Latest news with #Al-Hakim
Fintech News ME
5 days ago
- Business
- Fintech News ME
Momentum Builds to Tap Iraq's Startup Opportunity
With a large, young, and increasingly connected population, Iraq stands out as one of the last major untapped economies in the Middle East. Yet despite its promising fundamentals, the country's digital and startup ecosystem remains underdeveloped, fragmented, and largely informal. EQIQ, a venture capital (VC) fund, aims to address that. Unlike traditional VC funds that invest passively invests, EQIQ operates more like a venture studio and VC hybrid, investing early, co-building companies from the ground up, and working hands-on to strengthen Iraq's fledgling tech ecosystem. Mohamed Al-Hakim, a serial entrepreneur and EQIQ's co-founder, believes Iraq has huge untapped potential because of its young, eager, and tech-savvy population. However, he recognizes that while there is opportunity, inefficiencies in the market prevent industry stakeholders to connect easily. EQIQ's mission is to close this gap by backing and co-building startups that can tackle real problems and deliver high-quality digital experiences to millions of people. 'Iraq has significant untapped potential underpinned by a young, vibrant, and tech-savvy population that is hungry to achieve,' said Al-Hakim. 'The country is underserved in many sectors, and capital has been scarce as investors have been cautious to enter a market they know little about. We founded EQIQ as a platform to bridge the gap between capital and opportunity.' Said Rahmani, EQIQ's founding partner and a global serial entrepreneur as well, echoes this optimism, emphasizing Iraq's strong fundamentals and improving stability. 'We see Iraq's strong fundamentals, rapid growth, and stabilizing outlook as a signal that the country is primed for innovation,' Rahmani said. 'The emergence of relentless entrepreneurs who are working hard to build great businesses makes it only a matter of time. Our goal is to help founders build meaningful solutions and resilient tech companies that will serve as cornerstones of the regional economy for decades to come.' Domiciled in Abu Dhabi Global Markets (ADGM), EQIQ targets both greenfield and brownfield opportunities, primarily in e-commerce, logistics, and fintech in Iraq. Its strategy focuses on allocating 80% of its capital towards building a network of ventures that complement one another, creating synergies and strengthening the entire ecosystem as they grow and scale together. EQIQ completed its first close in January 2023, raising US$15 million from a consortium of local and regional investors. To date, US$8.5 million has been deployed across five investments: Wayl, a payments startup; InstaBank, an upcoming digital bank; Fedshi, a social commerce startup; Boxy, a logistics app; and Corrsy, an edtech company. Three of these ventures are being co-built by EQIQ together with founding teams from its own network. EQIQ now plans to double the size of its fund to US$30 million to deepen its investments in Iraq's digital economy, signaling its growing ambition to back or build more startups in Iraq. The firm aims to close the fundraise by the end of this year. 'The first US$15 million was a market test,' Al-Hakim told the National in June. 'We saw very positive results, so we are expanding the fund's size to explore even greater opportunities in Iraq,' he added, saying that they are in talks with local and foreign investors. 'Today is best time in the 11 years I've spent in Iraq in terms in security and political stability which has positively impacted the entrepreneurship environment,' Al-Hakim said. He aims to increase the financial returns to investors by 10 folds in the next five years. Iraq's thriving startup ecosystem Iraq's startup ecosystem is still young compared to neighboring Jordan or the UAE, but it's growing steadily. In 2025, Iraq ranked 118th in StartupBlink's 2025 Global Startup Ecosystem Index, rising one place from the previous year. It ranked 11th in the Middle East. Its capital city of Baghdad was listed among the top 1,000 startup cities in the world, recording an annual growth of 64.3%. E-commerce, fintech, and delivery and logistics, are currently the most active startup areas, with trailblazers like Lezzoo, a delivery super app; Miswag, a leading e-commerce platform; Zain Cash, a prominent mobile wallet; and NEO Pay Iraq, a leading payment service provider. One of the main drivers behind this growth is Iraq's young and tech-savvy population. Many young Iraqis see entrepreneurship as an attractive, and sometimes necessary alternative to traditional government jobs, which are increasingly scarce. The country is also benefiting from a digital leapfrog, with mobile phone and Internet penetration increasing significantly. Another important factor is the Iraqi diaspora. Many founders and investors come from the large Iraqi community living abroad. These returning experts bring back valuable ideas, experience, capital, and international connections. Local hubs and VCs like The Station, Five One Invest, and Netaj further fuel the ecosystem by offering coding bootcamps, mentorship, and startup programs. New initiatives are also emerging with Netaj, an innovation platform, announcing last month a new venture studio for Iraqi startups called Nawat. Nawat aims to support up to 40 startups annually through a hands-on model combining mentorship, product development, and investment. Challenges remain Despite opportunities and encouraging signs, Iraq's startups still face significant challenges. Red tape, corruption, outdated laws, and foreign ownership restrictions all pose obstacle to growth. Furthermore, basic infrastructure gaps, including frequent electricity cuts, underdeveloped payment gateways, and limited banking services, make it difficult for startups to operate efficiently. A lack of reliable market data further complicate decision-making for both founders and investors, limiting investments and ultimately hindering sector growth and job creation. According to a 2023 study by Five One Invest, Iraqi startup founders mostly struggle with limited access to capital, a lack of practical investment knowledge, and closed investor networks. Investors, meanwhile, struggle with regulatory challenges and a lack of reliable data from startups, which makes them cautious. They also cited a lack of startups that meet their criteria as a key challenge.
