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  • James's Avatar
    Yesterday, 08:27 PM
    Dear mike032588 I understand what your saying. I have relatives who have stock in the ISX through Warka as well as friends who are still in proxy through Warka Bank. I too have a Warka account but went a bit further and had things transferred in "my good name" years ago. I now have an ISX number and my shares are listed with the ISX. I recently transfer all my ISX shares from Warka to Al Karmal due to the frustration and lack of being able to trade shares, buy share and receive cash dividends. I am currently searching for another Iraqi bank to do business with. Warka might rebound or better yet be bought out one day. In the mean time I would like to have access to my account and there are other banks out there I just need to find one to do business with. I am thinking that folks who are in proxy have frozen assets and until Warka get relisted by the ISX everything is frozen. This is just my 2 cents and I could be wrong but the only thing I have done differently is was have my stocks put in my name. I did ask the broker from Al Karmal if I could transfer some $ from my Warka account to Al Karmal to put in some money to buy a few stocks and this was there response. " We are very sorry, we can't transfer your money because Al Warka bank is still under the custody but if you have shares that you want to transfer from Al Warka bank to us you could provide us with the form that shows your shares." That is all I can tell everyone. The email I have used from Mr. Issa is mohammad.k.issa@warka-bank-iq.com When I received my update stocks it came from 3044@warka-bank-iq.com Good luck and keep everyone posted should you get a reply.
    12 replies | 924 view(s)
  • mike032588's Avatar
    Yesterday, 06:21 PM
    I send this every time, To Whom It May Concern, I use to do lots of business with many of these email addresses. For 8 Years I held e-mail correspondence with your good bank. You continued to purchase me stock in your banks proxy and I continued to send money and do business. Then one day it all stopped. With each passing day, I hold onto hope. Many people say they are getting responses from Mr. Issa who I came to respect. I still believe in your bank. However, if I cannot reach anyone how can I ever do business. Please help me. Guide me to someone that can help me. I need complete portfolio updates on all positions. I will send money to my accounts to get it. I have the complete paper trail backed up if you want to see ANY documents. Please Al-Warka Bank for Investment and Finance, HELP a long time believer & big time investor in your company. -Michael
    12 replies | 924 view(s)
  • mike032588's Avatar
    Yesterday, 06:19 PM
    No matter what I do I cannot get a response from the bank... tried so many different emails... over and over and over...
    12 replies | 924 view(s)
  • mike032588's Avatar
    Yesterday, 06:19 PM
    It sucks i have over 200,000 USD sent there. Mr Issa ignores me. Completly. One day I will get to the bottom of this investment. For now I will just sit back work hard and learn from my mistakes.
    12 replies | 924 view(s)
  • What If....'s Avatar
    Yesterday, 02:39 PM
    Would it matter if they were? 25 and 25000 are both worth $25 etc. 250 would be worth 0.25 or just be removed. The RV is a myth and the ISX doesn't seem like it's going to be much better.
    1 replies | 83 view(s)
  • James's Avatar
    Yesterday, 10:45 AM
    James started a thread ATM Machines in Iraqi Bank Accounts
    There has been some talk about lower denominations loaded in ATM machines. Many seem to think that if/when an RV occurs they will need these lower notes to make daily transactions. I am not disputing this thought, seems logical. But some have said the ATM machines are loaded with smaller denominations. I contacted someone yesterday in Baghdad and asked if there were lower notes being dispersed from the ATM machines during a transaction. Here is his reply. Yes the smallest note is 250 IQD there are no lower than this note but the ATM machine have been loaded with lower denomination 5000 IQD. Just passing that info along.
    1 replies | 83 view(s)
  • Investors Iraq News's Avatar
    08-18-2017, 07:35 AM
    From Al Jazeera. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. The Kurdistan Regional Government in northern Iraq says the date to hold an independence referendum has been set and won’t be changed. That was in response to a request by US secretary of state Rex Tillerson to postpone the referendum. During a telephone call on Thursday, Tillerson told Masoud Barzani that he favours dialogue instead, between the Kurdish region and the Iraqi government. The US and other Western nations are worried the vote, could lead to renewed conflict with the Iraqi government in Baghdad and distract the Kurds from fighting ISIL. Turkey, Iran and Syria which also have large Kurdish populations all oppose an independent Kurdish state. So, could this vote lead to an independent Kurdish state? and what will that mean for Iraq and the region? Presenter: Imran Khan Guests: Dindar Zebari – Deputy Minister of the Kurdistan Regional Government. Ahmed Rushdi – Director of the House of Iraqi Expertise Foundation. Dlawer Ala’Aldeen – President of the Middle East Institute. Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 112 view(s)
  • Investors Iraq News's Avatar
    08-18-2017, 07:35 AM
    Speedcast International Limited has announced it has been awarded a VSAT (Very Small Aperture Terminal) license to operate in Iraq through its locally-licensed entity, prompting the completion of a new systems integration project providing managed network services for an international oilfield services group in the country. The VSAT license is a strict new requirement as of January 2017 for service providers operating in Iraq, which was previously covered under the yearly telecommunications license required to operate communications networks in-country. Speedcast’s local entity has renewed its general telecommunications license in addition to being awarded the VSAT-specific license, allowing the company to continue to support customers in the region for satellite connectivity as well as other telecommunications and technology services. “Obtaining the VSAT license is a huge win for us, as it was essential for us to continue providing reliable communications to international customers doing business in Iraq,” said Keith Johnson, EVP, Energy, Speedcast. “The customer we are supporting for this systems integration project is new to operating in the country and was looking for an experienced international service provider they could trust. Speedcast’s unique experience in providing ruggedized communications equipment and highly reliable services made us a great fit for the environment, which includes extreme temperatures and desert conditions. Being one of the few companies with the license to provide managed satellite communications in-country, Speedcast is able to exceed the customer’s needs with the dependability and professionalism that has made the company a leader in the industry.” The project scope includes four sites at a major oilfield in southern Iraq, utilising Speedcast’s locally-licensed entity to deliver communications services and 24×7 support. The sites are equipped with terrestrial, microwave and satellite connectivity, CCTV, video conferencing, WAN optimization and a range of IT equipment. Fiber and microwave serve as the primary connections with satellite providing backup. Terrestrial and VSAT networks were provided together to ensure business continuity for both operator and service contractors, so both drilling and critical business data could be transmitted 100 percent of the time. Under the terms of the agreement, Speedcast will also provide end-user VSAT licenses. Speedcast’s system integration experience spans 30 years and includes engineering and design, procurement, testing, installation and maintenance for complete communications needs – from entertainment systems and security and monitoring services to navigation equipment, video streaming, internet of things (IoT) and more. (Source: Speedcast) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 106 view(s)
  • Investors Iraq News's Avatar
    08-18-2017, 07:35 AM
    By John Lee. South Korean electronics maker LG Electronics has reportedly opened its largest overseas brand shop in Iraq. The two-floor shop covers 870 square meters in the main commercial district of Erbil. Around 200 government and media officials attended an opening ceremony, according to a report from Nation Multimedia. (Source: Nation Multimedia) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 58 view(s)
  • Wolverine's Avatar
    08-17-2017, 12:48 PM
