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By John Lee.

Zain Group has announced that its operation in Iraq has entered into a definite 15-year agreement to sell and leaseback, as well as the management rights of the passive physical infrastructure of its 4,968 tower portfolio in Iraq to TASC Towers Iraq for US$180 million.

The deal also comprises of TASC Towers Iraq expanding the network and building new tower sites across the country to meet the growing demand for data connectivity as per local market requirements, including an agreed 198 new sites over the next 12 months. Furthermore, TASC Towers will manage Zain Iraq's supporting facilities such as power generators, fuel tanks and shelters.

Zain Iraq will retain its active infrastructure, including wireless communication radios, antennas, intelligent software, transmission systems, and intellectual property with respect to managing its telecom network.

TASC Towers, headquartered in Dubai,  is an international tower operator focused on sale and leaseback, build-to-suit and tower related investments in the MENEASA market (Middle East, North & East Africa and South Asia).

As an independent tower operator, TASC Towers' subsidiary in Iraq will work on optimizing co-location of mobile network sites with other telco operators in the country, that will result in a better utilization of mobile site infrastructure, the reduction of power generators and hence the industry's carbon footprint.

Bader Al-Kharafi (pictured), Zain Vice-Chairman of Group CEO said:

"Zain's '4Sight' strategy aims to create significant value for shareholders through the unlocking of capital and optimization of infrastructure assets which will flourish under the management of an independent team. This transaction will enhance operational efficiencies and empower Zain Iraq with greater flexibility to invest in network upgrades and cutting-edge ICT technologies to meet the ever-increasing demand for reliable and high-speed connectivity."

"I congratulate both the Zain and TASC Towers teams for their competence in completing this landmark deal that will be instrumental in developing Iraq's digital economy and paves the way for tower infrastructure sharing, an important element in our groupwide carbon footprint reduction strategy that aims for Zain to transition to Net-Zero by 2050."

Iyad Mazhar, CEO of TASC Towers commented:

"As we expand TASC Towers' presence across the region, we look forward to playing a key role in the evolution of Iraq's digital economy and the positive impact it has on socio-economic growth for the community. Our independent operating model enhances the operational and carbon efficiency of passive tower infrastructure, which will allow mobile operators to invest more in technology upgrades and connectivity speeds."

This Iraq tower sale is the fourth tower transaction undertaken by Zain following similar pioneering deals including the transfer of 2,830 towers in Jordan, 1,620 towers in Kuwait and 8,100 towers in Saudi Arabia.

By freeing a telcos' resources, tower sale and lease back deals enable Zain operations to laser focus on the telco's core business and customers, therefore providing them an exceptional mobile and data experience.

FTI Capital Advisors acted as exclusive financial advisor to Zain Group on this transaction.

(Source: Zain)

By John Lee.

Saudi-based Riyadh Cables Group has signed an export agreement worth $25 million with Iraq's Wafaa Al-Furat Company for Electrical Materials Trading.

Under the agreement Riyadh Cables will start exporting wires and electrical cables from Saudi Arabia to Iraq during 2023.

The company also owns the Al-Rowad Electrical Cables manufacturing facility in Baghdad.

(Source: Riyadh Cables)

By Guest Blogger:

Your Comprehensive Guide to Business in Iraq: What's Happening Today?

Business in Iraq has been growing steadily in recent years. From a standing start in 2003, the Iraqi economy has seen a remarkable transformation, with the private sector playing an increasingly important role in the country's overall economic development.

Despite the ongoing security challenges, there are many business opportunities in Iraq. In this comprehensive guide, we'll take a closer look at the economic and political environment in the country, the legal and regulatory framework for businesses, and some helpful tips for setting up a business in Iraq.

Introduction to Business in Iraq

Iraq is a predominantly Muslim country located in the Middle East. It is bordered by Kuwait, Saudi Arabia and Jordan to the south, and Turkey, Syria and Iran to the north. Iraq is the second-largest country in the Middle East and home to over 37 million people. It has a rich history and culture, and is known for its oil reserves, which make up a significant portion of the country's economy.

The economy of Iraq has been growing steadily in recent years, thanks to the government's efforts to diversify the country's sources of income. The Iraqi government has introduced several reforms to promote economic growth, such as the introduction of a new investment law to attract foreign investors. Iraq is also part of the Arab Free Trade Area, which allows for the free movement of goods, services and capital between member states.

