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  • Investors Iraq News's Avatar
    Today, 02:17 PM
    By Ahmed Mousa Jiyad. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. 2019 Budget Law: Politics of Appeasement, Non-Compliance and ExtortionData from different sources indicates that KRG oil exports, so far in this year, ranged between 418.8 and 438 thousand barrels daily-kbd and KRG gross oil export revenues at end of May mounted to $3.681 billion. Draft of the budget law was debated, amended and approved by the parliament; then endorsed by the President of the Republic and finally promulgated as a law when it was published on the official gazette. KRG, Kurdish politicians, parliamentarians and commentators praised the law as it favors them. Yet, so far and as it officially confirmed by the Minister of Oil and the Prime Minister, KRG did not deliver a single barrel of oil; this is the usual KRG’ non-compliance extortion practice. Such practice prompts a wave of criticisms and accusations against the Prime Minister, who is known for his appeasement towards KRG even at the expense of the rest of Iraq. KR leaders know too well how to exploit Prime Minister’s weaknesses and his lack of resolve and leadership; KRG succeeded so far. Click here to download the full article in pdf format. Mr Jiyad is an independent development consultant, scholar and Associate with the former Centre for Global Energy Studies (CGES), London. He was formerly a senior economist with the Iraq National Oil Company and Iraq’s Ministry of Oil, Chief Expert for the Council of Ministers, Director at the Ministry of Trade, and International Specialist with UN organizations in Uganda, Sudan and Jordan. He is now based in Norway (Email: mou-jiya(at)online.no, Skype ID: Ahmed Mousa Jiyad). Read more of Mr Jiyad’s biography here. Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 0 view(s)
  • Investors Iraq News's Avatar
    Today, 02:17 PM
    JICA to Support Iraq’s Reconstruction and Revitalization through Upgrade of Basrah RefinerySigning of Japanese ODA Loan Agreement for IraqOn 16 June, 2019, the Japan International Cooperation Agency (JICA) and the Iraqi Government signed a loan agreement at Ministry of Finance in Baghdad. The ODA (Official Development Assistance) loan amounting to JPY 110,000 million (approximately USD 1 billion) will be used for Basrah Refinery Upgrading Project. The loan agreement was signed by H.E. Mr. Fuad Mohammed Hussein, Minister of Finance and Masayuki Hirosawa, Chief Representative of JICA Iraq Office, in the presence of H.E. Mr. Hamid Younis Salih, Deputy Minister of Oil and H.E. Mr. Naofumi Hashimoto, Japanese Ambassador to Iraq. This concessional ODA loan aims to support the Government of Iraq in its efforts to reconstruct the country and revitalize its economy. The loan named “Basrah Refinery Upgrading Project (II)” is the second tranche loan for Basrah Refinery Upgrading Project, one of the mega projects known in the region. For the same project, JICA previously concluded two loan agreements for (i) the engineering services loan in the amount of JPY 2,079 million and (ii) the first tranche loan in the amount of JPY 42,435 million. The entire project aims to increase the quantity and quality of oil products including gasoline, diesel and kerosene, by installing a new refining plant called Fluid Catalytic Cracking (FCC) Complex in Basrah Refinery, which is one of the biggest oil refineries currently operational in Iraq. It will be implemented by South Refineries Company, Ministry of Oil. Iraq has the world’s fifth-largest proven oil reserves and is currently OPEC’s second-largest producer. Nevertheless, most of the existing refineries in the country have been shut down or decreased their production capacity, suffered from damages and deterioration in the previous decades of conflicts. Many of the plans to construct new refineries have faced with challenges and delays and are yet to achieve substantial increase of the refining capacity. On the contrary, the ongoing reconstruction efforts in liberated areas and the revitalization of socio-economic activities across the country have prompted huge demand for fuels, such as gasoline and diesel. As a result, despite being one of the largest oil producers, Iraq has no choice but to import the significant amount of oil products from neighboring countries so as to meet the demand for transport, power generation and industrial production. Against this backdrop, the project to construct Iraq’s first-ever FCC Complex will increase the volume of the high-value added oil products, promote the transfer of