Activity Stream

By John Lee. Germany’s Siemens may have to share a $15-billion contract to supply power-generation equipment to Iraq with US rival General Electric (GE). The Financial Times reports that although it appeared that Siemens would win the deal, the Trump administration successfully intervened on behalf of GE. Last month German business newspaper Handelsblatt reported that Chancellor Angela Merkel had personally intervened with Prime Minister Haider al-Abadi to persuade the Iraqi Government to award the contract to Siemens. (Source: Financial Times) Source: Iraq-BusinessNews.com. Post your commentary below.

By Fazel Hawramy for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News. IRGC masses troops on Iraq border amid rising tensions with Kurdish groupsIran’s Islamic Revolutionary Guard Corps (IRGC) is launching increasingly daring operations to degrade the capabilities of armed Kurdish opposition groups. In its latest move, it has deployed thousands of troops to difficult mountain ranges in the western part*of the country used as safe havens by the*groups for decades. The IRGC’s operations have taken on an air of urgency since US*President Donald Trump’s May 8 announcement that he was withdrawing*the United States from the Joint Comprehensive Plan of Action, the nuclear deal between Iran and six world powers,*and re-imposing sanctions against Iran. Click here to read the full story. Source: Iraq-BusinessNews.com. Post your commentary below.

By Saad Salloum for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News. Nadia Murad, the Iraqi Yazidi, has been awarded the 2018 Nobel Peace Prize. This has raised the expectations and hopes of Iraqi minorities, especially Yazidis, since she is the first Iraqi to win the prize. Iraqi political leaders welcomed the award*as a tribute to the struggle of the Iraqi people against terrorism and extremism. Iraqi President Barham Salih called Murad*on Oct. 5*to congratulate her on the award. The president said the prize was a tribute to the Iraqis’*struggle and steadfastness. Click here to read the full story. Source: Iraq-BusinessNews.com. Post your commentary below.

By John Lee. A Spanish company has won a tender to supply and deliver digital colour doppler ultrasound system to the*International Atomic Energy Agency (IAEA) in Iraq. The value of the contract with Semitek Group – David Garcia Arribas has not be disclosed. (Source: UNGM) Source: Iraq-BusinessNews.com. Post your commentary below.

Iraq Britain Business Council completes productive trade mission to BaghdadIBBC recently completed a productive mission to Baghdad, meeting with high-level government officials and British authorities in Iraq. Baroness Nicholson of Winterbourne, President of IBBC and the Prime Minister’s Trade Envoy to Iraq led the delegation alongside Mr Rasmi Al Jabri, Deputy Chairman of IBBC, Mr Christophe Michels, Managing Director of IBBC and Mr Vikas Handa, IBBC representative in the GCC. IBBC was joined by numerous member representatives, including from Al Bilal Group, Al Burhan Group, Al-Nukhba OFS, ARCHS, Constellis, Dar Group, EY, Gulftainer, G4S, Khudairi Group, International Islamic Bank, Kuwait Energy, Management Partners, Menzies Aviation, Mosul University, National Bank of Iraq, Ratba’a Contracting, Serco, Shell, Standard Chartered Bank and Turnkey LLC. The delegation visited soon after the election of President Dr Barham Salih, who took time out of his busy schedule to meet Baroness Nicholson and the IBBC leadership who were joined by HMA Jon Wilks. Dr Salih has been a close friend of the IBBC for many years and recently spoke at the IBBC Cumberland Lodge Conference in July. On Sunday 7 October the delegation held meetings with the Governor of the Central Bank of Iraq, Mr Ali Mohsen Ismael Al Alaq, H.E. Mr Adbuallah Luabea the Deputy Minister of Transport, Mr Fayadh Neema, Senior Deputy Minister of Oil and Dr Sami Al Araji, Chairman of the National Investment Commission. The delegation were hosted by the Iraqi Federation of Chambers of Commerce in the evening for dinner. On Monday the delegation met with Dr Mehdi Al Alak, Secretary General of the Council of Ministers, Dr Hameed Ahmed Deputy Chairman of the Council of Ministers, Dr Sabah Mushatat, Economic & Investment Advisor to the Prime Minister of Iraq, Dr Mudher Mohammed Saleh, Finance Advisor to the Prime Minister of Iraq and with Ján Kubiš Special Representative of the Secretary-General and Head of the United Nations Assistance Mission for Iraq. *In the evening Ambassador Jon Wilks hosted a reception for the delegation and Iraqi dignitaries at his residency. Before leaving Iraq, Christophe Michels visited Serco, who are working with the Iraqi Civil Aviation Authority at Baghdad International Airport. Serco supports the Iraqi authorities in managing the entire spectrum of air traffic control in Iraq including the increasing number of international overflights. (Source: IBBC) Source: Iraq-BusinessNews.com. Post your commentary below.

