2011 Sees Another Large Increase In Foreign Investment In Iraq

Since Iraq’s civil war ended in 2008, its economy has begun to take off. The World Bank and others have predicted that it will be one of the fastest developing nations in the next several years with double digit Gross Domestic Production (GDP) growth. That’s because the country needs so many basic forms of infrastructure, and its oil and gas industries are finally beginning to be developed after over a decade of international sanctions. Foreign investment has grown over 40% for the last two years, but there are still major problems with completing some of the larger projects that are planned by the government.

2011 saw another large increase in the amount of foreign money being invested in Iraq. There was a total of $55.67 billion in investment last year. That was up 40.3% from 2010’s $39.67 billion. 2010’s amount was a 48.7% increase from 2009. 276 companies from 45 countries did business with Iraq in 2011. The total number of contracts also grew to 294, up 80.4% from the 164 signed in 2010. It was also the reason why several experts believed that Iraq would be one of the fastest growing economies in the world over the next several years. In January 2012 for instance, the World Bank estimated that Iraq’s Gross Domestic Product (GDP) would grow 12.6% for the year, and 10.2% in 2013. The Deputy Governor of the Central Bank of Iraq predicted an average of 9.4% GDP growth from 2012-2016. The large growth rates and amount of money flowing into the country is because international sanctions have finally been removed, the Iraqi civil war ended in 2008, and the country has so many needs. This showed that despite the U.S. troop withdrawal, continued violence, and the on-going political dispute between Prime Minister Nouri al-Maliki and his opponents, business in the country is still flourishing.

Before 2008, investment in Iraq went up and down, and was at a very low level. In 2003, the first year after the fall of Saddam Hussein, only $3.87 billion was invested in the country. That almost doubled to $6.74 billion the next year, but then dropped to an anemic $1.17 billion in 2005 as the civil conflict took off. 2006 saw a large increase to $5.05 billion, before dropping to $2.70 billion in 2007. It wasn’t until 2008, that investment reached double digits to $17.93 billion. It has grown every year since then. Again, foreign money flowing into the country was directly related to the security situation within the country. With violence reduced to terrorism the amount of investment can only continue to grow.

Foreign Investment In Iraq 2003-2011

Year	Investment
2003	$3.87 bil
2004	$6.74 bil
2005	$1.17 bil
2006	$5.05 bil
2007	$2.70 bil
2008	$17.93 bil
2009	$28.70 bil
2010	$39.67 bil
2011	$55.67 bil

Another positive development was the increasingly smaller size of projects planned for the country. That might seem an oxymoron, but Iraq has faced major problems with large development plans. The smaller the project, the greater likelihood that they will be completed as planned. The average size of deals signed with Iraq went from $243 million in 2010 to $189 million in 2011. That continued the trend started in 2010 when contracts saw an even larger reduction from an average of $683 million to $260 million. Larger deals can drag on for years past their original deadlines, run into delays, and fall apart. This is due to problems with finances, logistics, bureaucracy, and the lack of trained personnel within the Iraqi government.

Investment is also being spread around the country. Before, Baghdad and Basra took the lion’s share of money. While they are still number one and two, the rest of the country is also experiencing development. In 2011, Basra received the most foreign capital, surpassing Baghdad, which was number one in 2010. Their share of total investment in the country also declined from 74.3% in 2010 to 47.0% last year. The three Kurdish provinces were third in 2011 with 14.5% of total investment, and then Ninewa, 9.4%, and Salahaddin, 6.4%. This was an important trend, because Iraq’s other provinces are in desperate need of growth with poor services, and the highest rates of poverty.

While Iraq’s economy is the most oil dependent country in the region, real estate was the largest field invested in for the second year in a row. A total of $14.524 billion was committed to housing in 2011, 26.1% of all foreign money. It’s estimated that Iraq needs to build 650,000 houses per year to meet the demand of its public, but it is no where near achieving that goal. It should be no surprise then that the largest deal last year was for $7.25 billion with South Korea’s Hanwha to construct 100,000 housing units east of Baghdad.

