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  • Investors Iraq News's Avatar
    Today, 03:46 PM
    Advertising FeatureRabee Securities Iraq Stock Exchange (ISX) market report (week ending: 27th February 2020). Please click here to download a table of listed companies and their associated ticker codes. The RSISX index ended the week at IQD600 (+0.5%) / $6439 (+0.1%) (weekly change) (9.0% and -8.2% YTD change, respectively). The number of week traded shares was 6.1 bn and the weekly trading volume was IQD5.8 bn ($4.8 mn). ISX Company Announcements ISX will suspend trading of Elaf Islamic Bank (BELF) starting Mar. 5, 2020 due to the AGM that will be held on Mar. 10, 2020 to discuss and approve 2018 annual financial statements. Al-Qabedh Islamic Bank for Finance & Investment (BQAB) resumed trading on Feb. 27, 2020 after discussing and approving the financial statements belong to following periods Jan. 1, 2015 – Dec. 31, 2015, Jan. 1, 2016 – Oct. 17, 2016 (while it was a money transfer company), and the following periods Oct. 8, 2016 – Dec. 31, 2016, Jan. 1, 2017 – Dec. 31, 2017 belong to it after becoming an Islamic Bank. Iraq Baghdad for General Transport (SBPT) invited its shareholders to receive their 2018 dividends. The company announced in December 2019 that it had decided in its AGM held on Dec. 15, 2019 to distribute 100% cash dividend (IQD1.00 dividend per share, 4.9% dividend yield). ISX requested Erbil Bank for Investment and Finance (BERI) to provide its AGM minutes for the GA held on Feb. 22, 2020. Mansour Hotel (HMAN) resumed trading on Feb. 25, 2020 after discussing and approving 2018 annual financial statements. According to the ISC decision, Al Nibal Al Arabya for Money Transfer (MTNI) has been delisted from the ISX starting Feb. 24, 2020 due to the shift in the company’s activities from money transfer company into an (A) class exchange company and lower the company’s capital to suit its new activity. ISX suspended trading of Al-Ameen Financial Investment (VAMF) starting Feb. 24, 2020 due to the GA that will be held on Feb. 27, 2020 to elect 5 new original and 5 alternative board members. Cross transactions: 3.1 bn shares of Trans Iraq Bank for Investment (BTRI) on Feb. 27, 2020, which represents 1.2% of BTRI’s capital. Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 4 view(s)
  • Investors Iraq News's Avatar
    Today, 01:03 AM
    By John Lee. Iraq’s parliament failed to achieve a quorum on Thursday, resulting in the postponement of a confidence in the government of Prime Minister-designate Mohammad Allawi. Parliament’s Speaker, Mohammed Halbousi, postponed the session until Saturday. (Sources: AFP, Anadolu Agency) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 11 view(s)
  • Investors Iraq News's Avatar
    Today, 01:03 AM
    By John Lee. Genel Energy is reportedly considering whether to expand its operations in Kurdistan and elsewhere. CFO Esa Ikaheimonen (pictured) is quoted as saying that the company has net cash of about $100 million, is open to merger and acquisition opportunities. (Source: Reuters) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 9 view(s)
  • Investors Iraq News's Avatar
    Today, 01:03 AM
    By John Lee. The National Investment Commission (NIC) has announced the following investment opportunities: Rest Station- Descendant 000 + 49, Ministry of Construction and Housing Rest Station- Ascendant 500 + 366, Ministry of Construction and Housing Rest Station- Ascendant 000 + 514, Ministry of Construction and Housing Rest Station- Descendant 200 + 101, Ministry of Construction and Housing Rest Station- Descendant 000 + 514, Ministry of Construction and Housing Rest Station- Ascendant 000 + 110, Ministry of Construction and Housing Rest Station- Descendant 500 + 366, Ministry of Construction and Housing (Source: National Investment Commission) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 11 view(s)
  • Investors Iraq News's Avatar
    Today, 01:03 AM
    By John Lee. GB Auto has reportedly decided to cease its representation of Hyundai passenger cars in Iraq. According to Daily News Egypt, the company rejected Hyundai’s new multi-distributor strategy, on the basis that such models never yield proper returns on investment. It adds that Hyundai had a market share of approximately 25 percent last year. (Source: Daily News Egypt) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 8 view(s)
  • BatmaninIraq's Avatar
    Yesterday, 07:58 PM
    Seizure of all the funds of the former director of the Iraqi Bank for Trade, Hamdiya Al-Jaf | readings: 286 Baghdad ( NINA ) - The Ministry of Finance decided to place a seizure signal on all funds belonging to the former director of the Iraqi Bank for Trade, Hamdiyya al-Jaf. And the Rafidain Bank directed all its branches inside and outside Iraq, according to the official letter issued by the ministry, to implement that order and indicate the amount of money within one week.
