Arab Today, arab today kurds and us win big in postwar iraqi contracts
Last Updated : GMT 02:16:14
Arab Today, arab today
Arab Today, arab today

Kurds and US win big in post-war Iraqi contracts

Arab Today, arab today

Arab Today, arab today Kurds and US win big in post-war Iraqi contracts

Washington - Arabstoday

Iraq has recorded the highest percentage of economic growth of all Arab economies in the last few years. It has the fourth-largest oil reserves globally, and is attempting to be one of the biggest oil producers worldwide. Iraq’s Gross Domestic Product reached 10.5 percent in 2012, the highest percentage in the Middle East, and higher than previous expectations. GDP will grow at an average of at least 9.4 percent annually between 2012 and 2016, says the central bank. Iraq produced 3.2 million barrels of oil per day in 2012, and output is expected to grow. Iraq’s oil minister last year said he expects production to reach 8 million to 8.5 million barrels per day by 2017. “Iraq will be the fastest-growing country in the world during 2012 and 2013,” Merrill Lynch said in a report last year. The U.S. bank foresees “a steady 9% growth rate in the Iraqi economy between 2013 and 2017,” and “this growth is ascribed in the first place to the increase in the country’s oil production.” Over the past decade, Iraq has succeeded in moving ahead with development and reconstruction after the war. While it is slated to be one of the most important economies in the world, there are many abnormalities in its growth due to rampant poverty, corruption, and unfair wealth distribution among its people. American companies These abnormalities have led more people to sink deeper into poverty, especially in Baghdad. This situation was allowed to develop in an environment of corruption, analyst and writer Salama al-Derawee told Al Arabiya. “The state is disconnected. There are a lot of military groups still in Iraq to protect corruption,” Derawee said. Over the past decade, during the occupation, American companies seemed to gain the most. They struck big deals throughout the country with huge profits, and were supported by a corrupt system. “About a sixth of the $60.5 billion America spent on rebuilding war-torn Iraq over the past ten years has been lost to waste and fraud,” said a recent official U.S. report, adding that most of this money went to American companies. The report highlights specific cases, such as the subcontractor supplier who overcharged Iraqi projects by thousands of dollars for supplies, including $900 for a control switch valued at $7.05, and $80 for a pipe that should cost $1.41. In addition, most of the rebuilding projects in Iraq have been carried out by U.S. companies, including multi-billion-dollar contracts, while many foreign and local companies were banned against even bidding on projects. Looking at these figures confirms that American companies (including Halliburton, Bechtel, ExxonMobil and others) were among the biggest gainers in the post-war rebuilding phase. Kurds, the second-biggest gainers Ten years after the invasion of Iraq, the Kurds have the best economic situation, and their capital Erbil has become one of the most famous, important and prosperous cities in the Middle East. “The Kurds’ area seems to be an independent country. They deal with other countries and multinational companies without approval from Baghdad,” said Derawee. “Kurdistan has built early business relations with international sides directly, and they made a lot of deals with others independently, including oil exports.” He believes that “stability is the secret of success,” adding that Kurds had a good opportunity to build a strong economy, while other areas were busy dealing with the chaos that occurred after the invasion. Kurdistan has an estimated 45 billion barrels of oil as reserves, and it hosts some of the largest oil and gas companies in the world. Observers say Erbil may become one of the richest cities in the region because it attracts huge investments. Deep poverty There is deep poverty and an unfair division of wealth in Baghdad and many other cities. Poverty in Iraq is still over 30 percent overall, but it rises to more than 50 percent in some areas such as al-Muthana, al-Qadesia and Mesan. These figures are unbelievable for a country that produces more than 3 million barrels of oil per day, which is valued at more than $300 million. “Iraq needs more reforms,” Derawee said. “Sectarianism and militias are the big problems. Some people dominate resources and wealth based on sectarianism. That’s why we see extreme poverty in some areas and extreme wealth in others, even in the same city.” Albawaba Business

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today kurds and us win big in postwar iraqi contracts Arab Today, arab today kurds and us win big in postwar iraqi contracts

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today kurds and us win big in postwar iraqi contracts Arab Today, arab today kurds and us win big in postwar iraqi contracts

 



Arab Today, arab today
Arab Today, arab today Designer Aql Faqih aspires to innovation

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation
Arab Today, arab today Malaysia Airlines picks new CEO

GMT 12:54 2017 Saturday ,21 October

Malaysia Airlines picks new CEO
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Residents get glimpse of Raqa in ruins

GMT 07:10 2017 Saturday ,21 October

Residents get glimpse of Raqa in ruins
Arab Today, arab today Hiring not part of Alibaba pledge

GMT 11:26 2017 Wednesday ,18 October

Hiring not part of Alibaba pledge
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today World's deepest lake in peril

GMT 15:54 2017 Friday ,20 October

World's deepest lake in peril
Arab Today, arab today Ex-French minister Dati wants tough action

GMT 10:54 2017 Thursday ,19 October

Ex-French minister Dati wants tough action
Arab Today, arab today Delhi braces for pollution 'airpocalypse'

GMT 16:07 2017 Friday ,20 October

Delhi braces for pollution 'airpocalypse'
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today EU raids automaker BMW

GMT 11:06 2017 Saturday ,21 October

EU raids automaker BMW
Arab Today, arab today Sweden to get biggest car factory

GMT 14:10 2017 Friday ,20 October

Sweden to get biggest car factory
Arab Today, arab today Actress Mona Zaki praises husband’s role

GMT 08:15 2017 Thursday ,19 October

Actress Mona Zaki praises husband’s role
Arab Today, arab today Massacre fears spark race

GMT 19:09 2017 Thursday ,19 October

Massacre fears spark race

GMT 08:57 2017 Wednesday ,18 October

Actress Shery Adel happy for Egypt’s qualification

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 09:56 2017 Friday ,20 October

Privacy Groups Warn of Perils

GMT 08:04 2017 Thursday ,19 October

Second US judge orders freeze

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 20:46 2017 Thursday ,19 October

Qualcomm files lawsuits in China to ban iPhones

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday