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  • Investors Iraq News's Avatar
    Today, 08:03 AM
    Iraqi Interior Minister Qasim al-Araji (pictured) has said that Saudi Prince Mohammad bin-Salman has “officially asked Iraq to act as a mediator between Tehran and Riyadh to reduce tensions.” According to a news agency report, Al-Araji made the remarks at a joint press conference with his Iranian counterpart Abdolreza Rahmani-Fazli in Tehran. Referring to his recent visit to Saudi Arabia and meeting with the Saudi prince, Al-Araji said: “Mohammad bin-Salman requested me officially for Iraq’s mediation between Iran and Saudi Arabia to reduce tensions. Before, Malik Salman had made such a request too. I told them that they should treat Iranian pilgrims with respect and the best possible way and allow them to visit Al-Baqi’ cemetery. “The Saudi party gave some promises with this regard, and now Iranian pilgrims can visit the cemetery. We believe that relations between Iran and Saudi Arabia can held establishing security in the region”. (Source: GardaWorld) (Picture credit: Mohsen Ahmed Alkhafaji) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 31 view(s)
  • 40plus's Avatar
    Yesterday, 08:23 PM
    Congratulations and a HUUGE thank you, Mr. Wolverine. It appears as the dust settles, that you've helped accomplish a patriotic and worthy goal in your efforts with this thread. It has been a true privilege to post alongside you, Screaming Eagle and other Patriots in this battle for the life of America. Huge readership for the dinar forum, too. God Bless President Trump, God Bless America!!!!!!
    6624 replies | 314720 view(s)
  • Investors Iraq News's Avatar
    Yesterday, 07:10 AM
    Gulf Keystone Petroleum (GKP) has confirmed that a gross payment of $15.0 million ($12.0 million net to GKP) has been received from the*Kurdistan Regional Government (KRG) for Shaikan crude oil export sales for April 2017. Company’s current cash position is $140.3 million. On August 8th, cumulative production from the Shaikan field reached 40 million barrels; another important milestone for the Company. The Shaikan Field continues to perform in line with expectations with an average daily production of 36,671 barrels of oil per day during the first half of 2017. Gulf Keystone remains on course to achieve its previous gross production guidance of between 32,000 – 38,000 bopd for the full year. Commenting on today’s announcement, CEO, Jón Ferrier (pictured), said: “Safe and reliable operations remains a strategic priority and we continue to be strongly encouraged by the stable performance of the Shaikan Field during 2017. I am also pleased to report that GKP recently achieved two years with no Lost-time-incidents (“LTI”), a testament to the quality of our field operations.” (Source: GKP) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 42 view(s)
  • Investors Iraq News's Avatar
    Yesterday, 07:10 AM
    ENKA‘s Sulaymaniyah 1,500 MW Combined Cycle Power Plant in Iraq has been recognized as the Global Best Project of 2017 by Engineering News-Record (ENR) under the Power/Industrial category. Constructed between 2013 and 2016, the plant is designed to work on two types of fuel – natural gas as the primary and diesel as the secondary source, and will utilize the exhaust heat produced by the existing Sulaymaniyah Gas Power Station. Each block consists of four HRSGs, a GE steam turbine generator set, and a 40-cell Air Cooled Condenser (ACC) System. Engineering News-Record (widely known as ENR) is an American weekly magazine that provides news, analysis, data and opinion for the construction industry worldwide. The ENR Global Best Projects Awards focus on the challenges, risks and rewards of designing and constructing in other countries. ENR judges look at projects in many markets and examine safety performance, innovations, challenges, and design and construction quality, with a special emphasis on the diversity of global project teams and their collaboration. They also consider how the project benefits the local community and/or the construction industry. (Source: ENKA) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 43 view(s)
  • Investors Iraq News's Avatar
    Yesterday, 07:10 AM
