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Private Foreign Investment In Iraq 2009
- 2. PRIVATE FOREIGN INVESTMENT IN IRAQ
Executive Summary: FDI into Iraq Accelerates in 2009
This report is an update to Dunia Frontier Consultant’s March 2009 study of investment into Iraq by
privately owned, foreign domiciled companies.1 So far this year some $156.7 billion in capital
commitments have been announced — a 241 percent increase over last year, and an astounding
acceleration in deal-flow and investment into Iraq over the previous reporting cycle. However, it is largely
reflective of a handful of multi-billion dollar energy deals that are the first wave of investments as Iraq moves
to develop its hydrocarbon industries. Additionally, that figure includes several multi-billion dollar real estate
and mixed2 investment deals that are extremely ambitious in scope, and like other such projects in Iraq, may
face difficulty in coming to fruition. Even discounting these larger energy and real estate deals, however,
there was at least $8.7 billion in investment projects announced in 27 deals in 11 different governorates
across Iraq. The size and pace of these latest investment figures appear to be an indication of the growing
confidence of foreign companies in Iraq as a place for business, and build upon the initial deal flow reported
in the March report.
Several major conclusions emerged from Dunia’s recent analysis:
• 2009 has seen a major expansion of private FDI beyond Baghdad and the KRG territories. Major
improvements in the security situation across Iraq have encouraged investors to look beyond the safety and
stability of the Kurdish region.
• FDI flows have increased 241 percent over last year and were concentrated in oil and gas deals, real estate,
and mixed investment projects.
• The global economic downturn slowed deal flow during the first five months of 2009, but since then new
investments have been announced at record levels.
• Despite problems faced by some large-scale real estate investment projects, the sector is expected to
rebound as capital markets recover over the next year.
• In addition to organic increased interest in Iraq, regional governments are encouraging state-owned
investment funds to invest in Iraq.
• Over the coming months, the conclusion of several major contracts between the Iraqi government and
various international oil companies is expected to further boost the image of Iraq’s economy and its potential
as a venue for future private FDI.
1 To produce this supplement, Dunia collected and analyzed investment data on the first three quarters of 2009 from a combination
of publicly available regional and industry-specific media, as well as private sources. The data presented here are not intended to be
exhaustive, but they do reflect emerging investor attitudes and intent in Iraq. Likewise, the themes and conclusions developed in
this report on the basis of the data should provide useful insights into how private FDI into Iraq is evolving.
2 The term “mixed” investments refers to projects intended to develop large-scale economic zones and industrial cities that provide
residential and commercial real estate, as well as manufacturing, processing, service-sector and other productive infrastructure.
REPORT © Dunia, LLC 2009
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Figure 1. Relative Size and Geographic Distribution of Private FDI
While major political and security challenges remain for Iraq, especially with the high degree of uncertainty
facing the national elections, the latest investment developments provide some reasons for optimism.
Barring any radical disruptions in the security situation, Dunia expects to see a continued increase in private
FDI flows over the coming year, as well as a proliferation of smaller, sophisticated deals across a range of
sectors. Much of Iraq’s economy remains uncharted water for international investors, but this reality is
rapidly changing. A successful election in January (or hopefully February at the latest) and the final
withdrawal of US combat troops in September would fundamentally transform the international perception
of Iraq as an emerging market.