Despite the ongoing security challenges, Iraq is a potential business destination for those looking to invest in the Middle East. The country has a young and educated population, access to markets in the Middle East and beyond, and a wide range of business opportunities in various sectors.

Economic Overview of Iraq

The Iraqi economy is largely dependent on oil revenues, which make up the bulk of the country's exports. Oil accounts for around 95% of Iraq's exports, and around 60% of its GDP. The country's oil reserves are estimated to be around 150 billion barrels, the fifth-largest in the world. Iraq is also home to significant deposits of natural gas, which adds to the country's energy resources.

The Iraqi government has adopted several measures to diversify the country's sources of income. The government has introduced reforms to attract foreign investment, such as the Investment Law of 2006, which offers incentives to foreign investors. It has also made efforts to develop the manufacturing sector, with the focus on the production of consumer goods.

Iraq has a young and educated population, with a literacy rate of over 90%. The country has a large labor force, with a high rate of unemployed people. This provides a potential opportunity for businesses to tap into the local talent pool.

The country also boasts a number of tourist attractions, such as its archaeological sites and the ancient city of Babylon. Tourism is still relatively undeveloped in Iraq, but has the potential to be a significant source of revenue for the country.

Iraq's Political and Social Environment

The political situation in Iraq is complex and often volatile. After the US-led invasion of Iraq in 2003, the country has seen a series of power struggles between various factions. The current government is a fragile coalition between the various political parties, and the stability of the country is still uncertain. The security situation in the country is fragile and there have been a number of sectarian clashes in recent years.

Despite the ongoing security challenges, the country has managed to make progress in terms of economic development. The government has taken steps to make Iraq an attractive destination for foreign investors. This includes the introduction of new laws to make it easier for businesses to operate in the country.

The Iraqi people are a diverse and welcoming population. The country is home to a variety of ethnic and religious groups, including Kurds, Arabs, Turkmen, Assyrians, and Yazidis. Despite the ongoing security challenges, Iraqis are generally friendly and welcoming to foreigners.

Business Opportunities in Iraq

Iraq has a number of business opportunities in various sectors. The oil and gas sector is the most lucrative, with Iraqi oil reserves estimated to be among the largest in the world. The country also has significant deposits of natural gas, which could be tapped into for energy production.

The manufacturing sector is another potential area for investment. The government has introduced reforms to promote the growth of the sector, such as the introduction of the Investment Law of 2006, which offers incentives for foreign investors. The government is also encouraging the development of the tourism sector, with the focus on developing cultural and heritage sites.

Iraq is also a potential destination for those looking to invest in the agricultural sector. The country has a diverse climate, with the potential to grow a variety of crops. The government is also encouraging the development of the agricultural sector, with the focus on improving irrigation and agricultural infrastructure.

The service sector is also a potential area for investment. The country has a young and educated population, which provides a potential opportunity for businesses to tap into the local talent pool.

Legal and Regulatory Framework for Business in Iraq

The legal and regulatory framework for businesses in Iraq is still in its early stages. The country has a number of laws and regulations in place to promote investment and encourage businesses to operate in the country.

The Investment Law of 2006 is the main law governing foreign investment in Iraq. The law offers incentives to foreign investors, such as tax breaks and protection from expropriation. The law also provides for the establishment of foreign-owned companies, and the protection of foreign investments.

The Iraqi companies law regulates the registration and operation of companies in the country. The law provides for the registration of both foreign and domestic companies, and sets out the rules and regulations governing their operations.

The Iraqi labor law is also an important legal framework for businesses in the country. The law regulates the employment of foreign workers in Iraq, and sets out the rules and regulations governing the hiring, firing and compensation of workers.

The Iraqi tax system is relatively simple and straightforward. The country has a flat tax rate of 15% for both companies and individuals. Companies are also subject to a number of other taxes, such as the value-added tax (VAT) and the customs duty.

Challenges for Businesses in Iraq

Despite the potential opportunities, businesses in Iraq face a number of challenges. The security situation in the country is still fragile, and there have been a number of sectarian clashes in recent years. This has made it difficult for businesses to operate in the country, as they are often targets of violence.

The Iraqi economy is also heavily reliant on oil revenues, which makes it vulnerable to fluctuations in the global oil market. The country's infrastructure is also in need of improvement, which can make it difficult for businesses to operate efficiently.

The legal and regulatory framework for businesses in Iraq is still in its early stages, and there is a lack of clarity on many issues. This can make it difficult for businesses to operate in the country, as there is often a lack of understanding of the laws and regulations governing their operations.