    DUBAI (Reuters) — OPEC member Iraq has formed a JV with a shipping company owned by Arab states to transfer, store and trade crude and oil products, according to official documents and industry sources. Middle East oil producers are venturing into buying and selling oil to boost their incomes as a sharp drop in crude prices since mid-2014 has forced the industry to become more efficient and commercially focused. The venture, Al-Iraqia Shipping Services and Oil Trading (AISSOT), will handle a "plethora of activities ranging from trading of petroleum products, ship chartering, oil terminals, various marine services, and bunkering", according to a company statement sent to Reuters. AISSOT is owned by state firm Iraqi Oil Tankers Co (IOTC) and Arab Maritime Petroleum Transport Co (AMPTC), a pan-Arab company in which Arab oil producers such as Saudi Arabia, the United Arab Emirates and Kuwait hold a share. IOTC owns a stake of 22.5% in AISSOT, according to a copy of the signed 20-yr contract seen by Reuters. "Formation of AISSOT is based on Iraqi Oil Ministry vision to further strengthen activities of two major entities i.e. AMPTC and IOTC in the field of shipping, marine services, and oil trading," the company said in a statement. "It is also one of Iraqi Oil Ministry’s initiatives to develop national oil companies to international levels." AISSOT, which will soon start bunkering operations at ports in southern Iraq, is the second oil venture set up recently by the country. State oil marketer SOMO and Russia's Litasco formed a joint trading company in Dubai to market crude and may expand into oil products and petrochemicals, industry sources said. "The new venture will have exclusive rights for transportation of crude and refined products. It will develop other projects include trading starting with fuel oil and products and can eventually get into crude oil allocations," said an industry source familiar with the company's operations. AISSOT will be based in Dubai with plans to open offices in Singapore and other hubs. It has around 25 employees now and intends to go up to 50 in Dubai by the year-end, the source said. The company is in discussions to build a terminal storage facility in Iraq over the next few years that would handle crude and oil products, the source added. According to AISSOT, the company "is in a position to invest in and gradually acquire a significant fleet to transport the majority of Iraqi crude oil to end users at competitive rates." The company will also start a marine academy to train Iraqis, with the aim of eventually having up to 85% Iraqi nationals working on its ships. AISSOT's co-owner AMPTC was established in 1973 by member countries of the Organization of Arab Petroleum Exporting Countries. Saudi Arabia's government is the biggest shareholder in AMPTC with a 15.595% stake, while Iraq has 13.657%, according to the company's website. Kuwait has 15.484%, the UAE 14.175% and Qatar 14.776%, along with other countries such as Libya, Algeria, Bahrain and Egypt. Reporting by Rania El Gamal; Editing by Dale Hudson
    0 replies | 253 view(s)
  • Investors Iraq News's Avatar
    08-17-2017, 12:35 AM
    U.S. and coalition military forces continued to attack the Islamic State of Iraq and Syria on Tuesday, conducting 21 strikes consisting of 41 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 12 strikes consisting of 17 engagements against ISIS targets: Near Dayr Az Zawr, a strike destroyed an ISIS wellhead. Near Raqqa, 11 strikes engaged seven ISIS tactical units and destroyed 30 fighting positions, a logistics node and an ISIS unmanned aerial system. Strikes in Iraq In Iraq, coalition military forces conducted nine strikes consisting of 24 engagements against ISIS targets: Near Beiji, a strike engaged an ISIS tactical unit and destroyed a vehicle. Near Qaim, three strikes destroyed two ISIS staging areas and an ISIS-held building Near Samarra, a strike engaged an ISIS tactical unit. Near Tal Afar, four strikes engaged two ISIS tactical units and destroyed 13 fighting positions, three ISIS-held buildings, three supply caches, an ISIS training camp and a mortar system. Previous Strikes Additionally, 38 strikes consisting of 44 engagements were conducted in Syria and Iraq on Aug. 9-10 and Aug. 14 that closed within the last 24 hours. On Aug. 9, near Dayr Az Zawr, Syria, two strikes destroyed three ISIS oil stills. On Aug. 10, near Dayr Az Zawr, Syria, a strike engaged an ISIS tactical unit and destroyed three tunnel entrances and two ISIS-held buildings. On Aug. 14, near Abu Kamal, Syria, a strike destroyed five ISIS oil equipment items. On Aug. 14, near Raqqa, Syria, 32 strikes engaged 20 ISIS tactical units and destroyed 18 fighting positions, three improvised explosive devices, three heavy machine guns, three command-and-control nodes, a logistics node, an anti-aircraft artillery system and an IED factory. On Aug. 14, near Tal Afar, Iraq, a strike suppressed an ISIS tactical unit. On Aug. 14, near Tuz, Iraq, a strike destroyed two ISIS headquarters, a vehicle storage facility, a vehicle, a staging area and a 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 | 74 view(s)
  • Investors Iraq News's Avatar
    08-17-2017, 12:35 AM
