Faruk Holding
Faruk Holding is a privately held Iraqi conglomerate operating 24 companies across 13 sectors including telecommunications (Asiacell, 19M+ subscribers), cement manufacturing (~18,700 tons/day combined), healthcare, hospitality, insurance, and financial services, serving consumers, enterprises, and government clients primarily in Kurdistan Region and Iraq.
- Company typePrivate
- Founded2008
- HeadquartersSulaimani, Iraq
- Headcount5,001–10,000
- GTM typeB2B and B2C
- OfferingServices
What Faruk Holding does
Faruk Holding, also operating as Faruk Investment Group (FIG), is a privately held diversified investment conglomerate headquartered in Sulaimani, Kurdistan Region of Iraq, founded in 2008 by entrepreneur Mr. Faruk Mustafa Rasool, who has more than 40 years of trading and investment experience. The group operates 24 wholly-owned subsidiary companies across 13 sectors, employing 7,000+ people. Its business model is a holding-company structure: each subsidiary operates as an independent branded entity with its own management, while the parent allocates capital across verticals and facilitates cross-subsidiary synergies such as waste-to-fuel supply from Asia Al-Taqa Al-Mutajadida to in-house cement factories and telecom-tower manufacturing by Azady Industries for Asiacell.
Core operations span telecommunications (Asiacell, with 19+ million subscribers and 99.06% population coverage of Iraq; Sevennet with 150,000+ subscribers; and IraqCom for IT/VAS), cement manufacturing (Tasluja Cement at 6,400 tons/day, Gasin Cement at 5,300 tons/day, and Bazian Cement at ~7,000 tons/day clinker — totaling approximately 18,700 tons/day combined capacity), healthcare (Faruk Medical City with 210 beds, 190 physicians, 25 specialized clinics, and 11 operating theaters; Rasan Pharmaceutical producing IV solutions and sterile injectables to USFDA and cGMP standards), hospitality (Grand Millennium Sulaimani, Millennium Kurdistan Hotel, Copthorne Baranan, and Ashur Resort totaling 564 rooms), financial services (AsiaPay with 5,000+ POS terminals and 50+ agents; Asia Insurance with 15% market share in Iraqi insurance and 40% of the private segment), real estate (Kurd Towers with 380 luxury apartments across 33 floors at 175m; Baran Complex), construction (Zarya Construction), and manufacturing (Asia Aluminum/IRALEX and Azady Industries).
Revenue mechanics combine subscription and recurring streams (telecommunications subscribers, insurance premiums, hotel rooms), transaction-based streams (Asia Pay transaction fees, Asia Air bookings), and one-time project sales (cement, real estate, manufactured goods). Distribution is direct across B2C telecom retail, hotel direct booking, B2B cement supply, and POS/agent networks. The group is actively expanding into renewable energy (planned 150-250 MW solar plant) and large-scale mixed-use tourism (Dukan Lake City spanning 2.4 million sqm). Strategic positioning emphasizes first-mover achievements in Iraq including the first liver transplant program, first American Heart Association training site, and first Oracle authorized education supplier, while maintaining exclusive Ministry of Health of Kurdistan Region approval for liver transplant surgery at Faruk Medical City.
Faruk Holding firmographics
Firmographics- Name
- Faruk Holding
- Legal name
- Faruk Investment Group Company/Limited
- Website
- https://farukholding.com
- Company type
- Private
- Founded year
- 2008
- Operating status
- Operating
- Headcount range
- 5,001–10,000 employees
- Short description
- Faruk Holding is a privately held Iraqi conglomerate operating 24 companies across 13 sectors including telecommunications (Asiacell, 19M+ subscribers), cement manufacturing (~18,700 tons/day combined), healthcare, hospitality, insurance, and financial services, serving consumers, enterprises, and government clients primarily in Kurdistan Region and Iraq.
