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  • Investors Iraq News's Avatar
    Today, 12:21 PM
    U.S. and coalition military forces continued to attack the Islamic State of Iraq and Syria on Monday, conducting 13 strikes consisting of 21 engagements, Combined Joint Task Force Operation Inherent Resolve officials reported yesterday. Officials reported details of yesterday’s strikes, noting that assessments of results are based on initial reports. Strikes in Syria In Syria, coalition military forces conducted six strikes consisting of six engagements against ISIS targets near Raqqa. The strikes destroyed 25 ISIS vehicles, five fighting positions, a command-and control-node and a logistics node. Strikes in Iraq In Iraq, coalition military forces conducted seven strikes consisting of 15 engagements against ISIS targets: Near Qaim, a strike destroyed an ISIS headquarters. Near Haditha, a strike destroyed ISIS engineering equipment and a vehicle. Near Huwijah, three strikes engaged an ISIS tactical unit and destroyed four heavy machine guns, three fighting positions, a tactical vehicle, a bunker, a front-end loader, a mortar system, a staging area and an ISIS headquarters. Near Rawah, two strikes engaged an ISIS tactical unit, destroyed a vehicle and an ISIS-held building, and damaged a supply route. Sept. 17 Strikes Officials today also provided details on 12 strikes consisting of 14 engagements conducted Sept. 17 in Syria and Iraq for which the information was not available in time for yesterday’s report: Near Raqqa, seven strikes destroyed six ISIS fighting positions and a logistics node. Near Qaim, a strike destroyed an ISIS tactical vehicle and a tactical vehicle storage facility. Near Huwijah, two strikes destroyed a vehicle-borne-bomb facility and an ISIS weapons cache. Near Rawah, a strike destroyed an ISIS staging area. Near Rutbah, Iraq, a strike destroyed an ISIS weapons cache. Part of Operation Inherent Resolve These strikes were conducted as part of Operation Inherent Resolve, the operation to destroy ISIS in Iraq and Syria. The destruction of ISIS targets in Iraq and Syria also further limits the group’s ability to project terror and conduct external operations throughout the region and the rest of the world, task force officials said. The list above contains all strikes conducted by fighter, attack, bomber, rotary-wing or remotely piloted aircraft; rocket-propelled artillery; and some ground-based tactical artillery when fired on planned targets, officials noted. Ground-based artillery fired in counterfire or in fire support to maneuver roles is not classified as a strike, they added. A strike, as defined by the coalition, refers to one or more kinetic engagements that occur in roughly the same geographic location to produce a single or cumulative effect. For example, task force officials explained, a single aircraft delivering a single weapon against a lone ISIS vehicle is one strike, but so is multiple aircraft delivering dozens of weapons against a group of ISIS-held buildings and weapon systems in a compound, having the cumulative effect of making that facility harder or impossible to use. Strike assessments are based on initial reports and may be refined, officials said. The task force does not report the number or type of aircraft employed in a strike, the number of munitions dropped in each strike, or the number of individual munition impact points against a target. (Source: US Dept of Defense) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 18 view(s)
  • Investors Iraq News's Avatar
    Today, 12:21 PM
    By Fazel Hawramy for*Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of*Iraq Business News. Mlitary commanders and diplomats from both Iran and the United States are swarming Iraqi Kurdistan in a last-ditch attempt to convince the Kurds, an important ally in the war against the Islamic State (IS), to either postpone the planned Sept. 25 referendum for independence or cancel it all together. Maj. Gen. Qasem Soleimani, the commander of Iran’s powerful Quds Force, and Brett McGurk, the US special anti-IS envoy accompanied by US Ambassador Douglas Silliman, were shuttling this week between Baghdad, Erbil and Sulaimaniyah to convince all sides to come to an agreement. “Both the Iranians and the Americans were in agreement about the referendum and reiterated that it should not take place,” a source briefed about the Patriotic Union of Kurdistan’s (PUK) separate meetings with American and Iranian officials on Sept. 11 told Al-Monitor. Both Iran and the United States also separately conveyed similar messages to Gorran movement officials. The latter believe that the referendum should be postponed until regional and international support is secured. “We will not support you, and you will be on your own,” a Gorran official told Al-Monitor when recounting a meeting with the American ambassador. Indeed, “The United States is 100% opposed to the referendum on September 25,” Weshyar Omar, who was part of the Gorran delegation meeting with the Americans on Sept. 13, quoted McGurk as saying. “Until now, we have held back the from attacking, but I will not bother to do that anymore,”*Soleimani warned the senior PUK officials, the source briefed on the meeting told Al-Monitor. “Just look at Mandali and what happened there. That is the beginning,”*he cautioned, referring to the Sept. 11 incident in which a group of over a hundred*Iranian-backed Iraqi militia fighters arrived in the disputed subdistrict of Mandali in Diyala province, 100 kilometers (62 miles) northeast of Baghdad, and forced the Kurdish head of the town’s council out of his job and announced that the town will not be included in the Kurdistan referendum. Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 16 view(s)
  • Investors Iraq News's Avatar
    Today, 12:21 PM
    Iran’s Deputy Energy Minister for Electricity and Energy Affairs Houshang Falahatian (pictured) has stated that the power grids of Iran and Iraq will be interconnected in mid-November 2017. “Iran is ready to take a serious part in reconstruction of the Iraqi electricity grid once terrorists have been eliminated from the area” Falahatian added. He also emphasized Iran’s readiness to engage “seriously” in three sectors including reconstruction of Iraq’s production, distribution and transmission lines, and the participation of the Iranian private sector. Falahatian also said pointed out the need to synchronize the electricity grids of the two countries, saying that the plan is to connect the two countries’ power grids in mid-November this year, which could play an important role in increasing the amount of electricity exchanges. In case of any request from the Iraqi government, the possibility exists to reconstruct the Iraqi distribution and transmission networks within two years. (Source: GardaWorld) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 17 view(s)
