When Mohamed Al Hakim walked into his boss’s office in London in the summer of 2014 to submit his resignation, the TV was playing live coverage of ISIS fighters conquering major cities in Iraq’s north and west.
His boss’s eyes darted between Mr Al Hakim and the screen, struggling to make sense of what he was hearing.
“Are you sure you want to go to Iraq?” Mr Al Hakim recalls his boss’s astonished question. Yes. “Are you sure you’re not going to join the fight – on either side?”, the boss continued. A firm no.
Three months later, Mr Al Hakim left the stability of a real estate career in London to return to his native Iraq – a country spiralling into chaos at that time – to start his own business from scratch. It was not a hasty move; he had contemplated it for two years.
Eleven years on, that leap of faith has paid off. Today, Mr Al Hakim is the co-founder of the Abu Dhabi-based EQIQ, an Iraq-focused venture capital fund and venture builder, that is playing a major role in the country’s burgeoning entrepreneurship scene.
From FinTech and e-commerce to logistics, Iraqi tech-savvy entrepreneurs are reshaping how people shop, pay and do business. They are helping drive Iraq’s digital transformation as the country emerges from decades of war and instability.
Specific data on the size of the entrepreneurship sector in Iraq and how much it contributes to the local economy are not available.
However, according to global start-up research platform StartupBlink, Iraq’s entrepreneurship scene has improved with the country moving up one spot on its global ranking for 2025 to 118. It currently holds the 11th position in the Middle East. Baghdad is also among the top 1,000 cities in the world in the Global Startup Ecosystem Index 2025, with annual growth of 64.3 per cent, StartupBlink said.
I returned to Iraq to make a difference in the private sector and build something meaningful
Mohamed Al Hakim,
co-founder of Abu Dhabi-based EQIQ
“Iraq is a promising market and fertile ground that needs many services and projects,” Mr Al Hakim, 36, tells The National at his office in one of Baghdad’s newly built high-rise commercial buildings.
In 1998, his family left Iraq to move to Sweden, where his father had settled two years earlier. They joined a tide of migrants who fled Saddam Hussein’s dictatorial regime and harsh UN-imposed economic sanctions that followed his invasion on Kuwait. In 2008, he moved to the UK.
Mr Al Hakim launched his first venture in the tech space at 15, followed by two other ventures, at ages 17 and 19, before graduating from university. With a bachelor's degree in Economics, he started a career in investment banking with Goldman Sachs in 2010 and also worked with GreenOak Real Estate before transitioning to entrepreneurship.
In Iraq, he cofounded several ventures, including Ideal Financial Services, which created a digital wallet for the country’s largest money transfer company and Zain Iraq Islamic Bank, focused on financial inclusion through digital banking.
In 2018, he set up and led Careem’s operations in Iraq and later also served as the chief executive for its company's operations in Jordan and Iraq, until he left to establish EQIQ.
In January 2023, EQIQ completed its first close, raising $15 million from a consortium of local and regional investors. To date, the fund has deployed $8.5 million in five tech-focused ventures, including social commerce start-up, Fedshi, logistics app Boxy, e-commerce platform Wayl and edtech company Corrsy. The fifth is a digital bank that is not yet operational. EQIQ has committed to lead the funding round and take a 20 per cent stake in it.
Now, EQIQ is doubling its fund size from $15 million to $30 million to deepen its investments in Iraq’s digital economy. It aims to close the fund raise by the end of this year.
“The first $15 million was a market test,” Mr Al Hakim says. “We saw very positive results, so we are expanding the fund’s size to explore even greater opportunities in Iraq,” he added, saying that they are in talks with local and foreign investors.
“Today is best time in the 11 years I’ve spent in Iraq in terms in security and political stability which has positively impacted the entrepreneurship environment,” he said. He aims to increase the financial returns to investors by 10 folds in the next five years.
Iraq is one of the most oil-dependent countries in the world. Oil revenue have accounted for more than 90 per cent of the government’s budget.
Successive governments have been struggling with overcoming the high unemployment rate and diversifying economic growth. The country has a rapidly growing population, with the youth accounting for at least half of its nearly 45 million people.
The unprecedented political and security stability in the country over the past few years has encouraged authorities to launch a series of infrastructure projects and introduce reforms to improve the business environment. However, red tape, corruption and lack of modern laws still pose significant obstacles.