Kyle B. Stelma
Emerging Markets
Managing Director
Dunia Frontier Consultants
REPORT © Dunia, LLC 2009
- 4. PRIVATE FOREIGN INVESTMENT IN IRAQ
Table of Contents
Executive Summary: FDI into Iraq Accelerates in 2009 .............................................................2
I. Introduction ..............................................................................................................................5
II. Investments by the Numbers: The Big Picture .................................................................8
III. Investments by the Numbers: The Smaller Deals......................................................... 11
IV. Oil and Gas: A Turning Point?........................................................................................... 13
V. Conclusion: Progress and the Year Ahead..................................................................... 15
Appendix — Top 20 Deals in (Q1-Q3) 2009............................................................................ 16
REPORT © Dunia, LLC 2009
- 5. PRIVATE FOREIGN INVESTMENT IN IRAQ
I. Introduction
Despite Iraq’s relative detachment from international capital markets, the global economic
downturn did cause some investors to adjust the size and pace of their investments. This trend was
clearly visible in monthly deal flow primarily at the beginning of 2009:
9
8
7
6
5
4
3
2
1
0
Jan
Feb
Mar
April
May
June
July
Aug
Sep
Oct
Figure 2. Number of Deals Announced (Monthly) in 2009
The investment outlook in Iraq was temporarily altered by the collapse in the price of oil, which
created a $9.5 billion fiscal deficit for the central government after several years of surpluses, as
well as a general tightening of credit for many companies that had hoped to break ground on new
projects. As a result of such difficulties raising capital, at least two previously announced mega3 real
estate projects faced major delays or cancellations. The al-Rasheed Development District, a $20
billion project in east Baghdad led by Dubai-based Bonyan International Investment Group has
been delayed. In addition, Damac Properties canceled its $15 billion Tarin Hills Development,
which had been the largest real estate project in Iraq to date.
The security environment in Iraq has also undergone some key developments during 2009 that
have impacted the country’s risk profile. The official withdrawal of US military forces from Iraq’s
urban centers on June 30 was celebrated as National Sovereignty Day, and the fledgling Iraqi
security forces have proven their ability to conduct large-scale security operations during major
religious festivals and public gatherings. However, the devastating attacks against government
buildings in Baghdad on August 19 and October 25 revealed major gaps in the ability of security
forces to adequately protect the capital against large-scale targeted attacks by suspected al-Qaeda
3 The term “mega” refers to projects valued at more than $1 billion.
REPORT © Dunia, LLC 2009 Page 5
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elements, Sunni-insurgent groups, or internal political foes. Scores of security officials in the police,
Army and Interior Ministry were arrested after each blast on suspicion of having helped plan or
facilitate the attacks. These security gaps and allegations of corruption have shown that powerful
forces remain within the political establishment who are apparently willing to sacrifice security for
short-term political gain.
Violence is expected to increase moderately in the run-up to the 2010 national elections as
opponents of the Maliki government and national reconciliation in general seek to undermine the
political system. However, the overall number of attacks and fatalities will remain low compared to
historical averages, and much of the violence will remain concentrated in the troubled central
governorates of Anbar, Baghdad, Babil, and Diyala, as well as the disputed areas of Ninewa and
Tameem.
600
500
400
300
200
100
0
Figure 3. Fatalities in Iraq (Monthly)
As in previous years, the virtual absence of major violence from the semi-autonomous Kurdish
areas of Iraq (the governorates of Dahuk, Erbil and Sulaymaniyah) has been a major driver of
investment into that region. In particular, Turkish and Western European firms have been eager to
develop trade opportunities with the Kurdish Regional Government (KRG), and non-hydrocarbon
investment flows there are expected to continue steadily over the next several years. At the same
time, a significant proportion of new deals announced in 2009, and in particular 68.3% of those
valued at less than $1 billion, have taken place in four of Iraq’s more stable southern governorates
(see next section). This development signals a transformational shift in the attitude of international
investors to Iraq as a business opportunity, as well as a general confidence that the security
situation in Iraq will continue to improve.
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Over the coming months, the conclusion of several major contracts between the Iraqi government
and various international oil companies (IOCs) is expected to further boost the image of Iraq’s
economy and its potential as a venue for future private FDI. This year saw several major
international investment conferences sponsored by the Iraqi government in Great Britain, the
United States, Germany and Turkey, among others, which have helped increase the visibility of Iraqi
markets and attract new investment capital. Lingering regulatory hurdles and political disputes will
continue to fuel some doubts about the business climate in Iraq, but so far the Iraqi government
has demonstrated an ability to achieve a reasonable consensus on issues vital to the country’s
continued reconstruction and economic development. The future of divided Kirkuk, as well as the
lingering dispute over oil revenue sharing between the Kurdish region and rest of Iraq (see below),
remain arguably the largest political challenges and have the greatest potential to disrupt progress
in Iraq.