  • Investors Iraq News's Avatar
    Today, 12:21 PM
    ShaMaran Petroleum has announced that drilling operations have commenced on the Chiya Khere (“CK-7”) appraisal and development well in the Atrush Block in the Kurdistan Region of Iraq. CK-7 is located in the central area of the Atrush Block approximately 3 kilometres east of the Atrush 2 producing well and 3.5 kilometres west of the Atrush 3 appraisal well. The main objectives of the well are to appraise the commercial potential of the Mus formation, to help reduce the uncertainty in the location of the medium to heavy oil transition zone and to serve as a further producing well. The well will be drilled with the EDC Romfor 25 drilling rig (pictured) and is expected to take approximately 52 days. Planned total vertical depth for the well is approximately 1,575 metres. (Source: ShaMaran) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 16 view(s)
  • Investors Iraq News's Avatar
    Today, 12:21 PM
    By John Lee. Trace Systems Inc., of Vienna, Virginia, has been awarded a $49,392,866 firm-fixed-price foreign military sales (Iraq) contract to support Iraq’s Very Small Aperture Terminal Network. One bid was solicited, with one bid received. Work locations and funding will be determined with each order, with an estimated completion date of Sept. 14, 2022. (Source: US Dept of Defense) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 20 view(s)
  • Investors Iraq News's Avatar
    Yesterday, 08:58 AM
    U.S. and coalition military forces have continued to attack the Islamic State of Iraq and Syria, conducting 94 strikes consisting of 126 engagements in Iraq and Syria over the last two days, Combined Joint Task Force Operation Inherent Resolve officials reported yesterday. Assessments of results are based on initial reports, officials said. Strikes in Syria Coalition military forces conducted 40 strikes consisting of 43 engagements Sept. 16 against ISIS targets in Syria: Near Dayr Az Zawr, a strike engaged an ISIS tactical unit and destroyed an ISIS boat. Near Raqqa, 39 strikes engaged 10 ISIS tactical units; destroyed 26 fighting positions, two ISIS communications infrastructure items, two vehicles, engineering equipment, an improvised explosive device, a logistics node, a tactical vehicle, a vehicle-borne-IED factory and a vehicle-borne IED; damaged two supply routes; and suppressed four fighting positions. In Syria yesterday, coalition military forces conducted 35 strikes consisting of 49 engagements against ISIS targets: Near Abu Kamal, three strikes engaged an ISIS tactical unit and destroyed a logistics node and an ISIS headquarters. Near Dayr Az Zawr, two strikes engaged an ISIS tactical unit and destroyed a vehicle-borne IED and an ISIS headquarters. Near Raqqa, 30 strikes engaged 10 ISIS tactical units, destroyed 44 vehicles and 13 fighting positions, damaged 13 supply routes and a vehicle-borne IED, and suppressed two fighting positions. Strikes in Iraq Coalition military forces conducted eight strikes consisting of 15 engagements Sept. 16 against ISIS targets in Iraq: Near Hawijah, three strikes engaged an ISIS tactical unit and destroyed four tunnels, three weapons caches, two fighting positions, an excavator, a tactical vehicle, a generator and a command-and-control node. Near Rawah, two strikes destroyed two ISIS staging areas and a vehicle-borne-IED production facility. Near Rutbah, three strikes engaged two ISIS tactical units and destroyed two vehicle-borne-IED storage facilities, two vehicles, a tactical vehicle and a command-and-control node. In Iraq yesterday, coalition military forces conducted 11 strikes consisting of 19 engagements against ISIS targets: Near Qaim, a strike engaged an ISIS tactical unit and destroyed a vehicle-borne-IED factory and an ISIS-held building. Near Beiji, a strike engaged an ISIS tactical unit and destroyed two weapons caches and a vehicle. Near Hawijah, three strikes engaged an ISIS tactical unit and destroyed five tunnel entrances, two command-and-control nodes, a vehicle, a weapons cache and a generator. Near Rawah, six strikes engaged an ISIS tactical unit and destroyed two ISIS-held buildings, an ISIS headquarters, a vehicle-borne-IED factory, a vehicle-borne-IED storage facility, a staging area and a command-and-control node. Sept. 15 Strikes Officials also provided details today on 13 strikes consisting of 18 engagements conducted Sept. 15 in Syria and Iraq for which the information was not available in time for previous reports: Near Dayr Az Zawr, five strikes engaged three ISIS tactical units and destroyed two fighting positions and a command-and-control node. Near Raqqa, five strikes engaged an ISIS tactical unit, destroyed two fighting positions and suppressed three fighting positions. Near Hawijah, three strikes destroyed two tunnels, a vehicle-borne IED and a command-and-control node; damaged four supply routes; and suppressed a fighting position. Part of Operation Inherent Resolve These strikes were conducted as part of Operation Inherent Resolve, the operation to destroy ISIS in Iraq and Syria. The destruction of ISIS targets in Iraq and Syria also further limits the group’s ability to project terror and conduct external operations throughout the region and the rest of the world, task force officials said. The list above contains all strikes conducted by fighter, attack, bomber, rotary-wing or remotely piloted aircraft; rocket-propelled artillery; and some ground-based tactical artillery when fired on planned targets, officials noted. Ground-based artillery fired in counterfire or in fire support to maneuver roles is not classified as a strike, they added. A strike, as defined by the coalition, refers to one or more kinetic engagements that occur in roughly the same geographic location to produce a single or cumulative effect. For example, task force officials explained, a single aircraft delivering a single weapon against a lone ISIS vehicle is one strike, but so is multiple aircraft delivering dozens of weapons against a group of ISIS-held buildings and weapon systems in a compound, having the cumulative effect of making that facility harder or impossible to use. Strike assessments are based on initial reports and may be refined, officials said. The task force does not report the number or type of aircraft employed in a strike, the number of munitions dropped in each strike, or the number of individual munition impact points against a target. (Source: US Dept of Defense) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 45 view(s)
  • Investors Iraq News's Avatar
    Yesterday, 08:58 AM
