Iraq’s strategy of diversifying its trade relations is aimed at repelling Iran’s influence in the country, by reaching out to the wider region for investment opportunities, experts and officials said on Monday.
Saudi Arabia and the UAE separately announced this week that they will invest $3 billion in Iraq following Prime Minister Mustafa Al Kadhimi’s visit to the Gulf. The joint funds raise Gulf financial commitments in the country of 40 million people to levels not seen in decades.
"By reaching out to UAE and other gulf states, Iraq is trying to regain alternative investments and lifelines so it's not stuck to one primarily trading partner," Renad Mansour, director of the Iraq initiative at London's Chatham House, told The National.
“Iraq at the moment is primarily linked to investments and economic relations with Iran and to a lesser extent Turkey, which puts it in a position where it is behest of Iran and its interest,” Mr Mansour said.
The country is not only diversifying away from oil as a resource but is also looking at different economic partners rather “than being stuck to one which is Iran”, he said.
Due to years of conflict and rampant corruption, Baghdad needs the support of Gulf states to revive its economy. Oil production was cut in the first half of 2020 as oil demand crashed when the world ground to a near-halt due to Covid-19 lockdowns.
Iraq’s economy shrank by almost 11 per cent in 2020 due to the pandemic.
So far the government is trying to be less dependent on oil and the country currently exports dates and bitumen – for road surfacing – to the UAE.
The UAE’s initiative aims to strengthen economic and investment relations, create new opportunities for cooperation and partnership, and advance economic, social, and developmental growth in support of Iraq, a statement by state news agency, WAM, said.
Saudi Arabia said the joint fund will be for the "benefit of the Saudi and Iraqi economies, with the participation of the private sector from both sides.”
It was welcomed by politicians and parliamentarians who claim the diversification will assist in stabilising the country.
“The visit to Riyadh and Abu Dhabi can be seen as part of a strategic tour that may result in a rearrangement of the region's priorities and to help secure Iraq’s role in the Arab world,” Raad Al Dahlaki, an Iraqi member of parliament said.
“It is a basis for restoring Iraq’s role in the region and to confront challenges and plots facing the Arab cause,” Mr Al Dahlaki said.
Iraq’s populist cleric, Muqtada Al Sadr, said Baghdad's move towards diversifying its trade relations is a "step in the right direction."
"We have a rich history with the two countries, and let us have a prosperous future with them," Mr Al Sadr said.
The cleric commands a large following among the urban poor of Baghdad and southern cities and was once the leader of a powerful militia who fought against American forces stationed in Iraq.
Baghdad lies on the fault line between the Shiite Muslim power Iran and the Sunni-ruled countries that are Tehran's regional rivals, among them Saudi Arabia.
"Let Iraq be the hub of peace in the entire region," he said.
What happens next?
Over the years, corruption and economic mismanagement have worsened conditions even further for the country to function adequately.
During times of economic crises, Iraq looks for foreign investment but as soon as oil prices rise, it often allows politics to carry on as usual, Mr Mansour said.
The opportunities presented by Abu Dhabi and Riyadh present an important lifeline to the Iraqi economy as it’s “economic system is rotten.”
“The political economy of corruption will most likely mean that any of these types of investment deals will not meet the ends for which they seek,” Mr Mansour said.
It will not resolve Iraq's “fundamental economic problem,” he said.
Cash flow is not the issue but instead is more of a structural problem, particularly the question of how funds are split between political parties, he said.
_________________
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David Haye record
Total fights: 32
Wins: 28
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Losses: 4
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McLaren GT specs
Engine: 4-litre twin-turbo V8
Transmission: seven-speed
Power: 620bhp
Torque: 630Nm
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US tops drug cost charts
The study of 13 essential drugs showed costs in the United States were about 300 per cent higher than the global average, followed by Germany at 126 per cent and 122 per cent in the UAE.
Thailand, Kenya and Malaysia were rated as nations with the lowest costs, about 90 per cent cheaper.
In the case of insulin, diabetic patients in the US paid five and a half times the global average, while in the UAE the costs are about 50 per cent higher than the median price of branded and generic drugs.
Some of the costliest drugs worldwide include Lipitor for high cholesterol.