The Iraqi bureaucracy can also be a challenge for businesses. The government is still in the process of modernizing its bureaucracy, and the process of setting up a business in the country can be slow and complicated.

Doing Business in Iraq: Helpful Resources

If you're looking to set up a business in Iraq, there are a number of resources to help you get started. The Iraqi government has a number of agencies and departments that can provide assistance and advice for businesses. The Investment Commission is the government agency responsible for attracting foreign investment to the country, and can provide information and advice on setting up a business.

The Iraqi Chamber of Commerce and Industry is a non-governmental organization that provides information and advice on doing business in Iraq. It can also provide information on the legal and regulatory framework for businesses in the country.

The US Embassy in Iraq is another helpful resource for businesses. The embassy can provide information on the legal and regulatory framework for businesses in the country, as well as advice and assistance on setting up a business.

Types of Businesses in Iraq

Iraq is home to a variety of businesses, from small-scale operations to large-scale multinationals. The oil and gas sector is one of the most lucrative, with a number of foreign companies operating in the country. Other sectors that are attractive to foreign investors include the manufacturing sector, the tourism sector, and the agricultural sector.

The service sector is also an attractive option for businesses in Iraq. The country has a young and educated population, which provides a potential opportunity for businesses to tap into the local talent pool. The service sector includes a range of activities, from IT and software development, to hospitality and healthcare.

The retail sector is another potential area for businesses in Iraq. The country has a large population and a growing middle class, which provides an attractive market for retail businesses.

Tips for Setting Up a Business in Iraq

Setting up a business in Iraq can be a daunting task, but there are a few tips to help you get started.

The first step is to research the legal and regulatory framework for businesses in Iraq. It's important to understand the laws and regulations governing foreign investment and the operation of businesses in the country. This will help you to ensure that you are in compliance with the law.

It's also important to research the local business environment and culture. It's important to understand the local customs and culture, as this can have an impact on your business operations.

It's also important to have a local partner or advisor. A local partner or advisor can provide valuable advice and assistance on setting up a business in Iraq. They can also provide information on the legal and regulatory framework, and help you to navigate the local bureaucracy.

Finally, it's important to have a plan and be prepared. Setting up a business in Iraq can be a long and complicated process, so it's important to have a plan and to be prepared for any eventuality.

Conclusion

Business in Iraq has the potential to be a lucrative opportunity for investors. The country has a young and educated population, access to markets in the Middle East and beyond, and a wide range of business opportunities in various sectors. However, businesses in Iraq face a number of challenges, such as the security situation, the lack of infrastructure, and the bureaucratic hurdles.

If you're looking to set up a business in Iraq, it's important to understand the legal and regulatory framework, the local business environment and culture, and to have a plan and be prepared. There are a number of resources to help you get started, such as the Iraqi government agencies, the US Embassy in Iraq, and the Iraqi Chamber of Commerce and Industry.

Iraq may not be the easiest place to do business, but with the right preparation and resources, it can be a rewarding and profitable opportunity.

If you're looking to learn more about business in Iraq and the potential opportunities available, read Iraq Business News.

The Kurdistan Region is moving from the import stage to the export stage, and diplomatic relations will be used for this purpose.

Currently, pomegranate exports to the Gulf countries continue and the opening of export routes of Kurdistan products to foreign markets is an important step in supporting domestic production.

Jalil Salihi, the supervisor of the pomegranate export project in the prime minister's office, said:

"The export of pomegranates was initiated by the prime minister and we are in the final stage of exporting pomegranates and we have been able to enter the UAE, Bahrain and Saudi Arabia markets".

"The diplomatic relations between Kurdistan and the UAE have become a basis for economic relations and exports, which has facilitated a lot and prime minister's office and the Kurdistan Regional Government will assist anyone who intends to export agricultural products to the Gulf countries".

The second part of our work, which will be the strategy of the Kurdistan Regional Government, is establishment of an institution for agricultural products that will be established in the near future which we can export Kurdish agricultural products to the Gulf countries, European Union and UK.

In addition to pomegranates, KRG is preparing to export apples, strawberries and honey. The scheme to support farmers and facilitate export of their produce to foreign markets will also be expanded. In the next phase, Kurdistan pomegranates will be exported to Saudi Arabia, Bahrain, European countries and UK.