    From Al Jazeera. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. Iraq’s Prime Minister says he is prepared to use military force if a planned referendum on Kurdish independence turns violent. The Kurds in Iraq have come under increasing pressure from regional powers and the US to call off the vote, scheduled for September 25. In a sign of escalating internal tensions, Haider al-Abadi said the leadership of the Kurdish Regional Authority was “playing with fire” by holding the poll. He described the vote as “illegal and unconstitutional”. Al Jazeera‘s Imran Khan reports from Erbil: Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 37 view(s)
  • Investors Iraq News's Avatar
    Yesterday, 08:58 AM
    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.* The Tureibil crossing, or more commonly known as the Karameh border crossing, between Jordan and Iraq reopened in early September in tandem with the opening of another border crossing with Saudi Arabia. This means that more foreign goods are likely to flow into the Iraqi market, which already lacks national products, especially food and agricultural goods. The prospects for increased imports, which is not good news for the local production industry in Iraq, prompted parliament’s Agriculture, Water and Marshlands Committee on Aug. 14 to accuse the Ministry of Agriculture of mismanagement and confusion in supporting these foreign goods, which caused the local market to become flooded with imported products. Mohammed Mansouri, an expert on local livestock, warns against “a catastrophe in the sector of livestock and agriculture in Iraq,” urging the government to work “on achieving food security.” However, the failure of agricultural projects in Iraq is not only the result of poor planning and management, but also a “corrupt agenda seeking to keep this sector lagging so as to continue relying on imports,” said Ali al-Badiri, a member of the Agriculture, Water and Marshlands Committee, in a media statement Aug. 24. “Impeding the cultivation of wheat crops is a conspiracy, as this cultivation has become a threat to the investments of the corrupted,” he said. In the same vein, Suhaila Abbas, the head of the Agriculture Committee of the Babil Governorate Council, told Al-Monitor, “Linking food security to importation is not due to technical problems such as drought or the rudimentary irrigation and land treatments techniques, as these can be addressed through development plans. This is, however, due to political reasons. Many of Iraq’s neighbors have an interest in keeping Iraq unable to become self-sufficient in terms of food, so it continues importing food products.” Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 38 view(s)
  • Investors Iraq News's Avatar
    Yesterday, 08:58 AM
    Shares in Gulf Keystone Petroleum (GKP) were trading down 3 percent this morning following the announcement of its results for the half year ended 30 June 2017. Reuters quotes analysts at Cenkos Securities as saying that further clarity on payment is required before GKP can commit to proper capital expenditure. Highlights to 30 June 2017 and post reporting period Operational Gulf Keystone’s operations in the Kurdistan Region remained safe and secure throughout H1 2017 with plant uptime at PF-1 and PF-2 of over 99% with no lost-time incidents. Shaikan achieved average daily production of 36,664 bopd. Cumulative production from Shaikan has now exceeded 40 million barrels. In March 2017, Shaikan-8 (“SH-8”) was brought back on-stream. In April 2017, ERC Equipoise verified remaining gross Shaikan 2P reserves of 615 MMstb, as at 31 December 2016. With gross production of c.35,350 bopd in Q3 2017 so far, gross production guidance for 2017 remains at 32,000-38,000 bopd. Operational strategy for investment into Shaikan has been matured throughout 2017. Financial Cash flow positive through H1 2017. The Group has continued to receive regular payments from the Ministry of Natural Resources (“the MNR”) of $15 million gross ($12 million net to GKP) with cash receipts of $84 million net to GKP year to date. Continued cost control with gross operating costs per barrel of $3/bbl (H1 2016:$4/bbl). Profit after tax of $0.7 million (H1 2016 (as restated): loss after tax of $232.6 million). As at 30 June 2017, the Group estimates an unrecognised revenue receivable of $33 million net to GKP with regards to unpaid export sales (December 2016: $25 million) and $76 million net to GKP for the past costs associated with the Shaikan Government Participation Option (December 2016: $71 million). Cash balance at 30 June 2017 of $118.8 million against $100 million debt principal. Cash balance at 18 September of $133.8 million. April 2017, decision taken to pay Reinstated Notes coupon of $5.1 million at 10% interest rate. The decision regarding the October 2017 coupon will be communicated to the market in due course. Outlook The Company is progressing in its ongoing discussions with the MNR regarding commercial and contractual conditions, in particular those around regular payments conforming to the Shaikan Production Sharing Contract (“PSC”) and crude marketing arrangements. GKP is preparing to make further investments to maintain plateau production at the nameplate capacity of 40,000 bopd with a view to increasing to 55,000 bopd, and beyond, subject to MOL and MNR approvals, a regular payment cycle from the MNR and a commercially acceptable investment environment. Jón Ferrier (pictured), Gulf Keystone’s Chief Executive Officer, said: “The first half of the year was a period of solid operational delivery, which has seen the Shaikan field continue to perform in line with expectations. “The Company continues its dialogue with the MNR with the objective of achieving contractual and commercial clarity. Whilst continuing to maintain a rigorous and disciplined approach to its cost base, Gulf Keystone remains cash flow positive and well placed to continue to invest in increasing production from Shaikan.” Full results here. (Sources: Gulf Keystone Petroleum, Reuters, Yahoo!) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 40 view(s)
  • Investors Iraq News's Avatar
    Yesterday, 08:58 AM
    The Ministry of Labour and Social Affairs announced that the World Bank has allocated $200 million to implement an emergency project to support stability in the liberated areas. An official spokesman for the Ministry of Labour and Social Affairs stated: “The World Bank has allocated $200 million for the implementation of the emergency project to support the stability of the liberated areas, as it will be coordinated with the General Secretariat of the Council of Ministers and the ministries of planning, health and work for the purpose of implementing paragraphs of this project.” (Source: GardaWorld) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 38 view(s)
  • Brazileiro's Avatar
    Yesterday, 01:15 AM
    Brazileiro replied to a thread Other Banks in Iraqi Bank Accounts
    cool thanks James.
