Foreign Investment in Iraq Reaches $100 Billion in Two Yearshttps://english.aawsat.com/business/5185984-foreign-investment-iraq-reaches-100-billion-two-years
Foreign Investment in Iraq Reaches $100 Billion in Two Years
Iraqi Prime Minister Mohammed Shia al-Sudani. (AFP file)
Iraqi Prime Minister Mohammed Shia al-Sudani said on Saturday that foreign investments in his country in the past two years have reached $100 billion in various fields.
He told a business event: “We cannot delay in meeting the needs and hopes of the people or remain hostage to a single source of income for the budget.”
“The private sector is a partner and backer in helping us achieve our vision in structuring the economy,” he added.
He said there are more investment projects with local and foreign companies on the way.
“This is clear evidence that the government is forging ahead in preparing an attractive environment for investment in the country,” Sudani stressed.
Moreover, he said his government was working on restructuring the Iraqi economy, explaining that it was a “pressing need” for a state to carry out its duties.
“We are witnessing a changing world, so we cannot delay in restructuring the economy and supporting the private sector. This issue has been delayed for decades due to wars and conflicts,” remarked the PM.
The World Bank's International Finance Corporation (IFC) signed a $500 million investment contract with Iraq's Basrah Gas Co. on Saturday for associated gas and the development of facilities at the Umm Qasr port, the prime minister's office said.
Iraq Cancels $764 million Baghdad Airport Project over Corruption Concernshttps://english.aawsat.com/business/5283941-iraq-cancels-764-million-baghdad-airport-project-over-corruption-concerns
Iraq Cancels $764 million Baghdad Airport Project over Corruption Concerns
Ali al-Zaidi has decided to cancel the Baghdad International Airport development project - File photo/Reuters
Iraqi Prime Minister Ali al-Zaidi has decided to cancel the Baghdad International Airport development project after corruption suspicions were raised, Iraqi state media reported on Sunday, citing a government source.
The project involves a $764 million contract awarded last year to a consortium of Luxembourg-based Corporacion America Airports (CAAP) and Iraqi real estate firm Amwaj International, aimed at upgrading and expanding the capital’s main airport, Reuters reported.
Two government sources speaking on condition of anonymity due to the sensitivity of the matter told Reuters that officials raised concerns about potential irregularities over the tendering process and contract terms.
The move follows a drive against corruption which has meant growing scrutiny within government institutions.
The airport upgrade had been presented as a key infrastructure project to modernize Iraq’s aviation sector and increase capacity at Baghdad International Airport, which has suffered from years of underinvestment.
SpaceX CEO Elon Musk, displayed on a screen remotely from SpaceX headquarters in Starbase, Texas, speaks before the launch of SpaceX's initial public offering (IPO) at the Nasdaq MarketSite in New York on June 12, 2026. (Photo by TIMOTHY A. CLARY / AFP)
SpaceX CEO Elon Musk, displayed on a screen remotely from SpaceX headquarters in Starbase, Texas, speaks before the launch of SpaceX's initial public offering (IPO) at the Nasdaq MarketSite in New York on June 12, 2026. (Photo by TIMOTHY A. CLARY / AFP)
SpaceX shares began trading on Nasdaq at a market value of $1.78 trillion, turning Gulf capital's role from market speculation into a documented fact.
Last-minute disclosures and the IPO prospectus revealed a striking economic reality: sovereign wealth funds and investors from Gulf Cooperation Council countries were not peripheral participants.
They were the backbone of the largest fundraising exercise in financial market history. This $75 billion deal made the Gulf a historic partner in shaping the future of space and artificial intelligence.
Global hedge funds saw their orders sharply cut after demand topped $250 billion. But Britain’s Financial Times, citing people familiar with the order book, reported that sovereign funds and family offices were given priority. SpaceX placed Gulf funds at the front of its list of strategic subscribers.
According to the newspaper, the official Gulf allocation put the region among the biggest subscribers.
Saudi Arabia’s Public Investment Fund, the Qatar Investment Authority and the Kuwait Investment Authority each received final allocations worth more than $1 billion. Those figures approached the scale of the $5 billion stake sought by US asset management giant BlackRock.
