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Iraq Insider: Q3 2020 Non-Oil Economy Review

From the Iraq Energy Institute (IEI). Any opinions expressed here are those of the author(s) and do not necessarily reflect the views of Iraq Business News.

For Q3 2020, our first non-oil economy part examines Iraq’s current challenges and economic potential at the macro and micro level. With the oil economy review, there two reports provide a detailed overview of developments in oil and gas, agriculture, industry, electricity and health, looking at Iraq’s key vulnerabilities amid the COVID-19 crisis and where Iraq has received substantial international assistance.

Here we examine Iraq’s current policy options, however limited, and prospects for stabilisation, in light of the new white paper on economic reform presented by the Iraqi cabinet on 13 October.

Additionally, we look at Iraq’s continuing policy of trying to balance regional relations during a time of renewed proxy conflict, the regionally shared challenge of collapsed oil prices and the global pandemic.

Iraq’s policy of regional outreach is finally starting to show positive results but remains vulnerable to the rapidly shifting geopolitics of the region. Arising from Baghdad’s regional posture, we examine some of the most interesting developments, particularly in the energy sector.

Click here to read the full story.

The post Iraq Insider: Q3 2020 Non-Oil Economy Review first appeared on Iraq Business News.

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ACWA Power Signs MoU with Iraq Energy Institute

ACWA Power, a Saudi-based developer, owner, and operator of power generation and water desalination plants, has signed a Memorandum of Understanding (MoU) with Iraq Energy Institute (IEI), an independent non-profit policy institute, to collaborate on research development projects and enhance capacity building programs that will contribute to the optimum development of Iraq’s energy sector.

The MoU communicates the commitment of ACWA Power and IEI to partake in both parties’ events, workshops and activities and exchange expertise from consultants and senior management at organised events and forums.

The partnership will initiate professional dialogues and knowledge sharing that will bring about solutions which target challenges facing the region and elevate the private-public investor community in Iraq.

Demonstrating its role in nurturing young talent, ACWA Power will also take a leading role in IEI’s future scholarship programmes that will grant Iraqi students the chance to progress and excel in the energy and water fields in cooperation with other governmental and non-governmental partners.

The MoU was signed by Mr. Yesar al-Maleki, Managing Director of IEI, and Mohamed Fata Nahhas Business Development Manager at ACWA Power in the presence of Mohammad Abunayyan, Chairman of ACWA Power and Mr. Adnan Al Janabi, Vice Chairman of IEI.

ACWA Power Chairman, Mohammad Abunayyan said:

“We are pleased to commence collaboration with Iraq Energy Institute and bring our expertise to the Iraqi market.

“The signing of the MoU will certainly bridge to further alliances between ACWA Power and Iraqi energy players and is a robust start of a mutually beneficial relationship built on knowledge and exchange of energy proficiency between the Kingdom of Saudi Arabia and Iraq – which we are proud to lead and are keen to further progress.“

(Source: ACWA Power)

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Riding the Oil Markets, Iraq’s Economy in Transition

The Iraq Energy Institute (IEI) has issued its 2018 Annual Report, entitled “Riding the Oil Markets, Iraq’s Economy in Transition“.

In its summary, the IEI says:

“Iraq’s fortunes are once again highly dependent upon oil prices following a period where the government succeeded in stabilising expenditures, on the basis of IMF conditionality.

“This period was of course accompanied by the 2014-2017 war against the self-declared “Islamic State,” when Iraq was struggling through an existential conflict. During this difficult time, Iraq’s fundamental stability, on virtually every metric, was supported by the success of its energy sector.

“On that basis, 2018 carried good news for Iraq, not only due to rising oil prices. This report outlines some of the areas where oil and gas have truly contributed to energizing Iraq’s economy, looking at increasing gas utilization in southern Iraq, which now carries the real potential to alleviate Iraq’s electricity crisis.

“We examine growing cooperation between the Federal Government and the Kurdish Region of Iraq in the energy sector, which is increasingly based on a firmer legal footing with the passing of the 2019 budget law, which could in theory usher in a new era of Baghdad-Erbil relations.“

Please click here to download the full report.

(Source: IEI)