    1 replies | 97 view(s)
  • crazyfrank's Avatar
    Yesterday, 12:57 AM
    this weeks web conference call 2/26/2020.......... https://www.youtube.com/watch?v=81wOK6OpWxc
    1 replies | 143 view(s)
  • Investors Iraq News's Avatar
    Yesterday, 12:16 AM
    By John Lee. Iraq has banned all public gatherings and barred entry to travellers from a number of countries affected by the coronavirus (covid19). Entry permits are being denied to foreigners arriving directly or indirectly from China, Iran, Thailand, South Korea, Japan, Italy, and Singapore, until further notice. Despite the ban on public gatherings, protesters continue to demonstrate in Baghdad and elsewhere. (Sources: MOFA, Middle East Eye) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 21 view(s)
  • Investors Iraq News's Avatar
    Yesterday, 12:16 AM
    By John Lee. Deceptive shipping practices are reportedly being used in an attempt to conceal cargoes of sanctioned Iranian fuel oil being shipped via the Iraqi port of Khor al-Zubair. Writing in Lloyds List, Michelle Wiese Bockmann gives details of a network of shell companies running ‘dark’ tankers to transport the sanctioned fuel. Click here to read the full article. Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 13 view(s)
  • Investors Iraq News's Avatar
    Yesterday, 12:16 AM
    Kerlink, a French-based specialist in solutions dedicated to the Internet of Things (IoT), has announced the success of a United Nations High Commissioner for Refugees (UNHCR) pilot program for reservoir monitoring in Uganda and Iraq, which incorporates Kerlink’s LoRaWAN gateway technology. The effectiveness of the sensor-to-cloud monitoring programs in remote locations is resulting in near-term expansion to eight additional installations in Africa and Asia, and officials see a multitude of potential applications for IoT-based wireless sensor networks going forward. The UNHCR, the UN’s refugee agency, is charged with providing water to millions of people worldwide, often with daunting logistics. The Ugandan Arua Field effort, where the pilot monitoring program was first implemented, provides daily water deliveries to as many as 470,000 refugees. The LoRaWAN-enabled sensors installed at reservoirs starting in January 2019 enabled managers to monitor water levels in real time, providing unprecedented visibility into usage and resource management. They also provided a reliable new source of coordinated payment information for some 630 rental tanker trucks that were hauling up to 6,387 cubic meters (about 1.5 million gallons) of water daily when the emergency response began in 2015. Data from the sensors designed by several companies travelled through an outdoor Kerlink Wirnet Station LoRaWAN gateway, which provided essential connectivity with cloud databases and applications. UNHCR managers integrated the data into a dashboard that provided new levels of visibility into operations of this global program. UNHCR Water, Sanitation and Hygiene (WASH) Officer Ryan Schweitzer noted that the IoT made it both easy and cost-effective to roll out a static water-level monitoring system. The agency hopes to use it globally as a “basis-of-payment? system for water-trucking operations, which in Uganda are as high as $15 million per month. “The LoRaWAN IoT technology is mature, extremely cost effective and scalable. The static reservoir-monitoring technology works extremely well,” he said. Schweitzer added that the approach has broad potential for all sectors of humanitarian services, including monitoring of groundwater, water-supply systems, water quality, waste collection, and air quality. He described it as a “possible game-changer for monitoring in refugee settings,” noting that the ability to document delivery of safe, potable water to refugees at all times is a “holy grail”-type of technology for UNHCR water and hygiene efforts. Next steps include replication of the pilot systems at other locations in Uganda and Iraq, as well as Kenya, Rwanda, Tanzania and Bangladesh. “This unique and vital use case underscores the humanitarian benefits that the IoT can support,” said Stéphane Dejean, Kerlink’s chief marketing officer. “Because the UNHCR sensor-to-gateway-to-platform system provides critical life support for large numbers of people, there’s a very high need for trustworthiness and reliability.” “At the same time, the projects’ remote location and minimal staffing also demanded a true carrier-grade solution with quick, easy integration and deployment, and secure and straightforward administration,” he said. “We’re gratified by our Wirnet Station’s performance under harsh conditions, and honored to work with UNHCR – their work reflects our values and commitments towards society and the environment, and we look forward to continuing to provide expertise on the next round of projects.” Since its introduction in 2014 as the first commercial LoRaWAN gateway, the Wirnet Station has been chosen for thousands of installations worldwide by public operators, cable operators, private businesses, and public authorities. It has set new standards for robust, reliable, high-performance operation; an upgraded successor, the Wirnet iStation, was introduced in 2019. (Source: Kerlink) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 15 view(s)