The rush was also driven by “fast-entry” rules approved by global index providers such as Nasdaq and FTSE Russell.
These rules allow shares to be added to major indexes, including the Nasdaq 100, within five to 15 trading days. For funds, securing stock from the first book became a preemptive fight.
The rise of the Kingdom’s stake
The case of Prince Alwaleed bin Talal and Kingdom Holding Co. offers the clearest example of how Gulf investors booked historic paper gains through long-standing strategic ties with Elon Musk.
It also gave practical meaning to Musk’s 2024 pledge, when he wrote on his platform: “Loyalty deserves loyalty,” promising priority to long-term investors.
The relationship began in 2011, when Prince Alwaleed invested $300 million in Twitter, now X. When Musk acquired the platform in 2022, Kingdom Holding and its chairman, Prince Alwaleed bin Talal, made a decisive call: they rolled over the stake instead of cashing out.
Later, as Musk merged X with his artificial intelligence startup xAI and then folded the combined entity under SpaceX, that historic holding was converted into direct equity in the rocket and satellite communications company, according to IPO documents.
The result was a dramatic paper gain. Kingdom Holding said in a separate official filing to the Saudi stock exchange that the estimated value of its joint stake with Prince Alwaleed had risen to more than $10.6 billion, based on the final IPO price of $135 a share.
The effect was not confined to the company’s books. The valuation quickly moved into the market, sparking a rally that sent Kingdom Holding shares on Saudi Arabia’s Tadawul exchange to their highest level in a decade.
Bret Johnsen (C), SpaceX Chief Financial Officer, and Gwynne Shotwell (center R), SpaceX President and Chief Operating Officer, celebrate as they ring the opening bell at the Nasdaq MarketSite to celebrate the launch of SpaceX's initial public offering (IPO) in New York on June 12, 2026. (Photo by TIMOTHY A. CLARY / AFP)
The AI equation
The gains tell only part of the story. Published operating data and SpaceX’s combined deals show Gulf investors have shifted the rules of the traditional investment game.
Regional capital is no longer silent money waiting for dividends. It has become a strategic force, demanding the localization of advanced technology and the construction of computing and artificial intelligence infrastructure on Arab soil. The goal is knowledge transfer and digital sovereignty, not merely returns captured in Silicon Valley.
HUMAIN enters the picture
That strategy is clearest in the moves of Saudi Arabia’s HUMAIN, a company wholly owned by the Public Investment Fund and focused on providing comprehensive artificial intelligence capabilities globally.
According to the company’s official statement, HUMAIN invested $3 billion in xAI’s Series E funding round. The investment came just before SpaceX’s larger acquisition and merger in early February.
Under that transaction, HUMAIN’s stake was converted into declared, direct equity in the parent company, SpaceX, making it a significant minority shareholder with strategic weight.
The statement shows the partnership was not improvised. It followed a broad agreement signed in November 2025 during the US-Saudi Investment Forum.
Under the agreement, HUMAIN and xAI committed to jointly developing next-generation artificial intelligence infrastructure and data centers with more than 500 megawatts of computing capacity, while localizing and deploying advanced Grok models in Saudi Arabia.
At the time, HUMAIN Chief Executive Tareq Amin said the investment showed the company’s ability to deploy major capital behind exceptional technology platforms that combine technical excellence with long-term vision.
He said the merger of xAI with SpaceX’s vast infrastructure created a unique platform for accelerated growth and long-term investment value across four areas: next-generation technology centers, hyperscale cloud, advanced models and transformative AI solutions.
The United Arab Emirates built its own technology alliance along similar lines. Abu Dhabi secured a strategic seat through its specialized technology arm, MGX, in Musk's merged entities, in cooperation with G42.
At the same time, it moved ahead with a large data center complex in Abu Dhabi, supported by parallel strategic partnerships, including a $15.2 billion investment commitment from Microsoft for Khazna, the group’s data center company.
NEW YORK, NEW YORK - JUNE 12: SpaceX employees celebrate the market close of the SpaceX initial public offering (IPO) at the Nasdaq Marketsite on June 12, 2026, in New York City. Spencer Platt/Getty Images/AFP
Financial engineering and the space bet
Official data cited by Britain’s Financial Times set out the spending plan for the IPO proceeds. SpaceX will immediately use $20 billion of the gross proceeds to repay a bridge loan the group drew in March.