    Investment in healthcare is urgently required to save the lives of mothers and newborn babies in Iraq Decades of conflict and under-investment have placed a huge strain on Iraq’s healthcare system, and pregnant women and their babies are paying for it with their lives. Although progress has been made to lower maternal mortality rates, there has been slow headway in reducing the mortality rates for children under five. Newborn babies are particularly vulnerable because of poor birth practices, inadequate referral mechanisms and inefficient neonatal care, particularly in remote areas. Breastfeeding, neonatal resuscitation, kangaroo mother care for preterm babies, and the prevention and treatment of infections will help prevent these infant deaths. With the support of UNICEF, the Ministry of Health has launched the Every Newborn Action Plan (ENAP), which was developed jointly with UNICEF, the World Health Organization (WHO), and the United Nations Population Fund (UNFPA). The ENAP is an evidence based strategy to invest in, and improve the quality of maternal and newborn care. “Providing high quality care before and after birth not only saves lives, it is also an investment to ensure Iraqi children have the best start in life and meet their full potential,” said Peter Hawkins (pictured), UNICEF’s Representative in Iraq. “WHO and other partners will work to support the Government of Iraq through the Ministry of Health to achieve equitable universal health coverage, including the provision of comprehensive services for every woman and newborn in Iraq in order to contribute to the substantial reduction of maternal and neonatal mortality and morbidity,” said Musani Altaf, WHO Representative in Iraq “Neonatal mortality contributes significantly to child mortality in Iraq. UNFPA is proud to have played a part in the formulation of the Newborn Action Plan and commits to support the Ministry of Health in its implementation,” said Ramanathan Balakrishnan, UNFPA’s Representative in Iraq. The Iraq ENAP has been developed in alignment with the Global Every Newborn Action Plan. It is expected to serve as a roadmap that redefines and focuses national and sub national strategies and activities to reduce deaths and disability, ensuring no newborn is left behind. (Source: UN) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 35 view(s)
  • Investors Iraq News's Avatar
    Yesterday, 07:10 AM
    Panalpina, the Swiss-based provider of supply chain solutions, has won what it describes as its “largest award with a specific oil and gas major to date”. The company was awarded with a contract to manage transportation for a gas project in Iraq, for a minimum of five years, involve high air and LCL (less than container load) ocean freight volumes. Work has already begun and besides transport Panalpina will also provide customs clearance, light warehousing, full order management and in-house staffing for the customer. Additionally, Panalpina will handle ad hoc air and ocean chartering for this project. Panalpina says it has worked with the customer since 2010 in the USA and over the last seven years has developed activities with several divisions and geographies, which now also include Canada, Singapore, Thailand, Indonesia, Hong Kong and Morocco — it does not name the customer. In 2015, Panalpina and the customer developed an automated order management system in the USA, and building on this expertise Panalpina will expand the value offering to the project in Iraq throughout the duration of the contract. Another critical factor for winning this new business was the fact that Panalpina fosters local expertise in a key country such as Iraq, meaning that the company employs a local workforce instead of an expat workforce. (Source: Panalpina) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 40 view(s)
  • Investors Iraq News's Avatar
    Yesterday, 07:10 AM
    By John Lee. The Abu Dhabi National Energy Company PJSC (TAQA) has confirmed that production from the Atrush Block in the Kurdistan Region of Iraq is expected to ramp up towards the 30,000-barrel-per-day project capacity (gross) in 2017. Oil production at Atrush started in July. TAQA is the operator of Atrush and has a 39.9% working interest in the Production Sharing Contract. The other co-venturers are the Kurdistan Regional Government (25%), General Explorations Partners, Inc. (a wholly owned subsidiary of ShaMaran Petroleum Corp) (20.1%), and Marathon Oil KDV B.V. (15%). (Source: TAQA) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 50 view(s)
  • James's Avatar
    08-14-2017, 10:39 PM
    James started a thread Other Banks in Iraqi Bank Accounts
    Does anyone have an Iraqi Bank account other than with Warka Bank? If so would you be willing to share your opinion about your experiences with your bank. Would you recommend (this bank) to others and would you provide contact information so other may follow suit. Thank you.
