A generational shift in geopolitics is creating new possibilities for prosperity in the Greater Middle East The Middle East is often seen as an arena of unending conflict: ambitious regional rivals vie for advantage as restless young people struggle against authoritarian rule and ailing economies. And yet despite the region’s many challenges—from the Islamic Republic of Iran
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Following the recent thaw in relations between Iran and Saudi Arabia, Iraq is strengthening its ties with GCC states. European countries should support this development, which could help Iraq address its domestic challenges For decades, Iraq has been caught in the crossfire of tensions between neighbouring Iran and Saudi Arabia. But following the recent thaw in rel
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On July 3, Saudi Arabia and the United Arab Emirates reached an agreement with Iraq to invest $3 billion each in the country, signaling an expansion of investments by the Gulf states at a time when Iraq continues to seek financing for postwar reconstruction and development of its infrastructure. Iraqi Prime Minister Mohammed Shia Al Sudani said in June that, having “regained it
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A recent barter deal under which Iraq agreed to supply Iran with crude oil and fuel oil in exchange for Iranian gas, points to Iraq's frustration with US sanctions that make it difficult to pay for its gas imports and cause power outages during the scorching summer months. Iran slashed its gas exports to Iraq on Jul. 4, from 45 million cubic meters per day to 20 MMcm/d, cutt
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Iraq’s economy is overwhelmingly dominated by the oil sector. According to the World Bank, over the last decade oil revenues have accounted for more than 99% of exports, 85% of the government’s budget, and 42% of GDP. Despite the strong rebound of the economy after the pandemic thanks largely to high oil prices and increased export volumes that last year drove oil revenues
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