Iraqi Dinar Discussion Board

[RyNo_23]

Automotive arm of Turkey’s Dogus Holding, Dogus Otomotiv, stated that the company has agreed to conclude an agreement with automakers Volkswagen and Audi to establish a company in Iraq.
Dogus Otomotiv will owe 100 percent of the stakes in company which will be dealing with the distribution and after sale services for Volkswagen and Audi cars in the country, Dogus Otomotiv said in a statement to the Public Disclosure Platform (KAP).
150 million Iraqi dinars will be the initial property or capital of the company, he added. Dogus Otomotiv represents 15 international brands – including Volkswagen, Audi, Porsche, Bentley, Lamborghini, Bugatti, SEAT, Skoda, Scania, Krone and Meiller – in the passenger car, light commercial vehicle, heavy transport commercial vehicle and industrial and marine engine segments.
It is the Turkish representative for VW Marine and Scania Engines in the industrial and marine engine markets, and for the Thermo King brand in the thermal-control systems sector. The automobile market of Iraq has been expected to boom after this significant venture in the country as opined by the financial analysts and experts.
The number of Turkish companies operating in the KRG, which was around 485 in 2009, tripled today to around 1500. This boost is actually a resultant of the close relationship between Turkey and Kurdistan region.

http://www.iraqdirectory.com/en/2013/07/16/24532/turkeys-dogus-to-open-an-automobile-firm-in-iraq.aspx