    0 replies | 88 view(s)
  • Investors Iraq News's Avatar
    08-14-2017, 02:03 PM
    Iraq, UAE and Kazakhstan declared commitment to cut oil production Along with the United Arab Emirates and Kazakhstan, Iraq has declared commitment to a global pact to cut crude oil output at a meeting with industry officials in Abu Dhabi. Source: IraqDirectory.com Post your commentary below.
    0 replies | 52 view(s)
  • Investors Iraq News's Avatar
    08-14-2017, 02:03 PM
    Indian import for Iraqi oil increased in July Oil import from Iraq has risen to 31.5% for India in July from a month ago, shipping data showed, allowing the country to retain the top supplier spot for the fourth consecutive month amid declines from sellers such as Venezuela and Iran. Source: IraqDirectory.com Post your commentary below.
    0 replies | 55 view(s)
  • Investors Iraq News's Avatar
    08-14-2017, 02:03 PM
    $15 million LPG cylinder order in Iraq awarded to Hexagon Ragasco According to a report, Norway-based Hexagon Composites' subsidiary Hexagon Ragasco has received a new order for LPG cylinders from Iraq’s Gas Filling Company (GFC) worth around $15 million. Source: IraqDirectory.com Post your commentary below.
    0 replies | 60 view(s)
  • Investors Iraq News's Avatar
    08-14-2017, 07:17 AM
    Fallujah city in Anbar province needs $2 billion for reconstruction, the city’s mayor said on August 10. Eissa al-Sayer told Aljournal News website that securing the amount at present would be difficult given the government’s focus on military operations against IS, adding that world donors should focus donations on service projects rather than the infrastructure. Sayer stated that the sanitation sector needs $50 million, the water services $10 million and the municipality needs $15 million just to begin clearance and reconstruction. In May, the Iraqi government approved a ten-year scheme for the rehabilitation of areas liberated from IS worth USD100 billion, saying it would secure the finances depending on international loans and grants. (Source: GardaWorld) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 44 view(s)
  • Investors Iraq News's Avatar
    08-14-2017, 07:17 AM
    By the end of the second quarter of 2017, the Funding Facility for Stabilization (FFS) expanded its work with over 1,000 projects underway that support the Government of Iraq’s efforts to stabilize 23 newly liberated areas. This report outlines the progress made from 1 April to 30 June 2017 by FFS in the governorates of Ninewah, Salah al-Din, Anbar,*Diyala*and Kirkuk. The quarterly report focuses on Mosul, where significant progress was made in upscaling activities in the*biggest stabilization effort to date.*Almost 300 projects are underway in the city, including rehabilitating critical water and health*infrastructure, delivering and installing key electrical supplies, supporting the revival of Mosul University, and providing work opportunities to thousands of residents. A special feature of this report focuses on women’s participation in stabilization, where important gains have been made throughout FFS project areas. The report also updates the Government of Iraq and the 23 FFS donors on ongoing progress in liberated areas of Anbar, Salah al-Din, Diyala, and Kirkuk. Continued support to these areas ensures that stabilization gains are maintained and returnees feel they can remain in their homes. The work of FFS has helped create the conditions for the return of almost 2 million Iraqis to their homes. At present, over 3 million Iraqis are internally displaced and the continuance of FFS activities remains an essential component to stabilization in Iraq. Highlights Over 1,000 stabilization projects are underway across newly liberated areas of Iraq FFS is implementing almost 300 projects in Mosul Thousands of residents of Mosul are working to revive their city through cash-for-work projects Rehabilitation of critical water infrastructure serving hundreds of thousands of people in Mosul is underway More than 40 projects are underway to support Mosul’s health sector FFS is supporting the revival of Mosul University FFS is supporting vulnerable minority communities FFS is scaling up successful housing and cash-grant programmes in Anbar Click here to download the full 76-page report. (Source: UNDP) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 48 view(s)
