Iraqi-owned real estate development firm, Empire Holdings, recently revealed that it was undertaking a $350 million real estate project in the northern Iraqi town of Erbil.

Representatives of Empire Holdings explained that opportunities in the province were very good, especially in real estate, according to Khaleej Times.

"Kuwaitis are already participating," he said, "and the Emiratis are also very interested," said Empire's co-founder and president, Shwan Al-Mulla at a recent press conference in Dubai.
 
"That's why we chose Dubai for the Press conference. We are inspired by Dubai and the UAE, that's why we are here."

Citing the results of a 2006 feasibility study carried out by consultants, Ernst & Young, Empire's CEO Michel Hebert said that it "indicated a positive and upwardly mobile environment in Kurdistan."

Anticipated equity IRR on a real estate project is around 20 per cent, according to the study. 

"Erbil offers sound real estate investment opportunities and returns will be higher than industry averages," Herbert added, pointing out that Kurdistan was a safe and secure environment removed from the war in which Southern Iraq is immersed, and that demand for all types of real estate development was significant.

© 2006 Mena Report (www.menareport.com)