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New Luxury Shop in Iraq

02 Nov 2012
The perfume, jewelry chain and other cosmetics made in Dubai is ready to open its business in the areas of Iraq. Paris Gallery, well popular across the Gulf for its wealthy outbuildings piled high with glass cases for storing perfumes, designer watches, and other basically European comfortable and expensive goods, has revealed designs to build at least five stores across large towns in Iraq including Basra and Baghdad. The first place for the retail sale is to start trading by June of 2013. Paris Gallery CEO Mohamed A. R. Al Fahim expresses that it is the time for investing in the domestic market of Iraq. The cost of bottle of perfume begins at $50 and numerous cosmetics brands popular in the West will be easily obtainable for the beginning. Sura Alrawi told that being an Iraqi woman she can afford and wishes to buy the type of things which very few shops there sell. Alrawi who lives with her parents expresses that bringing in the country is difficult and import works are costly. For that, she and her friends are wondering for the completely suitabilty of shops like the Paris Gallery coming in their city. She does not believe that these types of cosmetics will be affordable to everybody. William Watts, director of operations at Dunia Frontier Consultants told Iraq has the world's largest oil reserves, so there must be high economic potential but the infrastructure are not where it should be. According to Watts, Iraq is still fighting only for transporting oil from its huge oil areas to the shipping tankers which send it to the other countries of the world. He told it all depends on oil. As income from oil is amount to nearly 96% of Iraq's budget. Thus, the more revenue they can get from oil, the more they can use for building, roads, electricity supplies and security. Though, Iraq has reputation in history for a good area to do business and the culture of which still exists. Yes, there was instability for last 35 years in Iraq but Iraqis hold their entrepreneurial quality. They are good at doing deals, spreading their interests over several enterprises, working hard and finding solution for problems. Al Fahim describes that Paris Gallery has coordinated with the Al Handle Group that is an Iraqi company founded in 1975. Paris Gallery will run the stores on a citizenship basis. He told that there are always difficulties in developing a commercial industry in a new country. But there are no problems they can see that they can't solve. Source [CNN]
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