  • Investors Iraq News's Avatar
    08-14-2017, 07:17 AM
    On August 1, 2017, the Executive Board of the International Monetary Fund (IMF) concluded the 2017 Article IV consultation with Iraq. Iraq is facing a double shock arising from the conflict with ISIS and the plunge in oil prices. In*2016, real GDP increased by 11*percent owing to a 25*percent increase in oil production, which was little affected by the conflict with ISIS. This year, economic activity is expected to remain muted due to a 1.5*percent contraction in oil production owing to the OPEC + agreement to reduce oil production and only a modest recovery of the non-oil sector. The decline in oil prices has driven the decline of Iraq’s international reserves from $54*billion at end-2015 to $45*billion at end-2016. Fiscal pressures are ongoing, with the government deficit increasing from 12*percent of GDP in 2015 to 14*percent in 2016 despite the ongoing fiscal consolidation, due to weaker oil prices and rising humanitarian and security spending. The authorities have appropriately maintained the exchange rate peg. The simplification of documentation requirements implemented by the Central Bank of Iraq led to a decline in the parallel market spread to 6*percent in June 2017. Medium-term growth prospects are positive. Growth will be driven by the projected moderate increase in oil production and the rebound in non-oil growth supported by the expected improvement in security and implementation of structural reform. Risks remain very high, however, arising primarily from volatile security, political tensions, and poor policy implementation. The Fund is supporting Iraq through a three-year Stand-By Arrangement in the amount of SDR 3.831*million ($5.380*billion), equivalent to 230*percent of quota. Full statement here. 30-page report can be downloaded here. (Source: IMF) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 58 view(s)
  • Investors Iraq News's Avatar
    08-14-2017, 07:17 AM
    This article was originally published by Niqash. Any opinions expressed are those of the author, and do not necessarily reflect the views of*Iraq Business News. Displaced Arabs who fled to Iraqi Kurdistan were a boon for village-dwelling farmers. The farmers, who paid low wages to desperate displaced for three years, are now at a loss. Over the past three years, Kurdish local Ali Rahim’s business has been flourishing. Although the 55-year-old left his village, Diwanah, in the Darbandikhan district in Sulaymaniyah province, in 2003, he continued to keep sheep back home. It was always difficult to make ends meet with the livestock – up until recently. Over the past three years Rahim has been able to hire Arab families, displaced by the security crisis caused by the extremist Islamic State group, to help him farm. Both parties benefitted, he says. Rahim did not have to pay very high wages – around IQD300 (US$ 0.25) – because the families were happy to do the job in exchange for lower pay and accommodation. Five different families have looked after Rahim’s sheep since the security crisis began in 2014 and Rahim made good money in part because the wages were so low. However now that the Islamic State, or IS, group has been driven out of many parts of Iraq, those Arab families have started to return home – leaving Rahim with a lack of labour willing to work for so little. Ever since Arab families started to arrive in the semi-autonomous northern region of Iraqi Kurdistan, seeking the comparative safety the region could offer, their presence has been controversial. Locals have complained that the influx of displaced Iraqis was a burden on the regional infrastructure, that they were consuming water, power and health supplies. Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 47 view(s)
  • Wolverine's Avatar
    08-14-2017, 02:19 AM
    6624 replies | 314720 view(s)
  • Investors Iraq News's Avatar
    08-13-2017, 08:18 PM
    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.