    3 replies | 414 view(s)
  • James's Avatar
    09-18-2017, 06:00 PM
    James replied to a thread Other Banks in Iraqi Bank Accounts
    I sent out several requests during the last 3 weeks to "other banks" customer service departments but no replies. I will try again this week to see if I can get a response.
    3 replies | 414 view(s)
  • Brazileiro's Avatar
    09-18-2017, 03:51 PM
    Brazileiro replied to a thread Other Banks in Iraqi Bank Accounts
    I'd also be interested if anyone has an account with another bank in Iraq.
    3 replies | 414 view(s)
  • Investors Iraq News's Avatar
    09-18-2017, 01:05 PM
    U.S. and coalition military forces continued to attack the Islamic State of Iraq and Syria on Friday, conducting 28 strikes consisting of 33 engagements, Combined Joint Task Force Operation Inherent Resolve officials reported yesterday. Officials reported details of yesterday’s strikes, noting that assessments of results are based on initial reports. Strikes in Syria In Syria, coalition military forces conducted 24 strikes consisting of 28 engagements against ISIS targets: Near Abu Kamal, two strikes destroyed a weapons cache and an ISIS headquarters. Near Dayr Az Zawr, three strikes engaged three ISIS tactical units and destroyed two fighting positions. Near Raqqa, 19 strikes engaged five ISIS tactical units; destroyed nine ISIS supply routes, eight fighting positions, a vehicle and a logistics node; and suppressed two fighting positions. Strikes in Iraq In Iraq, coalition military forces conducted four strikes consisting of five engagements against ISIS targets: Near Huwayjah, two strikes destroyed seven vehicle-borne bombs, a bunker and a heavy machine gun. Near Rawah, two strikes destroyed two ISIS-held buildings, a command-and-control node and a vehicle. Previous Strikes Additionally, 38 strikes consisting of 55 engagements were conducted in Syria and Iraq on Sept. 14 that closed within the last 24 hours. Near Dayr Az Zawr, Syria six strikes destroyed an ISIS unmanned aerial system, a fighting position and an ISIS supply route and suppressed three fighting positions. Near Raqqa, Syria, 31 strikes engaged two ISIS tactical units and destroyed 25 fighting positions, 25 vehicles, three ISIS supply routes, two logistics nodes, ISIS engineering equipment and an improvised explosive device. Near Huwayjah, Iraq, a strike destroyed 11 vehicle-borne bombs and a vehicle-borne-bomb facility. Part of Operation Inherent Resolve These strikes were conducted as part of Operation Inherent Resolve, the operation to destroy ISIS in Iraq and Syria. The destruction of ISIS targets in Iraq and Syria also further limits the group’s ability to project terror and conduct external operations throughout the region and the rest of the world, task force officials said. The list above contains all strikes conducted by fighter, attack, bomber, rotary-wing or remotely piloted aircraft; rocket-propelled artillery; and some ground-based tactical artillery when fired on planned targets, officials noted. Ground-based artillery fired in counterfire or in fire support to maneuver roles is not classified as a strike, they added. A strike, as defined by the coalition, refers to one or more kinetic engagements that occur in roughly the same geographic location to produce a single or cumulative effect. For example, task force officials explained, a single aircraft delivering a single weapon against a lone ISIS vehicle is one strike, but so is multiple aircraft delivering dozens of weapons against a group of ISIS-held buildings and weapon systems in a compound, having the cumulative effect of making that facility harder or impossible to use. Strike assessments are based on initial reports and may be refined, officials said. The task force does not report the number or type of aircraft employed in a strike, the number of munitions dropped in each strike, or the number of individual munition impact points against a target. (Source: US Dept of Defense) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 49 view(s)
  • Investors Iraq News's Avatar
    09-18-2017, 01:05 PM
    By John Lee. Pakistan International Airlines (PIA) has reportedly commenced direct flights between Karachi and Najaf. Flights are scheduled for Tuesdays, Thursdays and Saturdays, using a single-class Airbus A320. (Sources: Pakistan Aviation, Dawn) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 47 view(s)
  • Investors Iraq News's Avatar
    09-18-2017, 01:05 PM
    Russian oil company Rosneft has completed its due diligence on infrastructure of the export oil pipeline in Iraqi Kurdistan (‘KROP”) and will shortly finalise the legally binding documents on oil pipeline project under the Investment Agreement signed at St. Petersburg International Economic Forum in June 2017. The Kurdistan Regional Government of Iraq and the Company intend further strengthen and develop cooperation and consider to expand Rosneft footprint in the region. The parties have negotiated Rosneft’s opportunity to participate in the project on funding of the construction project of Kurdistan Region’s natural gas pipeline infrastructure. It is expected that a separate agreement under this project will be finalized by year-end. The Kurdistan Region gas pipeline will not only supply natural gas to the power plants and domestic factories throughout the region, but also enable exporting of substantial fuel volume to Turkey and European market in the coming years. The investment in the project will be on under a BOOT arrangement, to be recovered through tariff charges and an agreed rate of return basis. The pipeline capacity is expected to handle up to 30 BCMA for gas export, in addition to facilitating gas supply to the key domestic users. Rosneft and Kurdistan Regional Government are negotiating implementation of the project for construction of gas pipeline system on a fast track basis. Commissioning of the pipeline and first domestic supplies are planned for 2019 and export supplies – 2020. Successful implementation of the project under discussion will enable Rosneft to play a leading role in the building and expanding Kurdistan Region’s gas transport infrastructure and create synergy with existing projects for development of the oil and gas fields of the 5 blocks awarded to the Company in the region. Sources close to the deal told Reuters that the investments would amount to more than $1 billion. (Sources: Rosneft, Reuters) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 43 view(s)