  • Investors Iraq News's Avatar
    Yesterday, 12:16 AM
    The U.S. Mission in Iraq Announces the 2021-2023 Fulbright Foreign Student ProgramThe United States Embassy is pleased to announce that we are now accepting applications for the 2021-2023 Fulbright Foreign Student Program. This prestigious and competitive scholarship program provides outstanding students and professionals with the opportunity to obtain Master’s degrees at U.S. universities. Launched in 1946 by the U.S. Congress and the late U.S. Senator William J. Fulbright, the Fulbright Program seeks to develop future leaders through educational exchange as well as promote international peace and understanding. The Fulbright scholarship will fund up to two years of study at the Master’s degree level at a U.S. university starting in the fall of 2021. All disciplines and academic fields of study are available under this program, with the exception of medicine and other clinical studies. To be eligible, applicants from Iraq must: a) possess a bachelor degree from an accredited higher-education institution, b) demonstrate a mastery of English, and c) have a minimum of two years of work experience. For more information regarding eligibility requirements and application procedures, prospective applicants can visit the U.S. Embassy website: https://iq.usembassy.gov/education-culture/exchange-programs/fulbright-foreign-student-program/ . Eligible Iraqis with an outstanding academic record may apply at https://apply.iie.org/ffsp2021. The U.S. Embassy welcomes applications from men and women from all parts of Iraq. The deadline for submitting applications is May 1, 2020. (Source: United States Embassy) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 25 view(s)
  • Investors Iraq News's Avatar
    02-26-2020, 01:03 AM
    By John Lee. Iraq has reported four new cases of coronavirus (covid-19), this time in Kirkuk province. In a statement, the Ministry of Health said the four were from the same family, and had recently returned from Iran. They have been placed in quarantine. According to Reuters, Iraq has indefinitely extended an entry ban on travellers from China, Iran, Thailand, South Korean, Japan, Italy and Singapore. (Source: Ministry of Health) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 23 view(s)
  • Investors Iraq News's Avatar
    02-26-2020, 01:03 AM
    By John Lee. Iraq’s Ministry of Oil has announced final oil exports for January of 102,485,591 barrels, giving an average for the month of 3.306 million barrels per day (bpd), down from the 3.428 million bpd exported in December. These exports from the oilfields in central and southern Iraq amounted to 101,062,366 barrels, while exports from Kirkuk amounted to 1,114,035 barrels. Exports to Jordan were 309,190 barrels. Revenues for the month were $6.163 billion at an average price of $60.139 per barrel. December export figures can be found here. (Source: Ministry of Oil) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 22 view(s)
  • Investors Iraq News's Avatar
    02-26-2020, 01:03 AM
    KRG Prime Minister Masrour Barzani and Deputy Prime Minister Qubad Talabani (pictured) today chaired a cabinet meeting with governors from the Kurdistan Region to discuss recent developments, along with the steps the Kurdistan Regional Government (KRG) is taking to prevent an outbreak of the coronavirus. Minister of Health Saman Hussein Muhammed updated the Prime Minister and his cabinet on the latest data regarding the spread of the coronavirus around the world and across the region, and presented immediate actions and measures the KRG is undertaking to prevent the virus from entering the Kurdistan Region. The KRG Council of Ministers issued several decisions to protect the health of the Kurdistan Region’s citizens, as follows: • The KRG will deliver up-to-date accurate information and instructions to the public on a daily basis, with the help of media organisations. • The KRG will declare the period of 26 February to 10 March a public holiday for all public and private schools and kindergartens in the Kurdistan Region. Public and private universities will be