The loan covered debt tied to the integration of Musk’s artificial intelligence and social media businesses, xAI and X, under SpaceX’s financial umbrella.
The remaining liquidity, backed significantly by cash flows and Gulf billions from the top of the order book, will fund the next stage of growth.
At the center of those plans is a project Musk disclosed to the head of JPMorgan during the IPO roadshow and which the British newspaper reported: building artificial intelligence data centers in outer space.
The plan involves launching giant satellites with 70-meter wingspans as a strategic solution to the limits of Earth's electricity resources.
Steel-like confidence
The scale of the Gulf position has drawn attention on Wall Street because SpaceX’s current numbers defy traditional market equations.
The company went public with a financial commitment that included repaying a $20 billion loan before the offering to cover obligations from the merged xAI and X businesses under SpaceX’s unified structure.
Its valuation was even more striking: 92 times annual revenue of $19 billion. In simple terms, standard market practice usually ties large-company valuations to current revenue. SpaceX’s market value therefore places it in a rare position among the world’s largest technology groups relative to the size of its existing business.
Even so, banking circles described the approach of Gulf sovereign wealth funds and family offices as a strategic vision that looked past conventional market concerns. Investment managers told the Financial Times they had offered Gulf clients financial hedging options as a standard precaution when trading began. All rejected hedging outright.
That stance reflects a more mature regional investment mindset. Gulf investors are no longer relying only on immediate readings and short-term indicators. They are trying to seize future monopolistic opportunities.
That view draws on forecasts by Goldman Sachs, the lead IPO manager, which predicted a 100-fold jump in SpaceX’s artificial intelligence revenue to $322 billion by 2030, allowing it to dominate a targeted global market worth $28.5 trillion.
In the end, SpaceX’s historic IPO showed that the region’s funds have become strategic partners with the power to impose operational conditions, localize future technology and shape a new financial geopolitical landscape stretching from the deserts of the Middle East to outer space.
Saudi Industry Minister Discusses Digital Transformation, Industrial Cooperation with Kazakh Ministershttps://english.aawsat.com/business/5283689-saudi-industry-minister-discusses-digital-transformation-industrial-cooperation
Minister of Industry and Mineral Resources Bandar Alkhorayef and the Saudi delegation are seen during the meeting in Astana. (SPA)
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Saudi Industry Minister Discusses Digital Transformation, Industrial Cooperation with Kazakh Ministers
Minister of Industry and Mineral Resources Bandar Alkhorayef and the Saudi delegation are seen during the meeting in Astana. (SPA)
Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef held two bilateral meetings in Astana with Kazakhstan’s Deputy Prime Minister and Minister of Artificial Intelligence and Digital Development Zhaslan Madiyev and Foreign Minister Yermek Kosherbayev focusing on strengthening economic ties and expanding cooperation in digital transformation, artificial intelligence, and industrial and mining innovation, reported the Saudi Press Agency on Saturday.
Attended by Saudi Vice Industry Minister for Mining Affairs Eng. Khalid Al-Mudaifer, the meeting also tackled strengthening economic ties and expanding cooperation in digital transformation, artificial intelligence, and industrial and mining innovation.
During his meeting with Madiyev, the officials explored opportunities to exchange expertise in digital technologies and AI, emphasizing the role of advanced technologies in enhancing efficiency and competitiveness in the industrial and mining sectors.
Alkhorayef highlighted the Kingdom’s efforts to develop its digital infrastructure and build an integrated innovation ecosystem that accelerates the adoption of advanced technologies.
Alkhorayef and Kosherbayev discussed ways to deepen economic cooperation, expand investment partnerships in industry and mining, and facilitate the access of Saudi exports to Kazakh markets.
The meetings were held as part of Alkhorayef’s official visit to Kazakhstan that is aimed at strengthening bilateral cooperation in industry and mining, promoting knowledge exchange in digital transformation and advanced technologies, and supporting the objectives of Saudi Vision 2030.
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