  • Investors Iraq News's Avatar
    09-18-2017, 06:52 AM
    Advertising FeatureRabee Securities Iraq Stock Exchange (ISX) market report (week ending: 14th Sept 2017). Please click here to download a table of listed companies and their associated ticker codes. The RSISX index ended the week at IQD786 (+0.5%) / $807 (+0.4%) (weekly change) (-18.1% and -14.8% YTD change, respectively). The number of week traded shares was 43.7bn and the weekly trading volume was IQD 31.3bn ($24.8mn). ISX Company Announcements Two cross transactions occurred on 23.65bn shares of Al-Arabiya Islamic Bank (BAAI) on Sept. 12 and Sep. 13, 2017, which represent 9.4% of BAAI capital. A cross transaction occurred on 15.99bn shares of Mosul Bank for Development and Investment (BMFI) on Sept. 12, 2017, which represent 6.3% of BMFI capital. Dar Al-Salam for Insurance (NDSA) will hold AGM* on Sept. 19, 2017 to discuss and approve 2016 annual financial results and decide to increase the capital from IQD3.5bn to IQD5.0bn through 42.5% rights issue. ISX suspended trading of NDSA starting Sep. 14, 2017. Baghdad Hotel (HBAG) resumed trading on Sept. 14, 2017 after discussing and approving 2016 annual financial results and deciding to distribute 47% cash dividend (IQD0.47 dividend per share, 5.0% dividend yield). Al-Qabedh Islamic Bank for Finance and Investment (BQAB) having a capital of IQD250bn paid-in capital, has completed converting procedures from Al-Muhej for Money Transfer (MTAM) and started trading in non-regular market on Sept. 13, 2017. BQAB closed the day at IQD1.0. Region Trade Bank for Investment and Finance (BRTB) started depositing its shares on Sept. 14, 2017. The bank will start trading after depositing and activating 5% of the shares or after 21 days, on Oct. 5, 2017. Al-Zawraa for Financial Investment (VZAF) will hold AGM* on Sept. 17, 2017 to discuss and approve 2016 annual financial results. ISX suspended trading of VZAF starting on Sept. 12, 2017. Kurdistan International Bank (BKUI) disclosed that the ownership of Khan Adil Disko at BKUI reached 39.6bn shares on Sept. 11, 2017, which represents 9.9% of BKUI capital. Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 58 view(s)
  • Investors Iraq News's Avatar
    09-18-2017, 06:52 AM
    By Mohammed Khudairi, for Bite.Tech. Re-published with permission. Any opinions expressed are those of the author, and do not necessarily reflect the views of*Iraq Business News. Through many visits to Iraq and exciting conversations with visionaries like Hal Miran, I began to learn about Iraq’s budding world of startups, incubators and entrepreneurs. Communities and organizations such as FikraSpace in Baghdad, along with Re:Coded and 51Labs based at TechHub in Erbil, have all developed in recent years and are growing at an astonishing pace. In my quest to figure out how I could best contribute to this ecosystem, I learned that we don’t have to wait for more “traditional” investment conditions to get involved. Iraq’s Potential In many ways, Iraq has been closed off from the rest of the world for many decades due to war and sanctions and now the people of Iraq are hungry for innovation and development. Iraq’s young, growing population of 37 million people, an increasing percentage of the population on the internet (17.2% in 2015), and mobile subscriptions on the rise (93.8 per 100 people had mobile subscriptions in 2015), make it a promising environment for tech. Source: World Bank. Iraq still faces many issues including security, political and financial challenges, but the beauty of technology is that it can potentially allow developing nations like Iraq to “leapfrog” in the evolution of certain consumer processes, e-commerce, on-demand services, fintech and many more. For those interested in diversifying their investments outside the more established tech communities and in gaining access to new (and potentially undervalued) opportunities, Iraq is fertile ground. While investors can’t turn a blind eye to the legal, financial, and operational challenges that exist, we all know that where there’s risk, there’s reward. The Road Ahead Good tech ecosystems require skilled human capital. The Iraqi government can support universities and other institutions by investing in science and technology programs and emphasizing these fields’ importance to Iraq’s future economy. Additionally, the government can work to improve the conditions for foreign direct investment (FDI) into Iraq by strengthening the legal frameworks and recourse surrounding FDI. This is what is currently veering foreign investors away from Iraq and into other MENA countries who have established a more secure legal framework for FDI. While there’s a number of measures the government can implement to make it easier on new businesses and FDI, it may take some time for the government to establish these reforms. Rather than waiting on the government, I encourage those interested in making Iraq a better place to take action now and provide support to this ecosystem where possible. Aside from financial investment, many of the Iraqi diaspora have access to resources, institutions or technology that could be very useful to entrepreneurs and tech communities in Iraq. Those interested should follow Bite.Tech and other online sources to learn more about the tech ecosystem in Iraq and contact organizations directly. Any support will go a long way to these individuals who are dealing with regular power outages, security challenges and limited local institutional resources. These brave men and women will be the entrepreneurs who forge a new economy and transform Iraq into a modern, inclusive and innovative society it can be. Articles by external contributors do not necessarily reflect the opinion of Bite.Tech. Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 64 view(s)
  • Investors Iraq News's Avatar
    09-17-2017, 07:13 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. Deaths Of Journalists In Sulaymaniyah Undermine History Of Free SpeechIn the mid-1990s, Kurdistan was split politically as Erbil and Sulaymaniyah during the civil war came under the control of two parties with differing approaches to press freedom, the Kurdistan Democratic Party (KDP) and the Patriotic Union of Kurdistan (PUK) respectively. Erbil province, administered by the KDP and known as the Yellow Zone because of the colour of the party’s flag, was always seen as more conservative.* Sulaymaniyah and the administrations of Karamian, the Green Zone, also a namesake of the party’s colour, encouraged freedom of expression to blossom. But the number of activists and journalists who have disappeared or being killed in Sulaymaniyah province this year alone has raised alarm bells about freedom of expression in the traditionally more open of the two provinces. Mullah beaten On Friday, August 18, Mullah Saman Sankawi, the imam and preacher of the Chamchamal Mosque was attacked and wounded in front of his mosque.* The cleric had been very critical of authorities in the region and opposes the KDP’s planned referendum on Kurdish independence, due to take place on September 25th this year. “We are living in a zone where we often take pride that we have freedom of expression and that it is to a certain extent better than the Yellow Zone,” Mullah Saman told Niqash. ”But this only holds true as long as personal interests are not threatened. When they realize that their personal and party interests are at stake, they are not only ready to attack you, but also to kill you. This isn’t freedom or democracy.” The attack on Mullah Saman came just a few minutes before Friday prayers. The Asayesh, (the security forces) in the area confiscated the surveillance cameras at the front of the mosque. They reportedly later told Mullah Saman that they were not working. “People’s lives are in danger and the PUK is responsible for this situation. I don’t have any personal problems with anyone and I was only beaten because I attack the ruling party, speak about corruption, injustice and the starvation of people,” added Sankawi.* “And I say no to the referendum.” Neutrality at stake Sulaymaniyah province has witnessed many demonstrations and major protests during the 26 years of rule by Kurdish parties. It is the cradle of dissent, as well as partisan and non-partisan media in Kurdistan. Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 68 view(s)
  • Investors Iraq News's Avatar
    09-17-2017, 07:13 AM
    By Ali Mamouri for*Al-Monitor.*Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Ayatollah Mahmoud Hashemi Shahroudi, the newly appointed chairman of Iran’s Expediency Council, visited Iraq recently, fueling speculation about his political agenda. His meetings indicate that he most likely was seeking to unify Shiites ahead of the 2018 elections, although he doesn’t appear to have succeeded. Shahroudi, who is a dual Iranian-Iraqi citizen and was a senior leader in the Islamic Dawa Party and the Islamic Supreme Council of Iraq before he became involved in Iranian politics, was warmly welcomed by those two groups, but later in his weeklong visit, he found himself snubbed by others. Sheikh Humam Hamoudi, a leader of the Islamic Supreme Council and the first deputy parliament speaker, greeted Shahroudi at the airport on Aug. 31. Later, Shahroudi met with Iraqi Prime Minister Haider al-Abadi and with Nouri al-Maliki, the leader of the Islamic Dawa Party and a vice president of Iraq. In Najaf, however, Shahroudi was not welcomed at all. He did not meet with any of the four leading religious authorities there, even though he is one of the most prominent graduates of the Hawza (Shiite seminary) in Najaf and most likely knows all four clerics from the years he studied there. Sadrist movement leader Muqtada al-Sadr also refused to meet with him. Sources close to Grand Ayatollah Ali al-Sistani in Najaf said religious authorities there refused to receive Shahroudi — even though they knew in advance about his visit — because they resent some aspects of Iran’s policies regarding Iraq. It seems the rejection was a source of embarrassment to Shahroudi when he returned home, where he issued a statement that his visit was not an official one but merely a religious trip “to the holy sites and shrines of holy Imams.” Source: Iraq-BusinessNews.com. Post your commentary below.
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  • Investors Iraq News's Avatar
    09-17-2017, 07:13 AM
    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.
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  • Rick67's Avatar
    09-16-2017, 11:42 PM
    Or, possibly the 15 to 1 (.067 USD) advised by the UN about 14 years ago??