- Ownership category
- akta.pro rank
Where Faruk Holding is headquartered
LocationHeadquarters
- HQ city
- Sulaimani
- HQ country
- Iraq
- HQ region
- Middle East
Offices11 records
Markets served
Faruk Holding business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Supply Chain, Infrastructure, Technology or R&D, Marketing or Sales
Revenue model
- Telecommunications Services: Asiacell, Sevennet, and IraqCom generate revenue through mobile subscriptions, data plans, internet services, and VAS (Value Added Services) for individual consumers and enterprise clients.
- Cement Manufacturing: Tasluja Cement, Gasin Cement, and Bazian Cement produce and sell cement products for construction projects, serving both commercial builders and individual customers.
- Healthcare Services: Faruk Medical City generates revenue from patient care services across 25 specialized clinics, 210 beds, 190 physicians, with liver transplant surgery partnerships. Rasan Pharmaceutical sells IV solutions and sterile medicines to hospitals and healthcare centers.
- Hospitality Services: Grand Millennium Sulaimani (253 rooms), Millennium Kurdistan Hotel (135 rooms), Copthorne Baranan (78 rooms), and Ashur Resort (98 rooms) generate revenue from hotel accommodations, dining, and events.
- Insurance Premiums: Asia Insurance collects premiums across property, accident, engineering, energy, aviation, travel, marine, automotive, and health insurance categories. Written premiums reach 46 billion Iraqi dinars with 15% market share in Iraqi insurance.
- Financial Services Transaction Fees: Asia Pay generates revenue through transaction fees from electronic wallets, bill payments, salary disbursements, money transfers, and commercial payments across its network.
- Real Estate Sales: Kurd Towers (380 luxury apartments) and Baran Complex (300 apartments of 247 sqm each) generate revenue from property sales. Construction by Zarya Construction Company.
- Manufacturing Sales: Asia Aluminum produces aluminum profiles and sandwich panels for construction. Azady Industries manufactures telecom towers, steel structures, and industrial parts for B2B clients.
- Travel and Tourism Services: Asia Air provides travel advisory services, flight bookings, and tourism packages for corporate and leisure travelers in Kurdistan Region and Iraq.
Go-to-market motion1 record
Distribution channels8 records
Marketing channels6 records
Faruk Holding product offering
Product offeringCore offering
Faruk Holding (Faruk Investment Group) is a privately held diversified investment conglomerate that owns and operates 24 subsidiary companies across 13 sectors in Iraq and the Kurdistan Region, including cement manufacturing, mobile telecommunications, healthcare delivery and pharmaceuticals, hospitality, financial services and digital payments, insurance, travel, real estate, construction, environmental services, and industrial manufacturing.
Product overview
Faruk Investment Group (Faruk Holding) is a diversified investment conglomerate operating as a platform of 24 subsidiary companies across 13 sectors in Iraq and the Kurdistan Region. The portfolio spans cement manufacturing (Gasin Cement, Tasluja Cement, Bazian Cement), telecommunications (Asiacell, Sevennet, IraqCom), medical services (Faruk Medical City, Rasan Pharmaceutical), hospitality and leisure (Grand Millennium Sulaimani, Millennium Kurdistan Hotel, Copthorne Hotel Baranan, Ashur Resort), environmental and renewable energy services (Asia Al-Taqa Al-Mutajadida/EcoCem), financial services (AsiaPay), insurance (Asia Insurance), travel and tourism (Asia Air), real estate (Kurd Towers, Baran Complex), construction (Zarya Construction), manufacturing (Asia Aluminum/IRALEX, Azady Industries), and future projects (Solar Plant, Dukan Lake City). The group is not a unified software platform but rather a holding company overseeing independently operating subsidiary brands across industrial, services, and infrastructure sectors.
Differentiator
Problem solved
Functional benefit
Products and services
- Asiacell A telecommunications company providing mobile services across Iraq, serving individual consumers and enterprise clients with mobile voice, data, and value-added services.