    0 replies | 50 view(s)
  • James's Avatar
    08-13-2017, 12:39 PM
    2017-08-13 Announcements and Market News ---------------------- Eid Al Adha holiday Al Karmal Securities Company is offering congratulations to the Arab and Iraqi people on Eid Al Adha 1 - The last trading session before Eid on Thursday 31/8/2017 2- The first trading session after Eid will be on Wednesday 6/9/2017 Happy New Year
    0 replies | 69 view(s)
  • Investors Iraq News's Avatar
    08-13-2017, 07:17 AM
    Prime Minister Haider Al-Abadi took a phone call this week from French president Emmanuel Macron, who congratulated Dr. Al-Abadi for the triumphs achieved against Daesh. Macron stressed France’s continued commitment to support Iraq in the fight against terrorism, supporting the Iraqi government efforts to restore stability, building its institutions, and developing relations between the two countries. Dr. Abadi thanked France for its air support for Iraqi forces, and for its contributions in the fields of training and logistical support, before inviting French companies to participate in the “mega investment opportunities” in Iraq. (Source: Media Office of the Prime Minister) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 60 view(s)
  • Investors Iraq News's Avatar
    08-13-2017, 07:17 AM
    This article was originally published by Niqash. Any opinions expressed are those of the author, and do not necessarily reflect the views of*Iraq Business News. It has been said before. But this time it may well be true: Iraq’s next elections will be the most crucial in the country since 2003. The last elections were held in 2014 and over the past three years, there have been major developments of all kinds in Iraq, including in politics and security. The long security crisis sparked by the extremist group known as the Islamic State has seen the creation of new political forces in the country, including the Shiite Muslim militias, formerly volunteers but now a formidable military force in their own right, as well as tribe-based militias. At the same time the popularity of those who were prominent as part of Iraq’s business-as-usual, quota-driven political model has declined. The traditional Sunni, Shiite and Kurdish blocs, split along ethnic and sectarian lines, are not as popular with voters as they once were. There are also plenty of new divisions within them. And most recently Iraqi politicians have been busy passing laws that could change the situation even more. Over the last ten days, the Iraqi parliament has agreed on many points of a new law to regulate the provincial elections, which sees local councils and governors of Iraq’s various provinces elected. The elections were slated to be held in April of this year but were postponed due to the ongoing security crisis and the presence of the Islamic State, or IS, group in many areas. Now it seems they will be held on the same day as federal elections, in April 2018. This will be the first time the two kinds of elections have been held together – usually there are two years between each kind of ballot. In the past provincial elections have been considered a good indicator of the popularity of various Iraqi political parties and blocs. Often politicians will correct their course and take different positions as a result of provincial voting, so that they may do better in federal elections. Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 54 view(s)
  • Wolverine's Avatar
    08-13-2017, 03:16 AM
    6624 replies | 314720 view(s)
  • Wolverine's Avatar
    08-12-2017, 04:15 PM
    6624 replies | 314720 view(s)
  • Investors Iraq News's Avatar
    08-12-2017, 10:47 AM
    Advertising Feature Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 10th Aug 2017). Please click here to download a table of listed companies and their associated ticker codes. The RSISX index ended the week at IQD790 (+1.5%) / $807 (+1.1%) (weekly change) (-17.7% and -14.8% YTD change, respectively). The number of week traded shares was 59.7bn and the weekly trading volume was IQD59.0bn ($46.6mn). ISX Company Announcements Iraqi Agricultural Products (AIRP) will hold AGM* on Aug. 21, 2017 to discuss and approve 2016 annual financial results and decide distributing 10% cash dividend (IQD0.10 dividend per share). ISX will suspend trading of AIRP starting Aug. 16, 2017. Al-Ameen Insurance (NAME) will hold AGM* on Aug. 16, 2017 to discuss and approve 2016 annual financial results and increasing the capital from IQD3.41bn to IQD3.75bn through 10% bonus issue. ISX will suspend trading of NAME starting Aug. 13, 2017. Iraqi for Tufted Carpets (IITC) will hold AGM* on Aug. 14, 2017 to discuss and approve 2016 annual financial results and decide to distribute 30% cash dividend (IQD0.30 dividend per share, 3.9% dividend yield). ISX suspended trading of IITC starting on Aug. 9, 