Kesho I would say the main threat is from possible collision with other aircraft, both civil and military, both manned and unmanned.
Then there is the threat of insurgent action which may be less than alluded to by Time Magazine but nevertheless cannot be ignored. Aircraft have been fired upon (and, indeed, several brought down) on numerous occasions in/out of Baghdad, by both SAM and ground fire over the last 3 years. Aircraft on the apron and taxiing aircraft have been mortared on numerous occasions.
Weather is no doubt a factor as the airport does not have any civilian IFR approach aids. Temperatures in the high 40's and regular dust storms do not help matters. Finally, Baghdad is fairly isolated as far as viable alternates go for short range aircraft. It also does not have repair facilities, so theres always the chance of a fault stranding the aircraft there.
How do you feel about threats operating in/out of Baghdad, Kesho? It sounds as if you think the threats are highly exaggerated? One thing is for sure - it's a far cry from Dubai or Joburg.