Although Iraq is undoubtedly in a better position than it was two years ago when ISIS held large swathes of the country, political tensions still remain. Labour strikes, sectarian unrest and the huge cost of rehabilitating infrastructure hamper efforts to rebuild the country.

Baghdad’s Vision 2030 plan defines a reform agenda, that prioritises private sector development and institutional and structural economic reforms but attracting investment has proved challenging in the current economic and geopolitical environment. Rising oil prices have helped, but much more still needs to be done.

Due to its huge oil and gas wealth, Iraq has one of the largest projects markets in the region, with some $450bn worth of schemes either planned or under way.

But the market remains beset by challenges, awarding only a tiny fraction – $8bn – last year. Faced with a lack of budgets, project sponsors have attempted to implement their projects through contractor financing or private investment. This has proven understandably difficult.

With so much potential and so much to be done, Iraq is undoubtedly a fantastic long-term prospect. But then this has been the case for more than a decade.

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