    By John Lee. The governor Basra has reportedly stepped down and gone to Iran following an investigation by the Integrity Commission into allegations of corruption against him. The Integrity Commission has asking the foreign ministry in Baghdad to ask Iran to repatriate Majid al-Nasrawi. According to a report from*Reuters, a Basra-based politician close to Nasrawi said the accusations were “politically motivated“. (Source: Reuters) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 71 view(s)
  • Investors Iraq News's Avatar
    08-17-2017, 12:35 AM
    The Commission of Integrity has denied reports on the release of Iraqi Airways chairman following his arrest “red-handed” taking a bribe. A commission statement on August 15 said that reports by some media outlets that claimed the release of Samer Kabba, the Iraqi Airways chairman, were untrue. The statement said the investigating judge referred the case to the criminal court to complete legal procedures. It also urged media outlets to verify reports on this issue. Media reports said Kabba was released on bail pending investigations after his arrest while accepting a bribe. An MP earlier warned against pressures on the judiciary to release Kabba. (Source: GardaWorld) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 67 view(s)
  • Investors Iraq News's Avatar
    08-17-2017, 12:35 AM
    By John Lee. Saudi Arabia is reportedly planning to re-open the Arar border crossing with Iraq for the first time since 1990. Sohaib al-Rawi, the governor of Anbar province, is quoted as saying that the Iraqi government had deployed troops to protect the desert route leading to Arar and called its opening a “significant move” to boost ties. The border was closed after the two countries cut ties following Saddam Hussein’s invasion of Kuwait. (Sources: Al Jazeera, Reuters, Rudaw) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 72 view(s)
  • redvette's Avatar
    08-16-2017, 08:19 PM
    Yes here for 11 years now, what the heck will we ever see the daylight of the Dinar valuation it deserves.
    175 replies | 37222 view(s)
  • Investors Iraq News's Avatar
    08-16-2017, 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 | 83 view(s)
  • 40plus's Avatar
    08-15-2017, 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 | 315852 view(s)
  • Investors Iraq News's Avatar
    08-15-2017, 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 | 90 view(s)
  • Investors Iraq News's Avatar
    08-15-2017, 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 | 84 view(s)
  • Investors Iraq News's Avatar
    08-15-2017, 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 | 71 view(s)
  • Investors Iraq News's Avatar
    08-15-2017, 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 | 69 view(s)
  • Investors Iraq News's Avatar
    08-15-2017, 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 | 65 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 | 241 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 $15 million. Source: IraqDirectory.com Post your commentary below.
    0 replies | 129 view(s)
  • Investors Iraq News's Avatar
    08-14-2017, 02:03 PM
    Indian import for Iraqi oil increased in July Oil import from Iraq has risen to 31.5% for India in July from a month ago, shipping data showed, allowing the country to retain the top supplier spot for the fourth consecutive month amid declines from sellers such as Venezuela and Iran. Source: IraqDirectory.com Post your commentary below.
    0 replies | 179 view(s)
  • Investors Iraq News's Avatar
    08-14-2017, 02:03 PM
    Iraq, UAE and Kazakhstan declared commitment to cut oil production Along with the United Arab Emirates and Kazakhstan, Iraq has declared commitment to a global pact to cut crude oil output at a meeting with industry officials in Abu Dhabi. Source: IraqDirectory.com Post your commentary below.
    0 replies | 278 view(s)
  • Investors Iraq News's Avatar
    08-14-2017, 07:17 AM
    This article was originally published by Niqash. Any opinions expressed are those of the author, and do not necessarily reflect the views of*Iraq Business News. Displaced Arabs who fled to Iraqi Kurdistan were a boon for village-dwelling farmers. The farmers, who paid low wages to desperate displaced for three years, are now at a loss. Over the past three years, Kurdish local Ali Rahim’s business has been flourishing. Although the 55-year-old left his village, Diwanah, in the Darbandikhan district in Sulaymaniyah province, in 2003, he continued to keep sheep back home. It was always difficult to make ends meet with the livestock – up until recently. Over the past three years Rahim has been able to hire Arab families, displaced by the security crisis caused by the extremist Islamic State group, to help him farm. Both parties benefitted, he says. Rahim did not have to pay very high wages – around IQD300 (US$ 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 | 55 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 | 123 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 | 111 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 | 54 view(s)
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