Iraq Prime Minister Mohammed Shia Al Sudani and Iran's Vice President Mohammad Mokhber lay the foundation stone for the railway connection project at the Shalamcheh border crossing. Photo: Iraq's Prime Minister's Media Office
Iraq Prime Minister Mohammed Shia Al Sudani and Iran's Vice President Mohammad Mokhber lay the foundation stone for the railway connection project at the Shalamcheh border crossing. Photo: Iraq's Prime Minister's Media Office
Iraq Prime Minister Mohammed Shia Al Sudani and Iran's Vice President Mohammad Mokhber lay the foundation stone for the railway connection project at the Shalamcheh border crossing. Photo: Iraq's Prime Minister's Media Office
Iraq Prime Minister Mohammed Shia Al Sudani and Iran's Vice President Mohammad Mokhber lay the foundation stone for the railway connection project at the Shalamcheh border crossing. Photo: Iraq's Prim

Iraq-Iran railway line ready in early 2025, senior government adviser says


Sinan Mahmoud
  • English
  • Arabic

A railway link between Iraq and Iran is set to be completed in early 2025, a senior government adviser on transportation said on Tuesday.

Early in September, Iraqi Prime Minister Mohammed Shia Al Sudani laid the foundation stone of the first rail line with Iran. The 30km line connects the Iranian border town of Shalamcheh with the southeastern Iraqi city of Basra.

Mr Al Sudani said the railway was planned to enable the transport of passengers between the two neighbouring countries, mainly devout Shiite pilgrims.

However, critics say the project will help Iran connect to the Mediterranean through Syria and will be used to transport goods from its ports that will ultimately kill Iraq’s hopes to link Asia and Europe through the Al Faw port on the Arabian Gulf.

"We should see the trains moving in about 18 months because it's a small distance," Nasser Al Asadi, transport adviser to the Iraqi PM, told Reuters.

Work is under way to clear the area before ground work could begin on the rail link, Mr Al Asadi said.

Iraq and Iran fought a devastating eight-year war in the 1980s, during which much of the border area was heavily mined.

Since the 2003 US invasion of Iraq that toppled Saddam Hussein, relations between the two nations have deepened, after which pro-Tehran Shiite Muslim parties enhanced their influence in Baghdad.

Baghdad and Tehran first discussed this project after the invasion. In 2014, they signed an agreement to start the construction, but were forced to halt the project as ISIS overran large areas in northern and western Iraq.

Millions of Shiite pilgrims visit Iraq

The Iraqi government is also planning a metro link between the Shiite cities Karbala and Najaf, home to revered Shiite shrines and the seat of Iraqi Shiite clergy.

Millions of Shiite pilgrims mainly from Iran visit Iraq around the year to commemorate major religious events for the sect.

During late August and early September, around 22 million pilgrims entered the city of Karbala to observe a major religious event known as Arbaeen. At least three million of them were Iranians.

Many pilgrims walk hundreds of kilometres from the Iran-Iraq border to Karbala, or drive there in overcrowded cars and buses. Deadly accidents have been frequent.

Dozens of them, mainly Iranians, have died this year in car accidents, while border authorities have struggled to cope with the number of visitors.

Mr Al Asadi said the rail link would reduce the risk of such accidents and allow Iraq to benefit financially from ticket sales.

The projects are part of a major transport-sector development planned by the government, including an overhaul of Baghdad's international airport and a 1,200km rail, road and services project from a major commodities port in the south to its border with Turkey.

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

What is cyberbullying?

Cyberbullying or online bullying could take many forms such as sending unkind or rude messages to someone, socially isolating people from groups, sharing embarrassing pictures of them, or spreading rumors about them.

Cyberbullying can take place on various platforms such as messages, on social media, on group chats, or games.

Parents should watch out for behavioural changes in their children.

When children are being bullied they they may be feel embarrassed and isolated, so parents should watch out for signs of signs of depression and anxiety

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.

The rules on fostering in the UAE

A foster couple or family must:

  • be Muslim, Emirati and be residing in the UAE
  • not be younger than 25 years old
  • not have been convicted of offences or crimes involving moral turpitude
  • be free of infectious diseases or psychological and mental disorders
  • have the ability to support its members and the foster child financially
  • undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
  • A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

Muslim Council of Elders condemns terrorism on religious sites

The Muslim Council of Elders has strongly condemned the criminal attacks on religious sites in Britain.

It firmly rejected “acts of terrorism, which constitute a flagrant violation of the sanctity of houses of worship”.

“Attacking places of worship is a form of terrorism and extremism that threatens peace and stability within societies,” it said.

The council also warned against the rise of hate speech, racism, extremism and Islamophobia. It urged the international community to join efforts to promote tolerance and peaceful coexistence.

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Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 
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September 2021

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October 2021

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November 2025

180 Petrofac employees laid off in the UAE

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Updated: September 26, 2023, 12:24 PM