Is China’s Belt and Road Initiative the Sign of a New Hegemon in the Middle East?

Global reports this week have suggested that US disengagement from the Middle East and Iraq has left a superpower sized hole in the region. China is looking to capitalise on this especially with regards to Iraq, its third largest source of imported oil. Many are arguing that China is looking to be in a strong position to become a regional hegemon in the Middle East or, at the very least, replace the US as the leading superpower in Iraq but how might this neocolonialism continue to damage the region?