In pictures .. Claims to spend money held with the Warka Bank in Baghdad A number of citizens demonstrated in Baghdad on Wednesday in Al-Rasheed Street in the center of the capital to demand their money "held" at the Warka Bank in the capital. A reporter for Alsumaria News, said that a number of citizens demonstrated today, in the area of ​​Rashid Street in front of the Central Bank of Iraq's central Baghdad, to demand the release of their money held with the Warka Bank in the capital. The protesters confirmed that their money had been in the bank for eight years.

For hundreds of millions of families around the world, the recent Eid celebrations were a time for family, friends, joy and celebration. A time of prayer, exchanging gifts, embracing the wider community and extending to others their religious generosity. But for millions more, particularly widows and children, there could be no celebration as they continued their battle against war, hunger, disease. In Iraq alone, there are one million widows and, tragically, more than four million orphans. AMAR International has been delivering urgent medical and educational support in the Middle East for the last 26 years. Using a staff comprised almost entirely of national professionals and volunteers, they have treated more than 10 million patients and have opened 46 medical centres across Iraq. To commemorate this Summer’s Eid al-Fitr and Eid al-Adha, we are launching an urgent appeal for emergency funds to help many more people in desperate need of your support. Please donate by clicking here, or by using this donation form. Source: Iraq-BusinessNews.com. Post your commentary below.

By John Lee. Iraq has agreed to buy 90,000 metric tons of rice from the United States. US Congressman Ralph Abraham, M.D., R-Alto, a member of the House Agriculture Committee, said in a statement: “Iraq is buying three times more rice than we requested in our letter, so I’m thrilled that this resulted in such a successful sale.* A purchase of this great amount will have an immediate and strong impact on the American rice market, and this is certainly a testament to American rice producers, who grow the best rice in the world.” Dr. Abraham said he has led several letters to Iraq over the last few years advocating for US rice, adding that the most recent success was in August when Iraq purchased 15,000 metric tons from the United States. (Source: Congressman Ralph Abraham) Source: Iraq-BusinessNews.com. Post your commentary below.

Air Arabia, the Middle East and North Africa’s first and largest low-cost carrier (LCC), has announced the launch of non-stop service to the city of Sulaymaniyah in the north of Iraq. The new service from the carrier’s primary hub in Sharjah marks Air Arabia’s fourth destination in Iraq and 152 worldwide. From November 6, 2018, Air Arabia will offer two weekly flights to Sulaimaniyah, making it convenient for passengers travelling between both cities. Offering convenient timings, the three-hour flight will operate twice per week, on Tuesdays and Fridays. The outbound flight on Tuesday’s will depart from Sharjah International Airport (SHJ) at 05:00 and land in Sulaimaniyah International Airport (ISU) at 06:55 local time. The return flight will leave Sulaimaniyah at 07:35 and land in Sharjah at 11:05 local time. On Fridays, the flight will depart from Sharjah International Airport (SHJ) at 15:00 and land in Sulaimaniyah International Airport (ISU) at 16:55 local time. The return flight will leave Sulaimaniyah at 17:35 and land in Sharjah at 21:05 local time. Adel Al Ali, Group Chief Executive Officer, Air Arabia, said: “We are pleased to launch this new service to Sulaimaniyah, our fourth destination in Iraq, after Baghdad, Najaf and Erbil. We continuously seek ways to enhance airline connectivity with Iraq, given the growth in business ties between the two nations. The additional route is a testament to Air Arabia’s commitment to providing affordable air travel to our growing customer base.” (Source: Air Arabia) Source: Iraq-BusinessNews.com. Post your commentary below.

By Adnan Abu Zeed for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News. British Ambassador Jonathan Wilks warned at a press conference last month that, at its current rate of growth,*Iraq’s population would increase*by a million people per year. Iraq’s Central Statistical Organization (CSO) announced soon after, on Oct. 1, that the country’s population had reached about 38 million in 2018, and that Baghdad’s population had reached more than 8 million. While Iraq has not conducted any comprehensive census since 1997, these figures, combined with the rising unemployment rate, indicate an imbalance between the growing population and the availability of services. Najeh al-Obeidi, an economics*researcher at the University of Baghdad, is worried that the state will not be able to respond to population growth or provide decent living conditions for Iraqis.*“This raises concerns about the future,” he said.*“Baghdad alone has a population equal to that of the entire country five decades ago.” Click here to read the full story. Source: Iraq-BusinessNews.com. Post your commentary below.