The Iraqi government has prepared an FY2010 budget of $69.5 billion based on expected future
oil revenues of $60 per barrel. That budget is expected to create a fiscal deficit of around $15.8
billion, which the Iraqi government hopes to bridge through an IMF loan and the issuance of new
bonds through the Central Bank of Iraq. If the price of oil remains at or above $70 per barrel, as
many analysts now expect, that fiscal deficit could be reduced to $6.2 billion or less. In either case,
Iraqi Prime Minister Nouri al-Maliki has publicly announced his unwillingness to trim government
salaries as part of any structural adjustment agreement with the IMF, although he has
acknowledged the need to reduce the proportion of the budget that goes to pay civil servants and
security personnel.
The gradual recovery in the price of oil, along with an increase in FDI to Iraq’s hydrocarbon
industry, real estate and basic infrastructure is expected to help spur economic growth through
2011. The improving security situation in Iraq will likely act as a driver for consumer spending and
related retail markets. The unfreezing of international credit markets and the return of investor risk
appetites should also help to revitalize some of the private investment projects that have been
delayed or cancelled.
All in all, 2009 is on track to be another banner year for private investment in Iraq. Dunia projects
that economic growth will continue at one of the highest rates in the region, and that the long-
term investment appeal of Iraq’s reconstruction remains sound.
REPORT © Dunia, LLC 2009 Page 7
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II. Investments by the Numbers: The Big Picture
During the first three quarters of 2009, 53 foreign investors and firms from 24 different countries
announced investments in Iraq.
Table 1. Geographic Origin of Private FDI4
Country $ (millions) % Total
UAE 37,683 24.05%
S. Korea 24,700 15.76%
United States 22,060 14.08%
United Kingdom 10,500 6.70%
Lebanon 10,167 6.49%
Turkey 8,324 5.31%
China 7,500 4.79%
Kuwait 6,849 4.37%
Italy 6,000 3.83%
Ireland 5,000 3.19%
Netherlands 5,000 3.19%
Austria 2,667 1.70%
Hungary 2,667 1.70%
Australia 2,500 1.60%
Japan 2,000 1.28%
Iran 1,736 1.11%
As in the previous reporting period, the UAE was the primary geographic origin of private capital
into Iraq. New among the top-five countries of origin were Lebanon and South Korea, which
jumped to the number two spot thanks to a proposed $20 billion investment in a new industrial
city on Lake Habaniya in Anbar governorate. That deal, with an undisclosed South Korean firm,
was announced in a contract with the provincial investment commission, but may face further
modification as development progresses. While the United States also had a strong showing in the
rankings, this is due almost entirely to the $25 billion West Qurna 1 investment deal with
ExxonMobil and Shell. As Dunia has previously reported, when excluding government contracts
and oil and gas investment, the United States consistently ranks in the bottom quartile of
investment originations and this year would account for less than 1 percent of investment into Iraq.
Oil & Gas Soars to Number One Spot
Whereas real estate was the dominant sector for private FDI over the previous reporting period, in
the past year energy deals have grown significantly both in total volume (from $18 billion to $73
billion) and as a percentage of total investment (from 29% to 34%). That growth is expected to
4 Countries with less than 1 percent of total private FDI: Jordan, Russia, France, Luxembourg, New Zealand, Oman, Saudi Arabia.
REPORT © Dunia, LLC 2009 Page 8
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accelerate as the Iraqi government opens up more oil and gas fields to development by IOCs
through the end of 2009 and into next year (see below).
Table 2. Sector Breakdown of FDI
Sector $ (millions) % Total
Energy, Oil and Gas 73,040 46.58%
Mixed5 54,950 35.05%
Real Estate 27,893 17.79%
Transportation 450 0.29%
Tourism & Hospitality 302 0.19%
Infrastructure 82 0.05%
Manufacturing 75 0.05%
At the same time, more projects are being announced that invest across a range of sectors. Many
provincial investment commissions have issued licenses to foreign firms for package deals that
include a mix of residential and commercial real estate, manufacturing, school and medical facilities,
along with upgrades to basic infrastructure. The governorates of Anbar, Dhi Qar and Karbala each
announced deals for the construction of new industrial cities with foreign firms at a total combined
value of $46 billion.
