DAVOS: Iraq called on Thursday for foreign investors to help it rebuild after defeating Daesh and making progress in reuniting the country, saying it would need up to $100 billion to fix crumbling infrastructure and war-torn cities.
Prime Minister Haider Al-Abadi said help was needed with dozens of projects, as Iraq prepares for a major donors conference in Kuwait next month, which will be held together with the World Bank.
“It’s a huge amount of money. We know we cannot provide it through our own budget,” Abadi told the World Economic Forum in Davos, Switzerland.
“We know we cannot provide for it through donations, that’s almost impossible. So that’s why we (have) now resorted to investment and reconstruction through investment. This is a way forward and we can achieve it,” he said.
Abadi came to Davos in 2016 and pledged to defeat Islamic State before the end of that year. He didn’t come in 2017 as the war on militants took longer than anticipated, although he declared full victory at the end of last year.
This year, Abadi has made efforts to resolve a crisis in relations with the country’s semi-autonomous region of Kurdistan, which voted for independence in a referendum last year that was not recognized by Baghdad and has had to surrender major oilfields and chunks of territory to Iraqi troops.
He said he had met twice already this year with Kurdish Prime Minister Nechirvan Barzani, adding Barzani had agreed to hand over oil to federal firm Somo while Baghdad and Irbil discuss the exact level of budget transfers.
Irbil started independent oil exports several years ago, accusing Baghdad of not transferring enough money from the federal budget, while Baghdad accused Irbil of not producing and transferring enough oil.
The balance of budget allocation versus oil remains the main sticking point in discussions between Baghdad and Irbil and Barzani said on Thursday nothing had been agreed.
“This is far from the truth, we didn’t discuss this issue in the first place,” Barzani said, according to Kurdish news agency Rudaw.
Iraq calls on investors to help $100 bn reconstruction drive
Iraq calls on investors to help $100 bn reconstruction drive
Closing Bell: Saudi main index climbs to 10,485
RIYADH: Saudi Arabia’s Tadawul All Share Index edged up on Sunday, gaining 34.32 points, or 0.33 percent, to close at 10,484.59.
The total trading turnover of the benchmark index stood at SR2.59 billion ($690 million), with 168 listed stocks advancing and 87 declining.
The Kingdom’s parallel market Nomu also gained 100.37 points to close at 23,454.65.
The MSCI Tadawul Index advanced by 0.13 points to 1,377.44.
The best-performing stock on the main market was Nama Chemicals Co., whose share price increased by 9.98 percent to SR22.38.
The share price of Al Masar Al Shamil Education Co. rose by 9.15 percent to SR23.85.
Saudi Paper Manufacturing Co. also saw its stock price climb by 8.42 percent to SR57.95.
Conversely, the share price of Canadian Medical Center Co. dropped by 6.37 percent to SR6.03.
The stock price of Kingdom Holding Co. also declined by 3.16 percent to SR8.28.
In the parallel market, Alfakhera for Mens Tailoring Co. was the top performer, with its share price advancing by 16.40 percent to SR8.80.
On the announcements front, Theeb Rent a Car Co. said it had signed a long-term vehicle leasing services contract valued at SR110.4 million with Hungerstation Co.
Under the deal, Theeb will lease 2,000 vehicles to HungerStation for a period of four years starting from 2026, according to a Tadawul statement.
The statement added that the vehicles will be delivered in batches within the first six months from the contract start date, taking into consideration global logistical circumstances and procedures beyond the control of both the agents and the company.
The contract is expected to have a positive impact on the company’s financials from the first quarter of 2026.
The share price of Theeb Rent a Car Co. declined by 0.79 percent to SR37.80.