The number of tourists visiting the Kurdistan Region this year reached a record high, according to Mr. Mawlawi Jabar, Chairman of the General Board of Tourism. In an interview with the Kurdistan Regional Government website, Mr. Jabar noted: “In the first six months of 2018, 1.3 million tourists visited the Kurdistan Region, mostly from central and southern Iraq. During the 11-day Eid al-Adha holiday, there were 349,000 tourists, spending 140 billion dinars in the Region. “In the first four months of 2018 there was a good influx of Iranian tourists visiting the Region. After the Iranian authorities imposed taxes on its citizens for traveling abroad, however, the number significantly decreased. Though smaller in numbers, tourists from other countries are also preferring to visit the Region.” While neighboring countries offer lower costs to Iraqi tourists, the ratio of Iraqi tourists visiting the Kurdistan Region continues to rise. Mr. Jabar added: “A comprehensive tourism development strategy has been in place since 2014, but the ISIS war and financial crises restricted implementation of strategic plans. Since 2016, however, implementation has been gradually reactivated. For example, loans have been extended to small and medium tourism projects. “The Board of Tourism has a special department for invigorating protection of the environment. To raise awareness, we are working to protect the environment through the media, publications and other awareness tools.” Regarding private sector’s role in developing tourism, he said, “Part of the strategic plan is to support the essential role of the private sector. He said Kurdistan’s tourism companies have good relations with companies abroad and play an important role in attracting tourists.” He said, “Tourism investment has rapidly grown in the Kurdistan Region and its effectiveness is illustrated by the rising number of visitors and revenue.” (Source: KRG) Source: Iraq-BusinessNews.com. Post your commentary below.

Is it true that when Kuwait revalue their currency in the early 1990's you were only able to cash in within that country and not from the US Banks? If so, can this happen with the Iraqi Dinar RV as well?

Here is some reading material about the ISX. (In ENGLISH) http://en.idc-stocks.com/news?ID=7269

After five months of political uncertainty, Iraq finally has a new prime minister. On October 3, Iraq’s newly named president, Barham Salih, picked Adel Abdul Mahdi, an independent Shia politician, to be the next prime minister and form a government. The appointment of Mahdi may have provided an opportunity to calm the protests that have roiled the southern Iraqi city of Basra since July. Unrest in Basra escalated to levels high enough for the United States to shut its consulate in the city on September 28. The unrest reflects a changing Iraq—one in which many citizens will no longer tolerate an unaccountable government. The full article can be viewed here. (Source: Atlantic Council) * Source: Iraq-BusinessNews.com. Post your commentary below.

The Al-Bayan Center for Planning and Studies has just published a new report by*Hayder al-Khafaji on electricity generation in Iraq: Meeting energy needs in a manner that achieves security for Iraq has become a major source of concern for the electricity sector in the country; with the industry claiming that it lacks the capacity to meet current peak demand, especially with production running at about 50% of the country’s requirements. There is little doubt that over the coming years peak demand for electricity will greatly exceed the capacity of existing power stations. In view of the aforementioned, the need for the construction of new power stations has never been more pressing, however, it will not be without certain obstacles, most significantly the availability of fuel and other unforeseen technical problems, such as breaches of the contracts for the construction of new power stations. Iraq’s electricity generation problems are not new. Historically, the country has suffered from severe power shortages since 1990, which were further compounded after 2003 by the unworthiness of the old power generation plants and the acts of sabotage during the intervening years. All this culminated in prolonged power cuts lasting anything between 14-20 hours a day; forcing ordinary people to rely on private neighbourhood generators and/or small household generators, both of which have added a considerable financial burden on people. Please click here to download the full report. (Source: Al-Bayan Center) Source: Iraq-BusinessNews.com. Post your commentary below.

GardaWorld, a global leader in comprehensive security and risk management, has made its weekly security report available to Iraq Business News readers. Prepared by GardaWorld’s Risk Analysis Team in Iraq, this essential report includes short- and medium-term outlooks on the security situation, reports and commentary on recent significant events, and a detailed overview of developments across the country. Please click here to download the latest report free of charge. For more information on how GardaWorld’s services can support your business in Iraq, please contact Daniel Matthews, Senior Director Iraq, at daniel.matthews@garda.com Source: Iraq-BusinessNews.com. Post your commentary below.