Foreign Investment In Iraq By Sector 2011

Sector	Value ($ mil)	% Total
Real Estate	$14,524	26.1%
Oil and Gas	$12,769	22.9%
Electricity	$11,196	20.1%
Water & Sanitation	$4,285	7.7%
Defense	$2,850	5.1%
Real Estate	$2,433	4.4%
Telecommunications	$2,063	3.7%
Industry	$1,919	3.4%
Transportation	$1,213	2.2%
Tourism	$844	1.5%

After real estate, oil and gas and electricity were the next biggest industries invested in. The second largest deal for 2011 was with Royal Dutch Shell and Mitsubishi to capture natural gas from oil fields in southern Iraq. It will include $12.8 billion in infrastructure and a $4.4 billion natural gas plant. Iraq also signed deals to build new pipelines and mooring points for Basra province, which accounts for the vast majority of the country’s oil exports. While these deals are moving ahead, and oil production is ramping up in the country, the same cannot be said for the electricity field. Last year, the Electricity Ministry signed a $1.2 billion deal with a fake Canadian company to build 10 power plants, and with a bankrupt German one for five power plants worth $650 million. Another contract with South Korea’s STX Group also ran into problems. Originally, it was supposed to build 25 mini-power plants in southern Iraq worth $2.76 billion. STX couldn’t come up with the financing however, so the deal was reconfigured to build nine regular power plants instead. Then in November 2011, the Electricity Ministry announced that it and STX had come to final terms for $1.044 billion to build power plants in three provinces. Not only that, but the Ministry’s plans to solve the country’s chronic electricity shortages are nowhere near coming to fruition. New Electricity Minister Abdul Karim Aftan said that power output would increase by the summer of 2012, and that the country’s power problems would be solved by 2014. By 2015, he claimed that the country would be producing 27,000 megawatts. An independent assessment found that this will not be possible. It predicted that Iraq would have the capacity of only 18,000 megawatts by 2015, and that none of the new power plants planned would come on line until 2013, not this summer. That means there will still be years of power outages that affects not only the public, but the economy as well. The Ministry needs to step away from such large deals, and set more achievable goals, but because the government is under such pressure to solve this problem, it doesn’t seem capable of doing that yet for political reasons.

In terms of countries investing in Iraq, South Korea surpassed Turkey as the largest source of funds. South Korea went from fourth largest investor in 2010 to number one in 2011. It committed $11.988 billion last year, 21.5% of the total. That was due to the $7.25 billion housing deal with Hanwha. Then came the U.S. with $6.878 billion. $2.3 billion of that was with Lockheed Martin for F-16 fighter jets. America was number five in 2010. Turkey was number one that year, but dropped to fifth in 2011. That’s because the majority of deals it signed last year were under $1 billion. The list of top investors shows that Iraq is attracting companies from around the world.

Foreign Investment In Iraq By Country 2011

Country	Value ($ mil)	% of total
South Korea	$11,988	21.5%
U.S.	$6,878	12.4%
England	$4,096	7.4%
Netherlands	$3,825	6.9%
Turkey	$3,694	6.6%
Germany	$3,172	5.7%
China	$3,093	5.6%
UAE	$2,959	5.3%
Italy	$2,829	5.1%
Iran	$2,184	3.9%

Iraq’s economy has grown in leaps and bounds in the last couple years. That’s largely fueled by the oil industry, which accounts for 90% of the government’s revenue, and the improvement in security. With that, Baghdad has been able to sign hundreds of deals with foreign companies to repair its infrastructure, and expand its production of petroleum and natural gas. The government is also slowly but surely weaning itself of large, unwieldy projects, many of which fail to materialize. Still, the country is years away from achieving any of its lofty goals for things such as housing and electricity. As long as oil remains at a high price, Iraq will have the funds to sign more deals to try to resolve these issues as it has to make up for a lost decade when it suffered under international sanctions, and then five years of invasion and civil war. That’s the reason why Iraq will be one of the fastest growing countries in the world for the next several years.

