For The Daring Investor...

Brochure shows idyllic properties for sale - in Iraq

IRISH PROPERTY investors have developed an international reputation for being daring and decisive -but are they ready for holiday homes in Iraq?
Frances O Rourke reports

The brochure for Tarin Hills, a resort to be built near Erbil, the capital of the autonomous Kurdistan region of northern Iraq, comes with the usual idyllic images: swans gliding on a lake in front of red-roofed houses, snow-capped mountains rising in the distance . . . and not a soldier in sight.

Developer Damac Properties, which has an office in Dublin, also highlights that Tarin will be a "fully gated community with security fence, checkpoints, high-tech screening at entrance gates, numerous internal monitoring points and around-the-clock security patrols".

For sale are "Mediterraneanstyle" villas, townhouses and apartments with facilities that include a spa, sports centre, 18-hole golf course, and lots more. So far, no prices have been announced - but Tarin is likely to attract cash buyers only. (Don't bother asking your bank manager for a loan.)

Damac, which is based in Dubai, has signed a €2.5 billion deal to build a new community in what is currently dusty foothills, home to a few families and shepherds.

It is the biggest investment contract signed in Iraq since the start of the Iraq war, according to Kurdistan regional government spokesman Jamal Abdullah. Due for completion in 2010, the new community will have apartments, houses, primary and secondary schools, a medical centre, a lake, hotels and a golf course.

There will also be a children's play area, shopping mall, water and theme park, and hotels.

Erbil is more than 300km from Baghdad, but just 100km from the border with Turkey where Kurdish militants are active. But the regional government is hoping that terrorism will be the past, tourism the future, in this part of Iraq.

From The Irish Times

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Summer sales see inflation rate dip to 4.4%

Inflation dropped to a four-month low in July as falls in the price of clothing and household goods during the summer sales offset rises in fuel and housing costs.

The annual rate of inflation declined to 4.4 per cent from 5 per cent in June, the Central Statistics Office (CSO) said today.

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Irish Overseas Development Aid Slashed by €45 million

The Minister for Finance, Brian Lenihan, made a statement today concerning cutbacks the government will seek to implement as a result of the downturn in the economy. One of the main elements of government plans is a 3% cut to public payroll expenses by the end of 2009. The two departments with the largest payroll expenses, Education and Health are exempt from the planned cut. The Minister claims that the proposed measures will lead to savings of €440 million this year and €1 billion in 2009.

One area of some interest to many people I know is the cut in Overseas Development Aid (ODA) by €45 million this year. The Minister stated that this is as a result of 'the projected revision to GNP and other factors'. The Irish government remains committed to reaching the UN target of 0.7% of GNP on overseas aid by 2012.

It will be very interesting to know specifically where these cuts will be made. Many organisations rely on ODA to fund their development programmes and cutting the ODA budget can have serious consequences for many of these programmes. If it is bi-lateral projects that are to be affected the potential impact on Irish charity and non-governmental organisations would be less. Today's statement did not provide much detail and we will have to wait for individual Ministers to make their reports to the Dail on the proposed spending cuts. Those in the Irish development community will wait with interest for the details of the proposed plan.

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The Department of Finance has predicted a shortfall of €3 billion in tax revenue this year, while government expenditure is 11 per cent ahead of the same period for last year. The significant increase in the number of people receiving unemployment benefit in the State over the past several months has been a contributing factor to the increased expenditure.

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