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  • Investors Iraq News's Avatar
    Today, 07:10 PM
    By Ahmed Tabaqchali, CIO of Asia Frontier Capital (AFC) Iraq Fund. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Market Review: *The Elections, the Economy and the Stock MarketA key aspect of the Iraq investment opportunity is arbitraging the delta between real and perceived risk. The perceptions of the widely covered parliamentary elections fit within this arbitrage opportunity in that they miss the mark by a wide margin. The May elections did not result in an overall winner with an outright majority (165 seats among the parliament’s 329 seats) enabling the formation of a government. Instead, they produced winners and losers who will eventually form a coalition government. At the lead is Sairoon, a coalition of Shia cleric Muqtada Al Sadr, Communists and Liberals, with 54 seats; followed by Fateh, a coalition of the political arms of the Popular Mobilisation Units (PMU’s), with 48 seats; finally, Nasr, the Prime Minister’s (PM) coalition, with 42 seats. The rest are made up of: five different coalitions each with 18-25 seats; four coalitions each with 4-6 seats; and finally, a gaggle each with 1-3 seats. The next step would be the formation of an alliance of coalitions that would, on the first day of the new parliament by end of June, have the largest number of seats to enable it to have a PM with a chance of forming a government. The whole process should take a few weeks but, in the past, it took a few months. The winning coalitions, irrespective of their lead player, are all cross-sectarian unlike the prior ethno-sectarian monolithic blocs that dominated over the past 14 years – a division that was the root cause of Iraq’s political and social instability since 2003. Moreover, for the first time since 2003 there was a strong mass opposition to these ethno-sectarian monolithic blocs that manifested in an active non-participation movement. This led to an*election participation turnout of 44.5%, which in turn had huge effects on the seats won and lost by the different coalitions. Drilling further into the leading blocks shows neither they nor their leading players conform to simplistic assumptions. For example, Muqtada Al Sadr is often described as a firebrand cleric who is anti-secular, anti-Western and pro-Iran as a result of his leading role in Iraq’s dark history since 2003. Yet, at least outwardly, he went through a transformation to a firebrand cleric who is anti-Iran and anti-its proxies in Iraq, whose alliance with Communists and Seculars kept the 2015 pro-reform demonstrations alive and relevant. Moreover, he was a leading player in rebuilding Iraq’s relationship with Saudi Arabia and the UAE – both received him in their capitals in 2017 to further this rebuilding. The second leading coalition, Fateh, a grouping of the political arms of the supposedly pro-Iranian PMU’s, although not all are, is led by Iranian-allied Bader Organization. Yet Bader has been a part of every Iraqi government since 2005, responsible for the Ministry of the Interior, and as such a major part of the next phase of Western support for Iraq in rebuilding its security apparatus in the long-term fight against ISIS. The most visible fruit of which has been the decline of violence since the end of the Mosul campaign and in the first violence free elections (see chart below). Finally, the Naser coalition which is led by the PM and while much admired for leading the fight against ISIS, he suffers from perceptions of failure to address the demands of the demonstrators since 2015. Although an unfair criticism given the overriding priority to deal with the ISIS invasion, it was behind much of the reason for his collation’s third place showing. Nonetheless, his chances of returning as a PM capable of leading a workable government are high. UN Casualty figures for Iraq November 2012 – April 2018 (Source: United Nations Assistance Mission for Iraq (UNAMI), for 8 months from 2015 UNAMI, in some cases, could only partially verify certain incidents)Optimists see the potential for a coalition governing with a clear reform agenda and with a proper opposition in parliament providing a check on the government. The pessimists however see a repeat of the prior coalition governments that were made up of all groupings in parliament, and thus no real change to the failures since 2003. However, irrespective of who would be right, a few things are clear that would have implications for Iraq’s economy, the investment opportunity in Iraq and the stock market. The combination of the lead by Sadr’s coalition, the continued pro-reform demonstrations since 2015, and the large active non-participation movement together imply that the upcoming government would need to address the issues at the heart of the public’s anger. This would be the provision of services and reconstruction, which require much needed overdue investments in the country’s infrastructure and the reconstruction of the liberated areas. The new oil price