The following is a statement from US President, Barack Obama, on the formation of the new Iraqi government:

Today’s vote in the Council of Representatives is a significant moment in Iraq’s history and a major step forward in advancing national unity. I congratulate Iraq’s political leaders, the members of the Council of Representatives, and the Iraqi people on the formation of a new government of national partnership.

Yet again, the Iraqi people and their elected representatives have demonstrated their commitment to working through a democratic process to resolve their differences and shape Iraq’s future. Their decision to form an inclusive partnership government is a clear rejection of the efforts by extremists to spur sectarian division.

Iraq faces important challenges, but the Iraqi people can also seize a future of opportunity. The United States will continue to strengthen our long-term partnership with Iraq’s people and leaders as they build a prosperous and peaceful nation that is fully integrated into the region and international community.

Following the re-election of Nouri al-Maliki to the position of Prime Minister, US President Barack Obama welcomed the formation of the new Iraqi government.

“This agreement marks another milestone in the history of modern Iraq,” he said  at the G2o conference in Seoul.

Re-elected Iraqi President, Jalal Talabani, unsurprisingly also praised the compromise arrangement: “Today is the day of victory. The victory of the true Iraqi will“, Talabani told parliament.

The world is now watching to see how the various ministries are to be divided between the blocs.

US President Barack Obama delivered a major speech from the Oval Office on Tuesday, marking the official end of combat operations in Iraq.

As just over 50,000 US troops will remain in the country until the end of 2011 in non-combat roles, the real significance of the military draw-down is hotly debated.

But it is clear that the US remains committed to the success of the Iraqi mission, and the transition from Operation Iraqi Freedom to Operation New Dawn will continue to require considerable investment of both money and political will over the coming years. By no stretch of the imagination is the West simply walking away.

Vice President Joe Biden is again visiting Iraq and trying to coax the political factions to find some solution to the ongoing electoral stalemate. The latest snippets of information point to a possible agreement within days, but given the history of this election we shouldn’t get too excited just yet.

And in the business arena, activity is clearly increasing, especially with regard to oilfield development. To quote a headline from Forbes yesterday, “As U.S. Troops Move Out Of Iraq, Oil Companies Move In”.

The article concludes, “The rush is on for Iraqi oil”. And while oil will be the driving force, it’s fair to say the rush is on for Iraqi oil, gas, roads, rail, housing, jobs … the list is practically endless.

If your business can meet the needs of Iraq’s developing economy, Upper Quartile and AAIB can help you. For more information please contact Gavin Jones or Adrian Shaw.