Iraq is pitching itself as a rising investment hub in the turbulent region after years of instability and sluggish economic reforms, with more than $100 billion pledged for investment since early 2023.
About $64 billion has come from foreign investors and $38.6 billion from domestic companies, Haider Makiya, chairman of the National Investment Commission, told The National.
“Iraq is a fertile ground for investment projects,” Mr Makiya said. The government is planning to add a further $100 billion in investment projects in the next two years.
Decades of war, UN-imposed economic sanctions, instability, corruption and mismanagement have derailed growth in Iraq, despite it being the second-largest oil producer in Opec. The country has a rapidly growing population, with under-25s accounting for at least half of its nearly 45 million people.
In 2006, Iraq endorsed for the first time its landmark investment law but progress was hindered by chronic political instability, civil war, weak infrastructure and cumbersome bureaucracy.
The unprecedented political and security stability in the country since late 2022, when the government of Mohammed Shia Al Sudani took over, has encouraged authorities to launch infrastructure projects and introduce reforms to improve the business environment.
Iraq is building sprawling residential complexes, hotels, shopping malls and new roads, upgrading airports and ports, modernising its agriculture, and strengthening trade ties with neighbours and the West.
NIC has adopted several administrative reforms and eased bureaucracy, such as reducing the period for issuing visas to 24-48 hours from up to 10 days, Mr Makiya said. A set of amendments to the Investment Law that address different issues has been prepared and sent to parliament for approval. However, the issuance the investment licence still takes two to three months due to a lack of co-operation with other ministries, he added.
Last year, in a significant milestone, Iraq signed the UN Convention on International Settlement Agreements Resulting from Mediation, known as Singapore Convention, to attract foreign investors.
The Convention eases the enforcement of mediated settlement agreements, paving the way for enhanced international trade and commerce between countries.
It aims to strengthen Iraq's legal framework for dispute resolution, making the country a more attractive destination for foreign investment by providing a predictable, efficient and amicable process for resolving international commercial disputes.
As Iraq joined that Convention, a “red light switched off and a green one switched on for the investors”, Mr Makiya said.
“We hope that with 10 more years of stability in Iraq, the situation will look more promising,” he added. He expressed optimism that the country will emerge as a major investment hub in the region given its location, resources and vast needs.
The most sought-after projects investors are focusing on are in energy, industry, agriculture and housing, he said. “We are looking for projects that serve as the cornerstone for the infrastructure,” he said, adding that the country needs at least one trillion dollars of investment in infrastructure.
On housing projects, about 660,000 new units are either complete or under construction across Iraq, excluding the semi-autonomous Kurdistan Region in the north, he said. That is still far from the three million needed.
Iraq has also secured significant projects in energy with international companies in recent months.
UK energy company BP signed a deal this year to develop several oilfields in Kirkuk with at least 7 billion barrels of reserves. It will spend more than $25 billion during the course of the project in Kirkuk to boost production to 420,000 barrels per day from the current 300,000 bpd, capture and treat 400 million cubic feet per day of associated gas, and build a power station and solar power plant.
In May, Iraq signed a multibillion, fully integrated energy project in the southern province of Basra, with a consortium that includes Chinese company Geo-Jade and Iraqi company Hilal Al Basra (Crescent Basra) that will combine upstream oil and gas production with downstream refining, petrochemicals and power generation.
In 2023, Iraq signed a deal worth $27 billion with French company TotalEnergies to develop oil and gas as well as renewable energy projects in the south. Several other deals have been signed with companies from the US, Europe and the Gulf.
Investment in Iraq will definitely be impacted by any conflict in the region, and we hope Iraq stays out of it
Haider Makiya,
chairman of National Investment Commission
Some of those leading Iraq's government have pushed for a major economic integration project known as the Development Road – a $17-billion project that will connect Iraq’s southern Gulf ports to Turkey. Iraq, Turkey, Qatar and the UAE have signed a preliminary agreement for joint co-operation on the project. As part of the initiative, a high-speed road and rail link, running from Iraq's port city of Basra on the Gulf to the Turkish border and later to Europe, will also be extended.
The New York-based Oliver Wyman is providing financial and economic advisory services and is preparing an economic study and model for the project, Mr Makiya said, adding that the final report is expected to be finalised in two to three months.
The initial plan is to implement the project in phases by dividing it into sectors, and economic and industrial areas will be established in different areas along the road, he said. The project will be managed by a new company or commission to be established by a separate law with more powers.
Turkey, Qatar and the UAE are still “interested in this project and [we are] just waiting [for] the final report,” he said without giving more details.
The country is also eyeing an ambitious plan to establish advanced data centres in Iraq and extend optical cable to neighbouring countries to enhance Iraq's strategic geographic position as a regional connectivity hub, he added.
The National Investment Commission is also planning an international conference in Baghdad on September 27 and 28 in which it will offer more than 100 investment opportunities, he said. That event was initially scheduled for June but was called off when the Israel-Iran war broke out.
“Investment in Iraq will definitely be impacted by any conflict in the region, and we hope Iraq stays out of it,” Mr Makiya said.
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.
UAE currency: the story behind the money in your pockets
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KILLING OF QASSEM SULEIMANI
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THE BIO: Martin Van Almsick
Hometown: Cologne, Germany
Family: Wife Hanan Ahmed and their three children, Marrah (23), Tibijan (19), Amon (13)
Favourite dessert: Umm Ali with dark camel milk chocolate flakes
Favourite hobby: Football
Breakfast routine: a tall glass of camel milk
Brief scores:
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Armstrong 13', Soares 20'
Manchester United 2
Lukaku 33', Herrera 39'
Mohammed bin Zayed Majlis
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Why it pays to compare
A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.
Route 1: bank transfer
The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.
Total cost: Dh567.25 - around 2.9 per cent of the total amount
Total received: €4,670.30
Route 2: online platform
The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.
Total cost: Dh74.10, around 0.4 per cent of the transaction
Total received: €4,756
The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.
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Price: base / as tested: From Dh632,225
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THE POPE'S ITINERARY
Sunday, February 3, 2019 - Rome to Abu Dhabi
1pm: departure by plane from Rome / Fiumicino to Abu Dhabi
10pm: arrival at Abu Dhabi Presidential Airport
Monday, February 4
12pm: welcome ceremony at the main entrance of the Presidential Palace
12.20pm: visit Abu Dhabi Crown Prince at Presidential Palace
5pm: private meeting with Muslim Council of Elders at Sheikh Zayed Grand Mosque
6.10pm: Inter-religious in the Founder's Memorial
Tuesday, February 5 - Abu Dhabi to Rome
9.15am: private visit to undisclosed cathedral
10.30am: public mass at Zayed Sports City – with a homily by Pope Francis
12.40pm: farewell at Abu Dhabi Presidential Airport
1pm: departure by plane to Rome
5pm: arrival at the Rome / Ciampino International Airport
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Key products and UAE prices
iPhone XS
With a 5.8-inch screen, it will be an advance version of the iPhone X. It will be dual sim and comes with better battery life, a faster processor and better camera. A new gold colour will be available.
Price: Dh4,229
iPhone XS Max
It is expected to be a grander version of the iPhone X with a 6.5-inch screen; an inch bigger than the screen of the iPhone 8 Plus.
Price: Dh4,649
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COMPANY PROFILE
Company name: Letstango.com
Started: June 2013
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Industry: e-commerce
Initial investment: Dh10 million
Investors: Self-funded
Total customers: 300,000 unique customers every month
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HIJRA
Starring: Lamar Faden, Khairiah Nathmy, Nawaf Al-Dhufairy
Director: Shahad Ameen
Rating: 3/5
