UAE the top investor in Iraq for 2009

UAE Investments in Iraq

The United Arab Emirates is the world's top investor in Iraq so far this year, having announced US$37.7 billion worth of projects in the first nine months of 2009, mainly in the oil, gas and real-estate sectors, according to a new report.

In total, foreign direct investment in Iraq has reached more than US$156 billion, a 241 percent increase on 2008, the report by Washington-based Dunia Frontier Consultants said.

The UAE accounted for over 24 percent of all investments announced in Iraq this year as it seeks to cash in on potentially lucrative oil and gas revenues from the country's vast energy reserves.

Bloom Properties announce US$18bn development in Iraq

Investments by UAE companies in Iraq this year included the US$20 billion Rasheed real-estate development in Baghdad by Millennium Solutions and the Bonyan International Investment Group, and a US$8 billion energy deal by Dana Gas and Crescent Petroleum that eventually aims to supply gas to Europe through a giant pipeline starting in Central Asia.

The news comes just as Abu Dhabi real estate developer Bloom Properties announced plans to launch an US$18 billion development in Iraq, joining a string of UAE companies looking to do even more business in the country.

The real estate firm is in talks with Iraqi authorities to build the Al Madeena Al Jadeeda City project in the Shi'ite holy city of Karbala, a newspaper reported, citing sources outside Bloom, a real estate arm of National Holding.

Iraq crying out for further foreign investment

Bonyan International Investment Group, Damac Properties and Al Maabar are among other UAE companies that have plans to launch future real estate projects in the war-torn nation.

As Iraq cries out for further foreign investment, even after some of the world's biggest energy firms ventured into the nations oilfields, Iraq is increasingly looking to neighbouring Middle East states to firm up its overseas investment portfolio.

Also, UAE developers are looking more and more to neighbouring countries for growth as their home market struggles in the wake of the global economic crisis, with developers abandoning or delaying projects due to a lack of fund and buyer demand.

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