closed from 29 February to 10 March. All schools and universities will remain closed during the spring break (10 March – 23 March) before reopening on 24 March. The Ministries of Education and Higher Education and Scientific Research will prepare a schedule that enables students to catch up with their studies. • The KRG will screen domestic and international tourists entering the Kurdistan Region, in addition to limiting their movements. No one will be permitted to enter the Kurdistan Region without the required medical checks. • The KRG will ensure people have access to everyday commodities, and that shops in the Kurdistan Region will continue stocking essential goods. The KRG will prevent the price manipulation of essential goods, and take action against anyone who attempts to benefit illegally from this situation. • The Ministry of Finance and Economy will provide financial support to governorates and local administrations, working closely with the Ministries of Interior and Health. The KRG is encouraging everyone to help with the implementation of these preventative steps, and to follow instructions and advice provided by healthcare professionals to protect themselves from the coronavirus. Prime Minister Barzani also briefed ministers on the KRG delegation’s recent series of important meetings with world leaders in Germany, Italy and the Vatican. He provided an update on the latest efforts in Baghdad to form a new federal government, and stressed the Kurdistan Region, as an official and constitutional entity in Iraq, is the only body which can decide on its representatives in the federal government’s cabinet. He added that all Kurdistani political parties in Baghdad were in agreement, and praised them for presenting a united front. (Source: KRG) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 24 view(s)
  • BatmaninIraq's Avatar
    02-25-2020, 08:03 PM
    The Central Bank of Iraq clarifies the administrative framework for financing imports and the mechanism for selling foreign currencies Gilgamesh Press / Baghdad On Tuesday, the Central Bank of Iraq issued a brochure entitled "The Window for Selling Foreign Currency in the Central Bank of Iraq." The bank said in a statement, "The brochure clarifies the administrative framework for financing imports and the mechanism of selling foreign currency to banks in covering their customers' requests." He added, "It also clarifies the process of collecting and sterilizing the local currency considering that this bank represents the monetary authority in Iraq."
    1 replies | 117 view(s)
  • Investors Iraq News's Avatar
    02-25-2020, 01:03 AM
    By John Lee. Iraq’s Ministry of Health has confirmed the first case of the coronavirus (covid-19) in the country. It said that an Iranian student had tested positive for the virus in Najaf. The student is reported to have been immediately quarantined. Following the announcement, Kuwaiti state news agency KUNA said that Kuwait’s civil aviation authority has suspended all its flights to and from Iraq. The Kuwaiti Ports Authority has also banned the entry of ships from Iraq. (Sources: Ministry of Health, Anadolu Agency, KUNA) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 31 view(s)
  • Investors Iraq News's Avatar
    02-25-2020, 01:03 AM
    By Joe Snell for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News. New solar park to ease Iraqi governorate’s power shortageNo one batted an eye when the power abruptly cut off in English teacher Miriam Zia’s 11th-grade classroom at the Sardam International School in Duhok. The cuts occur at least twice a day and are now “part of the fabric of our society,” Zia told Al-Monitor. To combat growing electricity concerns in the district, the Iraqi governorate of Duhok signed an agreement with the United Nations Development Programme (UNDP) earlier this month to set up the district’s first solar energy park. The project comes amid pressure on Iraq to diversify its energy sources and lessen its dependence on Iran. Click here to read the full story. Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 15 view(s)
  • Investors Iraq News's Avatar
    02-25-2020, 01:03 AM
    By John Hannah, for Foreign Policy. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News. Iraq Needs Regime Change AgainThe United States faces an increasingly urgent set of first-order policy questions in Iraq. Spoiler alert: The answer is not Mohammed Tawfiq Allawi, Iraq’s newly designated prime minister. A popular uprising might be. Click here to read the full story. Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 31 view(s)
  • Investors Iraq News's Avatar
    02-24-2020, 10:37 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.
