Latest news with #Al-Hakim
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."
Arab News
23-04-2025
- Politics
- Arab News
Iraq and the effort to control armed groups
At the Sulaymaniyah International Forum last week, National Wisdom Movement leader Ammar Al-Hakim addressed the issue of weapons in Iraq. He emphasized that 'military power undoubtedly resides with the state and the possession of arms should be exclusively in its hands. This is a matter that is beyond dispute and requires no further discussion.' Al-Hakim, who is part of the Coordination Framework alliance that has strong ties to the Iranian government, understands that the issue of consolidating weapons solely in the hands of the Iraqi state is not a straightforward task. It involves navigating complex political, security and legal challenges that may require considerable time to resolve. However, the longer the process of centralizing arms within the Iraqi government is delayed, the weaker the authority of the central state becomes, leading to an increase in the influence of armed factions. This situation also heightens the likelihood of security disturbances or confrontations among various militias. Additionally, there is a genuine risk of Iraq facing military strikes from Israel, particularly due to the past involvement of some of these factions in the support war in solidarity with Hamas and Hezbollah following the Al-Aqsa Flood operation on Oct. 7, 2023, before the Iraqi armed factions ceased their military activities. Iraqi factions, which have launched a series of drones and missiles targeting Israel at various times since the Oct. 7 attack, are now facing significant pressure from Iraqi Prime Minister Mohammed Shia Al-Sudani. The PM has received credible messages and information indicating that Israel plans to target camps and facilities within Iraq in retaliation for military actions that Tel Aviv deems 'hostile.' Meanwhile, the Iraqi 'resistance' views these actions as part of its 'religious and moral duty to support Palestine.' The issue of consolidating weapons solely in the hands of the Iraqi state is not a straightforward task Hassan Al-Mustafa Al-Sudani took a firm stance and sought cooperation with other Iraqi leaders, particularly within the Coordination Framework, to urge groups such as the Hezbollah Brigades and Harakat Hezbollah Al-Nujaba to cease their operations. This is especially crucial as any Israeli strike could impose significant burdens on Iraq and potentially lead to an undesirable escalation of conflict in the Middle East. Iraqi sources that I spoke with indicated that Al-Sudani, along with Al-Hakim and figures such as Asa'ib Ahl Al-Haq leader Qais Al-Khazali and Badr Organization Secretary-General Hadi Al-Amiri, among other religious, political and security personalities, have worked toward calming tensions and preventing any imminent US or Israeli strikes on Iraq. The concern regarding potential retaliatory military actions by Israel is not what prompted the Iraqi factions to halt their support for the Palestinians. Rather, it is their awareness of the extensive destruction inflicted upon the Gaza Strip, southern Lebanon and the southern suburbs of Beirut, along with the significant material losses in terms of buildings and the tragic loss of innocent civilian lives. Iraqis have also observed that the theory of 'unity of the arenas' did not yield the intended results. The two main allies, Hamas and Hezbollah, suffered significant losses and lost key leaders such as Yahya Sinwar, Ismail Haniyeh, Hassan Nasrallah and Hashem Safieddine, along with numerous high-ranking security officials. This was attributed to Israel's superior intelligence capabilities, its devastating missile power and the support that Tel Aviv received from Washington. There is also a socio-religious factor that has stopped the ball of fire in Iraq. This factor is linked to the sectarian rhetoric that has proliferated in the Middle East. Various factions found themselves confronted with a torrent of anti-Shiite discourse, prompting their leaders and a significant portion of their supporters to question: why should we fight on behalf of those who insult us? The significant and pivotal changes observed in Palestine, Lebanon and Syria, along with the diminishing influence of the so-called Axis of Resistance, have served as a wake-up call for these factions, which fundamentally adhere to a religious ideological perspective. This situation has instilled a fear of losing the gains they have accumulated over the years. Consequently, they have opted, at least tactically, to weather the storm by suspending armed activities. The first step would be to integrate factions outside the Popular Mobilization Units into the umbrella group Hassan Al-Mustafa It was reported this month that a group of senior leaders and officials in Iraq had confirmed that several Iran-backed armed groups were preparing to disarm in order to prevent tensions with the Trump administration from escalating. This claim was denied by the Hezbollah Brigades. People I contacted who were familiar with the situation confirmed that there have indeed been serious discussions with the factions about the need to restrict the possession of weapons to the state alone. They indicated that the first step would be to integrate factions outside the Popular Mobilization Units into the umbrella group, while simultaneously restricting political and military decision-making to the state. They also said that the PMU would not conduct any operations outside the political will of the Iraqi government, with future organizational steps to follow. These steps are being carried out away from media and public discussion, as there is a desire for them to be successful. This is particularly important given the great sensitivity among armed militias regarding public discourse about their weapons. In his address at the Sulaymaniyah International Forum, Al-Hakim highlighted a significant issue concerning the arms of various factions. He stated: 'We are engaging in a measured and systematic approach to address, adapt and coordinate matters with state institutions.' He underscored that 'solutions are not achieved through defeat, particularly as we strive for stability in our nation,' and noted that 'we have made considerable progress in this regard.' These efforts to consolidate weaponry under the control of the state will contribute to the stability of Iraq. They will receive support from the Gulf nations and Baghdad will find that the capitals of moderate Arab countries are among the foremost advocates for this significant transformation. The aim is to achieve this without plunging Iraq into chaos or experiencing any violent confrontations between the government and various factions.
Iraqi News
24-03-2025
- Politics
- Iraqi News
Al-Hakim: We hope the Arab Summit in Baghdad will establish and strengthen joint Arab action
Baghdad-INA The head of the National Wisdom Movement, Sayyed Ammar Al-Hakim, expressed his hope on Monday that the Arab Summit in Baghdad will establish and strengthen joint Arab action to overcome the challenges facing the region. In a statement received by the Iraqi News Agency (INA), Al-Hakim said, "During our visit to the Jordanian capital, Amman, we met with King Abdullah II of the Hashemite Kingdom of Jordan, and we discussed the relationship between Iraq and Jordan and the latest regional and international developments." Al-Hakim added that he and King Abdullah II confirmed their full commitment to supporting relations between the two brotherly countries at various levels, which contributes to increasing rapprochement and integration between the two countries. We also renewed our support for the path of the trilateral relationship with Egypt and the importance of developing means of cooperation within the framework of joint Arab action." He pointed out that "regional discussions were held regarding the latest developments in the occupied Palestinian territories, and we renewed our support for Jordan's pivotal role in thwarting the displacement plan and supporting the delivery of humanitarian aid to our people in the West Bank." Al-Hakim expressed his support for Syria's stability and its exit from the transitional phase through a comprehensive political process that encompasses all components. He emphasized "his rejection of the attacks that occurred on the Syrian coast, and the divisions they indicate among the Syrian people," emphasizing "the necessity of the withdrawal of the Zionist occupation forces from all Syrian territory and adherence to the concluded agreements." Al-Hakim and King Abdullah II reiterated their support for the success of the Arab Summit in Baghdad, expressing hope that "the summit will be the beginning of establishing and strengthening the foundations of joint Arab action to overcome the challenges facing our Arab region."