dynamics have a huge positive implication on Iraq’s ability to provide funds for this massive investment spending estimated at USD 88bn over the next five years. Current estimates for the country’s revenues for 2017-2022 are based on Iraqi oil price assumptions of USD 45.3/bbl in 2017 and increasing to USD 47.1/bbl by 2022. These estimates would result in a cumulative deficit of USD 17.6bn, thereby increasing the debt load, necessitating borrowing to fund the deficit and restrict the ability to fund reconstruction. This implies the need for outside aid and investment to fund reconstruction. However, different assumptions based on the new oil price dynamics would provide a vastly different picture. For instance, using realized prices of Iraqi oil of USD 49.2/bbl for 2017, and assuming Iraqi oil prices of USD 60/bbl for 2018, then declining to USD 51/bbl in 2022, would produce a cumulative surplus of USD 47.4bn instead of the earlier assumed cumulative deficit of USD 17.6bn. In other words, this equals a turnaround of USD 65bn in potential available funds. While, an assumption of an oil price of USD 64/bbl for 2018, then declining to USD 55/bbl by 2022 would produce a cumulative surplus of USD 78.2bn, or a turnaround of USD 95bn in in potential available funds. Granted some of this windfall will result in higher government spending, especially on populist measures which would be detracting from the funds available for infrastructure investment. Though this would nevertheless be a large positive for consumer confidence and economic activity, all of which would ultimately support the earnings profile of consumer service providers and the banking sector. In the immediate term, given the impossibility of forecasting future oil prices out to 2022, if Iraq’s oil price was to hold the YTD average for the remainder of 2018, it would convert the IMF 2018 projected deficit of USD 9.5bn into a surplus of USD 10.9bn. This means a turnaround of USD 20bn in potential available funds. Coupled with a slight positive variance to 2019 projections, this would provide Iraq with enough fiscal flexibility to start directly funding the immediate needs for reconstruction. This changed fiscal position would further allow it to comfortably access debt markets at reasonable rates to build upon this reconstruction. The potential addition of regional investments led by Saudi Arabia, as discussed here in the past, could lead to a self-reinforcing investment cycle. The stock market’s action in the weeks before and after the elections has been business as usual and very much followed the same themes discussed over the last few months. This is an indication of how much negative news the market has discounted over the last three years that saw the index, as measured by the RSISUSD Index, decline -68% from its 2014 peak to the 2016 bottom. Through 22nd May the market was down -3.9% for the month, bringing the year to date gains to +5.8%. The daily market action has been almost identical to that of the prior month with the same low turnover, the same buying in the selected leading stocks and the same selling in the banks based on the same fears. The response of the currency to the elections for the most part matches that of the market with the market price of the Iraqi Dinar (IQD) weakening versus*the USD in the days around the elections but returning to the same levels at the start of the month. The upshot, is that the premium of the market price of the IQD over the official exchange rate increased from 1.2% at the end of April, reaching 2% just before the elections and is now back to 1.2%. The issue that continues to dominate the market is the timing of the return of liquidity as a result of the expansionary effects of higher oil prices and the end of conflict. As discussed here in the past, the observed time lag between Y-Y changes in oil revenues and Y-Y changes in M2 has been about 7-9 months which suggests that M2 growth should see improvement over the next few months as the chart below implies: it shifts the Y-Y percentage change in M2 back by 9 months versus the Y-Y percentage change in oil revenues. However, it is complicated by the additional time taken up by pre and after elections, and the additional time needed for the formation of the new government. All of which will delay this recovery but would likely result in a large back-end loaded return of liquidity. Oil Revenues (green) vs the RSISUSD Index (red) (Source: ISX Central bank of Iraq, Iraq’s Ministry of Oil, AFC.) (Note: M2 as of Jan. with AFC est.’s for Feb & Mar, Oil revenues as of Mar with AFC estimates for Apr & May)As argued here in the recent past, the backdrop continues to be positive: historically the equity market, as measured by the RSISUSD Index, has tended to follow oil revenues with a time lag of 3-6 months as the chart below shows. Iraq’s Oil Revenues (green) vs the RSISUSD Index (red) (Source: Iraq’s Ministry of Oil, Rabee Securities, Iraq Stock Exchange, AFC) (Oil revenues are as of Mar with estimates by AFC for Apr & May)Given the