Top 30 Investment Deals In Iraq 2011

1. $7,250 mil, Real Estate, South Korea’s Hanwha, 100,000 housing units east of Baghdad
2. $6,980 mil, Oil & Gas, Netherlands and Japan’s Royal Dutch Shell and Mitsubishi, natural gas development in Basra
3. $2,600 mil, Water & Sanitation, Germany’s Bauer, 6-year rehabilitation of Mosul Dam in Ninewa
4. $2,300 mil, Defense, U.S.’s Lockheed Martin, F-16 fighter jets
5. $2,000 mil, Real Estate, UAE’s Majid al Futtaim Holding, shopping centers, Kurdistan
6. $1,500 mil, Real Estate, UAE, Cyprus, Greece’s FiberPro, 30,000 housing units in Tikrit, Salahaddin
7. $1,500 mil, Real Estate, U.S.’s Hill International, construction of management services, Basra
8. $1,400 mil, Water & Sanitation, South Korea’s Kolon, Sang Young, Hyundai, construction of water and sewage system, KRG
9. $1,189 mil, Electricity, China’s China National Machinery and Equipment Corporation, construction of 630 megawatt power plant, Salahaddin
10. $1,044 mil, Electricity, South Korea’s STX Heavy Industries, building 900 megawatt worth of power plants, Iraq
11. $1,000 mil, Electricity, China’s Shanghai Electric, expansion of Zubaidiya power plant, Wasit
12. $700 mil, Electricity, South Korea’s Kolon, San Young, Hyundai, electricity infrastructure, KRG
13. $650 mil, Telecommunications, Sweden’s Ericsson, 5-year network infrastructure, Iraq
14. $640 mil, Oil & Gas, U.S.’s Baker Hughes, 60 wells at Zubayr field, Basra
15. $600 mil, Real Estate, Turkey’s Nursoy, building 1,600 housing units in International Zone, Baghdad
16. $550 mil, Electricity, France’s Alstom, construction of water and sewage system for hydroelectric plant, Diyala
17. $550 mil, Defense, Ukraine’s Antonov, 6 An-32 planes
18. $518 mil, Oil & Gas, Australia’s Leighton Offshore, single point mooring and export pipeline, Basra
19. $510 mil, Oil & Gas, Italy’s Saipem SpA, production and refurbishment at Zubayr field, Basra
20. $472 mil, Oil & Gas, Italy’s Saipem SpA, building oil measuring and control platform, Basra
21. $467 mil, Real Estate, Turkish company, building 5,166 housing units, Karbala
22. $400 mil, Telecommunications, Kuwait’s Zain, expansion and upgrade of network systems
23. $390 mil, Electricity, Japan and Italy’s Sumitomo and Siemens Italy, building 8 mobile substations and spare parts
24. $388 mil, Electricity, Turkey’s Calik Enerji, building 6 750 megawatt power plants, Ninewa
25. $365 mil, Oil & Gas, Iran’s National Iranian Gas Company, construction of natural gas export pipeline
26. $360 mil, Electricity, South Korea’s Hyundai Engineering and Construction, building 1,500 megawatt Rumaila power plant, Basra
27. $348 mil, Electricity, Greece’s Metka, building 1,250 megawatt power plant, Basra
28. $340 mil, Electricity, Iran’s Tabdil Energy Company, building 4 125-megawatt power plants, Wasit
29. $333 mil, Electricity, India’s Bharat Heavy Electricals Ltd., building 550-megawatt power plant, Wasit
30. $308 mil, Real Estate, Turkey’s Tikarvan, building 4,500 housing units, Ninewa

SOURCES

AIN, “Minister of Electricity expects power improvement next summer,” 2/2/12

- “MP rules out improving electric power next Summer,” 2/4/12

Dunia Frontier Consultants, “2011 Year in Review, Foreign Commercial Activity in Iraq,” March 2012

- “Foreign Commercial Activity in Iraq 2010 Year in Review,” 2/5/11

PRESS TV VIDEO: Iraq Needs Iran To Meet Its Housing Shortage

Iraq needs Iran to meet housing shortage by presstv

Foreign Investment Almost Doubles In Iraq In 2010

In February 2011, the private financial services company Dunia Frontier Consultants released a report on last year's investments in Iraq. 2010 saw an almost 50% increase in foreign companies putting their money into Iraq. Turkey was the largest foreign investor, while real estate, not oil, was the sector that received the most interest. Last year also saw fewer big projects announced than in the previous two years. Dunia took that as a good sign, since many of the major deals never materialized, and smaller ones are more likely to succeed. In the future, Dunia thought that the reduction in violence, and the relatively stable political scene would mean a steady increase in foreign investment. Iraq is therefore emerging as a growing market with huge potential.

In 2010, 156 companies from 34 countries invested $42.668 billion into Iraq. That was a 48.7% increase from 2009's $28.7 billion. From 2003 to 2007, the amount of money put into Iraq was rather small, and fluctuated up and down each year. In 2003, the year of the invasion, $3,869 billion was invested. That went up to $6,735 billion in 2004, but then down to $1,168 billion the next year. In 2006 investment went up to $5,045 billion, but then the civil war led companies to lose interest, and only put $2,697 billion into Iraq in 2007. The end of major violence after 2008 was the major reason why foreign countries and businesses began putting serious money into Iraq. Corporations are still watching the political and security situation in the country. Many see violence as being highly targeted and political in nature today, and thus not a real threat to business. Prime Minister Nouri al-Maliki's second term after the 2010 elections, and his State of Law list maintaining control of the Oil Ministry were also seen positively by business, because of the continuity in the administration.

