U.A.E. Top Investor In Iraq In 2009; Possibly Endangering Legitimacy of Government
The Power of investment a danger in the fledgling Iraqi State?
The WSJ reports that as the U.A.E. seeks to cash in on oil, gas and other energy deals, it has now risen to 24% of investments in Iraq for this year alone. As it has become Iraq’s top investor, investing over $37.7 billion in projects just for 2009 to date, one wonders if the U.A.E. will seek to influence Iraq’s government, much like it has done in Dubai. (For the previous post, click here.)
This comes in the face of Iraqi President, Tariq al-Hashimi, vetoing a bill by Parliament that had set down the regulations and procedures for the January elections. These election regulations have established how many seats will be reserved in Parliament for minority-groups, individuals that have fled Iraq, and even refugees. With the bill headed back to Parliament, one can be assured that powerful influences like the U.A.E. will try to assert their interests on these rules and regulations, especially when billions of dollars are on the line.
Photo Source Gulf News.