2017. Three cross transactions occurred on 35.25bn shares of Al-Arabiya Islamic Bank (BAAI) on Aug. 6, Aug. 7 and Aug. 8, 2017, which represent 14.1% of BAAI capital. A cross transaction occurred on 20.6bn shares of Zain Al-Iraq Islamic Bank for Investment (BZII) on Aug. 7, 2017, which represents 8.24% of BZII capital. Al-Nukhba for General Trading (SNUC) will hold AGM* on Aug. 13, 2017 to discuss and approve 2016 annual financial results. ISX suspended trading of SNUC starting on Aug. 8, 2017. Iraqi Islamic Bank (BIIB) will hold AGM* on Aug. 12, 2017 to discuss and approve 2016 annual financial results and rehabilitating the branches in dangerous areas by using IQD44.2mn from its expansion reserves. ISX suspended trading of BIIB starting on Aug. 8, 2017. Ashur International Bank (BASH) held a GA on Aug. 9, 2017 to elect a BoD. The bank was suspended from trading starting on Aug. 6, 2017 for not publishing 2016 annual financial results. Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 75 view(s)
  • Investors Iraq News's Avatar
    08-12-2017, 07:16 AM
    Reuters reports that a former Iraqi oil minister said it was necessary for Iraq to regain the Iraqi Pipeline in Saudi Arabia (IPSA), which has not carried Iraqi crude since Saddam Hussein invaded Kuwait in 1990, and which was confiscated by Saudi Arabia in 2001 as compensation for debts owed by Baghdad. Bahr Al Olum, who is currently a member of parliament, said he has discussed the issue with Saudi side expected that Riyadh would have a more “positive response” given an improved political environment between the two countries. (Source: Reuters) (Picture: Haider Al-Abadi meets King of Saudi Arabia, Salman bin Abdulaziz Al Saud, 19th June 2017) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 63 view(s)
  • Investors Iraq News's Avatar
    08-12-2017, 07:16 AM
    This article was originally published by Niqash. Any opinions expressed are those of the author, and do not necessarily reflect the views of*Iraq Business News. In the small desert area of Busaya, Iraqis of different sects have lived together peacefully for decades. Locals pride themselves on their hospitality and unity. Up until recently not many outsiders really knew much about the southern Iraqi sub-district of Busaya. In the middle of the desert and close to the border of Saudi Arabia, the area tends to be Bedouin in nature, closer to the culture of the nomadic Arabs of the Gulf States than many other Iraqis. It recently came to public attention because a group of Qatari hunters in the area for sport, were abducted in 2015. The hunting party, which apparently included members of the Qatari royal family, was released in April 2017. The area is well known as a stop for migrating birds from Europe and hunters commonly come here, to seek out birds and hares. Most of the around 2,200 people here are either dependent on their own livestock or the Iraqi government for jobs. And around three-quarters of them are Sunni Muslims. Yet somehow, they still elected Shiite Muslims to their local government. Locals say that they don’t let what is going on elsewhere in Iraq affect local relationships. Around another 5,000 locals, many of whom speak with an accent that sounds more Gulf States than Iraq, are nomadic. And the area is so well known for its hospitality that there are no cafes or restaurants here. Visitors to the district are always invited to eat at locals’ homes, another Bedouin tradition. Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 76 view(s)
  • Investors Iraq News's Avatar
    08-11-2017, 09:32 AM
    By John Lee. The United Nations has advertised new positions in Iraq: Regional Director, Goal Short-term Social Safeguards Specialist Consultant, United Nations Assistance Mission for Iraq (UNAMI) Supply Assistant, United Nations Assistance Mission for Iraq (UNAMI) Protection Associate, United Nations Assistance Mission for Iraq (UNAMI) Emergency Child Protection Manager, International Rescue Committee (IRC) Finance Manager, International Rescue Committee (IRC) Social Protection Economist, World Bank Customer Support Associate, World Vision Clinical Psychologist, World Vision Dispensary Assistant, World Vision (Source: UN) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 63 view(s)
  • Investors Iraq News's Avatar
    08-11-2017, 09:32 AM
    By John Lee. The United Nations has advertised new positions in Iraqi Kurdistan: Logistics Assistant, United Nations Assistance Mission for Iraq (UNAMI) Senior Resettlement Assistant, United Nations Assistance Mission for Iraq (UNAMI) Protection Officer, United Nations Assistance Mission for Iraq (UNAMI) Programme Assistant (Child Protection), United Nations Children’s Fund (UNICEF) Medical Coordinator, Médecins du Monde WASH Officer- Hygiene Promotion, Norwegian Refugee Council (NRC) Special Assistant, Norwegian Refugee Council (NRC) Special Assistant, Norwegian Refugee Council (NRC) ICLA Project Coordinator, Norwegian Refugee Council (NRC) Research Consultancy: Survey of Displacement and Return, Oxfam (Source: UN) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 75 view(s)