    0 replies | 34 view(s)
  • Investors Iraq News's Avatar
    02-24-2020, 04:19 AM
    From Middle East Monitor, under a Creative Commons licence. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News. Iraq’s official anti-corruption agency stated in its latest annual report that it restored 2.84 trillion Iraqi dinars ($2.38 billion) to the Treasury in 2019. The Federal Commission of Integrity added that it has utilised its relationships with other state watchdogs, and that it created a national strategy for fighting corruption in collaboration with the Federal Board of Supreme Audit. According to the report, the commission examined and was involved in 26,163 notices and court cases in 2019, with 10,143 persons accused of corruption. Those included 50 officials who were government ministers or holding equivalent positions. There were 931 court rulings in which 1,231 defendants were convicted of corruption. They included four ministers or officials at the same level. (Source: Middle East Monitor) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 35 view(s)
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    02-24-2020, 04:19 AM
    From Al Jazeera. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. Iraq is setting up quarantine areas aimed at preventing the spread of coronavirus from across the border with Iran. Neighbouring Iran has reported its sixth death from the disease. There are fears that hundreds of thousands of Iranian visitors to holy sites in Iraq could spread the virus. Al Jazeera‘s Rob Matheson reports from the Iraqi capital Baghdad: Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 24 view(s)
  • Investors Iraq News's Avatar
    02-24-2020, 04:19 AM
    The Government of Iraq, represented by the Ministry of Planning, and UNFPA launched the Fund’s third Country Programme Document (CPD) for 2020-2024, at the Ministry of Planning’s premises on 20 February 2020. The CPD, which was developed in collaboration with the Government of Iraq, United Nations agencies, human rights institutions and civil society organizations, is in harmony with the country’s priorities as outlined in the Iraq Poverty Reduction Strategy, the Iraq National Development Plan (2018-2022) and the Iraq Vision 2030. It also focuses on the four outcomes of the UNFPA Strategic Plan (2018-2021) and the United Nations Sustainable Development Cooperation Framework for Iraq (2020 -2024). Through this CPD, UNFPA will work to strengthen national capacity for the provision of high-quality integrated sexual and reproductive health services, especially for the most vulnerable populations. The efforts will be directed towards increasing the national capacity for creating demand of reproductive health services, including the request for information to enable the population to make informed decisions related to their sexual and reproductive health. The next five years, will ensure that young people have the skills and ammunition to exercise leadership and participate in sustaining peace as per UNSC resolution 2250 on Youth, Peace or Security. Furthermore, UNFPA with donors and partners will help improve the capacity of the government, human rights institutions, local civil society organizations and communities to prevent and respond to gender-based violence, including in humanitarian settings. Moreover, the partnership with the government, academic, experts, and the civil society will aim at improving the national population data systems for better availability, analysis and creation of evidence-based programmes. Speaking at the event, his Excellency Minister of Planning, Dr Nouri Al-Dulaimi said: “Country programmes documents have contributed to preparing and building the capacities of Iraqis in many ways. The support received in ??providing integrated services and access to information, in empowering young people to exercise leadership and participation in development projects at the national and local levels, in reducing and addressing gender-based violence, and in providing technical support to improving data and data collection to draft people-centred policies and strategies in line with the goals of sustainable development 2030. “We look forward today to continue our partnership with UNFPA within the framework of its new CPD for 2020-2024 which will be the stepping stone to enhance and strengthen population dynamics in Iraq.” On his part, UNFPA Representative, Dr Oluremi Sogunro, said: “This third country programme tells the story of the long history of cooperation between UNFPA and the Government and People of Iraq. We look forward to this new era of work where we will strive to strengthen national capacities, in particular of health systems and woman machineries, to address emerging development and humanitarian needs, and to ensure that no one is left behind.” “Women and girls count; their rights are inherent to them, are owed to them; and if we invest in them, the world and all of the 17 sustainable development goals will advance forward rapidly as a result.” The ceremony, which was attended by representatives of key ministries and government entities, Governors, partners and civil society members, was preceded by a signing of a memorandum of understanding between the Ministry of Planning and UNFPA for the disbursement of IQD 6 billion from the Government of Iraq to UNFPA support to the 2020 Population and Housing Census. The event will be followed by a stakeholder meeting on 23-24 February where UNFPA will develop with donors and key partners the implementation framework of the country programme document to serve more efficiently the population of Iraq. Click here to download the full document. (Source: UN) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 26 view(s)
