A man collects truffles, in a desert south of Baghdad. The truffles fetch as much as Dh125 per kilo in the markets of Basra. Mohammed Ameen / Reuters
A man collects truffles, in a desert south of Baghdad. The truffles fetch as much as Dh125 per kilo in the markets of Basra. Mohammed Ameen / Reuters

High risk for reward in Iraq’s truffles



In the desert just south of the main pumping station on the Rumaila South oilfield lies a treasure that locals risk life and limb to recover every year: truffles.

“Every spring after the rains, people go into the fields to gather truffles; black truffles and white truffles,” says Sarah, a native of nearby Basra city, in southern Iraq and a recent hire by BP to work in the Rumaila Operating Organisation, the joint venture with PetroChina and the government’s South Oil Company.

“It is very dangerous and people are killed every year if they don’t stick to the designated paths,” she says, pointing at a vast area cluttered with various bits of industrial and other debris where any markings would be hard to discern.

Why is it so dangerous? Because of a tract running along an 18-kilometre stretch that is heavily mined. It is a legacy of wars stretching back to the Iran-Iraq conflict in the early 1980s, through the first and second American-led coalition invasions, and Iraq’s attempt to deter their advance from Kuwait, whose border is 40km to the south.

The truffles are in abundance in this area partly because most people are reluctant to risk venturing out there, and animals, including the odd camel, often don’t survive when they wander in the mined area.For the intrepid few, however, the lure is irresistible.

Even in the markets of Basra, which still suffer widespread hardship from years of conflict, the truffles fetch a pretty penny – as much as Dh125 per kilo. That is nothing compared with what people are prepared to pay in the restaurants of Paris or New York, but still more than a day’s wage in Basra city.

amckaulaey@thenational.ae

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COMPANY PROFILE
Name: Airev
Started: September 2023
Founder: Muhammad Khalid
Based: Abu Dhabi
Sector: Generative AI
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
 
The specs

Engine: 2.0-litre four-cylinder turbo

Power: 178hp at 5,500rpm

Torque: 280Nm at 1,350-4,200rpm

Transmission: seven-speed dual-clutch auto

Price: from Dh209,000 

On sale: now

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The biog

Name: Abeer Al Bah

Born: 1972

Husband: Emirati lawyer Salem Bin Sahoo, since 1992

Children: Soud, born 1993, lawyer; Obaid, born 1994, deceased; four other boys and one girl, three months old

Education: BA in Elementary Education, worked for five years in a Dubai school

 

The specs

Engine: 1.5-litre 4-cylinder petrol

Power: 154bhp

Torque: 250Nm

Transmission: 7-speed automatic with 8-speed sports option 

Price: From Dh79,600

On sale: Now

How to get exposure to gold

Although you can buy gold easily on the Dubai markets, the problem with buying physical bars, coins or jewellery is that you then have storage, security and insurance issues.

A far easier option is to invest in a low-cost exchange traded fund (ETF) that invests in the precious metal instead, for example, ETFS Physical Gold (PHAU) and iShares Physical Gold (SGLN) both track physical gold. The VanEck Vectors Gold Miners ETF invests directly in mining companies.

Alternatively, BlackRock Gold & General seeks to achieve long-term capital growth primarily through an actively managed portfolio of gold mining, commodity and precious-metal related shares. Its largest portfolio holdings include gold miners Newcrest Mining, Barrick Gold Corp, Agnico Eagle Mines and the NewMont Goldcorp.

Brave investors could take on the added risk of buying individual gold mining stocks, many of which have performed wonderfully well lately.

London-listed Centamin is up more than 70 per cent in just three months, although in a sign of its volatility, it is down 5 per cent on two years ago. Trans-Siberian Gold, listed on London's alternative investment market (AIM) for small stocks, has seen its share price almost quadruple from 34p to 124p over the same period, but do not assume this kind of runaway growth can continue for long

However, buying individual equities like these is highly risky, as their share prices can crash just as quickly, which isn't what what you want from a supposedly safe haven.

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COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
 
 
 
 
 
 
 
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UAE currency: the story behind the money in your pockets

Yuki Means Happiness
Alison Jean Lester
John Murray 

Joker: Folie a Deux

Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson

Director: Todd Phillips 

Rating: 2/5

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COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
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The bio

Favourite vegetable: Broccoli

Favourite food: Seafood

Favourite thing to cook: Duck l'orange

Favourite book: Give and Take by Adam Grant, one of his professors at University of Pennsylvania

Favourite place to travel: Home in Kuwait.

Favourite place in the UAE: Al Qudra lakes

The National Archives, Abu Dhabi

Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.

Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en

The%20specs
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THREE
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