- Sevennet (Goran Net 4.5G+) An internet service provider offering high-speed internet services in the Kurdistan Region through SIM cards, CPE, and MiFi devices to residential and business customers.
- IraqCom An IT solutions and mobile value-added services (VAS) company serving Iraq's public and private sectors with content, technology services, and SME software solutions.
- Faruk Medical City (FMC) A multi-specialty hospital in Sulaimani providing comprehensive healthcare services including liver transplant surgery, with 25 specialized clinics, 210 beds, and 190 physicians.
- Rasan Pharmaceutical A pharmaceutical manufacturer producing high-quality intravenous solutions, sterile injectable medicines, oral solutions, and eye drops for hospitals and healthcare centers.
- Gasin Cement Company A cement manufacturing company producing dry-process OPC, SRC, and limestone-added cement types with a daily production capacity of 5,300 tons.
- Tasluja Cement Company A cement manufacturer producing Portland limestone cement, sulfate-resistant cement, and ordinary Portland cement with a daily capacity of 6,400 tons.
- Bazian Cement Company A cement manufacturer producing high-quality clinker and cement at 7,000 tons per day, recognized as a leading cement brand in Iraq.
- Grand Millennium Sulaimani A five-star luxury hotel on a hill in Sulaimani offering 253 guest rooms, banquet hall capacity for 700 people, multiple dining options, and recreational facilities including tennis, squash, and yoga.
- Millennium Kurdistan Hotel A five-star luxury hotel and spa on the Malik Mahmud ring road in Sulaimani offering 135 luxury rooms plus apartments and suites for long stays.
- Copthorne Hotel Baranan A four-star hotel in the Sargadnar area of Sulaimani near the airport and exhibition center, offering 78 rooms to business and leisure travelers.
- Ashur Resort A five-star water sports resort on the shores of Dukan Lake in Sulaimani, offering 98 rooms, suites, and chalets with water sports activities.
- Asia Al-Taqa Al-Mutajadida (EcoCem) A sustainable waste management company processing up to 500,000 tons of municipal solid waste annually to produce Refuse Derived Fuel (RDF) for cement factories.
- AsiaPay A digital financial services company providing electronic payment solutions including e-wallets, bill payments, salary disbursements, money transfers, and commercial payments across Iraq.
- Asia Insurance An insurance company offering comprehensive coverage across property, accident, engineering, energy, aviation, travel, marine, motor, and health insurance lines, with 15% market share in Iraqi insurance and 40% private sector share.
- Asia Air A travel and tourism company providing travel advisory services and booking solutions for business and leisure travelers in the Kurdistan Region and Iraq.
- Kurd Towers A luxury residential real estate project on Salim Street in Sulaimani consisting of two 175-meter tall towers with 33 floors each, offering 380 three-bedroom luxury apartments.
- Baran Complex A luxury residential complex in Sulaimani consisting of three towers of 26 floors each, offering 294 luxury units including 288 apartments and 6 penthouse suites.
- Zarya Construction Company A construction company offering engineering design, structural management, construction, and maintenance services for infrastructure, energy, and private sector projects.
- Asia Aluminum (IRALEX) A leading aluminum profile and sandwich panel manufacturer producing extruded aluminum profiles, custom windows and doors, and thermal/acoustic insulated panels using advanced extrusion, powder coating, and oxidation technologies.
- Azady Industries An industrial manufacturer providing telecommunications tower infrastructure, telecom shelter and steel structures, oil and gas facilities, precision steel structures, and industrial parts.
Quantifiable outcome
- Asiacell covers 99.06% of Iraq population with 19+ million subscribers
- +5 more outcomes
Companies that use Faruk Holding
Customer profileNamed customers13 records
Segments7 records
Ideal customer profiles6 records
Faruk Holding technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature4 records
Faruk Holding partnerships and signals
Strategic signalPartnerships
13 partnerships are on record, tiered core and minor.