Before exporting Kurdish pomegranates to the UAE and Canada, we conducted research to see if the pomegranates we have according to their characteristics According to the research we found that our pomegranates are competitive with the pomegranates of the European Union "It's similar to the Spanish pomegranate, which is in demand in the Gulf countries.

Regarding the intention of the Kurdistan Regional Government to encourage farmers and expand their businesses, the supervisor of the pomegranate export project in the office of the prime minister said: We care about our farmers, and this effort proves that we will help the farmers of the Kurdistan Region and constantly try to market their products in the future towards foreign countries, especially the Gulf countries and the European Union.

(Source: KRG)

From Amwaj Media. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News.

Gulf Cup gives Iraq chance to draw closer to Arab neighbors

Iraq is about to embark on a new chapter in its sporting history. From 6th-19th January, Basra will host the 25th edition of the Arabian Gulf Cup (AGC), a biennial football tournament amongst Gulf Arab states.

Iraq will be the venue of a major international football competition for the first time since it both hosted and won the AGC in 1979.

Eight regional teams-Bahrain, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, the United Arab Emirates, and Yemen-will participate in the tournament.

Matches will take place at the Basra International Stadium and the Al-Minaa Olympic Stadium (pictured), venues with capacities of 65,000 and 30,000 spectators respectively.

The full article can be viewed here (registration required).

Joint communiqué/Baghdad Conference for Cooperation and Partnership 2022

In light of the decision taken at the conference held in Baghdad on 28 August 2021, and at the invitation of His Majesty King Abdullah II, in coordination with His Excellency President Emmanuel Macron of the French Republic and His Excellency Prime Minister Mohammed Shia al-Sudani of the Republic of Iraq, the Hashemite Kingdom of Jordan hosted the Baghdad Conference for Cooperation and Partnership in its second round at the Dead Sea on 20 December 2022.

Participants in the conference expressed appreciation to the Hashemite Kingdom of Jordan for hosting the conference. Jordan and Iraq also thanked the French Republic for its role in coordinating the launch of the conference and participating in two rounds.

The participants reaffirmed the continuation of efforts to build on the outcomes of the first round of the Baghdad Conference and step up cooperation with Iraq, in support of its security, stability and sovereignty, as well as its democratic and constitutional processes, in addition to its efforts to promote dialogue as the means to resolve regional differences. They also underscored their solidarity with Iraq in the face of all challenges, including terrorism, over which Iraq, through great sacrifices and with international and regional cooperation, achieved a historic victory. The participants reaffirmed their condemnation of extremism and terrorism in all its forms.

The participants renewed their support for Iraq in its efforts to bolster the Constitution, the rule of law, and good governance, while building institutions capable of proceeding on the path towards further progress, reconstruction, safeguarding achievements, and meeting the aspirations of its people.

The participants stressed their support for Iraq's efforts to achieve comprehensive development, and working with it to build economic integration, by cooperating across a multitude of sectors, including energy, water, electric connectivity, food and health security, transportation, infrastructure and climate action.

In this context, the participants highlighted the importance of the trilateral cooperation framework between Jordan, Egypt and Iraq, and the joint economic projects agreed on through this mechanism, including electric connectivity projects. They also stressed the importance of joint projects between members of the Gulf Cooperation Council and Iraq in the fields of electric connectivity and transportation, as well as other regional projects that contribute to economic integration, development, and building bridges with global markets, while reflecting positively on the entire region.

In addition, the participants stressed that holding a conference in its second round underlines keenness on supporting Iraq's central in expanding regional economic cooperation and building bridges of dialogue to end tensions and establish cooperation regional relations of mutual benefits. The participants also reaffirmed that achieving economic development and succeeding in regional cooperation projects require building constructive regional ties on the basis of good neighbourliness and non-intervention in the internal affairs of states, as well as respecting international law, and cooperating in maintaining security and stability, countering terrorism, and achieving prosperity.

The participants reviewed the ramifications of regional and international crises on Iraq and the region, stressing that overcoming these crises requires comprehensive regional cooperation, and serious and efficient economic and political approaches that serve mutual interests, support the development process in Iraq, and contribute to regional development.

Furthermore, the participants stressed the importance of holding the third round of the conference, which was launched through Iraqi-French organization, with the participation of the Hashemite Kingdom of Jordan, the United Arab Emirates, the Islamic Republic of Iran, the Kingdom of Bahrain, the Republic of Türkiye, the Kingdom of Saudi Arabia, the Sultanate of Oman, the State of Qatar, the State of Kuwait, the League of Arab States, the Organization of Islamic Cooperation, the Gulf Cooperation Council, the United Nations, and the European Union. The participants agreed to hold the third round of the conference next year, on a date and in a location to be determined through consultations among them.

