authority.

The Kurdish capital province has seen more investment than any other area of Iraq, Saman Arab, the general director of Erbil Investment Board, told Kurdistan 24.

Fifty-eight projects have been licensed since 2020, including 23 in the first half of 2021, he said.

Due to its infrastructure and security, Erbil is an attractive hub for foriegn and domestic investors.

In September, a Chinese investor submitted a proposal for a $5 billion tourist city in the capital, according to Arab. The 2,000-sq. m. project, dubbed Happy City, would create 8,000 jobs and include areas for tourism, residences, water, and entertainment.

In May 2020 the KRG Investment Board announced 1,000 projects across the Kurdistan Region, including 11 industrial zones and more than 3,000 factories, estimated to produce around 200,000 jobs.