Despite his close ties to Shiite party leaders in Baghdad and his extensive financial investments, premiership nominee Ali Faleh Kazem al-Zaidi remains largely unknown to most Iraqis outside political circles.
Informed sources say al-Zaidi has multiple financial partnerships with political and business figures both inside and outside the government.
Those familiar with his affairs describe him as “a young man who joined the ranks of the wealthy over the past decade,” noting that he spends generously on social aid and assistance.
Born in Baghdad in 1986, Al-Zaidi holds a law degree and is not known for seeking public attention.
This is despite the fact that he owns Dijlah TV, which he acquired from Jamal and Mohammed al-Karboli, two brothers who are leaders of a Sunni party that competed in elections between 2010 and 2014.
If al-Zaidi succeeds in forming a government, he would become the youngest prime minister to hold the post since 2004.
The Coordination Framework surprised most Iraqis by naming him its candidate for prime minister, even though his name had not appeared among those circulated during the roughly five-month political crisis and government-formation talks.
Financial activities
Asharq Al-Awsat has learned that al-Zaidi is the owner and chairman of Al-Janoob Islamic Bank for investment and finance, a publicly listed company on the Iraq Stock Exchange established in 2016 and operating in the banking sector.
He later stepped down as chairman, handing the role to one of his brothers, after the US State Department placed the bank on its sanctions list in February 2024 for money laundering, prompting the Central Bank of Iraq to block its access to US dollars, according to informed sources.
Al-Zaidi also owns Al-Oweis Group, which, according to its website, includes 15 companies operating across food trade, agricultural and livestock production, contracting, printing, security services, electronics and oil, though it does not disclose its owner or founding date.
Property registration data indicates the company was established in 2007, later dissolved and converted into a private joint stock company with capital of 99 billion Iraqi dinars, about $75 million. An oil services company was also established in 2018 with a capital of 2 billion dinars.
The Iraq Stock Exchange website lists 2016 as the founding year of Al-Janoob Islamic Bank alongside a financial transfer company with capital of 250 billion dinars, about $191 million, meaning the bank’s total capital is less than the cost of a single “food basket.”
The company’s website says its total investments amount to $500 million and that it is responsible for contracts to supply the Trade Ministry’s food basket, as well as contracts with the Defense Ministry to provide food for 300,000 soldiers daily.
It also opened a private university last year named Al-Shaab.
Sources close to al-Zaidi say he holds further investments in education and media, including Al-Shaab University, Ishtar Medical Institute and Dijlah TV.
Sources say the Trade Ministry contracted Al-Oweis, owned by al-Zaidi, to supply food basket items to around 40 million Iraqis, a program inherited from Saddam Hussein’s government under the oil-for-food agreement during the 1990s sanctions period.
Citizens often complain about poor food quality and delivery delays.
However, the sources say the program has been scaled down in recent years to cover 18 million people, citing the exclusion of higher-income groups.
Group of companies
According to additional data, company registration records show that al-Zaidi owns 15 companies registered in his name, with an initial capital exceeding 282 billion Iraqi dinars.
These companies operate across key sectors including general contracting and construction, real estate and tourism investment, oil, gas and electricity, food and glass industries, agricultural and livestock production, as well as higher education, medical and financial services.
Among the most prominent is Al-Oweis, which holds contracts to feed the Iraqi army and import food basket items, alongside Al-Shaab University.
Through Al-Oweis Trading, General Contracting, Food Supply and Food Industries Ltd., al-Zaidi implements multiple projects, including feeding the Iraqi army.
The company signed a partnership contract with the State Company for Foodstuff Trading to supply both dry and fresh rations, covering 41 items for a total of 300,000 personnel.
Another project is the food basket program, under which Al-Oweis signed a partnership contract with the State Company for Foodstuff Trading to supply seven food items to support around 40 million people.
