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    Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

    Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

    Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

    Egypt’s food industries contribute 24.5% of GDP

    Egypt’s food industries contribute 24.5% of GDP

    $36mln contract for construction of Duqm fisheries complex

    $36mln contract for construction of Duqm fisheries complex

    Ministry signs agreement to support Oman’s honey industry

    Ministry signs agreement to support Oman’s honey industry

    Local, Italian companies partner up to establish food retail chain in Egypt

    Local, Italian companies partner up to establish food retail chain in Egypt

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      Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

      Profits at top Saudi banks jump 17.6% in Q1

      Profits at top Saudi banks jump 17.6% in Q1

      GCC can create 600,000 tech jobs and add US$255 billion to GDP by 2030

      GCC can create 600,000 tech jobs and add US$255 billion to GDP by 2030

      What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

      What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

      New study reveals that UAE is most competitive economy in the Arab world

      New study reveals that UAE is most competitive economy in the Arab world

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      Oman Construction Equipment Industry to 2028

      Oman Construction Equipment Industry to 2028

      $36mln contract for construction of Duqm fisheries complex

      $36mln contract for construction of Duqm fisheries complex

      What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

      What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

      Madayn working on major Oman industrial city projects

      Madayn working on major Oman industrial city projects

      Foundation stone laid for new 700-bed hospital is Salalah, Oman

      Foundation stone laid for new 700-bed hospital is Salalah, Oman

      Iraq set to award new Faw Port deals

      Iraq set to award new Faw Port deals

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        Suez Canal expects US$3.5 billion in revenues in H1

        Suez Canal expects US$3.5 billion in revenues in H1

        UAE and Egypt’s consortium to buy African renewables firm Lekela Power

        UAE and Egypt’s consortium to buy African renewables firm Lekela Power

        Fitch revises Saudi Aramco’s outlook to positive from stable

        Fitch revises Saudi Aramco’s outlook to positive from stable

        Investments in renewables in Egypt reach LE6 bn: Official

        Investments in renewables in Egypt reach LE6 bn: Official

        Egypt signs 8 gas exploration contracts worth $934mn over 15 months

        Egypt signs 8 gas exploration contracts worth $934mn over 15 months

        JGC lands $3.7bn Iraq refinery upgradation project deal

        JGC lands $3.7bn Iraq refinery upgradation project deal

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          Coronavirus: UAE conducting human trials for Covid-19 vaccine

          Coronavirus: UAE conducting human trials for Covid-19 vaccine

          COVID-19 vaccine could be available by autumn: Oxford University

          GSK to develop plant-based COVID-19 vaccine with Canada’s Medicago

          Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

          Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

          UAE sends medical aid to Iraq to fight COVID-19

          UAE sends medical aid to Iraq to fight COVID-19

          UAE launches phase III trial of inactivated Covid vaccine

          UAE launches phase III trial of inactivated Covid vaccine

          COVID-19 vaccine could be available by autumn: Oxford University

          COVID-19 vaccine could be available by autumn: Oxford University

        • Hospitality

          Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

          Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

          Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

          Saudi to be among world’s big leisure tourism hubs by 2030

          Saudi to be among world’s big leisure tourism hubs by 2030

          Qatar’s hospitality sector peaks despite turbulent 2020

          Qatar’s hospitality sector peaks despite turbulent 2020

          Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

          Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

          Staycations to stimulate Qatar’s hospitality sector

          Staycations to stimulate Qatar’s hospitality sector

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          Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

          Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

          Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

          Egypt’s food industries contribute 24.5% of GDP

          Egypt’s food industries contribute 24.5% of GDP

          $36mln contract for construction of Duqm fisheries complex

          $36mln contract for construction of Duqm fisheries complex

          Ministry signs agreement to support Oman’s honey industry

          Ministry signs agreement to support Oman’s honey industry

          Local, Italian companies partner up to establish food retail chain in Egypt

          Local, Italian companies partner up to establish food retail chain in Egypt

          Trending Tags

          • Business & Economy
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            • Business
            • Communication
            • Digital
            • Economy
            • Finance
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            • Transport & Logistics

            Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

            Profits at top Saudi banks jump 17.6% in Q1

            Profits at top Saudi banks jump 17.6% in Q1

            GCC can create 600,000 tech jobs and add US$255 billion to GDP by 2030

            GCC can create 600,000 tech jobs and add US$255 billion to GDP by 2030

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            New study reveals that UAE is most competitive economy in the Arab world

            New study reveals that UAE is most competitive economy in the Arab world

            Top 10 listed companies in the Middle East

            Trending Tags

            • CES 2017
            • Election Results
            • eSports
          • Construction
            • All
            • Infrastructure
            • Real Estate
            Oman Construction Equipment Industry to 2028

            Oman Construction Equipment Industry to 2028

            $36mln contract for construction of Duqm fisheries complex

            $36mln contract for construction of Duqm fisheries complex

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            Madayn working on major Oman industrial city projects

            Madayn working on major Oman industrial city projects

            Foundation stone laid for new 700-bed hospital is Salalah, Oman

            Foundation stone laid for new 700-bed hospital is Salalah, Oman

            Iraq set to award new Faw Port deals

            Iraq set to award new Faw Port deals

            Trending Tags

            • Energy
              • All
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              Suez Canal expects US$3.5 billion in revenues in H1

              Suez Canal expects US$3.5 billion in revenues in H1

              UAE and Egypt’s consortium to buy African renewables firm Lekela Power

              UAE and Egypt’s consortium to buy African renewables firm Lekela Power

              Fitch revises Saudi Aramco’s outlook to positive from stable

              Fitch revises Saudi Aramco’s outlook to positive from stable

              Investments in renewables in Egypt reach LE6 bn: Official

              Investments in renewables in Egypt reach LE6 bn: Official

              Egypt signs 8 gas exploration contracts worth $934mn over 15 months

              Egypt signs 8 gas exploration contracts worth $934mn over 15 months

              JGC lands $3.7bn Iraq refinery upgradation project deal

              JGC lands $3.7bn Iraq refinery upgradation project deal

              Trending Tags

              • Healthcare
                Coronavirus: UAE conducting human trials for Covid-19 vaccine

                Coronavirus: UAE conducting human trials for Covid-19 vaccine

                COVID-19 vaccine could be available by autumn: Oxford University

                GSK to develop plant-based COVID-19 vaccine with Canada’s Medicago

                Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

                Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

                UAE sends medical aid to Iraq to fight COVID-19

                UAE sends medical aid to Iraq to fight COVID-19

                UAE launches phase III trial of inactivated Covid vaccine

                UAE launches phase III trial of inactivated Covid vaccine

                COVID-19 vaccine could be available by autumn: Oxford University

                COVID-19 vaccine could be available by autumn: Oxford University

              • Hospitality

                Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

                Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

                Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

                Saudi to be among world’s big leisure tourism hubs by 2030

                Saudi to be among world’s big leisure tourism hubs by 2030

                Qatar’s hospitality sector peaks despite turbulent 2020

                Qatar’s hospitality sector peaks despite turbulent 2020

                Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

                Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

                Staycations to stimulate Qatar’s hospitality sector

                Staycations to stimulate Qatar’s hospitality sector

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              Iraq needs $100 billion for post IS reconstruction, says Minister of Planning Salman al-Jumaili

              Al-Monitor

              August 21, 2017
              in Economy, Infrastructure
              0

              Iraqi Minister of Planning Salman al-Jumaili, in an interview with Al-Monitor from his office in Baghdad, said that his country will require a massive amount of funds to rebuild the areas liberated from Islamic State (IS) control. While he noted that it was too early to arrive at a precise estimate, he estimated the amount would be around $100 billion, adding that this figure “includes all the areas that were damaged during the presence of [IS], either by direct occupation or due to terrorist acts.”

              Jumaili also addressed poverty in the country and methods by which the government is tackling it. While the minister said poverty rates had been on the decline leading into 2014, the rise of IS shifted this and poverty increased, particularly in Ninevah, Salahuddin and Anbar provinces. The minister also commented on the current financial crisis, saying that while the fact that the country will recover “is a given. … The question is how long it will take to get over such a tough, deep and complicated crisis.”

              Al-Monitor:  What is the level of damage left by the fighting with IS? And how much money will Iraq need to rebuild the areas affected?