Having faced nearly three decades of under-investment in housing, industry and basic services,
nearly all of Iraq’s governorates are facing high unemployment, chronic housing shortages and
major disruptions in water and electricity. The mixed sector investment deals are no doubt a
central part of the economic development strategy of both the central government and provincial
leadership to tackle these multiple challenges simultaneously. In some instances, foreign firms have
been compelled to supplement their investment plans by building schools or roads as a condition
for approval by the local investment authority.
Even excluding the $46 billion in industrial city projects, there were still $8.95 billion in mixed
investment projects that spanned manufacturing, transportation, retail, electricity, health,
communications and agriculture. These deals attracted both regional and international investors,
and were fairly well dispersed across Iraq’s non-Kurdish governorates. Dunia expects these types of
deals to increase in frequency over the coming years as local governments move directly to
address an array of economic development challenges.
FDI Flows Into Southern Iraq
2009 has also seen a major expansion of private FDI beyond Baghdad and the KRG territories.
Major improvements in the security situation across Iraq have encouraged investors to look
beyond the safety and stability of the Kurdish region. At the same time, provincial governments
have become very active in attracting foreign investment, and this is reflected in the growing
number of governorates that are winning double-digit percentages of new investment flows.
5
The term “mixed” investments refers to projects intended to develop large-scale economic zones and industrial cities that provide
residential and commercial real estate, as well as manufacturing, processing, service-sector and other productive infrastructure.
REPORT © Dunia, LLC 2009 Page 9
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Table 3. Governorate Breakdown of FDI
Governorate $ (millions) % Total
Basra 61,057 38.9%
Anbar 28,000 17.9%
Baghdad 20,370 13.0%
Karbala 18,248 11.7%
Dhi Qar 13,770 8.8%
KRG 10,800 6.7%
Qadisiyya 2,951 1.9%
Muthanna 1,081 0.7%
Salahaddin 300 0.2%
Kirkuk 75 0.1%
While relative security and the presence of hydrocarbons will remain the strongest determinants of
investment for some time, the gradual rise of governorates such as Karbala, Dhi Qar, Qadisiyya and
Muthanna as destinations for non-energy-related investment is a welcome sign that Iraq’s economy
is evolving.
100%
90%
80%
70%
60%
50%
Non-KRG
40%
KRG
30%
20%
10%
0%
2003
2004
2005
2006
2007
2008
2009
Figure 4. KRG vs. Non-KRG Investment
The sharp decline in investment in the Kurdish region of Iraq as a percentage of total private FDI is
less a reflection of changes in the Kurdish region than it is a sign of rapidly accelerating investment
elsewhere in Iraq. With most of the upcoming major oil and gas deals located in southern Iraq, the
Kurdish share of private FDI will remain relatively low over the next few years. However, the
overall volume of investment (at $10.8 billion in 2009) should continue to increase.
REPORT © Dunia, LLC 2009 Page 10
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III. Investments by the Numbers: The Smaller Deals
Given the number of large investment projects announced in 2009 (there were 11 deals valued at
$5 billion or more), Dunia has conducted an analysis of all investment deals valued at less than $1
billion to eliminate any exaggerated effects those larger deals may create.