The study’s price index placed the US at an exorbitant 2,170 per cent higher for Lipitor than the average global price and the UAE at the eighth spot globally with costs 252 per cent higher.
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BIGGEST CYBER SECURITY INCIDENTS IN RECENT TIMES
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F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
UK-EU trade at a glance
EU fishing vessels guaranteed access to UK waters for 12 years
Co-operation on security initiatives and procurement of defence products
Youth experience scheme to work, study or volunteer in UK and EU countries
Smoother border management with use of e-gates
Cutting red tape on import and export of food
More on Quran memorisation:
Mountain Classification Tour de France after Stage 8 on Saturday:
- 1. Lilian Calmejane (France / Direct Energie) 11
- 2. Fabio Aru (Italy / Astana) 10
- 3. Daniel Martin (Ireland / Quick-Step) 8
- 4. Robert Gesink (Netherlands / LottoNL) 8
- 5. Warren Barguil (France / Sunweb) 7
- 6. Chris Froome (Britain / Team Sky) 6
- 7. Guillaume Martin (France / Wanty) 6
- 8. Jan Bakelants (Belgium / AG2R) 5
- 9. Serge Pauwels (Belgium / Dimension Data) 5
- 10. Richie Porte (Australia / BMC Racing) 4
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50-man Royal Rumble - names entered so far include Braun Strowman, Daniel Bryan, Kurt Angle, Big Show, Kane, Chris Jericho, The New Day and Elias
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Cruiserweight Championship Cedric Alexander v Kalisto
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
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MATCH INFO
Jersey 147 (20 overs)
UAE 112 (19.2 overs)
Jersey win by 35 runs
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
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Mohammed bin Zayed Majlis
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Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
hall of shame
SUNDERLAND 2002-03
No one has ended a Premier League season quite like Sunderland. They lost each of their final 15 games, taking no points after January. They ended up with 19 in total, sacking managers Peter Reid and Howard Wilkinson and losing 3-1 to Charlton when they scored three own goals in eight minutes.
SUNDERLAND 2005-06
Until Derby came along, Sunderland’s total of 15 points was the Premier League’s record low. They made it until May and their final home game before winning at the Stadium of Light while they lost a joint record 29 of their 38 league games.
HUDDERSFIELD 2018-19
Joined Derby as the only team to be relegated in March. No striker scored until January, while only two players got more assists than goalkeeper Jonas Lossl. The mid-season appointment Jan Siewert was to end his time as Huddersfield manager with a 5.3 per cent win rate.
ASTON VILLA 2015-16
Perhaps the most inexplicably bad season, considering they signed Idrissa Gueye and Adama Traore and still only got 17 points. Villa won their first league game, but none of the next 19. They ended an abominable campaign by taking one point from the last 39 available.
FULHAM 2018-19
Terrible in different ways. Fulham’s total of 26 points is not among the lowest ever but they contrived to get relegated after spending over £100 million (Dh457m) in the transfer market. Much of it went on defenders but they only kept two clean sheets in their first 33 games.
LA LIGA: Sporting Gijon, 13 points in 1997-98.
BUNDESLIGA: Tasmania Berlin, 10 points in 1965-66
Indoor cricket World Cup:
Insportz, Dubai, September 16-23
UAE fixtures:
Men
Saturday, September 16 – 1.45pm, v New Zealand
Sunday, September 17 – 10.30am, v Australia; 3.45pm, v South Africa
Monday, September 18 – 2pm, v England; 7.15pm, v India
Tuesday, September 19 – 12.15pm, v Singapore; 5.30pm, v Sri Lanka
Thursday, September 21 – 2pm v Malaysia
Friday, September 22 – 3.30pm, semi-final
Saturday, September 23 – 3pm, grand final
Women
Saturday, September 16 – 5.15pm, v Australia
Sunday, September 17 – 2pm, v South Africa; 7.15pm, v New Zealand
Monday, September 18 – 5.30pm, v England
Tuesday, September 19 – 10.30am, v New Zealand; 3.45pm, v South Africa
Thursday, September 21 – 12.15pm, v Australia
Friday, September 22 – 1.30pm, semi-final
Saturday, September 23 – 1pm, grand final
Killing of Qassem Suleimani