              Jumaili:  It is too soon to talk accurately about the level of damage at this point, but the damage to the infrastructure and state institutions alone between 2004 and 2016 has been set at 42 trillion Iraqi dinars [$36 billion], 60% of it between 2014 and 2016. Regarding the scale of the damage to private property, it is very large, and there are committees charged with estimating it and working out its actual scale.

              Different areas are damaged to different degrees depending on how much fighting took place there and because the military operations to liberate territories are ongoing. Some areas have still not been liberated, so figures on the scale of destruction will be lacking until those operations are finished.

              Iraq needs $100 billion to rebuild the liberated areas, a figure that includes all areas that were damaged during the presence of Daesh [IS], either by direct occupation or due to terrorist acts, so the funds will be allocated according to the scale of the damage in each province.

              Al-Monitor:  Have you put in place a plan and timeline for repairing the liberated areas? How much participation do you expect from the international community?

              Jumaili:  I have prepared a paper on the general framework of the national plan for reconstruction and development for the areas affected by terrorist operations. It covers 10 years [2018-2027], and the funds needed were estimated at $100 billion over a decade. This plan will be carried out on three simultaneous tracks: the human development and social track, the basic infrastructure track, and the economic development track.

              Iraq depends a lot on international support in light of the economic crisis it is facing. There will be meetings soon with donor states, most importantly the donor conference hosted by Kuwait in the coming months. We are hoping for good international support to result from that conference.

              Al-Monitor:  What is Iraq’s population density today? And why has there not been a census in Iraq for almost 20 years? When will there be one?

              Jumaili:  Iraq’s population was estimated at 37,883,543 in 2017. A census was planned in 2009 after a count and inventory of the country’s buildings and installations, but because of political interference in the census and a dispute over the naming of certain national groups, as well as a fear that the results of the census would be used for political purposes, the project was dropped in the second stage — the counting of Iraqis at home and abroad — and the numbers from the count and inventory were used to give us a good idea of the population in 2009 and estimates for the following years.

              Al-Monitor:  What is the level of trade between Iraq and the rest of the world? And what are Iraq’s main trading partners? Has Iraq’s high level of imports affected the country’s economy?

              Jumaili:  The Iraqi market is flooded with imported goods, which has lowered local production of goods due to the inability of local producers to compete. Furthermore, the wheels of production for most local manufactured goods, factories and workshops, especially in the private sector, have stopped. That has been reflected in growing levels of unemployment due to workers being laid off.

              Iraq’s top trading partners for goods other than oil in 2015 were China with $8.5 billion and the United Arab Emirates with $6.5 billion.

              Al-Monitor:  Do you think Iraq can recover from its financial crisis? And can the conditions set by the World Bank for the coming years be a basis for a strong economic plan for the future?

              Jumaili:  That Iraq can recover from its financial crisis is a given, but the question is how long it will take to get over such a tough, deep and complicated crisis. The collapse in the oil price meant the state’s income fell by 70%, while terrorist threats required massive defense spending as well as the burden of displaced people and immigrants.

              The Iraqi government has taken several measures in the last two years, including a review of investment spending and the canceling of many investment projects and finding new sources of finance thanks to the help of the international community and the provision of several low-interest loans. All these steps have helped tackle and shorten the crisis.

              The gradual improvements we can see in the global oil price mean that there is an opportunity for a better Iraqi economy in the future, especially given that Iraq has many investment opportunities and the resources it needs to put in place a suitable economic plan that will help it create a better economy in the future.

              Al-Monitor:  How would you describe the investment situation in Iraq? Do you think it has an attractive or hostile climate for foreign investment? Why have investment opportunities reportedly fallen?

              Jumaili:  Iraq is an attractive destination for investment for several reasons due to its natural conditions. Furthermore, its investment climate is able to absorb investment projects, both local and overseas, because of the vast damage that has hit the country’s infrastructure as well as the shutdown of many productive activities.

              Despite these advantages and the opportunities Iraq offers, there are some barriers, most importantly the security situation in all its complexity and the legislation and laws that are needed to provide a legal environment suitable for investors.

              Al-Monitor

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