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
Ali al-Zaidi has decided to cancel the Baghdad International Airport development project - File photo/Reuters
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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
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.

 

 

 



Oil Prices Rise as Hostilities Worsen in the Middle East

FILE PHOTO: Vessels at the Strait of Hormuz, as seen from Musandam,Oman, July 12, 2026. REUTERS/Stringer/File Photo
FILE PHOTO: Vessels at the Strait of Hormuz, as seen from Musandam,Oman, July 12, 2026. REUTERS/Stringer/File Photo
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Oil Prices Rise as Hostilities Worsen in the Middle East

FILE PHOTO: Vessels at the Strait of Hormuz, as seen from Musandam,Oman, July 12, 2026. REUTERS/Stringer/File Photo
FILE PHOTO: Vessels at the Strait of Hormuz, as seen from Musandam,Oman, July 12, 2026. REUTERS/Stringer/File Photo

Oil extended gains on Wednesday as President Donald Trump reimposed a naval blockade on all Iranian ports and Tehran launched strikes on US infrastructure in the region.

Brent futures climbed 99 cents, or 1.2%, to $85.72 a barrel at 0400 GMT. West Texas Intermediate futures gained 64 cents, or 0.8%, to $79.98 a barrel, Reuters reported.

Oil prices closed up 2% at a one-month high on Tuesday as attacks exacerbated a supply disruption in the Strait of Hormuz, through which about a fifth of the world's oil and liquefied natural gas passed prior to the beginning of the US-Israeli war on Iran.

"While the physical oil market remains adequately supplied, any further ⁠escalation involving the ⁠Strait of Hormuz or additional sanctions on Iranian exports could quickly tighten market sentiment and add further risk premiums," said Priyanka Sachdeva, senior market analyst at Phillip Nova.

Early on Wednesday, the US also began a fresh round of strikes "to continue degrading Iranian capabilities used to attack commercial shipping in the Strait of Hormuz," the US military said.

Tehran says it has ⁠again closed the strait after hostilities between Iran and the US reignited last week, fraying an already fragile truce reached in June after several months of fighting.

"I'll save the energy targets for last, but ultimately we'll hit energy targets," Trump told Fox News in an interview aired Tuesday night on "Special Report with Bret Baier".

The flare-up over the last few days has heightened doubts that a memorandum of understanding signed last month would lead to a permanent halt to the war.

"The chances of oil moving back toward $100 in the reasonably near term are still meaningful if hostilities intensify which damages energy infrastructure around the Gulf," Tim Waterer, chief market analyst at KCM Trade said, noting Brent prices could remain at $75-$80 a barrel if diplomatic efforts helped reopen the strait.

"For now, the risk premium is still embedded, but it's not a one-way bet given that there remain incentives for both sides to find a diplomatic solution."


Egypt Reaffirms Solidarity With Gulf States Against Iranian Attacks

Egyptian President Abdel Fattah al-Sisi visits Qatar and meets Emir Sheikh Tamim bin Hamad Al Thani on Tuesday. Egyptian Presidency/Handout
Egyptian President Abdel Fattah al-Sisi visits Qatar and meets Emir Sheikh Tamim bin Hamad Al Thani on Tuesday. Egyptian Presidency/Handout
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Egypt Reaffirms Solidarity With Gulf States Against Iranian Attacks

Egyptian President Abdel Fattah al-Sisi visits Qatar and meets Emir Sheikh Tamim bin Hamad Al Thani on Tuesday. Egyptian Presidency/Handout
Egyptian President Abdel Fattah al-Sisi visits Qatar and meets Emir Sheikh Tamim bin Hamad Al Thani on Tuesday. Egyptian Presidency/Handout

Egypt renewed its solidarity with Gulf states in the face of repeated Iranian attacks as President Abdel Fattah al-Sisi made another Gulf tour on Tuesday, visiting Qatar and Bahrain.

Sisi said Egypt was making intensive efforts to preserve regional stability and reduce the current tensions and escalation, stressing the importance of resolving crises through peaceful means.

Sisi visited Bahrain on Tuesday, where he was received upon arrival in Manama by King Hamad bin Isa Al Khalifa and members of the Egyptian embassy.

The Egyptian president reiterated his country’s support for the security and stability of Bahrain and condemned what he described as unjustified attacks on the kingdom’s territory.

He said the attacks represented a flagrant violation of international law and a dangerous escalation threatening regional security and stability.

Egyptian presidential spokesperson Mohamed el-Shennawy said Sisi had renewed Egypt’s rejection of any attempt to undermine the security and stability of Bahrain, Gulf Cooperation Council states or other Arab countries.

Sisi affirmed Egypt’s full solidarity with those countries and said Cairo stood beside them in any measures they took to safeguard their sovereignty and protect their peoples’ resources.

“The security of Arab states is an extension of Egyptian national security,” he said.

During the visit, Sisi praised what he described as Bahrain’s wisdom under the leadership of King Hamad bin Isa in working to preserve regional stability.

The Bahraini king welcomed Sisi to what he called his second home and expressed appreciation for Egypt’s support for Bahrain and the close fraternal relations between the two countries.

