DIYARBAKIR, Turkey — Mosul, once Iraq’s second most populous city, is divided by the Tigris River, but its parks, bridges and walking paths along the river help east blend with west. Mosul was able to survive all the battles and upheavals of Iraq — until it was occupied by the Islamic State (IS).

IS captured the city in June 2014 and remained there for three years. It was finally ousted in July by the Iraqi army and Kurdish forces, with the air support of an international coalition. True, IS was totally eliminated there, but nothing remained of historic Mosul except rubble. As much as 80% of the city was leveled by aerial bombings. The people of Mosul are now crying for their dead relatives and friends while officials try to accommodate the living.

What is needed most is money. Iraq’s Planning Ministry has estimated $100 billion is needed to reconstruct areas liberated from IS. Some business circles, however, say much more is needed, noting $50 million is required just to repair the airport. This massive business opportunity generated worldwide interest. First to take action was Kurdish businesswomen Muazzez Baktas, who has been active in the construction sector of Iraq's Kurdish region for many years. Baktas set up the first company for Mosul's reconstruction.

“The reconstruction work is enormous," she told Al-Monitor. "Mosul has to be rebuilt from zero. We are active in construction with our headquarters in London and offices in Mosul and Erbil. There is an enticing jackpot that attracted major companies. It is particularly inviting for Turkey. I can’t estimate how big this jackpot is, but 80% of the city is leveled — you can guess.”