On May 26, 2003, L. Paul Bremer declared Iraq “open for business.” Four years on, business is booming, albeit not as the former head of the Coalition Provisional Authority intended. Iraqis find themselves at the center of a regional political economy transformed by war. Instability has generated skyrocketing oil prices, and as US attitudes to Arab investment have hardened in the wake of the September 11 attacks, investors from the oil-producing Gulf countries are seeking opportunities closer to home. This money, together with the resources being pumped in to prop up the US occupation, is fueling an orgy of speculation and elite consumption in the countries surrounding Iraq.