Table 4. Geographic Origin of Private FDI ( ≤ $1 billion)
Country $ (millions) % Total
Lebanon 1,000 24%
S. Korea 600 15%
Iran 536 13%
UAE 350 9%
Turkey 324 8%
Jordan 300 7%
Russia 230 6%
Kuwait 182 4%
Oman 150 4%
Luxembourg 120 3%
France 100 2%
New Zealand 100 2%
United States 60 1%
Saudi Arabia 51 1%
Once the major energy deals are stripped away, it is largely regional players that dominate the top
five geographic origins of private capital into Iraq. As it happens, South Korea is again in the
number two spot, although in this case because of a smaller energy project by the Korea National
Oil Corporation in the Kurdish region. The other additions at the top of the list are Turkey and
Iran, which is a more accurate reflection of the role these countries play in Iraq’s economy given
their geographic proximity and opportunities for cross-border trade. In addition to real estate and
industrial investments in the bordering Basra governorate, Iranian firms are actively looking to
develop tourism and hospitality opportunities as part of the regular Shiite pilgrimages from Iran to
the holy cities of Najaf and Karbala. The government of Iraq has encouraged these investments to
develop local tourism industries and diversify its economy away from hydrocarbons.
Stripping away the energy and industrial city investments that dominated the latest reporting
period, real estate once again emerges as the major category of private FDI when looking at the
sector breakdowns. There were six deals in five governorates each worth between $20 million
and $500 million. Additionally, the mixed investment projects all included some kind of real estate
component (whether residential or commercial), along with manufacturing and agriculture. This
underscores the continued importance that real estate development will play in Iraq’s economy
REPORT © Dunia, LLC 2009 Page 11
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over the next several years as it seeks to tackle housing shortages and create new commercial
space for economic expansion.
Table 5. Sector Breakdown of FDI ( ≤ $1 billion)
Sector $ (millions) % Total
Real Estate 1,554 38%
Mixed 950 23%
Energy, Oil & Gas 940 23%
Tourism & Hospitality 302 7%
Transportation 200 5%
Manufacturing 82 2%
Infrastructure 75 2%
In both the sector and governorate breakdowns, largely the same patterns are seen as in the
previous analysis. In particular, mixed investment deals still occupy the number two spot, while
other categories of non-hydrocarbon sectors lag significantly behind. Given the stage of Iraq’s
reconstruction and economic recovery, this is likely to hold true for some time.
Additionally, it is encouraging that Iraq’s southern governorates, especially Dhi Qar and Qadisiyya in
addition to oil-rich Basra, are attracting a significant proportion of private FDI even when larger
deals are excluded from the data.
Table 6. Governorate Breakdown of FDI ( ≤ $1 billion)
Governorate $ (millions) % Total
Basra 857 21%
Dhi Qar 770 19%
Qadisiyya 701 17%
KRG 700 17%
Baghdad 370 9%
Salahaddin 300 7%
Karbala 248 6%
Muthanna 81 2%
Kirkuk 75 2%
Despite the large number of deals presented in this data, Dunia believes that the actual number of
deals valued at under $1 billion in 2009 may be nearly double the number recorded here. This
discrepancy is due to the number deals that are not publicly disclosed. However, the trends seen
in the above analysis should hold true for the entire segment of investments, and not just those
captured by Dunia.
REPORT © Dunia, LLC 2009 Page 12
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IV. Oil and Gas: A Turning Point?
Iraq’s oil and gas reserves have been the object of much speculation since the 2003 US-led
invasion. The country’s 115 billion barrels of proven oil reserves are the world's third largest,
behind Saudi Arabia and Canada, and yet Iraq currently ranks eleventh in oil production. Violence
and political instability have until this year hindered any major developments within Iraq’s energy
sector.
The Iraqi government is eager to increase production levels in order to help fuel and finance the
reconstruction and economic development. It recently announced an ambitious goal to increase
output from current levels of just under 2.5 million barrels per day to 7 million (bpd) over the next
seven years.
After failing to attract foreign investors during a June auction of twenty-year service contracts on a
dozen of Iraq’s major oil fields, the Iraqi Oil Ministry has had success in striking deals through
separate negotiations. By early November, the Oil Ministry had announced multi-billion dollar
deals with ExxonMobil to develop the West Qurna reservoir, BP and CNPC to develop the
Rumaila oilfield, and a consortium led by Italian oil giant Eni to develop the Zubair field. Together
these three deals could potentially add 4.5 million bpd to Iraqi output. Additionally, Iraq is
preparing a second-round auction of service contracts in December that it hopes will help tap
another 40 billion barrels.