He also praised Egypt’s support for the security and stability of GCC and Arab states, stressing the need for continued close consultation and coordination between Bahrain and Egypt to preserve regional peace and stability and confront common challenges.

The two leaders discussed ways to continue joint efforts to reduce regional tensions and restore stability.

Doha visit

Sisi also visited Doha on Tuesday and met Qatar’s Emir Sheikh Tamim bin Hamad Al Thani, offering his condolences over the death of Sheikh Hamad bin Khalifa.

Sisi prayed that Qatar would be protected from harm and continue to enjoy security, stability and prosperity under Sheikh Tamim’s leadership.

The Qatari emir expressed his deep appreciation for Sisi’s visit and condolences, highlighting the close ties between Egypt and Qatar and the historic bonds between their peoples.

He said he hoped the Egyptian and Qatari sides would continue working to develop their relations and expand cooperation in the coming period.

The Egyptian president has held several calls with Gulf leaders since the Iran war began on Feb. 28, during which he affirmed Egypt’s readiness to provide all possible forms of support to safeguard the security of the Gulf and the wider region.

Sisi visited Saudi Arabia and Bahrain in March to express solidarity and condemn Iranian attacks against Arab states.

He also made a Gulf tour that month that included the United Arab Emirates and Qatar, during which he reiterated the need for an immediate end to the escalation and a return to serious dialogue and diplomatic means to resolve outstanding regional disputes.

In a related development, Egypt on Tuesday strongly condemned missile attacks targeting Saudi Arabia, saying they represented a dangerous escalation that threatened the kingdom’s security and territorial integrity and undermined efforts to reduce tensions and maintain regional security and stability.

In a statement, the Egyptian Foreign Ministry said it completely rejected all attacks targeting the security and sovereignty of Saudi Arabia or threatening the security and stability of countries in the region.

It renewed Egypt’s full solidarity with the kingdom and said Cairo stood beside Riyadh in confronting any threat to its security or territorial integrity.

Foreign Ministry condemnations

In separate statements issued on Sunday, the Egyptian Foreign Ministry condemned Iranian attacks involving missiles and drones that targeted Oman, Jordan, Kuwait, Bahrain, Qatar and the United Arab Emirates.

Cairo described the attacks as a dangerous development that violated the sovereignty of Arab and Gulf states and further heightened regional tensions.

It stressed the need to prioritize political solutions and comply with international law in a manner that preserved regional security and stability.

Egypt also condemned on Tuesday the targeting of two Emirati oil tankers as they passed through the Strait of Hormuz.

It described the incident as a serious violation of international law and a direct threat to maritime security, navigational safety and the free movement of trade through one of the world’s most important waterways.

Egypt said it rejected all acts targeting civilian vessels and facilities or endangering maritime security and global energy supplies.

It called for compliance with international law and an end to practices that could inflame tensions and broaden the regional escalation.

Cairo also expressed full solidarity with the United Arab Emirates and said it stood beside the country in confronting any threat to its security and interests.


FII Institute Announces Landmark 10th Anniversary Edition in Riyadh

 FII Institute and its global network have helped facilitate and spotlight more than $250 billion in investments and initiatives - SPA
FII Institute and its global network have helped facilitate and spotlight more than $250 billion in investments and initiatives - SPA
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FII Institute Announces Landmark 10th Anniversary Edition in Riyadh

 FII Institute and its global network have helped facilitate and spotlight more than $250 billion in investments and initiatives - SPA
FII Institute and its global network have helped facilitate and spotlight more than $250 billion in investments and initiatives - SPA

The Future Investment Initiative (FII) Institute will celebrate its 10th anniversary with FII10, taking place in Riyadh from October 26 to 29, 2026, under the theme “The Power of Legacy.”

“The Power of Legacy is not simply about celebrating the past decade,” said FII Institute CEO Princess Dr. Maha Bint Mishari Bin Abdulaziz. “It is about understanding how the decisions, investments, and partnerships we make today will shape generations to come, SPA reported.

FII10 represents both a reflection on what has been achieved and a commitment to what comes next.”

While the program themes and agenda will be revealed in the months ahead, FII10 will address the most pressing issues shaping the future of investment and humanity, creating a platform for bold ideas, meaningful partnerships, and transformative action.

Marking a defining milestone for one of the world’s leading global platforms for investment, innovation, and international dialogue, FII10 will celebrate a decade of impact while exploring the forces that will shape the next era of investment, growth, and global cooperation.

As artificial intelligence, technological disruption, shifting geopolitical dynamics, and evolving capital markets reshape economies and societies at unprecedented speed, the need for long-term thinking and trusted global dialogue has never been greater.

Since its inception, FII Institute and its global network have helped facilitate and spotlight more than $250 billion in investments and initiatives, demonstrating the power of convening capital, ideas, and leadership to create meaningful impact.

Today, FII Institute has grown into a year-round global platform, supported by more than 45 strategic partners from around the world and a thriving international membership community comprising thousands of members representing business, government, investment, academia, and innovation ecosystems across every region.