    3 replies | 451 view(s)
  • Investors Iraq News's Avatar
    09-16-2017, 07:28 AM
    Progress is steady in the fight to defeat the Islamic State of Iraq and Syria, as Iraqi security forces push ahead to eradicate the enemy from Iraq, Army Col. Ryan S. Dillon, spokesman for Combined Joint Task Force Operation Inherent Resolve, told Pentagon reporters today during a news briefing live from Baghdad. Clearance operations in around Tal Afar continue, the colonel said, and the ISF have defeated pockets of remaining ISIS fighters mostly north of Tal Afar. “The handover to hold forces in cities and towns of northern Nineveh continues as the ISF prepare for their next offensive to defeat ISIS,” Dillon said. He added that remaining ISIS holdouts in Iraq include Hawija and a cluster of towns in western Anbar. “The coalition will continue our support to the ISF with training, equipment; intelligence, precision fires; and combat advice,” he said. Humanitarian Help The ISF have worked tirelessly on a humanitarian level, too, by prioritizing the evacuation of those civilians who are trapped by ISIS. “They have planned, and positioned personnel and assets to screen, receive and transport to camps,” Dillon said. In Mosul, stabilization continues as federal and local police and tribal forces conduct security operations in the eastern and western parts of the city, Dillon said. Residents also are working with local and national government institutions to clean up and return essential services to the city. Northeast Syria Syrian Democratic Force partners continue the fight to eliminate ISIS terrorists throughout northeastern Syria, the spokesman said, noting that fighting in Raqqa is in the center of the city where the SDF cleared 35 blocks this week. “The SDF now control 63 percent of the city,” he said. “The SDF have encircled the stranded, desperate ISIS fighters near the national hospital — one of the many protected sites ISIS regularly uses to base their operations — and the main stadium,” Dillon said. Source: Iraq-BusinessNews.com. Post your commentary below.
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  • Investors Iraq News's Avatar
    09-16-2017, 07:28 AM
    KRG Prime Minister Nechirvan Barzani received Mr. Park Young-Kyu, the Consul General of Korea,*and his accompanying delegation, in Erbil. Mr. Park conveyed a letter from Mr. Moon Jae-In, President of the Republic of Korea, inviting stronger relations between Erbil and Seoul. He expressed Korea’s readiness to cooperate with the Kurdistan Region on technology development and discussed the Korean International Cooperation Agency’s (KICA) capacity to help with electricity production and distribution. He also expressed his government’s interest in helping to strengthen the public sector and said next month they will open a center to train public employees. Prime Minister Barzani expressed his appreciation for President Moon’s letter and stressed the KRG’s desire also to strengthen bilateral relations between Erbil and Seoul. Prime Minister Barzani said that the KRG will*welcome Korean companies to invest in the Kurdistan Region and share their expertise, especially in the field of e-governance. (Source: KRG) Source: Iraq-BusinessNews.com. Post your commentary below.
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  • Investors Iraq News's Avatar
    09-15-2017, 02:34 PM
    The Iraqi embassy and consulates in Iran on Monday started to issue visa for the Iranian applicants intending to visit the Arab country for Arbaeen pilgrimage. The formal visa-issuance process kicked off during a ceremony at the Iraqi embassy in Tehran, attended by Ambassador Rajih Sabir Aboudi al-Mousavi. In addition to the Iraqi embassy, the Arab country’s consulates in the Iranian cities of Mashhad, Kermanshah and Ahvaz have also begun processing the visa applications. As of September 23, 12 other offices across Iran will also start to issue visa for Iranian pilgrims. All pilgrims will have to submit an application through a designated website. More than 2.4 million Iranians traveled to Iraq in 2016 for Arbaeen, a major Shiite occasion marking the 40th day after the martyrdom anniversary of Imam Hussein (AS). Officials predict that the number of Iranian visitors would hit 3 million this year. Each year, a huge crowd of Shiites flock to the Iraqi city of Karbala, where the holy shrine of Imam Hussein (AS) is located, to perform mourning rites on Arbaeen. (Source: Tasnim, under Creative Commons licence) Source: Iraq-BusinessNews.com. Post your commentary below.
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  • Investors Iraq News's Avatar
    09-15-2017, 12:23 PM
    By John Lee. Janus Global Operations (JGO) has announced that it has been selected by “an integrated oil and gas multinational corporation based in Malaysia“, to provide security and risk management services for the company’s operations in central Iraq. Some 600 JGO U.S. and foreign national employees will be responsible, during the two-year contract, for security and risk management for the Malaysian International Oil Company’s (IOC) oil exploration and development program in central Iraq, to include the company’s base camp, facilities, and also mobile security for company personnel. Matt Kaye (pictured), JGO’s chief executive officer, said: “We’re proud that the Malaysian IOC has selected JGO for this security responsibility.“JGO has worked in Iraq with commercial and government clients for more than 13 years on demining and unexploded remnants of war clearance, munitions management, security and risk management, and other tasks critical to clients’ operations.”The Malaysian IOC has a 10-year relationship with JGO, Kaye added. Although not named in the announcement, Malaysia’s state-owned Petronas is the operator of the Garraf oil field in Dhi Qar Governorate, in which it holds a 45-percent stake. The company also has interests in Iraq’s Majnoon, Halfaya and Badra fields. (Source: JGO) Source: Iraq-BusinessNews.com. Post your commentary below.
