Iraq has an important role to play in the Arab world, Jordan's King Abdullah told the country's new Prime Minister in Amman, after a change of power in Baghdad brought in a more pro-Iranian government.
It was Mohammed Shia Al Sudani's first foreign trip since he took office last month. The king received him at the airport, underlying the importance the two countries have placed on improving ties.
King Abdullah told Mr Al Sudani during talks between the two men that he wished for the Iraqi Prime Minister “to succeed in his missions”, the official Jordanian news agency said.
“The king pointed out the importance of Iraq's role in its Arab surroundings and in the region, affirming that the security of Iraq is a cornerstone of regional security and stability,” the agency said.
“The talks covered the struggles and crisis of the region, as well as the war of terror.”
King Abdullah said co-operation should continue between Jordan, Iraq and Egypt after beginning under Mr Al Sudani's predecessor, Mustafa Al Kadhimi.
Unlike Mr Al Kadhimi, Mr Al Sudani is regarded in Amman and across the region as a close ally of Iran and Shiite groups supported by Tehran.
Relations between Jordan and Iraq have been mostly uneasy since the US-led invasion that toppled Saddam Hussein in 2003. This ushered in a Shiite political ascendancy and led to the country falling into what many in the region consider the Iranian orbit.
In 2004, King Abdullah warned that Baghdad and other Arab capitals were becoming part of an ideological “Shiite crescent” beholden to Tehran.
Meanwhile, Iraq accused Jordan of sheltering former Saddam loyalists.
Improving ties
Ties between Jordan and Iraq, as well as between Iraq and Gulf states, improved significantly during former prime minister Haider Al Abadi's term from 2014 to 2018.
Under Mr Al Kadhimi, who took office two years ago in the early months of the Covid-19 pandemic, the Iraqi economy retreated sharply and the dinar came under pressure.
Both former leaders worked closely with the US.
Iraq and Jordan signed many agreements to boost trade and investment, although Jordanian officials privately say their meagre bilateral economic exchange is unlikely to improve without a fundamental shift by Iraq away from Iran.
Jordan has an agreement with Baghdad to supply it with 10,000 barrels of crude oil a day on preferential terms. This accounts for 7 per cent of Jordan's oil imports.
The kingdom is dependent on US and European aid, and has a military pact with Washington.
The oil deal with Iraq dates to 2006, but deliveries were frequently interrupted, either because of political disputes, security issues, price changes or transport problems.
The two countries have also signed number of agreements covering agriculture, trade, mining, investment and electricity.
Last month, the two neighbours laid the cornerstone for an electricity grid interconnection project designed to address Iraq's chronic power shortage.
The project is part of a larger plan to establish a pan-Arab power market by connecting the GCC states with Egypt, Jordan and Iraq.
The US encouraged better ties between Iraq and other Arab countries in recent years to try to counter the rapid spread of Iran's influence in the region.
There had been concern that the new Iraqi government's closeness to Iran could derail these efforts.
Mr Al Sudani was the nominee of Iraq's biggest parliamentary group, the Co-ordination Framework, which is made up of Tehran-allied Shiite militias and political parties.
He has assured neighbours and allies that his government will continue to strengthen ties with Arab countries.
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The biog
Simon Nadim has completed 7,000 dives.
The hardest dive in the UAE is the German U-boat 110m down off the Fujairah coast.
As a child, he loved the documentaries of Jacques Cousteau
He also led a team that discovered the long-lost portion of the Ines oil tanker.