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    02-24-2020, 04:19 AM
    The newly-rehabilitated Al Shifa Surgical Center was officially opened by United Nations Development Programme (UNDP) and the Government of Iraq today. The surgical center will serve as the primary medical facility for approximately 800,000 people across East Mosul. This major project included rehabilitating inpatient wards with 24 beds for men and women, two full operating theatres, two intensive care units, and a number of examination and sterilization rooms. A new oxygen generator building will provide high-quality oxygen supply to the whole hospital and can refill oxygen bottles to meet external demand. The facility was rehabilitated with financial support from The Government of The Netherlands. The Governor of Ninewa, His Excellency Najim Abdullah al-Juboori was joined by UNDP Resident Representative in Iraq, Zena Ali Ahmed, to mark the occasion. “The Al Shifa Surgical Center is a well-equipped, modern medical facility – one that will provide a huge number of Moslawis with the quality healthcare services they so deserve,” said Ms. Ali Ahmed, Resident Representative of UNDP Iraq. “Access to healthcare is one of the foundations of strong societies and UNDP is proud to be working to improve healthcare access across the areas that suffered under ISIL,” added Ms. Ali Ahmed. Governor of Ninewa, His Excellency Najim Abdullah al-Juboori, noted that “Whilst healthcare facilities in Mosul were providing quality services for many years, the destruction caused by ISIL has resulted in Moslawis having to seek treatment in other governorates.” “Now, as many doctors return to the city, and with the support of UNDP to reconstruct critical public healthcare facilities, services will become more affordable and accessible to Moslawis in need.” The surgical center is a satellite facility of the Al Shifa Hospital Complex, which was used as a Headquarters by ISIL during the occupation of Mosul. The hospital complex was cleared of over 2,000 explosive items in 2017, with the support of the United Nations Mine Action Service (UNMAS). UNDP is working across the liberated governorates of Iraq to improve healthcare services. As a result, 1.8 million people now have better access to healthcare services through the rehabilitation of hospitals and primary healthcare centers. (Source: UNDP) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 27 view(s)
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    02-24-2020, 01:52 AM
    The Ambassador of Iraq in Moscow, Mr. Abdul-Rahman Hamid Al-Hussaini, met with the Russian Deputy Minister of Energy, Mr. Pavel Sorokin to discuss bilateral cooperation in the fields of energy (oil, gas, and electricity). Ambassador Al-Hussaini stressed Iraq’s keenness to develop relations with the Russian Federation in the energy sector and provide support to Russian companies working in it, noting the importance of increasing Russian investments to serve the interests of the two friendly countries. Ambassador Al-Hussaini stated that the embassy will support all Russian companies willing to work in Iraq, and will work to provide facilities with the responsible authorities in Iraq. The two sides discussed the possibility of employing Iraqi graduates from universities with engineering specializations in the fields of energy in Russian companies operating in Iraq. The two sides also discussed the dangers of the Coronavirus and its impact on the energy market, as well as bilateral cooperation on stabilizing oil prices in global markets. (Source: Ministry of Foreign Affairs) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 31 view(s)
  • BatmaninIraq's Avatar
    02-24-2020, 12:12 AM
    Iraqi Private Banking Association holds a course on "Banking Awareness Strategy and Quality of Service" Economy News _ Baghdad The Association of Iraqi Private Banks, in cooperation with the Center for Banking Studies at the Central Bank, held, on Sunday, a training course entitled "Banking Awareness Strategy and Quality of Service", with the participation of a number of workers in the government and private banking sector, at the Association's headquarters. The course aims to apply the basic concepts of customer service in the work environment and develop participants' skills about the concepts of customer protection and care and methods of obtaining customer feedback to improve the customer service program continuously, in addition to applying strategies that aim to restore customer loyalty and familiarity in managing the customer complaints system. The course targets directors, assistants, and workers in the banking awareness and public protection department, managers, secondees, and workers in the marketing department.
