BUSINESS

Rabee Securities welcomes announcement of Saudi investments in Iraq

December 05, 2022

Rabee Securities has welcomed the announcement by Saudi Arabia’s Public Investment Fund (PIF) that it will set up a company to invest in Iraq. As a company established to promote investment opportunities in Iraq, Rabee Securities has confirmed that Iraq is ready for foreign investments and that the Saudi investment fund will pave the way for the government to implement laws and regulations to attract further overseas investors.

According to Shwan Ibrahim Taha, Founder and Chairman of Rabee Securities, the announcement of the Saudi investment fund will act as a catalyst for international investments.

He said, “Saudi and other GCC countries are way ahead of Iraq in investing and use of capital markets. We have been patiently waiting for such an initiative in the private sector, and we are delighted that Saudi has taken the first step. We need a lot of help in Iraq, and this fund will be an excellent start for cooperation and cross-border investments.”

The Saudi Arabia PIF is set to invest in key sectors such as infrastructure, healthcare, and finance.

Welcoming the announcement, Mr Taha commented, “Iraq needs investment in all sectors. However, many sectors, such as real estate, oil and gas, have enough access to capital. I hope these funds will be invested in the youth and entrepreneurs of Iraq. This is where the most need lies, and we will see the greatest impact. Iraq has a small but growing tech scene that has been largely neglected. However, this is where Iraq’s economy will rise and could absorb the large numbers of young people coming into the job market.”

The Iraq stock market utilises the Nasdaq OMX system, an advanced trading platform used by regional and international markets. The system allows for the dematerialisation of shares, ensuring a seamless transfer process between investors.

To facilitate the investment process, Rabee Securities recently launched the first trading application on the ISX to enable overseas investors to make immediate transactions for listed companies on the Iraq stock market.


December 05, 2022
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