Year on Year Change in Foreign Business In Iraq 2003-2010

Year	$ (mil)
2003	$3,869
2004	$6,735
2005	$1,168
2006	$5,045
2007	$2,697
2008	$17,932
2009	$28,700
2010	$42,668

The size and nature of investment changed in 2010. 2008-2009 saw a number of major, multi-billion projects announced. Many of those fell through and never materialized. 2010 by comparison, saw more medium sized deals. The average size of investment deals decreased from $683 million in 2009 to $320 million in 2010. Dunia thought this was a good sign because the smaller projects are more likely to be completed and turn out to be successful business ventures. Overall, it thinks that investment will largely follow GDP growth in Iraq, and peak in 2015. The International Monetary Fund estimated the nation's GDP growth at 11.5% in 2011, which could mean up to $100 billion in investment annually by the second half of the decade.

Investment By Country 

Country	$ (mil)	% of Total
Turkey	$14,883	34.9%
Italy	$5,292	12.4%
France	$4.243	9.9%
South Korea	$3,269	7.7%
USA	$1,997	4.7%
China	$1,736	4.1%
UAE	$1,318	3.1%
Canada	$1,247	2.9%
England	$1,215	2.8%
Australia	$883	2.1%
Russia	$752	1.8%
Jordan	$669	1.6%

2010 saw a major shift in which countries were placing their money in Iraq. 34 countries did business in Iraq last year. Turkey became the #1 investor with 22 deals. In previous years, Turkish companies had small projects in the $100-$300 million range. In 2010 they signed a number of major projects. Turkey was also the number one trade partner with Iraq at an estimated $6 billion in 2010. That's expected to grow 150% in the next five years.

Turkey passed the United Arab Emirates (UAE) as Iraq's top investor. It dropped to number seven because of the world recession. Before, the UAE announced a number of large investments, but many of those fell through.

Italy was number two on the list. An Italian company scored a $4.6 billion deal in April 2010 to build a new port at Faw, Basra, which will be the largest infrastructure project in decades in Iraq. Italian businesses are also investing in real estate, energy, and industry.

France was number 3. Former French Ambassador to Iraq Boris Bouillion aggressively pushed his countrymen to come to Iraq. France also has consulates in Basra, Irbil, Nasiriyah, with plans to open more in Anbar and Wasit, along with an embassy in Baghdad, which greatly helped with its investments. Six large French companies announced deals with Iraq in 2010 ranging from cement to power plants. Smaller French firms have also shown an interest to join the fray.

South Korea was ranked number four. Its STX Heavy Industries announced a $3 billion engineering and construction deal in December 2010 with the Ministry of Industry to rehabilitate a plastics factory in Basra.

The fifth largest investor in Iraq was the United States. U.S. companies were mostly involved in oil and gas, but others were involved in finance, real estate, hospitality, transportation, and agriculture. The U.S. has around $720 million in the non-energy sector of the country. That was a sizeable increase from 2009.

Despite oil being Iraq's most important and well known asset, real estate attracted the most interest in 2010. $14.107 billion was invested in housing last year, compared to $5,443 in oil and gas. The latest studies of the country's housing needs estimates that it is short 1.6 million units. The government has finally started to address this issue. In December 2010 it announced a $11.28 billion project to rebuild Sadr City in Baghdad with a Turkish consortium. In four years, 75,000 housing units and other facilities are supposed to be built. The Iraqi National Investment Commission and Ministry of Planning said that they wanted 3.5 million new units worth $25 billion by 2020. The government is hoping 85% of that money will come from private firms. Those plans mean that housing will be a major sector for investors in the coming years. It will also be tied closely to politics, which could make it volatile as well.

