Al‑Muhandis General Company , the PMF's main business arm, has secured a flurry of state contracts, reshaping Iraq's energy and telecom sectors. Its reach into 5G licences and fuel depots gives militia‑linked firms a powerful lever over daily supply chains. Since the 2003 invasion, Iraq's reconstruction has leaned heavily on public procurement, but militia groups have increasingly absorbed these opportunities, blurring the line between state and armed actors. The PMF's formal status under Iraqi law allows it to channel government resources into affiliated firms, a practice that has become a cornerstone of the country's post‑war economy. Key data illustrate the scale of the influence. The company's illicit revenue stream is estimated at $11 billion annually, while the broader "militia economy" has cost Iraq $600 billion since 2003. In addition, the firm holds exclusive 5G mobile telephony licences and manages fuel depots that supply the nation's chronic shortages. According to the U.S. Department of the Treasury, the company uses a subcontracting method to divert funds from Iraqi government contracts, a practice that has drawn international scrutiny. Ameer Al‑Auqaili, a political analyst, noted that "Militias no longer threaten to overthrow the state because they have, in many ways, become the state." The U.S. State Department has warned that Iraqi financial institutions could face penalties if they continue budgetary funding of PMF units. Looking ahead, Iraq's push for a fully integrated 5G network and efforts to curb corruption could open new avenues for energy and telecom projects. The continued involvement of Al‑Muhandis General Company is likely to drive further investment in infrastructure, offering drilling and service providers opportunities to secure long‑term contracts in a rapidly evolving market.