The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.


All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.

Slim pickings for Iraq's neighbours

Although logistics suggest that regional companies should play a major part in reconstructing Iraq, hopes of big gains have had to be scaled down. In some areas, such as telecoms, the odds look to have been stacked against Arab firms.

Amman-based financial services company Atlas Investment opens a representative office in Baghdad.

WITHIN WEEKS OF the formal declaration that US-led coalition forces had successfully completed the invasion of Iraq, Amman-based financial services company Atlas Investment had opened a representative office in Baghdad. The Jordanian company is one of a small number of Arab firms that are looking to catch some crumbs from the contractual table at which giant US corporations have feasted. These latter are headed by Bechtel, the prime contractor for rebuilding Iraq; and Halliburton, the oil services group whose CEO was once US vice-president Dick Cheney, which has won the contract for oil-field reconstruction.

There is little confidence in the Gulf that Arab contractors will win much business. In many cases they are simply not large enough to compete on their own and, as one banker notes: "Most of the regional contractors are too proud to set up consortia with rivals to win business."

But there are opportunities where they can offer specific expertise. Among the other companies to have found a niche in post-invasion Iraq are two internationally successful Jordanian firms.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree