Iraq's stock market looks positive, says Rabee Securities

By Omnia Tarek

Published: Mon 16 Jan 2023, 10:30 AM

For a country enshrined in political controversy and uncertainty, the economic outlook for the future of Iraq looks optimistic, according to Rabee Securities founder and chairperson Shwan Ibrahim Taha. He said: "Under the circumstances, the Iraq markets and economy have managed to stand firm, which is what is required in a such difficult political standstill and tense geopolitical situations."

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Taha highlighted the market success in 2022, where Iraq’s budget revenues increased by 59 per cent yearly to $100.9 billion due to an increase in oil prices. Similarly, Iraq’s central bank foreign currency reserves rose to $96 billion at year's end. Taha emphasised that implementing more robust governance measures and reducing costs associated with government wages would make way for more sustainable measured policies in the future.

Interim progress has already been made with improved bilateral relations and investment opportunities with countries such as Saudi Arabia, Japan, China, England, and France. More recently, Saudi Arabia’s Public Investment Fund (PIF) announced that it would set up a company to invest in Iraq, which is expected to pave the way for a raft of government implementation of laws and regulations to attract further overseas investors to the country.

Taha added: "I am optimistic about Iraq’s outlook; we will witness a gradual increase in production to reach five million barrels by 2028. Any significant downside in oil prices could add some pressure. Still, we are positive that international investors are slowly returning, and this will be further helped by improvements to internal policies implementation."

— Omnia Tarek is the senior account manager at Sahara PR.

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