time lag involved and the delay over the formation of the new government, this will probably unfold over the next few months and the recovery will likely be in fits and starts with plenty of zig-zags along the way. This*continues to underscore the opportunity to acquire attractive assets that have yet to discount a sustainable economic recovery. Please click here to download Ahmed Tabaqchali’s full report in pdf format. Mr Tabaqchali (@AMTabaqchali) is the CIO of the AFC Iraq Fund, and is an experienced capital markets professional with over 25 years’ experience in US and MENA markets. He is a non-resident Fellow at the Institute of Regional and International Studies (IRIS) at the American University of Iraq-Sulaimani (AUIS). He is a board member of the Credit Bank of Iraq. His comments, opinions and analyses are personal views and are intended to be for informational purposes and general interest only and should not be construed as individual investment advice or a recommendation or solicitation to buy, sell or hold any fund or security or to adopt any investment strategy. It does not constitute legal or tax or investment advice. The information provided in this material is compiled from sources that are believed to be reliable, but no guarantee is made of its correctness, is rendered as at publication date and may change without notice and it is not intended as a complete analysis of every material fact regarding Iraq, the region, market or investment. _______________________ Source of current estimates on Iraq (deficit, oil price, revenues etc) are from the IMF Iraq Country Report No. 17/251 (http://www.imf.org/~/media/Files/Publications/CR/2017/cr17251.ashx). Updated assumptions are the author’s calculations based on the above source Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 16 view(s)
  • calstar's Avatar
    Today, 06:42 PM
    Thanks for the information Brazileiro
    5 replies | 163 view(s)
  • Brazileiro's Avatar
    Today, 05:38 PM
    I still login to the site. The "unsafe" is because their security certificate expired, in 2016 I believe.
    5 replies | 163 view(s)
  • Investors Iraq News's Avatar
    Today, 05:02 PM
    By John Lee. Bashneft, a subsidiary of Russia’s Rosneft, has found oil at its Salman-1 exploratory well at Block 12 in Iraq. In a statement, the company said that an exploration well was successfully drilled to depth 4,277 metres; oil was found, “which gives grounds for expecting the discovery of industrial reserves“. Rosneft said it views this discovery as an important milestone in the development of exploration and production projects abroad. China-based company Zhongman Petroleum and Natural Gas Group (ZPEC) was previously announced as the general drilling contractor. (Source: Rosneft) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 16 view(s)
  • Investors Iraq News's Avatar
    Today, 05:02 PM
    The UK’s Serious Fraud Office (SFO) has brought further charges against two individuals facing trial in relation to the Unaoil investigation. Basil Al Jarah and Ziad Akle have both been charged with conspiracy to give corrupt payments to secure the award of a contract worth US$733 million to Leighton Contractors Singapore PTE Ltd for a project to build two oil pipelines in southern Iraq. Basil Al Jarah was charged on 15 May 2018 with two offences of conspiracy to give corrupt payments, contrary to section (1) of the Criminal Law Act 1977. Ziad Akle was charged on 16 May 2018 with one offence of conspiracy to give corrupt payments, contrary to section (1) of the Criminal Law Act 1977. Basil Al Jarah and Ziad Akle will appear before Westminster Magistrates’ Court on 23 May 2018. The SFO would like to thank the Australian Federal Police for the assistance it provided in connection with our investigation. The investigation is ongoing. (Source: SFO) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 15 view(s)
  • Investors Iraq News's Avatar
    Today, 05:02 PM
    By John Lee. Gulf Keystone Petroleum (GKP) has confirmed that a gross payment of $18.8 million ($14.7 million net to GKP) has been received from the Kurdistan Regional Government for Shaikan crude oil sales during February 2018. (Source: GKP) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 18 view(s)
  • calstar's Avatar
    Today, 05:02 PM
    Is it safe to log on to Warka banking online site, I keep getting that the site is unsafe to log on to. Anyone?
    5 replies | 163 view(s)
  • Dinar_OS's Avatar
    Today, 03:24 PM
    Dinar_OS replied to a thread Silver in The Dinarholic Lounge
    Make good: Thank you for your recent order and for contacting A. We pulled the video of your order, and we do apologize for the human error. It shows that instead of the (10) 5 oz Silver Bar - 9Fine Mint, we only shipped (9). We sincerely apologize for this error. We will send the missing (1) bar. Tracking information will be emailed to you once the item is in transit. Please allow 2-3 business days for completion. We again offer our sincerest apology for this error. I send nice eMails.
    2 replies | 621 view(s)
  • Dinar_OS's Avatar
    Today, 01:21 PM
    Dinar_OS replied to a thread Silver in The Dinarholic Lounge
    I do and I'm having a bad month. See anything wrong with this pic?
    2 replies | 621 view(s)
  • BatmaninIraq's Avatar
    Today, 03:35 AM
    maybe because of this from FRANK Loaded with information…truth! Loved that – the CBI reached out to the NBI and many banks inside & outside of Iraq were given notice to update the software…WOW! 24 hour notice coming soon, in conjunction with releasing the ultimate 3….. that says it all…. but there was so much more… http://dinardetectives.info/ktfa-frank26-delta-8/
    5 replies | 163 view(s)
  • BatmaninIraq's Avatar
    Yesterday, 10:08 PM
    http://en.economiciraq.com/2018/05/22/the-central-bank-gives-the-qi-card-24-hours-to-pay-the-salaries-of-employees-and-retirees/
    98 replies | 14062 view(s)
  • BatmaninIraq's Avatar
    Yesterday, 09:59 PM
    my advice my friend just wait and you will be happy with your investment soon once it will reval you gain BIG just keep it there even your stocks was sold there's an RV coming...
    98 replies | 14062 view(s)
  • BatmaninIraq's Avatar
    Yesterday, 09:54 PM
    That's why I didn't post much here, because I don't want anybody to get mad at me once it's not happen
    98 replies | 14062 view(s)
  • BatmaninIraq's Avatar
    Yesterday, 09:52 PM
    yes he was said it will happen on April buy it doesn't, BUT he didn't elaborate why.... that's why it is for me to explain because he looks like too much busy... im sorry
    98 replies | 14062 view(s)
  • oldskiier's Avatar
    Yesterday, 08:51 PM
    Since Warka sold all of our shares.... and put the funds in our accounts.... are we now able to transfer it out ...???
    98 replies | 14062 view(s)
  • Will-it-happen?'s Avatar
    Yesterday, 05:02 PM
    Back again .........
    5 replies | 163 view(s)
  • Will-it-happen?'s Avatar
    Yesterday, 03:48 PM
    Www.warka-bank.com down Although online logon still works
    5 replies | 163 view(s)
  • Brazileiro's Avatar
    Yesterday, 11:40 AM
    More lies from BIQ. Doesn't qualify as a rumor
    98 replies | 14062 view(s)
  • crazyfrank's Avatar
    Yesterday, 11:28 AM
    ok BatMan the above statement is what began this thread on 10/26/2017, then we saw a bunch of this a few times......... and now you have this tidbit to offer this week........ We all would love to see this happen, today, tomorrow or yesterday. But to post weekly and monthly guess's like this degrades your credibility, but if it actually might happen, you, sir or madam, will indeed be receiving the "I told you so" gold plated dinar award on that day. I was told this by a friend of mine, believe it or not, and it will happen "soonish". ( sorry James )
    98 replies | 14062 view(s)
  • bultn's Avatar
    Yesterday, 09:56 AM
    Is that the same friend who said that something should happen in April?