If you are interested in diving, he runs the XR Hub Dive Centre in Fujairah
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
Match info
Uefa Champions League Group B
Barcelona v Tottenham Hotspur, midnight
LAST-16 FIXTURES
Sunday, January 20
3pm: Jordan v Vietnam at Al Maktoum Stadium, Dubai
6pm: Thailand v China at Hazza bin Zayed Stadium, Al Ain
9pm: Iran v Oman at Mohamed bin Zayed Stadium, Abu Dhabi
Monday, January 21
3pm: Japan v Saudi Arabia at Sharjah Stadium
6pm: Australia v Uzbekistan at Khalifa bin Zayed Stadium, Al Ain
9pm: UAE v Kyrgyzstan at Zayed Sports City Stadium, Abu Dhabi
Tuesday, January 22
5pm: South Korea v Bahrain at Rashid Stadium, Dubai
8pm: Qatar v Iraq at Al Nahyan Stadium, Abu Dhabi
Tributes from the UAE's personal finance community
• Sebastien Aguilar, who heads SimplyFI.org, a non-profit community where people learn to invest Bogleheads’ style
“It is thanks to Jack Bogle’s work that this community exists and thanks to his work that many investors now get the full benefits of long term, buy and hold stock market investing.
Compared to the industry, investing using the common sense approach of a Boglehead saves a lot in costs and guarantees higher returns than the average actively managed fund over the long term.
From a personal perspective, learning how to invest using Bogle’s approach was a turning point in my life. I quickly realised there was no point chasing returns and paying expensive advisers or platforms. Once money is taken care off, you can work on what truly matters, such as family, relationships or other projects. I owe Jack Bogle for that.”
• Sam Instone, director of financial advisory firm AES International
"Thought to have saved investors over a trillion dollars, Jack Bogle’s ideas truly changed the way the world invests. Shaped by his own personal experiences, his philosophy and basic rules for investors challenged the status quo of a self-interested global industry and eventually prevailed. Loathed by many big companies and commission-driven salespeople, he has transformed the way well-informed investors and professional advisers make decisions."
• Demos Kyprianou, a board member of SimplyFI.org
"Jack Bogle for me was a rebel, a revolutionary who changed the industry and gave the little guy like me, a chance. He was also a mentor who inspired me to take the leap and take control of my own finances."
• Steve Cronin, founder of DeadSimpleSaving.com
"Obsessed with reducing fees, Jack Bogle structured Vanguard to be owned by its clients – that way the priority would be fee minimisation for clients rather than profit maximisation for the company.
His real gift to us has been the ability to invest in the stock market (buy and hold for the long term) rather than be forced to speculate (try to make profits in the shorter term) or even worse have others speculate on our behalf.
Bogle has given countless investors the ability to get on with their life while growing their wealth in the background as fast as possible. The Financial Independence movement would barely exist without this."
• Zach Holz, who blogs about financial independence at The Happiest Teacher
"Jack Bogle was one of the greatest forces for wealth democratisation the world has ever seen. He allowed people a way to be free from the parasitical "financial advisers" whose only real concern are the fat fees they get from selling you over-complicated "products" that have caused millions of people all around the world real harm.”
• Tuan Phan, a board member of SimplyFI.org
"In an industry that’s synonymous with greed, Jack Bogle was a lone wolf, swimming against the tide. When others were incentivised to enrich themselves, he stood by the ‘fiduciary’ standard – something that is badly needed in the financial industry of the UAE."
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Company Profile
Company name: Fine Diner
Started: March, 2020
Co-founders: Sami Elayan, Saed Elayan and Zaid Azzouka
Based: Dubai
Industry: Technology and food delivery
Initial investment: Dh75,000
Investor: Dtec Startupbootcamp
Future plan: Looking to raise $400,000
Total sales: Over 1,000 deliveries in three months
MATCH INFO
Uefa Champions League quarter-final (first-leg score):
Juventus (1) v Ajax (1), Tuesday, 11pm UAE
Match will be shown on BeIN Sports
RESULT
Esperance de Tunis 1 Guadalajara 1
(Esperance won 6-5 on penalties)
Esperance: Belaili 38’
Guadalajara: Sandoval 5’
Third Test
Day 3, stumps
India 443-7 (d) & 54-5 (27 ov)
Australia 151
India lead by 346 runs with 5 wickets remaining
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