    1 replies | 117 view(s)
  • BatmaninIraq's Avatar
    02-21-2020, 10:38 PM
    Parliamentary finance proposes solutions to alleviate the budget deficit 16 views Follow-up - Direction Press Today, Friday, the Parliamentary Finance Committee proposed solutions to reduce the deficit in the public budget. Member of the Committee, MP Haneen Al-Qaddo said in an interview with the Iraqi News Agency, that "the budget faces major challenges unless the government puts real outputs," noting that "controlling border crossings, as well as collecting electricity and water, can support the budget and alleviate the deficit in it, especially And that Iraq is losing large sums because of the lack of control over the entrances to the ports. He added that "the government in charge must work to develop plans to use public money in a rational and economic manner, in addition to activating the government program and implementing important projects." He explained that "about 162 giant projects are suspended due to the lack of necessary supervision of the contracting contractors."
    1 replies | 97 view(s)
  • Investors Iraq News's Avatar
    02-21-2020, 01:02 AM
    By John Lee. The National Investment Commission (NIC) has announced the following investment opportunities: Agricultural machinery factory, State Company for Automotive Industry (SCAI) Sprinkler irrigation factory, State Company for Automotive Industry (SCAI) Housing, Commercial and Entertaining Resort, Ministry of Oil (Source: National Investment Commission) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 47 view(s)
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    02-21-2020, 01:02 AM
    A group of organizations supporting start-ups in Iraq have joined forces to create the Iraqi Innovation Alliance (IIA). The initiative, which includes Fikra Space, Kapita, The Station, 51Labs, Basra Science Camp, and Re:Coded, aims to empower and support technology and entrepreneurship communities around the country. The process to create its brand identity was led by CrazyTown X Solo Creative Studio, which worked together with the alliance members to present an identity that interprets the values of the alliance and its core functions. (Source: IIA) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 38 view(s)
  • Investors Iraq News's Avatar
    02-21-2020, 01:02 AM
    Advertising FeatureRabee Securities Iraq Stock Exchange (ISX) market report (week ending: 20th February 2020). Please click here to download a table of listed companies and their associated ticker codes. The RSISX index ended the week at IQD597 (+1.5%) / $637 (+1.9%) (weekly change) (-9.5% and -9.1% YTD change, respectively). The number of week traded shares was 6.0 bn and the weekly trading volume was IQD4.4 bn ($3.6 mn). ISX Company Announcements Asiacell (TASC) reported revenue growth of 3% to QAR 4.6 bn (around $1.3 bn) in 2019, despite a flat customer base of 14.2 mn customers. The company maintained a healthy EBITDA margin of 45% in 2019 while EBITDA declined slightly from QAR 2.1 bn (around $575 mn) in 2018 to QAR 2.0 bn (around $548 mn) in 2019. Asiacell upgraded its entire network to support 3G, achieving the widest 3G coverage in the country in 2019. According to Ooredoo, Asiacell restored service to liberated regions and further expanded to the south of the country. (Ooredoo, Iraq Business News) Mobile telecommunications company Zain has reported that its Iraqi revenue was stable at $1.1 bn in 2019, despite a competitive landscape and economic and political issues in Zain stronghold regions. Announcing its results for 2019, the company said: “Zain Iraq’s (TZNI) EBITDA grew strongly by 10% y/y amounting to $465 mn (43% EBITDA margin) based on the operational transformation program. Accordingly, the operation reported a net profit of $63 mn for 2019, up 28% y/y. Zain Iraq’s focus on customer experience, services expansion across the country and cost transformation combined with growth of data and digital revenue were key drivers of its performance.” It was mentioned that retention and customer loyalty initiatives also resulted in the company serving 15.7 mn customers. (Zain, Iraq