The Hashemite Kingdom of Jordan expressed appreciation for the active participation of heads of Arab and friendly states, in addition to foreign ministers and representatives of regional and international organizations, welcoming the genuine keenness to bolster cooperation in light of challenges that have made joint systematic action an urgent necessity for safeguarding mutual interests, and an efficient means towards fulfilling the aspirations of peoples to build a more secure, stable and prosperous future.

(Source: French Ministry for Europe and Foreign Affairs)

By John Lee.

Iraq has fallen in the World Press Freedom Index for 2022, ranking 172nd out of 180 countries, down nine places on last year.

The result puts Iraq behind countries such as Syria and Saudi Arabia, but ahead of Iran and China. First place went to Norway, with North Korea coming last.

Reporters Without Borders (RWB, RSF), which publishes the annual study, said:

"Between terrorism, political instability and protests, journalists face threats from all sides and come up against the weakness of the state, which is failing in its duty to protect them."

More details here.

(Source: Reporters Without Borders)

By Shelly Kittleson for Al Monitor. Any opinions expressed here are those of the author(s) and do not necessarily reflect the views of Iraq Business News.

Iran-linked militia in Iraq threatens Saudi Arabia as Iraqi PM visits Tehran

Kataib Hezbollah are calling for more attacks on Saudi Arabia amid wrangling over who should protect the country's borders.

Click here to read the full article.

By Ahmed Tabaqchali, Chief Strategist of AFC Iraq Fund.

Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News.

Iraq Market Report: Supermarkets and Stability

The market, as measured by the Rabee Securities RSISX USD Index, was down 4.2%, and down 2.9% for the year.  The market's decline for the month was magnified by a 2.04% decline in the parallel market's price of the Iraqi Dinar (IQD) versus the USD, which accounted for about half of the index's decline. Apart from that, the actual decline in the index was mostly a function of a directionless and low turnover, market action taking the index to the low end of its two and half year up-trending channel (chart below), which still supports the market's positive technical picture. The macroeconomic fundamentals discussed here six months ago support our view that this uptrend will likely remain in force; however, its upward slope might moderate or even go sideways, as this month's action suggests.

RSISX USD Index versus Average Daily Turnover

(Source: Iraq Stock Exchange, Rabee Securities, AFC Research, data as of November 30^th)

Most of the index's constituents were down, with the exception of Al Mansour Bank (BMNS) which was up 12.5%, Kharkh Tour Amusement City (SKTA) up 7.4%, while the Bank of Baghdad (BBOB) was flat. The decliners were led by Al-Mansour Pharmaceutical Industries (IMAP) down 9.0%, Al-Kindi of Veterinary Vaccines and Drugs (IKLV) down 8.0%, Baghdad Soft Drinks (IBSD) down 5.3%, AsiaCell (TASC) down 4.5%, Iraqi for Seed Production (AISP) down 4.3%, National Bank of Iraq (BNOI) down 2.8%, and the Commercial Bank of Iraq (BCOI) down 2.0%.

Supermarkets and Stability

One of the most promising recent developments in the economy is increased capital investments, by businesses and individuals, brought about by the relative stability of the last five years since the end of the ISIS conflict. While these years were punctured by a number of shocks such as countrywide demonstrations in late 2019, the assassination of Iran's top general in Baghdad followed by emergence of COVID-19 and the crash in oil prices in 2020, undecisive elections in 2021 followed by a year of a political impasse, and most recently political conflict and violence in the summer of 2022; nevertheless, these shocks pale in comparison to those of the prior decades of conflict that Iraq has experienced. Crucially, these shocks were short-lived, and did not lead to self-reinforcing cycles of violence and conflict along the lines of the past. As such, this relative stability provided a more stable and predictable macroeconomic framework for businesses and individuals to operate in, and to plan for capital investments on a scale not seen in the last prior decades of conflict; that in turn, should be sustained by the population's pent-up demand for goods and services to catch up with the rest of the world. These developments were first seen in the immediate aftermath of the ISIS conflict through the revival of long-forgotten social activities, expressed in consumer retail consumption (restaurants, coffee shops, and malls) and construction as reported in AFC Iraq's travel report in the summer of 2019 "Significant Social and Economic Transformation".

