Iraq Economic News and Points To Ponder Saturday Afternoon 5-30-26
US Website: The Cost Of The War On Iran Exceeded $95 Billion
Money and Business Economy News — Follow-up US spending on the operation against Iran has exceeded $95 billion since it began on February 28, according to data from the Iran War Cost Tracker website, which tracks the costs of the Iranian war.
The website explains that its estimates are based on what was stated in the briefing given by the Pentagon to Congress on March 10, in which it said that Washington spent $11.3 billion in the first six days of fighting in the Middle East, and that it plans to spend an additional $1 billion for each subsequent day of the conflict.
About a month ago, a source told CNN that the cost of the war on Iran so far ranges between $40 billion and $50 billion, without including the costs of rebuilding military facilities and replacing assets.
The US Department of Defense announced in the middle of this month that the cost of the war on Iran has so far reached $29 billion, and could reach $1 trillion when including the cost of replacing ammunition and energy burdens.
According to another website run by researchers at Brown University’s Climate Solutions Lab, which tracks the burden of the war on American consumers due to rising energy prices, the 48.4% increase in gasoline prices and the 51.3% increase in diesel prices over the last 89 days have cost citizens a total of more than $49.5 billion so far, which means about $378.14 per American household. https://www.economy-news.net/content.php?id=69624
The Second Billion... Real Madrid Confirms Its Leadership As The Richest Club In The World
Money and Business Economy News - Follow-up Initial estimates revealed that Real Madrid is close to achieving revenues exceeding 1.2 billion euros during the current fiscal year, a record figure for sports clubs worldwide.
Real Madrid already tops Deloitte's list of highest-earning football clubs for the third consecutive season, after finishing last season with a total income of 1.161 billion euros, becoming the first club in history to surpass the one billion euro mark more than once.
Financial reports indicate that Real Madrid’s massive economic growth has been driven by a huge commercial boom, particularly in the sponsorship, marketing and official merchandise rights sectors, along with increased revenues from the Santiago Bernabeu stadium after its redevelopment.
During the 2024-2025 season, Real Madrid generated approximately 594 million euros in commercial revenue alone, an increase of 23% compared to previous seasons, benefiting from the signing of new sponsorship contracts and increased sales of shirts and official club products worldwide.
The Club World Cup also contributed to boosting the club's income, in addition to the high returns from the Champions League, despite the team playing fewer matches in the Spanish King's Cup.
In terms of match revenues, Real Madrid recorded around 233 million euros, making it one of the highest-earning clubs from attendance and matches, benefiting from the new operational capacity of the "Santiago Bernabeu" stadium, which has been transformed into an integrated economic project.
As part of its future plans, the club continued to strengthen its commercial partnerships, renewing its agreement with Emirates Airlines as a major sponsor until 2031, in a deal worth nearly 74 million euros annually.
Real Madrid is also in advanced negotiations with Adidas to extend and expand the current sponsorship contract, as part of a plan to raise the total value of sponsors on the team's shirt to around 300 million euros annually.
This continued financial growth confirms Real Madrid’s ability to maintain its economic superiority despite strong competition from English Premier League clubs and Paris Saint-Germain, especially with the club’s reliance on a balanced investment model that combines sporting success and commercial strength. https://www.economy-news.net/content.php?id=69601
Iran Issues New Warning Regarding The Strait Of Hormuz
Arabic and international Iran's Khatam al-Anbiya Construction Headquarters announced on Saturday that all ships and oil tankers transiting the Strait of Hormuz are obligated to follow routes designated by Iran and obtain prior authorization from the Islamic Revolutionary Guard Corps Navy.
In a statement, the headquarters said, "Any violation of the regulations governing passage through the Strait of Hormuz will seriously jeopardize the safety of the offending vessels," warning that "any action taken by military vessels to interfere with the management of the strait will make them targets for Iranian forces."
The statement added that "the Iranian armed forces manage the Strait of Hormuz with full authority and resolve," emphasizing their continued enforcement of regulations concerning navigation in the strategic waterway.
This announcement comes amid escalating security tensions in the region and close international monitoring of maritime traffic and ship transit through the Strait of Hormuz.
The Wall Street Journal reported on Saturday an increase in ship traffic through the Strait of Hormuz, attributing it to "the boldness of ship owners, some of whom are cooperating with the U.S. military."
The American newspaper reported that in recent weeks, groups of ships, some of them among the world's largest oil and liquefied natural gas tankers, have transited this perilous waterway, creating a small lifeline for the global economy.