  • Investors Iraq News's Avatar
    08-11-2017, 01:51 AM
    UK Export Finance (UKEF) has announced that it is supporting the Enka UK and General Electric (GE) consortium with US$117 million in financing to deliver two critical power projects in Iraq. Rt Hon. Greg Hands MP (pictured), UK Minister for International Trade, welcomed the news, saying: “The Department for International Trade through UK Export Finance is delighted to be supporting these power projects, which will significantly enhance the energy sector in Iraq. “Construction of the projects also presents huge – and hugely exciting – opportunities for UK exporters, and clearly demonstrates the UK’s leadership in the energy sector.” UKEF has provided a guarantee to support the government of Iraq in its contract with the GE-led consortium. This support will finance the early stages of construction of two GE-powered 750-megawatt gas-fired power plants at Dhi Qar and Samawa in southern Iraq. Once complete, the power plants will help to alleviate severe energy shortages in Iraq, supporting the country’s infrastructure development and energy security. Further financing may follow to support additional UK procurement. UKEF and the Department for International Trade teams in Iraq and Turkey are working closely with Enka UK and GE to source at least US$250 million worth of goods and services from the UK to deliver the projects in coming months. A supplier fair was held in March, in partnership with energy sector bodies NOF Energy and the Energy Industry Council, to connect companies in the UK supply chain with the projects. The move demonstrates GE’s commitment to developing its UK supply chain following the agreement between GE and UKEF signed in 2015. GE is the engineering, procurement and construction (EPC) contractor for the projects, which were announced in January, and Enka UK is the main subcontractor. This support follows an agreement between the governments of the UK and Iraq, signed in March, reaffirming the UK’s commitment to supporting Iraq’s continued economic development. Yavuz Akturk, Director at Enka UK, said: “We are very pleased to see UK Export Finance, the leading ECA active in Iraq, supporting these projects. It would not have been possible for us to enter into these projects with GE without their support. “These projects will help the people in the country by increasing the electrification rate while providing great opportunities for UK exporters of goods and services to participate in these transformational projects in Iraq.” Guto Davies, Head of ECA Financing, Global Capital Advisory, GE Energy Financial Services, said: “The closing of this facility supports the construction of these two new power plants and GE’s commitment in Iraq. UK Export Finance and the Department for International Trade in Iraq have been instrumental in helping us achieve this critical milestone.” (Source: UK) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 73 view(s)
  • Investors Iraq News's Avatar
    08-11-2017, 01:51 AM
    Oman Telecommunications (Omantel) has announced that it will purchase 425.7 million of Zain‘s treasury shares in a cash transaction at an offer price of KWD 0.60 per share – subject to regulatory approval. Once complete, Omantel will own a minority stake in Zain Group of approximately 9.84% in outstanding common shares. The total consideration of the transaction is valued at USD 846.1 million (OMR 325.6 million). Martial Caratti (pictured), Chief Financial Officer, Omantel, said: “Acquiring a minority stake in Zain is a deliberate investment for Omantel as we position ourselves as a leading digital service provider. “This is in line with our Corporate Strategy 3.0, launched in 2015. We have always emphasised that growth will come from continued diversification, and this acquisition positions Omantel for the future.” (Source: Omantel) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 66 view(s)
  • Investors Iraq News's Avatar
    08-11-2017, 01:51 AM
    By John Lee. The Islamic State group (IS, ISIS, ISIL, Daesh) has reportedly plundered more than $800 million from Iraqi bank facilities and reserves. According to a new report from the Central Bank of Iraq (CBI), the group has taken $101 million and 856.5 billion Iraqi dinars ($727.6 million) from banks in the territory it controlled over the past three years. Although significant, the figure is less than the billions of dollars first estimated. (Source: Newsweek) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 82 view(s)
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