    98 replies | 14062 view(s)
  • Investors Iraq News's Avatar
    Yesterday, 08:56 AM
    By John Lee. Sharjah-based Ducorr has reportedly completed the design and deployment of a cathodic protection system for Shell’s Majnoon oil field. Construction Week Online quotes company sources as saying that the flowlines were buried in very corrosive soil, hence the need for protection. (Source: Construction Week Online) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 42 view(s)
  • Investors Iraq News's Avatar
    Yesterday, 08:56 AM
    By John Lee. Iraq’s*Heavy Engineering Equipment State Company (HEESCO) has signed deals with three international companies in the oil, petrochemical and the marine industries: UK-based Weir Engineering Services; Czech-based KPS; Egyptian-based Petrojet. The company, established in 1963, has technological capabilities in the design, manufacturing and installation of the engineering equipment, such as the tanks, boilers, heat exchangers, pressure tanks, refining towers, bridge pillars, river boats and engineering inspection. Oil Minister Jabar Ali al-Luaibi (pictured) said that the Ministry aims to increase cooperation with international companies. (Source: Ministry of Oil) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 40 view(s)
  • Investors Iraq News's Avatar
    Yesterday, 08:56 AM
    By John Lee. Kuwait Energy has reportedly hired an investment bank to advise it on options that could include selling all or part of its Block 9 field in southern Iraq. Reuters says that Perella Weinberg Partners (PWP) will assist in creating liquidity and a cash buffer to repay debt. Discussions on a possible merger with UK-listed SOCO International broke down earlier this year. (Source: Reuters) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 41 view(s)
  • Investors Iraq News's Avatar
    Yesterday, 08:56 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. The*Sairoon (On the Move) Alliance formed by Muqtada al-Sadr and the Iraqi Communist Party is ahead in the preliminary results of the Iraqi elections. More than 90% of the votes in all of Iraq’s provinces have been counted so far, with the exception of Dahuk and Kirkuk, where counting was postponed. Sairoon*has so far secured 54*out of a total of 329 parliamentary seats,*while the Al-Fatah Alliance, formed by the Iranian-backed Popular Mobilization Units, has won 44 seats, followed by 39 seats for Prime Minister Haider al-Abadi’s Al-Nasr Alliance. The State of Law Coalition led by former Prime Minister Nouri al-Malik has secured 25 seats, and the Al-Wataniya Alliance of former Prime Minister Ayad Allawi has obtained 22 seats. The results have raised the chances that the*Sairoon Alliance will*form the largest bloc in the next parliament, which will be tasked with appointing the prime minister and forming the next government. Sairoon leaders rushed to express their desire to put together the largest bloc and voiced their opinions on the next government’s shape and inclination. “The door is open” for Sairoon to work with any of the rival blocs, said Dhia al-Asadi, head of the political bureau of the Sadrist Movement, on May 14 after the announcement of the preliminary results of the elections. “Sairoon has the right to claim the post of prime minister,” he said. On May 16, Sadr, the head of the Sadrist Movement,*confirmed his wish to form a government of technocrats*free of partisanship and sectarianism. In a May 14 tweet, Sadr hinted at*the alliances and broad nature*he hopes will*characterize*the new government. Using a play on words derived from the meaning of various political entities’ names, he wrote:*“We are Sairoon (On the Move) with Hikma (Wisdom) and Al-Wataniya*(Patriotism) to make the people’s Iradah (Will) our demand,*to build Jilan Jadidan (a New Generation), to witness Taghir (Change/Gorran) toward reform*and for the Al-Qarar (Decision) to be Iraqi,”*continuing the puns with, “So we raise the Bayariq (Banners) of Al-Nasr (Victory), and to make Baghdad, the capital, our Hawiyatuna (Baghdad is Our Identity) and our Hirakuna (Democratic Movement)*move toward*the formation of a paternal government from among technocratic Kawadur (Cadres) free of partisanship.” Sadr used parenthesis*in his tweet to denote various Iraqi political entities, including Abadi’s Al-Nasr, Ammar al-Hakim’s Hikma and Allawi’s Al-Wataniya alliances, and others*— excluding the Iranian-supported militia*Al-Fatah Alliance and Nouri al-Maliki’s State of Law Coalition. If Sadr can achieve an alliance that includes the aforementioned forces, he would form the largest bloc and isolate his rivals, the Al-Fatah Alliance and the State of Law Coalition. Arab powers opposing Iran, led by Saudi Arabia, welcomed Sadr’s victory*and expressed hope that it will undermine Iran’s influence in Iraq.