“In general, the country has changed over the past two years,” he said.
However, several challenges are still there, including that there is no law for establishing ventures in Iraq and that’s the reason for setting EQIQ up in Abu Dhabi's ADGM, he added. Others are the lack of data, mainly on the economy, and a limitation foreign company share in any Iraqi company that must not exceed 49 per cent.
"I returned to Iraq to make a difference in the private sector and build something meaningful," he said. "Today, we have the opportunity to start where others left off. We can adopt latest technologies and updates, and begin at an advanced stage."
Killing of Qassem Suleimani
COMPANY%20PROFILE%20
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Killing of Qassem Suleimani
UAE currency: the story behind the money in your pockets
What sanctions would be reimposed?
Under ‘snapback’, measures imposed on Iran by the UN Security Council in six resolutions would be restored, including:
- An arms embargo
- A ban on uranium enrichment and reprocessing
- A ban on launches and other activities with ballistic missiles capable of delivering nuclear weapons, as well as ballistic missile technology transfer and technical assistance
- A targeted global asset freeze and travel ban on Iranian individuals and entities
- Authorisation for countries to inspect Iran Air Cargo and Islamic Republic of Iran Shipping Lines cargoes for banned goods
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
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Killing of Qassem Suleimani
Stage 2 results
1 Caleb Ewan (AUS) Lotto Soudal 04:18:18
2 Sam Bennett (IRL) Deceuninck-QuickStep 00:00:02
3 Arnaud Demare (FRA) Groupama-FDJ 00:00:04
4 Diego Ulissi (ITA) UAE Team Emirates
5 Rick Zabel (GER) Israel Start-Up Nation
General Classification
1 Caleb Ewan (AUS) Lotto Soudal 07:47:19
2 Sam Bennett (IRL) Deceuninck-QuickStep 00:00:12
3 Arnaud Demare (FRA) Groupama-FDJ 00:00:16
4 Nikolai Cherkasov (RUS) Gazprom-Rusvelo 00:00:17
5 Alexey Lutsensko (KAZ) Astana Pro Team 00:00:19
Mohammed bin Zayed Majlis
Killing of Qassem Suleimani
The biog
Name: Marie Byrne
Nationality: Irish
Favourite film: The Shawshank Redemption
Book: Seagull by Jonathan Livingston
Life lesson: A person is not old until regret takes the place of their dreams
COMPANY%20PROFILE
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Killing of Qassem Suleimani
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Tips for job-seekers
- Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
- Make sure you are an exact fit for the job advertised. If you are an HR manager with five years’ experience in retail and the job requires a similar candidate with five years’ experience in consumer, you should apply. But if you have no experience in HR, do not apply for the job.
David Mackenzie, founder of recruitment agency Mackenzie Jones Middle East
if you go
The flights
Etihad and Emirates fly direct to Kolkata from Dh1,504 and Dh1,450 return including taxes, respectively. The flight takes four hours 30 minutes outbound and 5 hours 30 minute returning.
The trains
Numerous trains link Kolkata and Murshidabad but the daily early morning Hazarduari Express (3’ 52”) is the fastest and most convenient; this service also stops in Plassey. The return train departs Murshidabad late afternoon. Though just about feasible as a day trip, staying overnight is recommended.
The hotels
Mursidabad’s hotels are less than modest but Berhampore, 11km south, offers more accommodation and facilities (and the Hazarduari Express also pauses here). Try Hotel The Fame, with an array of rooms from doubles at Rs1,596/Dh90 to a ‘grand presidential suite’ at Rs7,854/Dh443.