It noted that some ships sail "in darkness," turning off their lights and navigating without using the Automatic Identification System (AIS), the navigational aids that help prevent collisions. Disabling this system makes it more difficult to track the ships electronically and thus less vulnerable to attack.
To navigate the strait, some vessels remain in contact with US military officials, who use radar, drones, and other tools to monitor maritime traffic and assist in safe passage. https://www.economy-news.net/content.php?id=69682
Qatar Rejects Imposing Permanent Transit Fees On The Strait Of Hormuz
Arabic and international A Qatari official confirmed that his country rejects imposing permanent transit fees in the Strait of Hormuz due to the impact this would have on consumers, but temporary fees could be imposed for security or technical purposes such as mine removal and securing navigation.
During his participation in the Shangri-La Security Conference in Singapore, Qatar’s Deputy Prime Minister and Minister of State for Defense Affairs, Sheikh Saud bin Abdulrahman Al Thani, explained that Qatar and its Gulf partners believe that any permanent fees for passage through the strait would increase the burden on the end consumer, and therefore oppose their continuous application.
He pointed out that temporary fees related to exceptional circumstances or specific technical and security tasks can be agreed upon, and may contribute to restoring the smooth flow of navigation and ensuring the security of the waterway.
The Qatari official's remarks came in response to inquiries about reports of talks between Iran and Oman regarding the establishment of a permanent fee system aimed at regulating and formalizing the management of ship traffic through the Strait of Hormuz, one of the world's most important maritime trade routes.
The escalation against Iran has effectively disrupted shipping in the Strait of Hormuz, a key waterway for oil and liquefied natural gas supplies from the Gulf states to global markets, and has impacted oil production and export levels in the region. As a result of the strait's closure, most countries around the world have experienced a rise in fuel and industrial product prices.
https://www.economy-news.net/content.php?id=69679
Twenty-Six Planes Were Unable To Land At Munich Airport In Germany After A Suspected Drone Strike.
Arabic and international A spokesman for Munich Airport said that the detection of an object suspected to be a drone caused a total of 26 aircraft to be prevented from landing at Germany's second largest airport and diverted to other airports.
The spokesman explained that these planes were diverted to the airports of Stuttgart, Nuremberg, Frankfurt, Linz, Salzburg and Leipzig.
The spokesman added that the planes that had to remain temporarily on the ground at the airport will be able to take off gradually after the resumption of air traffic at the airport, with some delays in the schedules.
He confirmed that the airport was not completely closed due to this incident, noting that during the period when the use of the landing and takeoff runways was suspended, passengers were still able to access the airport, park their cars, complete travel procedures, and pass through security checkpoints.
The airport is experiencing heavy traffic coinciding with the Pentecost holiday, as the spokesperson said: "On this day, approximately 900 flights take off and land, carrying around 120,000 passengers."
Several airports have recently seen repeated reports of objects suspected to be drones being spotted, sometimes leading to the suspension of air traffic at some of these airports.
In early October, two objects believed to be drones were spotted at Munich Airport on two consecutive nights, leading to the suspension of air traffic at the airport twice in a row. Dozens of flights were diverted or canceled, affecting thousands of passengers, some of whom were forced to spend the night on the airport terminal benches.
https://www.economy-news.net/content.php?id=69681
Justice: A Comprehensive Plan To Automate 137 Executive Directorates Across Iraq
Localities The Ministry of Justice announced on Saturday the completion of electronic automation in several enforcement directorates in Baghdad. It also indicated that a comprehensive plan is being prepared to automate 137 enforcement directorates across Iraq, emphasizing that electronic automation will enhance integrity within these directorates.
Rasti Yousef Hamid, Director General of the Enforcement Department at the Ministry of Justice, stated, "The electronic system has been completed in the enforcement directorates as part of the Ministry of Justice's plan, in cooperation with the General Company for Electronic Systems, a subsidiary of the Ministry of Industry and Minerals.
" He explained that "the project was launched in the Al-Shaab and Al-Doura directorates, followed this week by the Al-Ghazaliya and Al-Kadhimiyah directorates, and will then be rolled out to the remaining directorates in Baghdad, eventually encompassing all of Iraq's directorates."
He added, "The completion of this project represents a major technological revolution in the enforcement directorates. It is not merely a transition from paper-based to electronic processes, but a significant administrative revolution that benefits citizens, clients, and employees alike, as it reduces the effort and time required to complete transactions and expedites their processing."
He explained that "this project is a gateway to integrity and transparency that will open in the implementation directorates after the project is completed," noting that "the ministry has an integrated plan to include all 137 implementation directorates in Baghdad and the governorates in the automation process." https://www.economy-news.net/content.php?id=69673