*Thamer al-Sabhan, the minister of state for Arabian Gulf affairs at the Foreign Ministry*and a former Saudi ambassador to Iraq,*commented on Sadr’s tweet*and retweeted, “You are really Sairoon (on the move) with Hikma (wisdom), Wataniya (patriotism) and Tadhamon (solidarity). You have taken Al-Qarar (decision), toward*Taghyir (change) to have Iraq raise the Bayariq (banners) of Al-Nasr (victory), to independence, Arabism and identity. I congratulate Iraq for having you.” Some Sunni Arab forces, including the Al-Qarar Alliance led by Khamis al-Khanjar, also welcomed*Sairoon’s victory. Khanjar even voiced his desire to ally with it. Abadi congratulated Sadr on his victory, which could imply*a desire to ally with him. But this does not prevent Sadr’s rivals from seeking to sideline Sairoon by forming a larger bloc in a rival*axis. State of Law Coalition spokesman*Abbas al-Musawi*expressed*skepticism May 16 that some electoral lists (in reference to Sairoon) will be able to form a*government, stressing that “historic leaders” will be the key drivers in this matter. State of Law Coalition parliament member Mohamed Sahyoud said May 15 that efforts are near completion to form an alliance between the State of Law, Al-Fatah and Al-Nasr coalitions, which would secure more than 100 seats*and account for the largest bloc in parliament. If this occurs and the bloc gets support from some Kurdish and Sunni forces loyal to Iran, the next government could be formed by the axis opposing Sadr. Al-Monitor learned from sources who asked not to be named within the State of Law, Al-Fatah and Al-Nasr coalitions that the commander of Iran’s Quds Force, Qasem Soleimani, who has been in the Green Zone in Baghdad since May 14, is leading efforts to strike an alliance deal between the State of Law Coalition’s Maliki and*Al-Fatah Coalition leader Hadi al-Amiri, and then to encourage*Al-Nasr’s Abadi and*Al-Hikma’s Hakim to join this alliance. If Soleimani*succeeds, this could prevent Sadr from forming the largest bloc. Soleimani was said to have proposed that these*alliances refrain from nominating any of their leaders. Other names are being put forward as a consensus*prime minister, including Muhammad Shayya al-Sudani, who is one of the Dawa Party leaders and the minister of labor and social affairs in Abadi’s government. An earlier report by Al-Monitor indicated that negotiations by Soleimani in Erbil led to an agreement with the Kurdistan Democratic Party*not to support Abadi as prime minister. Nechirvan Barzani, the prime minister of the Kurdistan Regional Government (KRG),*revealed upcoming plans for a visit by a KRG delegation to Baghdad to participate in talks aimed at forming the next government. Hisham al-Rekabi, who heads Maliki’s media office, said May 16 that all discussions to form the largest bloc “will be completed within the next 48 hours.” Dawa Party leader and parliament member Kamel al-Zaidi spoke of*“semifinal” understandings between the State of Law and Al-Fatah coalitions, in addition to current attempts to include other blocs in this larger bloc. Zaidi added, “There are ongoing contacts with the National Union Front and Barham Salih’s party, as well as with Sunni political authorities to form an alliance that guarantees a national political majority.” On May 15, US State Department Spokeswoman Heather Nauert answered a question about Soleimani’s interference in the ongoing consultations to form the Iraqi government. “That is certainly always a concern of ours, but we have a great deal of trust and faith in the Iraqi people*and whoever ends up governing, whatever the structure is, the governing of that country going forward,” she said. Iran appears to be in a hurry to strike a deal between its loyalists for fear of Sadr’s success in dominating the next government, which would curb its influence in Iraq. Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 58 view(s)
  • BatmaninIraq's Avatar
    Yesterday, 12:34 AM
    my friend says JULY 2018 it's up to you if you believe it or not... 1iqd to 1 usd
    98 replies | 14062 view(s)
  • Wolverine's Avatar
    05-21-2018, 11:15 PM
    6710 replies | 504639 view(s)
  • PennStateMtnMan's Avatar
    05-21-2018, 06:11 PM
    Once again, this thread proves that when somebody claims to know something, just ignore them.
