NREC and KDC to invest in Real Estate in Iraqi-Kurdistan

The joint initiative, Kurdistan Real Estate Development Corporation (KREDCo), illustrates NREC's commitment to investing in strategic projects within the Kurdistan Region. The Kurdistan Region enjoys a level of peace and stability not seen in the rest of Iraq and is fast becoming the commercial gateway to the whole country.

Projects undertaken by KREDCo will include leisure and industrial developments such as warehousing, logistics and distribution centres, similar to projects already underway in Aqaba in Jordan. The first project planned to start in 2006 will be the development of a 104,000 square meters of land equidistant from the Citadel in Erbil, the capital of the Kurdistan Region, and the newly opened Erbil International Airport. The land will be developed for mixed commercial and residential use.

Ms Bayan Sami Abdul Rahman, Kurdistan Regional Government High Representative to the UK and Chairman of KDC, said: "For KDC to have secured a partnership with one of the largest and most highly regarded real estate and logistics companies in Kuwait, if not the whole region, is a significant milestone in the development of Kurdistan. The Government and the people of Kurdistan will benefit from the significant skills and expertise that NREC will bring."

Mr Jamil Sultan Al Essa, Chairman and Managing Director of NREC, said:

"In view of our many other interests across the Middle East and in the rest of Iraq, NREC sees a tremendous opportunity within the relatively stable region of Kurdistan to develop a foundation for our business interests. We have chosen KDC as our partner in this exciting venture and through this partnership NREC aims to accelerate crucial development in Kurdistan - establishing the region as one of the most prominent industrial, trading and leisure centres of Iraq."

NREC developed the hugely successful Kuwait Free Trade Zone, which is attracting foreign capital to Kuwait, expanding the trade exchange and giving a substantial boost to the research and technology sectors. Other NREC flagship projects include the unique Sharq Sea Front Project and the Al-Joan Resort complex, both in Kuwait.

Kurdistan Development Corporation (KDC), a partnership with the Kurdistan Regional Government, is an investment holdings and trading company with offices in London, Berlin and Erbil, Kurdistan.