$90 billion in the shadows: Iraq searches for a map of its forgotten treasure

 $90 billion in the shadows: Iraq searches for a map of its forgotten treasure 

5/27/2025

From Mogadishu to Madrid, from tea plantations in Vietnam to Mediterranean palaces in Cannes, France, the specter of lost Iraqi property, estimated to be worth at least $90 billion, lingers. But this wealth, once a tool of influence and investment, is now a forgotten treasure tucked away in unarchived files, undocumented contracts, and unnamed properties.

In a rare moment of astonishment and diplomacy, Somali President Hassan Sheikh Mohamud surprised the Arab League summit hosted by Baghdad in May 2025 when he revealed that a major Iraqi oil refinery still exists on the outskirts of the capital, Mogadishu.

The refinery, established in 1978 as part of an official agreement between the Iraqi and Somali governments, had disappeared from official Iraqi memory since the fall of Saddam Hussein's regime. But this incident was only the tip of the iceberg of a broader, more complex issue: the issue of Iraqi assets scattered around the world, lost to the state over two decades in silence that paralleled their economic importance.

More than fifty origins on three continents

Information obtained by Shafaq News Agency from senior diplomatic sources indicates that Iraq has at least 50 real estate and investment projects spread across Europe, Asia, and Africa, including luxurious palaces, farms, banks, commercial offices, and strategic factories.

In Europe alone, Baghdad owns real estate assets in Spain, France, the UK, and Italy, some of which are located in luxury locations such as Cannes. In Asia, assets include tea, rice, rubber, and tobacco plantations in Malaysia, Sri Lanka, and Vietnam. In Africa, assets in Somalia, Nigeria, and Mozambique include tourist islands and agricultural factories.

These assets were part of Iraq's expansionist economic policy during the 1970s and 1980s, when it used oil revenues to purchase strategic assets around the world to bolster its economic and diplomatic standing.

However, after the fall of the regime in 2003, this issue entered a cycle of neglect and loss. The Parliamentary Integrity Committee revealed to Shafaq News that essential ownership documents had been stolen or destroyed, and that some properties had been transferred to the names of individuals or fictitious companies affiliated with the former regime or networks linked to it, while others remained without any significant follow-up.

Mozambique incident: The state clashes with weapons

In 2012, the Iraqi Ministry of Foreign Affairs sent a delegation to Mozambique to inspect a state-owned asset there, believed to be a palace on a tourist island once owned by Iraq. However, the trip was never completed.

According to a diplomatic source who spoke to Shafaq News Agency, the delegation members received direct threats from an armed group controlling the site, forcing them to immediately withdraw from the country.

This was one of the first serious attempts to recover Iraqi property abroad, but it ended in failure, leaving the property under the control of parties that do not recognize Baghdad's ownership.

Mogadishu Refinery: A Moment of Awakening

But the surprise announcement of the Mogadishu refinery has reshuffled the cards. According to what the Somali presidency conveyed to Iraqi Prime Minister Mohammed Shia al-Sudani, the refinery is still standing and only requires technical rehabilitation to return it to operation, at a time when Somalia is beginning to discover offshore oil reserves.

Baghdad's shock at this revelation prompted the government to form specialized legal and technical committees to pursue this forgotten issue, not only in Somalia but in all countries that may contain lost property. The Ministries of Oil, Foreign Affairs, and Justice were tasked with coordinating efforts, including re-registering properties, settling their tax status, and verifying the validity of remaining documents.

International law experts surveyed by Shafaq News Agency suggested resorting to the International Court of Justice or concluding bilateral agreements with the concerned countries to establish Iraq's legal rights to these properties.

They also stressed the need to pursue individuals and entities proven to be involved in the transfer or concealment of such assets, whether inside or outside Iraq, by issuing international arrest warrants and working with Interpol if sufficient evidence is available.

In a country facing mounting economic challenges and declining foreign exchange resources, many experts consider this a major financial opportunity that has been neglected for years.

Initial estimates place the value of these assets at between $80 and $90 billion. Economists believe that recovering even a small portion of them or investing them properly could generate sustainable revenues for a country whose budget relies almost exclusively on crude oil exports.

However, despite recent positive indicators, challenges remain. According to legal experts, some assets may be subject to statutes of limitations in host countries or have been subject to legal actions that have legalized ownership by third parties after Iraq's absence from the scene for two decades.

In addition, there is a fear that internal political interference could hinder recovery efforts, especially if current properties are tied to powerful interests or are linked to old contracts that are difficult to cancel without engaging in complex legal disputes.LINK