Iraqi News
5 days ago
- Politics
- Iraqi News
Al-Hakim leads talks to end Muqtada al-Sadr's boycott of Iraqi election
Baghdad ( – A high-stakes political effort is underway in Iraq to bring influential Shia cleric Muqtada al-Sadr and his powerful Sadrist Movement back into the fold for the upcoming parliamentary elections. Ammar Al-Hakim, leader of the Al-Hikma Movement, has reportedly begun initial steps to open a dialogue with Al-Sadr, acting on behalf of the ruling Coordination Framework coalition. The initiative aims to reverse Al-Sadr's potentially destabilizing boycott of the election, but it faces immense obstacles, including Al-Sadr's stringent conditions and his current refusal to engage. According to a source within the Coordination Framework, Al-Hakim is authorized to negotiate, but Al-Sadr has so far 'closed all doors of communication,' making the mission 'extremely difficult.' This political maneuvering comes after the deadline for candidate registration for the 2025 elections has already passed. For the Sadrists to participate, a major political consensus would be required. The source suggested that if Al-Sadr's conditions were deemed acceptable, authorities might ask the Independent High Electoral Commission (IHEC) to reopen candidate registration—a significant and complex undertaking. However, the conditions themselves are a major roadblock. Political analyst Atheer Al-Sharaa noted that one of Al-Sadr's primary demands is the disarmament of all factions and the surrender of their weapons to the state. This is a condition that has been consistently rejected by some powerful armed groups within the ruling coalition, complicating any potential understanding. Al-Sharaa suggests Al-Sadr's recent publication of his old 'Triple Alliance' documents with Kurdish leader Masoud Barzani and Sunni leader Mohammed al-Halbousi was a 'clear rejection of consensus-based politics' and a sign of his feeling of betrayal by former allies, making him hesitant to enter new agreements without ironclad guarantees. The outcome of these talks could reshape the entire electoral timeline. While reopening registration is one possibility, Al-Sharaa believes a genuine breakthrough could have larger consequences. 'In the event a consensus is reached between Al-Sadr and Al-Hakim,' he stated, 'the elections could be postponed for at least a year' to implement the terms of the new agreement. The intense effort to bring Al-Sadr back reflects a widespread concern among the political class. Sources and analysts agree that his absence from the election, given his large and dedicated popular base, would 'harm the political process' and likely lead to significantly low voter turnout. This could create a crisis of legitimacy for the next parliament and government. While Al-Sadr is believed to have a genuine desire to participate, the current standoff is a high-stakes chess match. The source within the Coordination Framework remains hopeful, suggesting Al-Sadr's position could change. However, with tough conditions on the table and communication channels currently closed, the success or failure of this dialogue will directly impact the timing, composition, and legitimacy of Iraq's next election.
Iraqi News
22-05-2025
- Business
- Iraqi News
EQIQ doubles fund to $30 million to fuel Iraqi startups
Baghdad ( – Venture capital firm EQIQ is ramping up its involvement in Iraq's technology sector, announcing an increase in its fund size from $15 million to $30 million. Operating out of the Abu Dhabi Global Market (ADGM), EQIQ backs both early-stage startups and more established ventures across Iraq. The fund was founded by Mohamed Al-Hakim and Said Rahmani. Mohamed Al-Hakim, a seasoned Iraqi entrepreneur who entered the startup world at just 15 and successfully exited his first company by the age of 19. Al-Hakim also previously held a leadership role as General Manager of Careem in Iraq and Jordan, bringing regional expertise to EQIQ's investment strategy. 'Iraq has significant untapped potential underpinned by a young, vibrant, and tech-savvy population that is hungry to achieve,' said Al-Hakim. 'The country is underserved in many sectors; capital has been scarce as investors have been cautious to enter a market they know.' EQIQ targets digital innovations that address pressing local needs while improving user experience on a large scale. The VC firm is particularly focused on opportunities in e-commerce, logistics, and financial technology, aiming to build cross-sector value and impact. In January 2023, EQIQ closed its first close after obtaining $15 million from a group of regional and local investors. The fund has invested $8.5 million so far in five different fintech, edtech, logistics, and social commerce ventures. With this expansion, it's promising to see more venture capital flowing into Iraq's nascent but rapidly growing tech ecosystem, signaling rising confidence in the market's long-term potential.
