Lost all your money on the stock market? Seen your real estate investments crumble? These days, in the midst of a mind-boggling financial crisis, the idea of investing in Iraq may not seem so crazy.
That is exactly what an increasing, though still small, number of brave investors are doing.
“What is risky these days? If you think about the people who were investing in AAA guaranteed paper only a few years ago, the concept of risk has changed fundamentally,” says Richard Blakesley, managing director of Fairfax, a London private equity fund planning to invest as much as $200m (€153m, £136m) in Iraq this year. With its eye on plastic pipes, concrete, asphalt and food production businesses – all areas where Iraq needs investment for import substitution – Fairfax plans to increase its Iraq fund to $1bn.
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