Iraqi Kurds Seek to Diversify Economy

An Iraqi worker operates a machine at Hend steel company in Erbil, the capital of the northern Iraqi Kurdish autonomous region, on October 1, 2020. AFP / SAFIN HAMED
An Iraqi worker operates a machine at Hend steel company in Erbil, the capital of the northern Iraqi Kurdish autonomous region, on October 1, 2020. AFP / SAFIN HAMED
TT

Iraqi Kurds Seek to Diversify Economy

An Iraqi worker operates a machine at Hend steel company in Erbil, the capital of the northern Iraqi Kurdish autonomous region, on October 1, 2020. AFP / SAFIN HAMED
An Iraqi worker operates a machine at Hend steel company in Erbil, the capital of the northern Iraqi Kurdish autonomous region, on October 1, 2020. AFP / SAFIN HAMED

On a rugged hillside some 50 kilometers east of Erbil, the booming regional capital, vineyards are ripe for harvesting as a new source of income.

Iraq's Kurdish region has for decades lived off its oil wealth, but plummeting energy prices amid the pandemic and financial mismanagement are forcing locals to return to long abandoned farms.

Civil servants from the northern region's bloated public sector have gone without pay and many are now turning back to agriculture and other businesses to make ends meet.

Abdallah Hassan, 51, a civil servant from the nearby village of Mam Rostam, has returned to harvest the grapes, used to produce raisins and vine leaves, for the first time in almost 20 years.

"There is hardly any work left for us and there are no salaries," he said, complaining that the regional government now "only pays wages every couple of months".

"It's better for farmers to tend to their fields than wait for the payday or for charity," he added, AFP reported.

Hassan recounted how before the 2003, when Saddam Hussein's regime was toppled, the Kurdish region had survived on farming during years of painful sanctions.

Since then, in its drive to secure lucrative oil revenues, the autonomous Kurdistan Regional Government (KRG) had mostly abandoned agriculture.

Big investments from multinational energy companies have transformed the region, and Erbil has become an urban hub with skyscrapers and luxury hotels.

This year, however, the Covid-19 pandemic and tumbling oil prices have taken a heavy toll, worsened by budget disputes with the central government in Baghdad.

The Iraqi economy, one of the world's most oil-dependent according to the World Bank, saw its gross domestic product contract by about 10 percent this year.

Mohammed Shukri, chairman of the Kurdistan Board of Investment, said putting all of the regional economy's eggs into the energy basket had proven costly.

"We're rich when the oil price is high, and we're poor when the oil price is low," he told AFP.

Kurdish economist Bilal Saeed argues the region's leaders had made a strategic blunder by letting other sectors fall by the wayside.

"Instead of using that revenue to develop the agriculture, health and tourism sectors, the government of Kurdistan has focused mostly on developing its oil sector and ignored the rest," he said.

Over-reliance on energy has also had a corrosive effect on Iraq's state apparatus and fueled corruption.

A World Bank report this year pointed to Iraq's "failure to equitably share the benefits of oil wealth" and described a murky patronage system.

With its budget now bled dry and the KRG facing some $28 billion in debt, it decided in June to slash civil servants' salaries by 21 percent.

But despite this, it has been unable to pay all of their wages on time, with the outstanding pay, accumulated over years, estimated at $9 billion.



Türkiye TPAO, Shell Sign Deal to Carry out Exploration Work offshore Bulgaria

A Shell logo is seen at a gas station in Buenos Aires, Argentina, March 12, 2018. (Reuters)
A Shell logo is seen at a gas station in Buenos Aires, Argentina, March 12, 2018. (Reuters)
TT

Türkiye TPAO, Shell Sign Deal to Carry out Exploration Work offshore Bulgaria

A Shell logo is seen at a gas station in Buenos Aires, Argentina, March 12, 2018. (Reuters)
A Shell logo is seen at a gas station in Buenos Aires, Argentina, March 12, 2018. (Reuters)

Türkiye Petrolleri (TPAO) has signed a partnership agreement with Shell to carry out exploration work in Bulgaria's maritime zone, the Turkish energy ministry and British oil major said on Wednesday.

European Union member Bulgaria, which had been totally dependent on Russian gas until 2022, has been seeking to diversify its gas supplies and find cheaper sources, Reuters reported.

TPAO and Shell will jointly explore the Khan Tervel block, located near Türkiye's Sakarya gas field, and will hold a five-year licence in Bulgaria's exclusive economic zone, Minister Alparslan Bayraktar said.

Shell will continue as operator of the block, while TPAO will take a 33% interest in the licence, a Shell spokesperson said.

Since the start of this year, TPAO has signed energy cooperation agreements with ExxonMobil, Chevron and BP for possible exploration work in the Black Sea and the Mediterranean.

