Iraq Economic News and Points To Ponder Saturday Morning 6-20-26
Iraq Was The Fifth Largest Buyer Of Homes In Türkiye During May
Money and Business Economy News – Baghdad Data from the Turkish Statistical Institute, released on Saturday, showed that Iraq ranked fifth among nationalities that bought the most homes in Turkey during May 2026, at a time when real estate sales to foreigners recorded a significant annual decline.
The agency stated in its monthly report that total home sales to foreigners amounted to 1,387 homes during May, a decrease of 27% compared to the same month in 2025, representing about 1.5% of total home sales in the country.
She added that home sales to foreigners during the first five months of this year amounted to 18,768 homes, down 15.1% year-on-year.
According to the data, Russian citizens topped the list of nationalities that bought the most homes in Turkey during May with 268 homes, followed by Iranians with 125 homes, then Ukrainians with 88 homes, and Germans with 73 homes, while Iraqis came in fifth place with 66 homes, while Azerbaijan came in sixth with the same number of 66 homes.
At the level of the real estate market in general, total home sales in Turkey during May decreased by 31.2% compared to the same period last year, reaching 93,333 homes, of which 30,196 were new homes and 63,137 were existing homes.
Sales of new homes also declined by 27.9% to 30,196 homes, while sales of existing homes fell by 32.7% to 63,137 homes.
https://www.economy-news.net/content.php?id=70457
Iraq Has Lost Nearly $38 Billion Since The Closure Of The Strait Of Hormuz
Money and Business Economy News – Baghdad The Economic Affairs Observatory “Eco Iraq” announced that Iraq has lost about 350 million barrels of oil exports since the closure of the Strait of Hormuz, equivalent to about $37.7 billion, calling for accelerating the implementation of the “New Levant” project as a strategic option to secure alternative export outlets and reduce dependence on maritime outlets.
The observatory stated that prior to the closure of the Strait of Hormuz on February 28, Iraq was exporting between 103 and 107 million barrels of crude oil per month.
He explained that the closure of the strait due to the war in the region led to a decline in exports, with losses amounting to 84,395,049 barrels in March, 93,115,870 barrels in April, 92,801,000 barrels in May, while the current month of June recorded about 79,600,000 barrels.
According to "Eco Iraq", the gap in Iraqi exports during the aforementioned period is estimated at about 350 million barrels, representing lost export opportunities valued at about $37.7 billion based on average oil prices during the period.
He concluded his statement by noting that the "New Levant" project represents an urgent strategic necessity to ensure the stability of Iraqi oil exports and to secure vital alternatives away from the geopolitical risks that threaten maritime routes, especially since the Iraqi economy depends on oil revenues by nearly 90%.
https://www.economy-news.net/content.php?id=70450
Canada Imposes A Temporary 10% Tariff On Imports Of Canned Vegetables
Money and Business Economy News - Follow-up The Canadian government has announced a temporary 10% tariff on global imports of canned vegetables, stating that this measure is intended to address challenges facing the local canned vegetable industry and to mitigate the impact of trade diversion on local producers.
The Canadian Ministry of Finance stated in a statement that the tariffs will take effect today, Friday, and will remain in place for a maximum of 200 days.
Canada: Economic ties with America are a weak point that needs addressing.
It is worth noting that the Canadian economy entered a technical recession after recording a contraction for the second consecutive quarter, amid the continued repercussions of trade tensions with the United States and declining investments.
Statistics Canada data showed that gross domestic product contracted by 0.1% year-on-year in the first quarter of 2026, compared with a downwardly revised contraction of 1% in the fourth quarter of last year.
The figures came in contrary to market expectations, which had predicted growth of around 1.5%, while the economy remained stable on a quarterly basis with no growth.
Economists attribute this weakness to the uncertainty surrounding US tariffs, which have negatively impacted investment, employment, and spending decisions, in addition to the pressures resulting from the oil price shock related to the war in the Middle East.
This comes as US President Donald Trump threatens Canada’s economy and sovereignty, whether by imposing large tariffs on Canadian products, or by talking about the possibility of annexing it to the United States to be the 51st US state.
Since his election just over a year ago, Mark Carney has insisted that Canada must reduce its economic and security dependence on the United States.
Trump imposed punitive tariffs on key sectors of the Canadian economy, but so far he has respected the core of the free trade agreement, leaving more than 85% of trade between the two countries exempt from tariffs. His administration has announced that it wants to make significant changes to this agreement during review discussions that are expected to intensify after July 1.
https://www.economy-news.net/content.php?id=70448
The Silent Winner: The Biggest Billionaire After Elon Musk
Money and Business Economy News - Follow-up 2026 wasn't just a year of rising billionaires, but a year of "sudden redistribution of wealth" driven by artificial intelligence. While Elon Musk stole the spotlight with the biggest financial leap in modern history, a less-hyped but more intriguing name emerged behind the scenes of the Bloomberg Billionaires Index: Michael Dell, who became one of the world's biggest gainers after Musk, benefiting from an unprecedented wave that reshaped the map of the wealthy.
Data from the Bloomberg Billionaires Index showed that Michael Dell recorded one of the largest annual increases in wealth during 2026, as his fortune jumped by about $81.2 billion since the beginning of the year, rising to about $221 billion by the end of June.
This leap puts Dell among the biggest winners globally, right behind Elon Musk, who added hundreds of billions to his fortune during the same period.
The movements in 2026 reflected an unprecedented state of fluctuation in the fortunes of the super-rich; while Dell and Musk added tens of billions, others suffered huge losses, such as Mark Zuckerberg and Bernard Arnault, who recorded a significant decline in net worth.
This sharp disparity was not random, but rather revealed a new rule governing global wealth: either you are within the artificial intelligence system… or outside the wealth wave.
The index now almost directly reflects the performance of technology and digital infrastructure stocks, causing billionaires' fortunes to change daily at the same pace as the market.
Why did Michael Dell's wealth increase so much?
Dell's rise was not a coincidence, but rather the result of a profound strategic shift in its business model, as it directly benefited from the artificial intelligence boom, after Dell Technologies transformed from a traditional computer company into a key player in artificial intelligence architecture, especially in data center servers.
Demand for artificial intelligence servers has exploded, with server revenues recording annual growth of 757% for Dell, an indication of unprecedented demand from businesses and governments, according to Forbes.
Dell's stock is expected to rise significantly during 2026, driven by strong expectations for artificial intelligence growth, which has directly impacted Dell's wealth, which is mainly based on its stake in the company.
His wealth is not based solely on his stake in Dell, but also includes investments in Broadcom following the VMware deal, which has given him double exposure to the semiconductor boom.
Among investors and analysts, Dell was not seen as a showman like Musk, but rather as a silent winner, far, far away from the spotlight.
While some have described him as a "shovel provider in the digital gold rush," referring to the fact that he does not build AI applications but sells the servers that run on them.
Dell has added more than $81.2 billion to his fortune since the beginning of 2026, an increase of 37% in less than 6 months, making him one of the highest-earning billionaires.
In some other estimates related to stock market movements, his gains at certain times reached nearly $89 billion during the year, placing him among the elite who directly benefited from the wave of artificial intelligence.