Investment by Sector 

Sector	$ (mil)	% of Total
Real Estate	$14,107	33.1%
Transportation	$6,733	15.8%
Electricity	$6,074	14.2%
Industry	$6,040	14.2%
Oil & Gas	$5,443	12.8%
Real Estate	$1,829	4.3%
Water & Sanitation	$1,317	3.1%
Health	$757	1.8%
Agriculture	$244	0.6%

Energy was the fifth largest industry receiving foreign investment. In 2009 the country's four largest oil fields, Rumaila, West Qurna, Majnoon, and Zubayr were auctioned off. By the end of 2010 they all reached their initial production targets. Major service contracts were given to companies like Halliburton, Weatherford, Baker Hughes, Schlumberger, Worley Parsons, Petrofac, China's Daqing Oil Field Co., and Australia's Leighton Offshore Private Ltd. Leighton for example, won a $733 million deal for new floating oil terminals in Basra. Iraq needs new pipelines, several thousand wells, drilling rigs, water pumping and injection systems, cement, chemicals, power stations, industrial zones, workshops, warehouses, work camps, residential areas, and roads, which means oil and gas will remain a growth industry in Iraq.

Iraq's two largest provinces have received the majority of foreign capital, but it is slowly spreading to other regions of the country. Baghdad received 39.8% of foreign investment, while Basra had 34.5% in 2010. Baghdad mostly had infrastructure deals for roads, sanitation, and housing, and Basra had oil, gas, electricity, industry, and infrastructure concerns. There were 43 projects announced in Basra in 2010, compared to 18 in Baghdad. Kurdistan received the third most attention with companies from Turkey, Jordan, South Korea, China, and the UAE all showing interest. Last year also saw foreign businesses moving into Karbala, Wasit, Maysan, and Najaf, which received as much foreign money as Kurdistan last year. The three main draws were oil in Maysan and Najaf, and tourism in Karbala and Najaf. Karbala also had a cement factory deal, and Najaf a $600 million monorail contract with a Canadian firm. Dhi Qar was an exception. It received less than 1% of the country's foreign capital. Several multi-billion dollar housing and industrial development fell through, and the provincial council ended up dissolving its investment commission in June 2010 due to its poor performance.

Investment by provinces

Province	$ (mil)	% of Total
Baghdad	$16,965	39.8%
Basra	$14,702	34.5%
Kurdistan	$2,960	6.9%
Karbala	$1,738	4.1%
Maysan	$1,430	3.4%
Wasit	$1,226	2.9%
Najaf	$1,177	2.8%
Muthanna	$682	1.6%
Ninewa	$633	1.5%
Qadisiyah	$479	1.1%

Anbar, Babil, Dhi Qar, Diyala, Salahaddin, and Tamim provinces all received less than 1% of investment each


Since 2010 saw a move towards small projects, Dunia looked at those worth less than $1 billion to see where most of the money was going in the country. After the large deals were eliminated, Turkey was still the main investor in Iraq. Italy and South Korea fell down to the bottom of the list, while China and the UAE moved up. By sector, energy moved from number five to number one, while real estate moved to number three. Oil and gas could eventually overtake housing as the main focus of investment in the future. Electricity also moved from number three to number two. There are now four privately owned power plants in Iraq, up from none in 2008, which account for 13% of the country's electricity supply. French, Turkish, and Italian firms all signed deals to install new turbines and upgrade existing facilities in Basra, Karbala, Najaf, Ninewa, and Baghdad in 2010. Investment by province still saw Baghdad and Basra at the top, although the latter moved to number one, and Kurdistan and the south remained next.

Investment by country less than $1 bil

Country	$ (mil)	% of Total
Turkey	$3,603	20.6%
France	$2,743	15.7%
USA	$1,997	11.4%
China	$1,736	9.9%
UAE	$1,318	7.5%
Canada	$1,247	7.1%
England	$1,215	6.9%
Australia	$883	5.0%
Russia	$752	4.3%
Italy	$692	3.9%
South Korea	$269	1.5%

Sector investment less than $1 bil

Sector	$ (mil)	% of Total
Oil & Gas	$5,443	25.7%
Electricity	$4,574	21.6%
Real Estate (Residential)	$2,827	13.3%
Transportation	$2,133	10.1%
Industry	$1,940	9.2%
Real Estate (Commercial)	$1,832	8.7%
Water & Sanitation	$1,317	6.2%
Health	$757	3.6%
Agriculture	$244	1.2%

Provincial investment less than $1 bil

Province	$ (mil)	% of Total
Basra	$5,310	29.9%
Baghdad	$3,281	18.5%
Karbala	$1,647	9.3%
Kurdistan	$1,557	8.8%
Maysan	$1,355	7.6%
Wasit	$1,161	6.5%
Najaf	$1,115	6.3%
Muthanna	$647	3.6%
Ninewa	$600	3.4%
Qadisiyah	$454	2.6%
Salahaddin	$380	2.1%

