Gulf companies and their multinational counterparts are looking for opportunities in Iraq as research suggests people there are more concerned about jobs and the quality of their lives than the security issues that had deterred investment there.
A young and consumer-savvy population is attracting greater attention from consumer-goods companies, in particular.
The soft drinks and snack foods giant PepsiCo is targeting further expansion in Iraq this year, having already achieved double-digit growth in the past year.
"Iraq has one of the youngest populations in the Middle East," said Anton Botha, a finance manager with PepsiCo in Dubai.
"The market is small at the moment but there's good growth opportunities and in 10 years' time as a global company you don't want to be in the Middle East and not in Iraq."
Openings are also emerging for petrochemical suppliers as demand grows from Iraq's increasingly active industrial and energy industries
"Iraq is a newer market but it is one of our growth areas we are focusing on as there's plenty of potential as the industrial and automotive sector develops," said Ziad Soussou, the regional sales manager at Shell Lubricants, which is part of Shell Markets Middle East based in Dubai.
Shell Lubricants has been building its presence in Iraq over the past five years, having used a local partner to distribute lubricants, grease and fluids to the power sector.
Oil services and tourism are the two areas where Emirati businessmen are looking to invest in Iraq, said Azos Rashid, the chief executive of the Baghdad-based conglomerate Sarasin Group and a former Iraqi government official.
"The UAE has been a hub for international companies but that focus is changing and Emirati businessmen are looking to put capital into Iraq," he said.
The Iraqi government is loosening its hold on developing the country's vast oilfields by gradually inviting foreign oil majors to bid for production contracts. With exploration not yet complete in more than four fifths of the country, industry experts believe Iraq may yet prove to hold more crude than top-producing nation Saudi Arabia.
With foreign airlines launching direct flights to Iraq and global hoteliers starting to open hotels, the country is also looking to entice tourists.
In another sign that the economy is starting to take centre stage over security in Iraq, the Middle East arm of the UK pollster YouGov published a report yesterday showing economic problems were more of a concern to Iraqis than security.
A total of 36 per cent of the Iraqis it surveyed said economic problems were the biggest issue they faced, as opposed to 16 per cent of respondents who said security was their greatest concern. Unemployment (21 per cent) and financial insecurity (15 per cent) were the biggest anxieties of those Iraqis who said economic issues were their main problem.
Estimates suggest that unemployment in Iraq is running at between 30 and 40 per cent.
"As security conditions improve, the economy takes centre stage. People want jobs, decent services and the improvements to quality of life that these things provide," said Stefan Kaszubowski, the managing director YouGov special projects, who headed the research.
Their research also suggested their were opportunities for foreign companies in Iraq in the internet and mobile phone sectors.
Only 22 per cent of respondents said they used the internet. This compares with internet penetration of 61 per cent in the UAE.
The research also showed there are 58 mobile subscribers in Iraq per 100 inhabitants, compared to 209 per 100 inhabitants in the UAE.
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VEZEETA PROFILE
Date started: 2012
Founder: Amir Barsoum
Based: Dubai, UAE
Sector: HealthTech / MedTech
Size: 300 employees
Funding: $22.6 million (as of September 2018)
Investors: Technology Development Fund, Silicon Badia, Beco Capital, Vostok New Ventures, Endeavour Catalyst, Crescent Enterprises’ CE-Ventures, Saudi Technology Ventures and IFC
The specs: 2018 Genesis G70
Price, base / as tested: Dh155,000 / Dh205,000
Engine: 3.3-litre, turbocharged V6
Gearbox: Eight-speed automatic
Power: 370hp @ 6,000rpm
Torque: 510Nm @ 1,300rpm
Fuel economy, combined: 10.6L / 100km
The specs
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Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
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Director: Hwang Dong-hyuk
Stars: Lee Jung-jae, Wi Ha-joon and Lee Byung-hun
Rating: 4.5/5
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The specs: 2018 Mercedes-AMG C63 S Cabriolet
Price, base: Dh429,090
Engine 4.0-litre twin-turbo V8
Transmission Seven-speed automatic
Power 510hp @ 5,500rpm
Torque 700Nm @ 1,750rpm
Fuel economy, combined 9.2L / 100km
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Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
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Anxiety and work stress major factors
Anxiety, work stress and social isolation are all factors in the recogised rise in mental health problems.
A study UAE Ministry of Health researchers published in the summer also cited struggles with weight and illnesses as major contributors.
Its authors analysed a dozen separate UAE studies between 2007 and 2017. Prevalence was often higher in university students, women and in people on low incomes.
One showed 28 per cent of female students at a Dubai university reported symptoms linked to depression. Another in Al Ain found 22.2 per cent of students had depressive symptoms - five times the global average.
It said the country has made strides to address mental health problems but said: “Our review highlights the overall prevalence of depressive symptoms and depression, which may long have been overlooked."
Prof Samir Al Adawi, of the department of behavioural medicine at Sultan Qaboos University in Oman, who was not involved in the study but is a recognised expert in the Gulf, said how mental health is discussed varies significantly between cultures and nationalities.
“The problem we have in the Gulf is the cross-cultural differences and how people articulate emotional distress," said Prof Al Adawi.
“Someone will say that I have physical complaints rather than emotional complaints. This is the major problem with any discussion around depression."
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Power: 1500hp
Torque: 1600Nm
Price: Dh13,400,000
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Starring: Jack Black, Jennifer Coolidge, Jason Momoa
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The more serious side of specialty coffee
While the taste of beans and freshness of roast is paramount to the specialty coffee scene, so is sustainability and workers’ rights.
The bulk of genuine specialty coffee companies aim to improve on these elements in every stage of production via direct relationships with farmers. For instance, Mokha 1450 on Al Wasl Road strives to work predominantly with women-owned and -operated coffee organisations, including female farmers in the Sabree mountains of Yemen.
Because, as the boutique’s owner, Garfield Kerr, points out: “women represent over 90 per cent of the coffee value chain, but are woefully underrepresented in less than 10 per cent of ownership and management throughout the global coffee industry.”
One of the UAE’s largest suppliers of green (meaning not-yet-roasted) beans, Raw Coffee, is a founding member of the Partnership of Gender Equity, which aims to empower female coffee farmers and harvesters.
Also, globally, many companies have found the perfect way to recycle old coffee grounds: they create the perfect fertile soil in which to grow mushrooms.
COMPANY PROFILE
Name: N2 Technology
Founded: 2018
Based: Dubai, UAE
Sector: Startups
Size: 14
Funding: $1.7m from HNIs