Frontier hedge fund investors eye Iraq

Iraq is emerging as a surprise destination for frontier hedge funds

After a decade of war and destruction, efforts to restore Iraq’s economy and financial system are gaining traction.

The economy expanded 10.5% last year, more than any other Middle Eastern country, and the GDP growth forecast for 2013 is nearly 13%. The local equity market is also hitting its stride.

Asiacell, the second-largest mobile phone operator in Iraq and a subsidiary of Qatar Telecom, raised nearly $1.3 billion when it listed 25% of its stock on the Iraq Stock Exchange (ISX) in February.