Fintech News ME
22-05-2025
- Business
- Fintech News ME
EQIQ Doubles Venture Fund to $30M to Back Iraq's Growing Tech Sector
EQIQ, a venture capital fund and venture builder based in Abu Dhabi Global Market (ADGM), is expanding its fund size from US$15 million to US$30 million. Founded by partners with experience deploying over US$500 million in technology startups and delivering a 3.3x return, EQIQ focuses on both greenfield (seeding new ventures) and brownfield (scaling established startups) investments in Iraq's technology sector. The firm concentrates on developing integrated solutions across e-commerce, logistics, and fintech, with the aim of addressing structural gaps and delivering services to a wide user base. The fund was established by Mohamed Al-Hakim, a serial entrepreneur who began his first startup at age 15 and exited it at 19. Having grown up in Europe, studied at University College London, and worked in investment banking at Goldman Sachs in London, Al-Hakim returned to Iraq in 2014 with the intention of contributing to the country's nascent tech industry. His track record includes launching one of Iraq's first fintech companies and leading Careem operations in Iraq and Jordan. Reflecting on the past decade, Al-Hakim notes that the operating environment has changed considerably. 'Iraq has significant untapped potential underpinned by a young, vibrant, and tech-savvy population that is hungry to achieve. The country is underserved in many sectors; capital has been scarce as investors have been cautious to enter a market they know little about.' 'We founded EQIQ as a platform to bridge the gap between capital and opportunity. There is plenty of both, but there is also a mismatch that keeps them apart due to market inefficiencies. The emerging tech ecosystem provides an opportunity for Iraq to catch up with the rest of the world quickly. Our mission is to support building Iraqi tech champions that will create significant value for Iraq, its population, and our investors.' The fund completed its first close in January 2023, securing US$15 million from a group of local and regional investors. As of now, EQIQ has invested US$8.5 million across five startups operating in social commerce, logistics, fintech, and education technology. Three of these ventures were co-created by EQIQ alongside founders from its wider network. The fund intends to allocate 80% of its capital to ventures within e-commerce, logistics, and fintech, sectors that can benefit from shared infrastructure, services, and customer bases.
Iraqi News
23-04-2025
- Politics
- Iraqi News
Al-Hakim: There is a national interest in opening up to Syria
Baghdad-INA The leader of Hikma Movement, Sayyed Ammar al-Hakim, affirmed on Wednesday that there is a national interest in Iraq's purposeful openness with Syria. He explained that the host country of the Arab Summit does not choose its guests, but within the Arab League protocol. During a session at the Seen Dialogue Forum, attended by an Iraqi News Agency (INA) correspondent, Al-Hakim said, "Iraq has succeeded in neutralizing the country and distancing itself from involvement in the regional war." He noted that "Iraq has good relations with Iran and the United States, and it is the primary beneficiary of any understanding between the two parties." Regarding the elections, Al-Hakim explained that "the election law in Iraq supports middle-level forces, not large lists. Therefore, the Coordination Framework decided to enter the elections alone and then form alliances." He explained that "the election law is changing because we are in a young democracy, and we discussed within the State Coalition the 2022 election law to be a fixed law for all electoral processes and a unified law for parliament and the governorates." "We want a fair election law that gives each entity and bloc its due, and we believe that the current law is good," stressing that "there is no chance of amending the election law." Al-Hakim said. He explained, "We have an interest in the participation of all political forces in the electoral process. If a political party does not participate in the political process, its vision must be respected, and we must advise it. We are pleased with the Sadrist movement's participation in the elections." He noted that "there are 300 parties licensed to date in the commission, and there is great diversity." Regarding the Syrian situation, Al-Hakim emphasized that "most countries have dialogue and interests with Syria and Iraq. This dialogue must be continuous, and Iraq must play a role in the Syrian equation, with its interests being paramount." He explained that "there is an Iraqi national interest in purposeful openness with Syria." He pointed out that "the host country does not choose its guests at the Arab Summit, but rather within the Arab League protocol, and we extend the invitation to all members."
