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Rashid: Sovereign Wealth Funds and the Possibilities of Establishing Them in Iraq

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Samee Omer Rashid (University of Wisconsin Law School) has posted “Sovereign Wealth Funds and the Possibilities of Establishing Them in Iraq“, Univ. of Wisconsin Legal Studies Research Paper.

The abstract is as follows:  

This research discusses the Sovereign Wealth Funds phenomena in Iraq as well as their types and sources. It first explains the concept of Sovereign Wealth Funds and some main characteristics of them. In addition, it attempts to answer the question of whether Iraq has Sovereign Wealth Funds, and whether the Development Fund for Iraq is considered to being a Sovereign Wealth Fund. Then it discusses corporate governance of SWFs by explaining their organizational and legal structure and investment strategy by giving two different examples, Abu Dhabi Investment Authority (ADIA) and Government Pension Fund Global (GPF-G) of Norway that may have an impact on governance structure of the potential Iraqi Sovereign Wealth Funds. Moreover, this research identifies benefits that SWFs offer to Iraq as well as challenges that need to be addressed in order to develop SWFs role in supporting Iraq’s economy. Overall, this research encourages the Iraqi government to consider building a well-diversified investment portfolio that would create a sustainable source of revenue, reduce the economy’s dependence on oil and act as a savings fund for the future. This would also help in realizing the future strategic plan of the government of Iraq to develop non-oil dependent economy in the next decade.
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