- Aster Healthcare CompanycoreFaruk Medical City partnered with Aster Healthcare Company to introduce liver transplant surgery in Kurdistan and Iraq for the first time. A scientific symposium was held in Baghdad on August 25, 2023 to announce the partnership. Faruk Medical City is the only hospital approved by the Ministry of Health of Kurdistan Region to perform liver transplant surgery.
- King Hussein Cancer CentercorePartnership with King Hussein Cancer Center in the opening of the first American Heart Association (AHA) affiliated life support training facility in Kurdistan and Iraq at Faruk Medical City. Representatives attended the opening ceremony alongside Mr. Faruk Mustafa Rasool.
- Sulaimani MunicipalitycoreAsia Al-Taqa Al-Mutajadida collaborates with Sulaimani Municipality for municipal solid waste treatment and RDF supply to cement factories. The partnership addresses waste management challenges affecting the city's environment and future.
- American Heart Association (AHA)coreFaruk Medical City opened the first AHA-affiliated life support training site in Kurdistan and Iraq. Participants receive AHA-approved certificates upon course completion.
- Swiss RecoreAsia Insurance partners with Swiss Re for reinsurance, one of the largest reinsurance companies globally, ensuring highest levels of safety and protection for customers.
- Munich RecoreAsia Insurance partners with Munich Re for reinsurance, providing additional security and capacity for insurance coverage across Iraq.
- Gasin Cement CompanyminorAsia Al-Taqa Al-Mutajadida supplies Refuse Derived Fuel (RDF) produced from waste treatment to Gasin Cement Company for use as alternative fuel in cement production.
- Bazian Cement CompanyminorAsia Al-Taqa Al-Mutajadida supplies RDF to Bazian Cement Company, contributing to reduced fossil fuel dependence in cement manufacturing.
- UN AgenciescoreAsia Pay has established strategic partnerships with UN agencies for financial services deployment across Iraq.
- NGOs and Government BodiescoreAsia Pay provides financial solutions to NGOs and government entities, offering salary disbursements and payment services.
- Sulaimaniyah CourtminorBaran Complex is strategically located behind Sulaymaniyah Court in Shakarka neighborhood, increasing accessibility and proximity to government services.
- Hiwa HospitalcoreMillennium Hotels partnership with Hiwa Hospital for Pink October breast cancer awareness campaign. Donations collected from guests are delivered directly to Hiwa Hospital for breast cancer treatment support.
- Sulaimaniyah Medical CollegecoreFaruk Medical City partnered with Sulaimaniyah Medical College for a dedicated day on liver transplant in Iraq on May 29, 2025. The partnership aims to develop sustainable medical projects and improve healthcare sector quality.
Scale indicators26 records
Recent moves9 records
Expansion highlights6 records
Faruk Holding competitors and assessment
Company assessmentDirect peers
- Korek Telecom: Korek Telecom is Iraq's third major mobile operator and a direct competitor to Asiacell. Comparable because it serves the same Iraqi consumer and enterprise segments with overlapping 3G/4G mobile and data services.
- Asiacell competitors — Zain Iraq: Zain Iraq is one of Iraq's three major mobile operators and a direct competitor to Faruk Holding's Asiacell subsidiary, competing for the same 40M+ population of mobile subscribers with overlapping 4G/LTE coverage.
Broad incumbents
- Turkey-based diversified holding peers (e.g., Sabancı Holding): Sabancı Holding is a Turkish diversified conglomerate with operations across cement, insurance, telecom, and industrials. Comparable to Faruk Holding as a multi-sector industrial conglomerate template in the broader MENA region.
- Gulf-based diversified holding peers (e.g., Al Rajhi Holding): Al Rajhi Holding is a Middle Eastern conglomerate spanning contracting, manufacturing, and trading. Comparable to Faruk Holding in operating model (multi-sector holding) although larger scale and broader geographic reach.