In April, Shell signed a contract with Bulgaria's government to allow the oil major to explore 4,000 square metres in the block.


Saudia Signs Strategic Partnership Agreement with Six Flags and Aquarabia Qiddiya City

udia will develop special travel packages designed to enable visitors to experience world-class attractions - SPA
udia will develop special travel packages designed to enable visitors to experience world-class attractions - SPA
TT

Saudia Signs Strategic Partnership Agreement with Six Flags and Aquarabia Qiddiya City

udia will develop special travel packages designed to enable visitors to experience world-class attractions - SPA
udia will develop special travel packages designed to enable visitors to experience world-class attractions - SPA

Saudia Airlines has signed a five-year strategic partnership with Six Flags and Aquarabia Qiddiya City, becoming the official premier partner exclusively in the airline category.

As part of the partnership, Saudia will develop special travel packages designed to enable visitors to experience world-class attractions. The collaboration also brings the spirit of Six Flags and Aquarabia Qiddiya City to the skies through special aircraft branding across Saudia’s fleet, SPA reported. 

Chief Marketing Officer of Saudia Group Khaled Tash said in a press release: "Saudia is committed to supporting national development projects as part of its contribution to Vision 2030, aligned with our strategy to bring the world to the Kingdom. Partnerships of this scale with national partners play a key role in positioning Saudi Arabia as a leading global destination for entertainment and tourism."

Park President of Six Flags and Aquarabia Qiddiya City Brian Machamer added: "Our partnership with Saudia not only reflects a shared ambition to connect the Kingdom to the world through world-class entertainment experiences, but strengthens our ability to attract visitors from around the world and realize our vision of setting a new global benchmark for immersive, world-class theme park entertainment and reinforcing Saudi Arabia’s growing presence on the global tourism stage."

Six Flags Qiddiya City sets a new benchmark for exceptional entertainment regionally and globally. Spanning six iconic themed lands, the theme park takes visitors on an immersive journey across 28 rides and attractions designed to world-class standards. Beyond the scale and diversity of its offerings, Six Flags Qiddiya City stands out for pushing the boundaries of engineering and entertainment, featuring five exclusive, record-breaking rides that have redefined global benchmarks. Leading these innovations is Falcons Flight, the roller coaster that has captured global attention as the fastest, tallest, and longest in the world.

Aquarabia Qiddiya City delivers a distinctive aquatic entertainment experience, offering 22 rides and water attractions, along with a man-made river designed for both relaxation and family-friendly water fun. For guests seeking privacy and elevated comfort, Aquarabia features 91 luxury cabanas, positioning the destination as a fully integrated leisure offering that redefines water-based entertainment to the highest international standards.

Located in the Tuwaiq Mountains near Riyadh, Qiddiya City is an emerging destination bringing together entertainment, sports, and culture. Six Flags and Aquarabia Qiddiya City form part of its entertainment offering.


Moody’s Establishes Regional HQ in Riyadh, Deepening Presence in Region

(FILES) Signage for Moody's Corporation is displayed at their headquarters at 7 World Trade Center on March 18, 2025 in New York City. (Photo by ANGELA WEISS / AFP)
(FILES) Signage for Moody's Corporation is displayed at their headquarters at 7 World Trade Center on March 18, 2025 in New York City. (Photo by ANGELA WEISS / AFP)
TT

Moody’s Establishes Regional HQ in Riyadh, Deepening Presence in Region

(FILES) Signage for Moody's Corporation is displayed at their headquarters at 7 World Trade Center on March 18, 2025 in New York City. (Photo by ANGELA WEISS / AFP)
(FILES) Signage for Moody's Corporation is displayed at their headquarters at 7 World Trade Center on March 18, 2025 in New York City. (Photo by ANGELA WEISS / AFP)

Moody’s Corporation announced that it has established its regional headquarters in Riyadh, reflecting ongoing commitment to support the development of the Kingdom’s capital markets and economy.

“This investment aligns to the Kingdom's Vision 2030 initiative and underscores its dynamism and growth,” Moody’s said in a statement this week.

The new regional headquarters marks an expansion of Moody’s presence in Saudi Arabia, where the company first opened an office in 2018, and reflects its longstanding commitment to the Middle East.

“The headquarters will strengthen Moody’s engagement with Saudi institutions and enable broader access to Moody’s decision grade data, analytics and insights,” said the statement.

“Our decision to establish a regional headquarters in Riyadh reflects our confidence in Saudi Arabia’s strong economic momentum, as well as our commitment to helping domestic and international investors unlock opportunities with our expertise and insights,” said President and Chief Executive Officer of Moody’s Rob Fauber.

“We are well positioned to provide the analytical capabilities and market intelligence that investors and institutions need to navigate evolving markets across the Middle East,” the statement quoted him as saying.

Mahmoud Totonji will lead the regional headquarters as General Manager.