Majlis & Markets

Unlike other countries in the region, Iraq does not have a thriving start-up ecosystem and largely goes unnoticed by most regional or international venture capital investors.
However, an increase in new start-ups, an improving political and security environment as well as an improving economy could change this in the coming years.
The year 2022 was the biggest year for funding in Iraq's start-up ecosystem, with over $18 million being deployed, according to Magnitt, a Dubai-based data platform on MENA start-ups.

In our fourth episode, we spoke to Mohammed Khudairi, the Managing Partner of Khudairi Group, a family holding company operating businesses in the US, Europe and the Middle East.

He is also General Partner of Iraq Venture Partners, a Baghdad based early-stage venture capital firm. Mohammed is also the co-founder of Iraq Tech Ventures, an early-stage investment firm.
In this episode we touch on several points including:

• Why Iraq should be considered a tech ecosystem
• The opportunities within Iraq's emerging start-up ecosystem
• Specific challenges and risks facing start-up founders, users and investors
• The future outlook for Iraq's start-up scene

Intro theme song-'Tales of the Arabian Nights' composed by StudioKolomna via Pixabay

Despite possessing 7% of the world's oil reserves and housing one of the largest sovereign wealth funds globally, the spotlight on Kuwait often dims in comparison to the UAE, Saudi Arabia, or Qatar.

In our second episode, we had a conversation with Issam Al Tawari, a Kuwaiti banker and academic. He has a wealth of experience in debt markets, financial consulting, and venture capital across the GCC.
Currently serving as Managing Partner at Newbury Economic Consultancy, a Kuwait-based debt capital markets advisory, Issam provided insightful perspectives on a range of topics, including:

• Kuwait's political system: A historical overview and analysis of the current landscape
• Economic diversification efforts in Kuwait
• Exploring the background and challenges associated with the proposed public debt law
• Urgently needed reforms, including insights on the implementation of VAT
• Assessing climate risks facing Kuwait
• Issam's outlook for Kuwait as we approach 2024

Connect with Issam:

• LinkedIn: Issam's LinkedIn
• Twitter: Issam's Twitter

Islamic finance has seen remarkable growth over the past couple of decades. Its principles have gained traction not only in Muslim-majority nations but also in non-Muslim countries.

However, despite its growing popularity and an industry worth an estimated $4 trillion, questions persist regarding the authenticity of Islamic finance. For example, whilst Islamic banks adhere to Sharia, there are concerns about whether they genuinely uphold the spirit of Sharia or merely fulfil the legal requirements. This raises fundamental questions about the ethical and moral dimensions of Islamic finance.
In our seventh episode, we spoke to Harris Irfan. Harris is CEO of Cordoba Capital Markets and the former co-founder of Deutsche Bank's Islamic finance team. He is also the author of "Heaven's Bankers: Inside the Hidden World of Islamic Finance".
In this episode, we spoke about several topics including:

• Harris' involvement in landmark Islamic finance transactions
• Why it is difficult to adopt a more wholesome Islamic finance system
• The state of Islamic finance in the UK
• Harris' thoughts on Bitcoin

Intro theme song-'Tales of the Arabian Nights' composed by StudioKolomna via Pixabay

According to Fitch, the GCC debt capital market has soared to nearly $1 trillion. In 1H24, GCC primary debt issuance reached $75.5bn compared to $54.8bn in the same period last year, representing a 38% increase, according to Markaz, a Kuwait-based financial institution.

In the first five months of 2024, emerging market dollar debt issuance—excluding China—topped $200 billion, with Saudi Arabia leading at 18.5% and the UAE at 9%.

This growth highlights the GCC’s rising role in global bond markets, but it also brings challenges like fluctuating US interest rates and oil price swings.
In our 30th episode, we spoke to Abdul Kadir Hussain, Head of Fixed Income Asset Management at Arqaam Capital. With over 30 years of experience, he explains why the GCC is so attractive to investors and the key risks to watch for.

In this episode we covered several topics including:

• Why the GCC is an important part of the EM bond universe
• Thoughts on AAOIFI standards on the Gulf's sukuk market
• Some of the risks facing EM and GCC bonds

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Intro theme song-Arab and Muslim by StockMusic via Pixabay

Since 2016, under the leadership of Crown Prince Mohammed bin Salman, Saudi Arabia has been experiencing something of an economic transformation. At the heart of this shift is Vision 2030, an ambitious and visionary plan for a post-oil economy.

As the world's largest oil exporter, Saudi Arabia is an important country. Its economic transformation has far-reaching implications, not only for the Kingdom but for the Middle East and the rest of the world.
In our fifth episode, we spoke to Tim Callen, a former assistant director in the Middle East and Central Asia department at the International Monetary Fund. He served as the IMF’s mission chief for Saudi Arabia and as the chief of the Gulf Cooperation Council countries’ division from 2012-2021.
He is currently a visiting fellow at the Arab Gulf States Institute in Washington.
In this episode we touch on topics including:

• Saudi Vision 2030 and assessing the progress so far
• The development of the kingdom's financial and capital markets
• Looking at FDI levels into the kingdom
• The increasing influence of the PIF in the economy
• Challenges facing Saudi Arabia's economy in 2024 and beyond

Intro theme song-'Tales of the Arabian Nights' composed by StudioKolomna via Pixabay