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  • Investors Iraq News's Avatar
    09-15-2017, 12:23 PM
    U.S. and coalition military forces continued to attack the Islamic State of Iraq and Syria on Wednesday, conducting 43 strikes consisting of 45 engagements, Combined Joint Task Force Operation Inherent Resolve officials reported yesterday. Officials reported details of yesterday’s strikes, noting that assessments of results are based on initial reports. Strikes in Syria In Syria, coalition military forces conducted 39 strikes consisting of 41 engagements against ISIS targets: Near Abu Kamal, a strike destroyed an ISIS headquarters. Near Dayr Az Zawr, nine strikes engaged four ISIS tactical units and destroyed two tactical vehicles, an ISIS fuel station and a fighting position. Near Raqqa, 29 strikes engaged an ISIS tactical unit; destroyed 21 fighting positions, a vehicle-borne bomb and an ISIS unmanned aerial system; and suppressed four ISIS tactical units. Strikes in Iraq In Iraq, coalition military forces conducted four strikes consisting of four engagements against ISIS targets: Near Huwayjah, two strikes engaged an ISIS tactical unit and destroyed two weapons caches, two heavy machine guns, two bunkers, an ISIS headquarters, a vehicle-borne-bomb facility and a tunnel system. Near Qaim, a strike destroyed an ISIS staging area. Near Rawah, a strike destroyed an improvised explosive device facility. Previous Strikes Additionally, eight strikes consisting of 12 engagements were conducted in Syria and Iraq on Sept. 11-12 that closed within the last 24 hours. On Sept. 11, near Raqqa, Syria, a strike destroyed an ISIS fighting position. On Sept. 12, near Huwayjah, Iraq, two strikes destroyed four ISIS tunnels, an anti-air artillery system, a mortar system, a weapons cache, an improvised explosive device facility, a command-and-control node and a staging area. On Sept. 12, near Raqqa, Syria, five strikes destroyed 19 ISIS vehicles and suppressed a fighting position. Part of Operation Inherent Resolve These strikes were conducted as part of Operation Inherent Resolve, the operation to destroy ISIS in Iraq and Syria. The destruction of ISIS targets in Iraq and Syria also further limits the group’s ability to project terror and conduct external operations throughout the region and the rest of the world, task force officials said. The list above contains all strikes conducted by fighter, attack, bomber, rotary-wing or remotely piloted aircraft; rocket-propelled artillery; and some ground-based tactical artillery when fired on planned targets, officials noted. Ground-based artillery fired in counterfire or in fire support to maneuver roles is not classified as a strike, they added. A strike, as defined by the coalition, refers to one or more kinetic engagements that occur in roughly the same geographic location to produce a single or cumulative effect. For example, task force officials explained, a single aircraft delivering a single weapon against a lone ISIS vehicle is one strike, but so is multiple aircraft delivering dozens of weapons against a group of ISIS-held buildings and weapon systems in a compound, having the cumulative effect of making that facility harder or impossible to use. Strike assessments are based on initial reports and may be refined, officials said. The task force does not report the number or type of aircraft employed in a strike, the number of munitions dropped in each strike, or the number of individual munition impact points against a target. (Source: US Dept of Defense) Source: Iraq-BusinessNews.com. Post your commentary below.
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  • Investors Iraq News's Avatar
    09-15-2017, 12:23 PM
    By John Lee. The United Nations has advertised new positions in Iraqi Kurdistan: Political Affairs Officer, United Nations Assistance Mission for Iraq (UNAMI) Vehicle Technician, United Nations Assistance Mission for Iraq (UNAMI) Property Management Officer, United Nations Assistance Mission for Iraq (UNAMI) Human Resources Head of Department, Action contre la Faim – ACF International Field Coordinator, Action contre la Faim – ACF International Child Safeguarding Adviser, Save the Children MEAL Manager, Save the Children Child Protection and adolescents & Youth Specialist (CPYS), Save the Children Information Management Officer, UN Office for Project Services (UNOPS) Senior Emergency Response Coordinator, Food and Agriculture Organization of the United Nations (FAO) CFW Project Consultant, Food and Agriculture Organization of the United Nations (FAO) Procurement and IT Specialist, Food and Agriculture Organization of the United Nations (FAO) International GEF Project Design Expert, Food and Agriculture Organization of the United Nations (FAO) (Source: UN) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 85 view(s)
  • Investors Iraq News's Avatar
    09-15-2017, 12:23 PM
    By John Lee. The United Nations has advertised new positions in Iraq: Senior Electoral Officer, United Nations Assistance Mission for Iraq (UNAMI) Chief of Unit, Central Warehouse, United Nations Assistance Mission for Iraq (UNAMI) Engineer, United Nations Assistance Mission for Iraq (UNAMI) Security Information Analyst, United Nations Assistance Mission for Iraq (UNAMI) Field Security Advisor, UN Office for Project Services (UNOPS) Mine Action Coordinator, UN Office for Project Services (UNOPS) Research Consultant: Gender mainstreaming Localization, UN Development Programme (UNDP) International Security Officer, Food and Agriculture Organization of the United Nations (FAO) Support Manager, Norwegian Refugee Council (NRC) (Source: UN) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 88 view(s)
  • Wolverine's Avatar
    09-14-2017, 02:27 PM
    Exclusive: Shell to withdraw from Iraq's Majnoon oilfield - Iraqi oil officials BAGHDAD (Reuters) - Royal Dutch Shell is seeking to sell Iraq’s Majnoon oilfield and the oil ministry has started preparations to finalize its exit, according to an oil ministry letter and oil officials. A letter signed by Iraqi oil minister Jabar al-Luaibi and dated Aug. 23 and directed to Shell Iraq Petroleum Development gave approval for Shell to quit Majnoon, an oilfield near Basrah which started production in 2014. “We respect your desire and decision to seek an acceptable end of Shell Iraq Petroleum Development SIPD’s interest in Majnoon,” the oil ministry letter said, a copy of which was seen by Reuters. SIPD is Shell’s local unit. Three Iraqi oil officials and an Iraqi senior engineer working with Shell in Majnoon confirmed the letter’s authenticity. A Shell spokesman was not immediately available for comment. In November, industry sources had told Reuters that Shell was considering selling out of its oil fields in Iraq as part of its global $30 billion asset disposal program. Shell is the operator of the giant Majnoon field near Basrah in southern Iraq which started production in 2014. Click here for entire story
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