The combination of growing political stability, a vast improvement in security, huge natural resources, and great demand for housing and other services all make Iraq of great interest to foreign companies. Investors largely stayed away from the country from 2003-2007, but when violence finally dropped off in 2008, there was a surge in foreign capital coming into Iraq. Investments nearly doubled from 2009 to 2010. Increased oil revenues with the help of foreign energy interests will mean more money to be spent and deals signed in the future. Hopefully, this will mean jobs for Iraqis. More than half of the workforce is jobless or underemployed. The government is the largest employer, and many of those positions are useless, and only exist for political patronage, and to put a cap on social unrest. With all the new projects announced, there should be a surge in employment opportunities in Iraq. Unfortunately, the country has followed the trend in the rest of the Persian Gulf to import cheap labor from other countries despite its own desperate needs. Large amounts of cash being handed out also offers more opportunities for corruption, which is another major problem the country faces. Many developing countries have the same issue, but in Iraq the magnitude is much larger as it is ranked the fourth most corrupt nation in the world currently. Iraq is desperate for growth after two decades of war and international sanctions. Money is finally flowing into the country, but it needs to make sure it is spent well, and actually provides for the people.

Top 30 Deals In Iraq, 2010

Amount ($ mil)	Companies, Country	Industry	Location	Job
$11,280	Kur Insaat, Kasova Insaat, Iskaya As, Kocoglu Insaat, Turkey	Real Estate	Baghdad	75,000 housing units in Sadr City
$4,600	Technictal, Italy	Transportation	Basra	Faw port construction
$3,000	STX Heavy Industries, S. Korea	Industrial	Basra	Plastics factory construction
$1,500	Alstom, France	Electricity	Multiple	Power plants and infrastructure
$1,100	Mass Global/ Danieli, Jordan/Italy	Industrial	Kurdistan	Chamchamal smelter and steel plant
$966	Unnamed, France	Water & Sanitation	Baghdad	Rusafa water project
$924	Shanghai Electric, China	Electricity	Wasit	Power plant
$750	Acarsan Group, Turkey	Health	Multiple	5 hospitals
$733	Leighton Offshore Private, Austrial	Oil & Gas	Basra	Oil export terminals
$700	Wintercroft Capital, Russia/ Switzerland	Electricity	Maysan	2 thermal power plants
$600	TransGlobim International, Canada	Transportation	Najaf	Najaf monorail
$446	Calik Energy, Turkey	Electricity	Karbala	Power plant and installation of 10 turbines
$340	Gulftainer, UAE	Transportation	Basra	Um Qasr container dock
$318	TPIC, Turkey	Oil & Gas	Basra	Drill 45 wells at Rumaila oil field
$299	Iraqcan, Canada	Real Estate	Baghdad	5,000 housing units
$296	Copperchase, England	Real Estate	Najaf	3,000 housing units
$270	China National Building Material Co. Ltd., China/Iraq	Industrial	Muthanna	Cement factory
$268	Enka Insaat Turkey	Electricity	Ninewa	Power plant and installation of 6 turbines
$250	Akkon/East Building, Turkey/UAE	Real Estate	Multiple	Sale of steel framed houses
$238	Amwaj International Company Iraq/Jordan/ UAE	Real Estate	Baghdad	Hotel and 3,000 housing units
$224	Weatherford, USA	Energy	Maysan	Drill 20 wells at Bazargan oil field
$220	World Solutions International, USA	Real Estate	Basra	2,500 housing units
$220	Merchantbridge/LaFarge, England/France	Industrial	Karbala	Refurbishing Karbala's cement factory
$205	Eastern Lights, Turkey	Energy	Baghdad	Install 4 turbines at power plant
$200	Weatherford, USA	Energy	Basra	Drill wells at Rumaila oil field
$200	Schlumberger, France	Energy	Basra	Drill wells at Rumaila oil field
$195	Calik Holding/GAP Insaat, Turkey	Transportation	Baghdad	Renovate 19km BIAP highway
$175	UI Energy, S. Korea	Energy	Kurdistan	3 oilfields
$130	Arcelor Mittal/Dayen Dis Ticaret Ltd., Luxembourg/ Turkey	Industrial	Kurdistan	Build new steel mill near Sulaymaniya
$120	Elegan Turizm/Koc Holding/Divan, Turkey	Real Estate	Kurdistan	Luxury hotel in Irbil

SOURCES

Dunia Frontier Consultants, "Foreign Commercial Activity in Iraq 2010 Year in Review," 2/5/11