Amman Tripartite Summit: First Step towards New Middle East

Jordan's King Abdullah II, center, arrives with Egyptian President Abdul Fattah al-Sisi, left, and Iraqi PM Mustafa al-Kadhimi, right, ahead of the summit in the capital Amman. (Jordanian Royal Palace – AFP)
Jordan's King Abdullah II, center, arrives with Egyptian President Abdul Fattah al-Sisi, left, and Iraqi PM Mustafa al-Kadhimi, right, ahead of the summit in the capital Amman. (Jordanian Royal Palace – AFP)
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Amman Tripartite Summit: First Step towards New Middle East

Jordan's King Abdullah II, center, arrives with Egyptian President Abdul Fattah al-Sisi, left, and Iraqi PM Mustafa al-Kadhimi, right, ahead of the summit in the capital Amman. (Jordanian Royal Palace – AFP)
Jordan's King Abdullah II, center, arrives with Egyptian President Abdul Fattah al-Sisi, left, and Iraqi PM Mustafa al-Kadhimi, right, ahead of the summit in the capital Amman. (Jordanian Royal Palace – AFP)

Iraqi Prime Minister Mustafa al-Kadhimi received an unprecedented warm welcome when he landed in the Jordanian capital Amman on Tuesday. King Abdullah II swept aside protocols and personally received the premier at the airport.

The Iraqi PM was in Jordan for a tripartite summit that included King Abdullah and Egyptian President Abdul Fattah al-Sisi.

Kadhimi, who had just returned from a successful visit to the United States, was seeking to employ Iraq’s financial and human resources to boost the concept of partnership and veer away from pervious government’s reliance on bilateral cooperation with Iran and Turkey, said sources close to the premier. Such a dependence has kept Iraq away from its Arab fold: Iraq’s trade balance with Turkey is estimated at 10 to 12 billion dollars annually and 8 to ten billion dollars with Iran, while the balance is at a meager 2 billion with Saudi Arabia and hardly any better with Egypt and Jordan.

The signs of a new chapter of Iraqi relations with its Arab neighbors first emerged with the formation of the Iraqi-Saudi coordination council during the term of former Iraqi PM Haidar al-Abadi. These relations were boosted with his successor, Adel Abdul Mahdi, before he encountered numerous challenges, notably massive popular protests that led to his resignation in late 2019. Abdul Mahdi had held summits with King Abdullah and Sisi in each of Cairo and Amman, but circumstances worked against him and the meetings never yielded any significant results.

Kadhimi will now try to pick up from where his successors left off. He has just returned with great American political and economic support and sought to propose the project of a “new Middle East”. This project will follow European example, whereby capital and technology would flow more freely.

Member of the Iraqi parliamentary foreign relations committee, Dr. Dhafer al-Ani said the tripartite cooperation between Baghdad, Amman and Cairo was not born yesterday, but dates back to several years.

He told Asharq Al-Awsat: “Iraq needs the Arab fold, which would empower it in confronting regional problems from Iran and Turkey.” He added that no outstanding years-long unresolved issues exist between Iraq, Jordan and Egypt, which will facilitate the process of bolstering their relations.

In fact, he continued, Jordan and Egypt are both looking forward to striking promising economic and oil deals with Iraq. Iraq has always provided them with their oil needs. Cairo and Amman, in turn, view Baghdad as an important strategic partner in the region.

The tripartite summit may yield political and economic results if Iraq were to open up economically, which will in turn open up political opportunities and boost its Arab standing.

Iraqi MP Aras Habib Karim told Asharq Al-Awsat that Iraq needs to adopt a policy of regional and international openness that prioritizes its national interest, especially when it comes to economic, energy and investment affairs.



COP29 - How Does $300 Billion Stack up?

A demonstrator sitting on the ground holds a poster during a climate protest in Lisbon, to coincide with the closing of the COP29 Climate Summit Saturday, Nov. 23, 2024. (AP)
A demonstrator sitting on the ground holds a poster during a climate protest in Lisbon, to coincide with the closing of the COP29 Climate Summit Saturday, Nov. 23, 2024. (AP)
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COP29 - How Does $300 Billion Stack up?

A demonstrator sitting on the ground holds a poster during a climate protest in Lisbon, to coincide with the closing of the COP29 Climate Summit Saturday, Nov. 23, 2024. (AP)
A demonstrator sitting on the ground holds a poster during a climate protest in Lisbon, to coincide with the closing of the COP29 Climate Summit Saturday, Nov. 23, 2024. (AP)

Countries agreed at the UN's COP29 climate conference to spend $300 billion on annual climate finance. Here are some ways of understanding what that sum is worth:

MILITARY MIGHT

In 2023, governments around the globe spent $6.7 billion a day on military expenditure, according to the Stockholm International Peace Research Institute.

That means the $300 billion annual climate finance target equates to 45 days of global military spending.

BURNING OIL

$300 billion is currently the price tag for all the crude oil used by the world in a little over 40 days, according to Reuters calculations based on global crude oil demand of approximately 100 million barrels/day and end-November Brent crude oil prices.

ELON MUSK

According to Forbes, Elon Musk's net worth stood at $321.7 billion in late November. The world's richest man and owner of social media platform X has co-founded more than half a dozen companies, including electric car maker Tesla and rocket producer SpaceX.

STORM DAMAGE

Hurricane Katrina, one of the most devastating and deadliest cyclones in US history, caused $200 billion in damage alone in 2005.

This year's climate-fueled Hurricane Helene could end up costing up to $250 billion in economic losses and damages in the US, according to estimates by AccuWeather. While preliminary estimates by Morningstar DBRS suggest Hurricane Milton, also supercharged by ocean heat, could cost both the insured and uninsured nearly $100 billion.

BEAUTY BUYS

The global luxury goods market is valued at 363 billion euros ($378 billion) in 2024, according to Bain & Company.

COPPER PLATED

The GDP of Chile - the world's largest copper producing country - stood at $335.5 billion in 2023, according to World Bank data.

GREECE'S BAIL OUT

Euro zone countries and the International Monetary Fund spent some 260 billion euros ($271 billion) between 2010 and 2018 on bailing out Greece - the biggest sovereign bailout in economic history.

BRITISH BONDS

Britain's new government needs to borrow more to fund budget plans. Gilt issuance is expected to rise to 296.9 billion pounds ($372.05 billion) for the current financial year.

TECH TALLY

A 10% share of tech giant Microsoft is worth just over $300 billion, according to LSEG data. Meanwhile the market cap for US oil major Chevron stood at $292 billion.

CRYPTO

The annual climate finance target amounts to 75% of the total value of the global market for crypto currency Ether, the world's second-largest cryptocurrency.

Alternatively, 3 million Bitcoin would cover the annual climate finance target as the world's largest cryptocurrency closes in on the $100,000 mark following a rally fueled by Donald Trump winning the Nov. 5 US presidential election.