Business News) ISX suspend trading of Gulf Insurance and Reinsurance (NGIR) starting Feb. 18, 2020 due to the AGM that will be held on Feb. 23, 2020 to discuss and approve 2018 annual financial statements. The CBI has approved for Al-Manafaa for Money Transfer (MTMA) to turn from a money transfer company into an (A) class exchange company. The company suspended from trading starting Feb. 17, 2020. Credit Bank of Iraq (BROI) resumed trading on Feb. 17, 2020 after electing 9 original and 9 alternative board members. Karbala Hotels (HKAR) resumed trading on Feb. 16, 2020 since the AGM has not been approved. The company has been requested to set a new AGM date. International Islamic Bank (BINT) resumed trading on Feb. 16, 2020 after its GA held on Feb. 2, 2020. The company will be monitored in regards to the merge and the capital increase procedures. Cross transaction: 2.8 bn shares of Trans Iraq Bank for Investment (BTRI) on Feb. 16, 2020, which represents 1.1% of BTRI’s capital. Source: Iraq-BusinessNews.com. Post your commentary below.
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  • Investors Iraq News's Avatar
    02-20-2020, 03:58 AM
    By John Lee. The Trade Bank of Iraq (TBI) has reported that it has achieved a “robust growth” in revenues and in key financial areas during 2019, for another consecutive year with its consistent performance, preliminary report released by the bank for the financial year during 31/12/2019. In a statement, the bank said it posted a net profit of USD 556 million in 2019, an increase of 68% from 2018, on revenues of USD 673 million, which grew by 12% over the previous year. It continued: “Financial unaudited statements for the year ending 31st December 2019 reveal enhanced financial strength of TBI as a consequence of incessant improvements throughout the year in key sectors, including gross revenue and total assets. “The total assets of TBI grew to USD 29 billion in 2019 thereby recording an increase of 27% As a preliminary comparison to 2018. “Primary results the resilient earnings and improved asset base have earned TBI multiple awards at the recently held The Banker Awards 2019 in London. “The bank granted loans during 2019 to the tune of USD 434 million, the 2019 bank’s efforts made to lift the Iraqi economy and social development during the year through loans aggregating USD 1.9 billion for various Iraqi governmental and public sector projects in energy, industrial, agricultural and commercial sectors, assisting them in achieving further growth of the Iraqi economy “TBI is currently working on expanding its network domestically & Internationally to diversify the sources of revenue from retail banking in Iraq to international operations in order to achieve a 30% compounded annual growth rate envisaged in the bank’s business plan for 2020-23. “The bank opened its first branch outside Iraq last year in Riyadh, KSA and plans to upgrade its representative office in Abu Dhabi Global Market to enable it to conduct investment management and advisory activities.“ Faisal Al Haimus, Chairman & President of Trade Bank of Iraq, said: “Last year has been a good period for TBI and we have continued to support businesses and financial institutions to facilitate growth and expansion across many sectors. “We have achieved this success through prudent risk management and our aggressive technology-supported expansion strategy. “We will continue to thrust our technology-driven customer service initiatives in order to ensure more efficient and diverse services to our customers, reduce costs, and improve productivity. “As part of our strategic plan, we are aiming for bigger retail and international business to achieve a growth rate of 30% of our total revenues, year on year basis, in the next three years through new technology-driven, need-based product offerings and international expansion. “As TBI moves forward with its 2020-23 strategic plan that will take the bank higher, it will continue to play a pivotal and influential role in Iraq’s ongoing recovery.” (Source: TBI) Source: Iraq-BusinessNews.com. Post your commentary below.
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