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The Voice of Hind Rajab
Starring: Saja Kilani, Clara Khoury, Motaz Malhees
Director: Kaouther Ben Hania
Rating: 4/5
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Zayed Sustainability Prize
Match info
Bournemouth 0
Liverpool 4 (Salah 25', 48', 76', Cook 68' OG)
Man of the match: Andrew Robertson (Liverpool)
KILLING OF QASSEM SULEIMANI
ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
Overview
Cricket World Cup League Two: Nepal, Oman, United States tri-series, Tribhuvan University, Kathmandu
Fixtures
Wednesday February 5, Oman v Nepal
Thursday, February 6, Oman v United States
Saturday, February 8, United States v Nepal
Sunday, February 9, Oman v Nepal
Tuesday, February 11, Oman v United States
Wednesday, February 12, United States v Nepal
THE SPECS
GMC Sierra Denali 1500
Engine: 6.2-litre V8
Transmission: 10-speed automatic
Power: 420hp
Torque: 623Nm
Price: Dh232,500
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The biog
Favourite Emirati dish: Fish machboos
Favourite spice: Cumin
Family: mother, three sisters, three brothers and a two-year-old daughter
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
Zayed Sustainability Prize
The specs
Engine: 2.0-litre 4-cylinder turbo
Power: 240hp at 5,500rpm
Torque: 390Nm at 3,000rpm
Transmission: eight-speed auto
Price: from Dh122,745
On sale: now
'Project Power'
Stars: Jamie Foxx, Joseph Gordon-Levitt, Dominique Fishback
Director: Henry Joost and Ariel Schulman
Rating: 3.5/5
UAE currency: the story behind the money in your pockets
UAE%20ILT20
%3Cp%3E%3Cstrong%3EMarquee%20players%3A%3C%2Fstrong%3E%0D%3Cbr%3EMoeen%20Ali%2C%20Andre%20Russell%2C%20Dawid%20Malan%2C%20Wanindu%20Hasiranga%2C%20Sunil%20Narine%2C%20Evin%20Lewis%2C%20Colin%20Munro%2C%20Fabien%20Allen%2C%20Sam%20Billings%2C%20Tom%20Curran%2C%20Alex%20Hales%2C%20Dushmantha%20Chameera%2C%20Shimron%20Hetmyer%2C%20Akeal%20Hosein%2C%20Chris%20Jordan%2C%20Tom%20Banton%2C%20Sandeep%20Lamichhane%2C%20Chris%20Lynn%2C%20Rovman%20Powell%2C%20Bhanuka%20Rajapaksa%2C%20Mujeeb%20Ul%20Rahman%0D%3Cbr%3E%3Cstrong%3EInternational%20players%3A%3C%2Fstrong%3E%0D%3Cbr%3ELahiru%20Kumara%2C%20Seekugge%20Prassanna%2C%20Charith%20Asalanka%2C%20Colin%20Ingram%2C%20Paul%20Stirling%2C%20Kennar%20Lewis%2C%20Ali%20Khan%2C%20Brandon%20Glover%2C%20Ravi%20Rampaul%2C%20Raymon%20Reifer%2C%20Isuru%20Udana%2C%20Blessing%20Muzarabani%2C%20Niroshan%20Dickwella%2C%20Hazaratullah%20Zazai%2C%20Frederick%20Klassen%2C%20Sikandar%20Raja%2C%20George%20Munsey%2C%20Dan%20Lawrence%2C%20Dominic%20Drakes%2C%20Jamie%20Overton%2C%20Liam%20Dawson%2C%20David%20Wiese%2C%20Qais%20Ahmed%2C%20Richard%20Gleeson%2C%20James%20Vince%2C%20Noor%20Ahmed%2C%20Rahmanullah%20Gurbaz%2C%20Navin%20Ul%20Haq%2C%20Sherfane%20Rutherford%2C%20Saqib%20Mahmood%2C%20Ben%20Duckett%2C%20Benny%20Howell%2C%20Ruben%20Trumpelman%0D%3Cbr%3E%3C%2Fp%3E%0A
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Conversions: B Barrett
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Penalties: Farrell (4), Daly
Farage on Muslim Brotherhood
Nigel Farage told Reform's annual conference that the party will proscribe the Muslim Brotherhood if he becomes Prime Minister.
"We will stop dangerous organisations with links to terrorism operating in our country," he said. "Quite why we've been so gutless about this – both Labour and Conservative – I don't know.
“All across the Middle East, countries have banned and proscribed the Muslim Brotherhood as a dangerous organisation. We will do the very same.”
It is 10 years since a ground-breaking report into the Muslim Brotherhood by Sir John Jenkins.
Among the former diplomat's findings was an assessment that “the use of extreme violence in the pursuit of the perfect Islamic society” has “never been institutionally disowned” by the movement.
The prime minister at the time, David Cameron, who commissioned the report, said membership or association with the Muslim Brotherhood was a "possible indicator of extremism" but it would not be banned.
Scoreline:
Cardiff City 0
Liverpool 2
Wijnaldum 57', Milner 81' (pen)
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HWJN
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