    98 replies | 14062 view(s)
  • Investors Iraq News's Avatar
    05-21-2018, 02:58 PM
    Iraq Duty Free has responded to allegations regarding the renewal of its contract to run the duty free concessions at Baghdad and Basra airports in Iraq. According to the statement from its CEO, Ahmed Kamal, the owner of company has not been convicted of “any crime of punishment that deprives the freedom in Iraq.” His response is carried in full below: Iraq Duty Free strongly refutes all such allegations regarding the contract renewal which have been aired on Al Ahad channel. The contract between Iraq Duty Free and Iraqi Civil Aviation Authority has passed through a number of legal and regulatory authorities before concluding it. It was approved by Iraqi Civil Aviation Authority and then further endorsed by Ministery of Transportation. So all allegations by Al Ahad channel regarding the contract renewal are baseless and these allegations are aimed to tarnish our reputation and business goodwill. What was published about us in Al Ahad Channel is flagrantly untrue, and we have requested the channel to show evidence and documents of what it has stated; or else the right of reply is assured for us by law. As for what your website has reported about the Al Ahad Channel and what was published about our company, we would like to indicate to you and all observers that businesses in Iraq have been encountering many challenges and every day false accusations are being published here and there and the last of which is what was aired about us in Al Ahad Channel which is baseless and defamatory act targeted on a business which has employed hundreds, if not thousands, of Iraqis and is one of the major employers in Iraq. We not only bring a pleasant shopping experience to Iraq but also we bring world best brands for Iraqi travelers. As a responsible corporate citizen, Iraq Duty Free is regularly contributing its resources for the welfare of Iraqi people. We inform you that our company has a contract of leasing Iraqi duty free shops, which was entered into with relevant parties under the supervision of the Ministry of Transportation, and our company has not lagged behind in implementing the provisions prescribed in the contract, as it is an investment contract and cost us millions of dollars in order to develop and modernize the free duty shops, showrooms and some works related to Baghdad International Airport in terms of modernization, reconstruction and development, and there is no legal impediment to prevent renewing the contract even before its expiry; rather both contracted parties are entitled by law to do that with mutual consent. Regarding what is said on website about the owner of company, we would like to tell you that the owner of company is an Iraqi National and not convicted of any crime of punishment that deprives the freedom in Iraq; furthermore, there is no text or law that prevents him from contracting inside Iraq, requesting your esteemed website kindly to investigate the facts before publication, as the bad information could commercially affect the company’s reputation, especially that our company is of the leading companies in Iraq. We would request Iraq Business News to not pick the defamatory news spread by Al Ahad channel. If Al Ahad Channel has any evidence or legal documents that confirm what is published about us, we request them to announce it before slandering it on media. (Picture: Duty free, from asiandelight/Shutterstock) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 48 view(s)
  • Investors Iraq News's Avatar
    05-21-2018, 02:58 PM
    Sri Lanka’s Colombo Dockyard PLC (CDPLC) has successfully secured a contract with Toyota Tsusho Corporation (TTC) of Japan to build two vessels; Pilot Station Vessel and Buoy Tender Vessel, for General Company for Ports of Iraq (GCPI). TTC and GCPI signed the Prime Contract on 27th April 2018 in Dubai. Subsequent to the signing of the Prime Contract, TTC signed the Sub Contract Agreement with CDPLC as TTC’s preferred Shipyard for the construction of these vessels on 2nd May 2018 in Japan. TTC is a trading and investing company which is also a group company of TOYOTA. By recognizing the potential of CDPLC, TTC decided to collaborate with CDPLC for this project to compete and submit bid proposals in response to a tender floated by GCPI in July 2017. After the selection of the Bid proposal submitted by TTC in collaboration with CDPLC, there were contract negotiation meetings in Basrah, Iraq and in Colombo, Sri Lanka. These negotiations and discussions were able to strengthen the relationship between the parties to enter in to a successful contract. Both the Pilot Station Vessel and the Buoy Tender Vessel will be constructed using modern technology and will be in accordance with latest rules and regulations of the maritime industry. Both vessels will be classed to Nippon Kaiji Kyokai (ClassNK). The Pilot Station Vessel is a catamaran type vessel which will be used to transport of pilots and provisions, to provide pilots with accommodation services and to provide station and necessary support for pilot boats. This is a 50m length vessel with a breadth of 18m and a depth of 6.1m. The vessel is driven by two powerful diesel engine and shall develop a speed of 14 knots. The vessel shall be fully air-conditioned and shall provide accommodation for 47 persons. The Buoy Tender Vessel is designed to be used to retrieve and launch marine navigation buoys, to provide repair and maintenance to marine navigation buoy, to transport marine navigation buoys and/or spare parts and to transport general cargo. This is a 60m length vessel with a breadth of 12m breadth and a depth of 4.6m. The vessel is driven by twin diesel engines and is capable of achieving a speed of 12 knots. The vessel also shall be equipped with a Crane with a lifting capacity of 22 tons. This vessel too provides fully air conditioned living quarters for its complement of 29 persons. The two vessels are to be delivered in Iraq in April 2020. (Source: Colombo Dockyard) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 52 view(s)
  • Investors Iraq News's Avatar
    05-21-2018, 02:58 PM
    From Al Jazeera. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. The vote dealt a blow to Prime Minister Haider al-Abadi, whose Nasr alliance is trailing in third place. But with no group winning a majority, he could still be a major player. Al Jazeera’s Charles Stratford examines Abadi’s time in office: Source: Iraq-BusinessNews.com. Post your commentary below.
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