Investments in natural gas have also increased. Dana Gas and Crescent Petroleum signed deals
with the KRG, subsequently bringing on Austria’s OMV and Hungary’s MOL to develop Khor Mor
Field and export the gas to Europe via the Nabucco Pipeline at a total cost of $8 billion. Dana Gas
also announced the prospective development of a “gas city” in Anbar governorate, which could
cost anywhere between $8 billion and $60 billion if brought into full development.
However, despite the apparent success in attracting investment and signing major service contracts
with IOCs, significant challenges remain in the development of Iraq’s energy sector. The lack of a
national hydrocarbons law to regulate the oil sector and guide revenue sharing between the central
government and the semi-autonomous KRG is already causing major political problems.
Additionally, ongoing security concerns and allegations of corruption within the Oil Ministry and the
various subsidiaries of the former Iraqi National Oil Company are giving some IOCs and foreign
investors pause.
The lack of a hydrocarbons law is also significantly increasing tensions between Baghdad and Erbil.
After Baghdad sought to assert its authority over the KRG and its oil industry by disqualifying from
the December auction any firms active in the Kurdish fields, Erbil struck back first by threatening to
halt oil exports, and more recently by threatening to retain all revenues from its oil exports
(currently 100,000 bpd and potentially more than 1 million bpd by the end of 2011). Under a
revenue sharing mechanism enshrined in Iraq’s current constitution, the Kurdish region is entitled to
17 percent of Iraq’s total oil revenues. This dispute is probably the largest political risk facing Iraq at
the moment, and threatens to disrupt the unifying trends of the past few years.
REPORT © Dunia, LLC 2009 Page 13
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Furthermore, while the Oil Ministry and Iraqi cabinet move ahead with ratifying major oil contracts
with foreign companies, members of the Iraqi parliament's oil and gas committee have
independently warned representatives of foreign governments that the current contracts governing
the Rumaila, Zubair and West Qurna deals are illegal. The allegation comes from a dispute over
who in the Iraqi government has the ultimate authority to approve such licensing agreements, an
issue which would be clarified in a final hydrocarbon law. The committee’s objections highlight the
political risks facing oil firms in Iraq, with no guarantee that contracts signed by the current
government will be honored after the elections.
REPORT © Dunia, LLC 2009 Page 14
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V. Conclusion: Progress and the Year Ahead
Despite the turmoil faced by international financial markets over the last year, Iraq has seen an
astounding acceleration in deal-flow and investment. The country is poised to continue strong
economic growth and attract future private FDI. The improved security situation has encouraged
investors to look beyond the relative safety of the Kurdish region, and Dunia expects this trend to
continue and intensify. While violence is likely to rise around the time of the 2010 legislative
elections, the large growth in deal flow over the last year is a sign of growing confidence on the
part of international investors in Iraq as a place for business. The conclusion of several major
contracts between the Iraqi government and various international oil companies over the coming
months is expected to further boost the image of Iraq’s economy and its potential as a venue for
future private FDI.
As discussed in this report, Dunia expects investments in non-hydrocarbon sectors to lag for some
time as oil and gas projects, and their related oil service contracts, dominate the Iraqi investment
landscape through 2010. At the same time, the broad economic development needs of Iraq and
the rise of provincial investment commissions as conduits and facilitators for private FDI are
expected to increase the number of mixed investment projects that span various sectors. Dunia
expects to see investment in southern governorates increase, particularly in low-income housing,
tourism, and agriculture.
Although serious political challenges remain in Iraq, as highlighted by the recent election law
disputes, a successful election in early 2010 and continued security gains during the interim period
as a new government is seated will fundamentally transform the international perception of Iraq as
an emerging market. As the primary focus of the Iraqi government progresses from security to
economic development, private FDI from regional and international investors will take on a new
importance in Iraq.
