ISIS threat puts foreign investors at risk in Iraq
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Western companies currently operating Iraq are increasingly concerned the terrorist group Islamic State -- also known as ISIS -- could disrupt or destroy their investments in the region.
In Irbil, Iraq, local leaders have been pushing for overseas companies to come in to the region for nearly a decade. Foreign investment is estimated at more than $32 billion, with new development projects in the works.
Stephen Lari, principal of the Claremont Group, a real estate development firm working in Irbil, told FoxNews.com some foreign companies are increasingly reluctant at the moment to invest in the Kurdish region.
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“This last chapter gave us all pause, with most folks in a wait-and-see pattern, [yet] we are fully engaged in our work in Kurdistan and are moving forward,” said Lari.
His firm is the only American real-estate company in the region and has been working with the Kurds for nearly five years. Currently they are building a residential housing complex along with two hotels.
Lari left Irbil last week over concerns extremists were closing in on the city. “There were a lot of folks who were concerned that if ISIS breaks through those last two border towns, they would march on Irbil … it did concern me.”
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“Many of our employees are still in Kurdistan, but we monitor the situation very closely,” said Lari. “We have a fair amount of U.S. citizens [along] with Kurds, Turks, and Syrians. It’s an area [that], due to the success of Kurdistan as an economy over the last six years, has drawn lots of business.”
His company is staying optimistic and hoping to convince more American-based brands to invest in the Kurdish region.