Supermarkets are hardly a new development for Iraqis, having known them since the 1980's, and who had access to all the products and goods that are available in supermarkets worldwide since the country opened up to the outside world post the 2003 invasion. However, the relative stability of the past five years has brought with it a revival in the developments of supermarkets, most notably in Baghdad, that have seen increasingly larger-format purpose-built supermarkets.  Two examples of this trend, among others in Baghdad, that have opened in the last two years are Waffir in Inner Kharada Street in Al-Jadria, and the Al Warda in Salman Faiq Street in Kharada. The newer supermarkets do not come only with an extensive product range -i.e. a wide assortment, choice of brands and products including a wide selection of health products, wider aisles, and large spaces, but also provide card (both credit and debit) payment options in addition to the dominant cash payment method - an option that is becoming increasingly available in the city as an acceptable payment method as the gradual adoption of banking takes hold.

The development of supermarkets is likely to be boosted by the injection of foreign direct investments as can be seen by the announcement in mid-October that UAE-based Lulu Group International - with 239 supermarkets and hypermarkets in 23 countries with annual revenues of over USD 8 billion- is planning an IPO to consolidate its regional expansion, and moving into new markets including Iraq, and North Africa. In 2020, the group received an investment of USD 1 billion from the Abu Dhabi sovereign wealth fund (ADQ) to help it expand in Egypt.

The supermarket-sector is not the only sector to benefit from the interest of regional capital, as can be seen from an announcement in late October, that Saudi Arabia's Public Investment Fund (PIF) would invest up to USD 24 billion in Bahrain, Iraq, Jordan, Oman, Sudan and Egypt in key sectors ranging from infrastructure and healthcare to finance and food. Egypt and Iraq are significantly larger markets than the other four and thus should attract proportionally larger investments.

Waffir within Jadria Boutique Mall in Al-Jadria

Inside Waffir within Jadria Boutique Mall in Al-Jadria

Al Warda in Salman Faiq Street in Kharada

Inside Al Warda in Salman Faiq Street in Kharada-Baghdad

Inside Al Warda in  Salman Faiq Street in Kharada-Baghdad

The above photos contrast, with the those below of the somewhat older stores that have narrower isles, with almost all available spaces utilised to offer variety and choice - and as such the newer stores provide an enhanced customer experience. All photos taken by the author during recent shopping trips.

Inside the Green Apple in Jordan Street, Mansour-Baghdad

Inside Mr. Milk in Jordan Street, Mansour-Baghdad

Inside Al Warda in Outer Kharada Street, Kharada-Baghdad

In the meantime, all of these supermarkets are seeing a significant increase in footfall over the last two-years, likely matched by sales, as can be seen from the Google mobility data (below chart) which shows that economic activity, in particular activity in the grocery sector has recovered, 240% above the levels that prevailed pre-2020's great lockdown.

Non-oil Economic Activity in Iraq

(Source: Google, data as of October 15^th October, after which Google will not be updating global mobility data)

Please click here to download Ahmed Tabaqchali's full report in pdf format.

Mr Tabaqchali (@AMTabaqchali) is the Chief Strategist of the AFC Iraq Fund, and is an experienced capital markets professional with over 25 years' experience in US and MENA markets. He is a Visiting Fellow at the LSE Middle East Centre, Senior Fellow at the Institute of Regional and International Studies (IRIS), and a Senior Non-resident Fellow at the Atlantic Council. He is also a board member of Capital Investments, the investment banking arm of Capital Bank in Jordan.

His comments, opinions and analyses are personal views and are intended to be for informational purposes and general interest only and should not be construed as individual investment advice or a recommendation or solicitation to buy, sell or hold any fund or security or to adopt any investment strategy. It does not constitute legal or tax or investment advice. The information provided in this material is compiled from sources that are believed to be reliable, but no guarantee is made of its correctness, is rendered as at publication date and may change without notice and it is not intended as a complete analysis of every material fact regarding Iraq, the region, market or investment.

From Amwaj Media. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News.

Will Saudi investment pledges in Iraq overcome barriers?

After years of estrangement caused primarily by political reasons, Saudi Arabia is returning to Iraq and looking to invest in its neighbor.

This will likely have significant positive impacts on both countries' economies at a time when Baghdad and Riyadh alike are hoping to diversify away from oil.

But the Kingdom will have to first navigate Iraqi opposition to its investments.

The full article can be viewed here (registration required).