REPORT © Dunia, LLC 2009 Page 15
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Appendix — Top 20 Deals in (Q1-Q3) 2009
Table 7. Top 20 Deals in 2009
$ (millions) Investor(s) Country of Domicile Investment Industry Province
US, UK, Energy, Oil &
25,000 ExxonMobil, Royal Dutch Shell West Qurna 1 Oil Field Basra
Netherlands Gas
Bonyan International Investment Group, Al-Handal International Group, Millenium UAE, Lebanon,
20,000 Rasheed Development Real Estate Baghdad
Solutions, Noor International Holding, Al-Mutakamil Kuwait
20,000 Undisclosed S. Korea Habaniya Lake Industrial City Mixed Anbar
18,000 Bloom Company UAE al-Madeena al-Jadeeda city Mixed Karbala
United Kingdom, Energy, Oil &
15,000 British Petroleum (BP), CNPC Rumaila Oil Field Basra
China Gas
Energy, Oil &
10,000 ENI, Kogas, Occidental Italy, S. Korea, US Zubair Oil Field Basra
Gas
Energy, Oil &
8,000 Dana Gas/Crescent Petroleum UAE Anbar Gas City Anbar
Gas
UAE, Austria, Pearl Petroleum (Kurdistan Gas City), Khor Mor Energy, Oil &
8,000 Dana Gas, Crescent, OMV, MOL KRG
Hungary Field, Gas Infrastructure Gas
8,000 Undisclosed Turkey Nasiriyah industrial City Mixed Dhi Qar
5,000 Frank Ennis Company Ireland 25,000 residential units & SOC infrastructure Real Estate Basra
5,000 Undisclosed Australia, Lebanon Power, housing, communication project Mixed Dhi Qar
UK, Netherlands, Energy, Oil &
4,000 Royal Dutch Shell, Mitsubishi South Gas Utilization Project Basra
Japan Gas
Energy, Oil &
2,100 Korea National Oil Corp. (KNOC) S. Korea Sangaw South and Bazian Blocks (KRG)* KRG
Gas
2,000 Ajman Co. UAE Refinery, cement factory, medical center Mixed Qadisiyya
1,200 Undisclosed Iran Residential housing and commercial space Real Estate Basra
Hotel, shopping mall, caustic soda factory, and
1,000 Invest Paradise United Kingdom Mixed Muthanna
airport
300 megawatt power plant in Erbil and an Energy, Oil &
600 Korea National Oil Corp. (KNOC) S. Korea KRG
exchange board in Sulaimaniya. Gas
500 al-Murad Company Lebanon 5,000 residential units near al-Iskan al-Sinaie Real Estate Dhi Qar
500 Undisclosed Lebanon Residential city and dairy factory Mixed Diwaniya
455 Sazman Kerman Ommran Iran Residential housing and commercial space Real Estate Basra
REPORT © Dunia, LLC 2009 Page 16
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About Dunia
With offices in Washington, DC and Dubai, Dunia Frontier Consultants (DFC) provides consulting
services to investors and corporations operating at the frontiers of 21st century business. We
understand that obtaining accurate, actionable information on rapidly changing frontier markets is
challenging and time consuming. DFC eliminates these issues and enables you to focus on your
core competencies - structuring and executing deals and managing your investments.
As a firm with a presence in both Dubai and Washington, D.C., Dunia works closely with a small
number of clients internationally to provide an unparalleled level of service. With a world-class staff
and highly efficient global network of consultants and partners, we support your endeavors on two
primary frontiers:
• Emerging Markets - deal-sourcing, due diligence, and market survey support - the heart of
our business
• Energy Markets & Projects - a specialized subset of our emerging markets & political insight
services
Dunia has performed over 20 due diligence and market surveys in the agriculture, oil and gas,
manufacturing, logistics, and real estate sectors of Iraq, and recently completed an in-depth survey
of the upstream Oil and Gas sector; providing actionable Round II insights on developments in the
Iraqi Ministry of Oil, its operating entities, and with comprehensive analyses of the on-the-ground
situation surrounding the major oil fields up for bidding.
Contact Dunia at: 971-50-659-1461 / press@dfcinternational.com
www.dfcinternational.com
REPORT © Dunia, LLC 2009
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