- Lafarge Iraq / Holcim Iraq: Holcim (and its regional Lafarge legacy) operates cement production assets across the Middle East including Iraq. Comparable to Faruk Holding's Tasluja, Gasin, and Bazian cement subsidiaries as a global incumbent cement producer.
Others
- Regional telecom-tower infrastructure peers (e.g., Kuwait's zain Towers / Helios): Tower infrastructure specialists supporting MNO operators. Comparable to Azady Industries' telecom tower manufacturing business as an adjacent infrastructure supplier to the regional telecom ecosystem.
Emerging players
- Saudi Enaya Cooperative Insurance / Gulf Insurance peers: Regional health and general insurance carriers operating with international reinsurance partners. Comparable to Faruk Holding's Asia Insurance in product mix and reinsurance-backed underwriting model.
Regional players
- Ameen Group: A diversified Iraqi conglomerate with telecom (Kalimat), insurance, and consumer operations. Comparable to Faruk Holding through cross-sector conglomerate structure in the Iraqi market.
- Iraqi Cement State Companies: Iraqi state-owned cement producers (e.g., Iraqi Cement State Co.) compete directly with Faruk Holding's three cement plants. Comparable because they operate in the same domestic cement market with overlapping product lines (OPC, SRC).
- Kurdistan-based diversified holdings (e.g., KAR Group): KAR Group is another major diversified Iraqi/Kurdish conglomerate with operations across oil services, construction, and consumer industries. Comparable to Faruk Holding as a peer Iraqi diversified industrial platform serving the same geography.
Market position
Strengths5 records
Weaknesses4 records
Competitive moat5 records
Key risks5 records
Key highlights6 records
Customer concentration
Faruk Holding social profiles
Digital presenceFaruk Holding compliance and trust
Trust signalCompliance4 records
Faruk Holding financial estimates
Financial estimateRevenue estimate
Valuation estimate
Faruk Holding leadership team
Management profileNumber of profiles
Profiles5 records
Faruk Holding subsidiaries and ownership
Company hierarchySubsidiaries23 records
Faruk Holding funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Faruk Holding M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Faruk Holding
What does Faruk Holding do?
Faruk Holding (Faruk Investment Group) is a privately held diversified investment conglomerate that owns and operates 24 subsidiary companies across 13 sectors in Iraq and the Kurdistan Region, including cement manufacturing, mobile telecommunications, healthcare delivery and pharmaceuticals, hospitality, financial services and digital payments, insurance, travel, real estate, construction, environmental services, and industrial manufacturing.
Is Faruk Holding a public or private company?
Faruk Holding is a private company. It is classified as family owned and is currently operating.
When was Faruk Holding founded?
Faruk Holding was founded in 2008. It employs 5,001 to 10,000 people.
Where is Faruk Holding based?
Faruk Holding is headquartered in Sulaimani, Iraq, in the Middle East region.
How does Faruk Holding make money?
Nine revenue lines are on record. Telecommunications Services are the primary driver. The others are cement Manufacturing, healthcare Services, hospitality Services, insurance Premiums, financial Services Transaction Fees, real Estate Sales, manufacturing Sales and travel and Tourism Services.
Who are Faruk Holding's main competitors?
Direct peers on record are Korek Telecom and Asiacell competitors — Zain Iraq. Broad incumbents are Turkey-based diversified holding peers (e.g., Sabancı Holding), Gulf-based diversified holding peers (e.g., Al Rajhi Holding) and Lafarge Iraq / Holcim Iraq. Regional telecom-tower infrastructure peers (e.g., Kuwait's zain Towers / Helios) is listed as an others. Saudi Enaya Cooperative Insurance / Gulf Insurance peers is listed as an emerging player. Regional players are Ameen Group, Iraqi Cement State Companies and Kurdistan-based diversified holdings (e.g., KAR Group).
Does Faruk Holding have an API?
No public API is recorded for Faruk Holding.