refining technologies from Japan and help save valuable foreign currencies to import huge amount of fuels. The new plant will also reduce sulfur content in the products in accordance with the international environmental standards. Furthermore, the project is expected to pave the way for energizing private sector involvement in the downstream of Iraq’s energy industry and provide economic opportunities for the people of Iraq, especially in Basrah. The loan is very concessional with the low interest rate and long repayment period: the interest rate of 0.20% and the repayment period of 40 years including 10-year grace period. (Source: JICA) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 0 view(s)
  • Investors Iraq News's Avatar
    Today, 02:17 PM
    By John Lee. The US Ambassador to Iraq, Matthew H. Tueller, joined Minister of Water Resources Jamal al-Adili and Italian Ambassador Pasquino to celebrate the successful completion of emergency efforts to stabilize Mosul Dam. The United States provided $124 million for the U.S. Army Corps of Engineers (USACE) to serve as the “Engineer” for the project, working side by side on the $408 million contract between the Government of Iraq and the Italian company Trevi. (Source: US Embassy in Baghdad) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 0 view(s)
  • Investors Iraq News's Avatar
    Today, 02:17 PM
    By John Lee. The Trump administration has reportedly granted Iraq a 120-day waiver from its sanctions against Iran, to allow it to continue importing electricity from the country during the hottest of the summer weather. The decision followed a phone call on Friday between Secretary of State Michael Pompeo (pictured) and Iraqi Prime Minister Adel Abdul Mahdi. The State Dept said it is continuing to work with Iraq to end its dependence on Iranian natural gas and electricity. (Sources: Bloomberg, The National) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 0 view(s)
  • Investors Iraq News's Avatar
    Today, 12:57 AM
    By John Lee. FBM-KNM FZCO, an indirect wholly-owned subsidiary of Malaysia’s KNM Group, has been awarded a contract for the supply and delivery of replacement heat exchangers to the Khor Al Zubair’s gas processing plant in Basrah Province. According to a regulatory statement, the contract from Basra Gas Company (BGC) is worth USD 2.096 million (equivalent to approximately RM8.739 million based on the exchange rate of USD1.00 : RM4.17). The project is to be completed by 14th January 2020. (Source: KNM) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 0 view(s)
  • Investors Iraq News's Avatar
    Yesterday, 12:51 AM
    By Adnan Abu Zeed for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News. Is Abadi looking to return to prime minister’s post?Former Iraqi Prime Minister Haider al-Abadi announced May 31 his resignation from all his positions in the Islamic Dawa Party, whose politburo he headed.*His move raised questions about his potential plans to return to the prime minister’s post. Click here to read the full story. Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 0 view(s)
  • James's Avatar
    06-15-2019, 06:33 PM
    James replied to a thread reset password 2019 in Warka Bank News
    Likewise. 2 months and counting... I will email them (again) at 9 am their time tomorrow. Maybe it will be answered promptly? :rolleyes:
    10 replies | 2634 view(s)
  • Investors Iraq News's Avatar
    06-15-2019, 05:30 PM
    GardaWorld, a global leader in comprehensive security and risk management, has made its weekly security report available to Iraq Business News readers. Prepared by GardaWorld’s Risk Analysis Team in Iraq, this essential report includes short- and medium-term outlooks on the security situation, reports and commentary on recent significant events, and a detailed overview of developments across the country. Please click here to download the latest report free of charge. For more information on how GardaWorld’s services can support your business in Iraq, please contact Daniel Matthews, Senior Director Iraq, at daniel.matthews@garda.com Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 0 view(s)
  • Will-it-happen?'s Avatar
    06-15-2019, 12:57 PM
    Still nothing after 6 weeks
    10 replies | 2634 view(s)
  • BatmaninIraq's Avatar
    06-15-2019, 12:00 PM
    MANY OF YOU WILL START TO REMEMBER, BACK IN AUGUST 2017, THE CBI HAD A “SECOND” WEBSITE (cbi.3eyon-host.net), LINKED THRU THE STATISTICS SECTION OF THE MAIN WEBSITE. WHAT WAS INTERESTING AND IMPORTANT TO NOTE BACK THEN, WAS THE RATE LISTED ON THE SECOND WEBSITE WAS $1USD = 1.20 DINARS. THEN THE 2 WEBSITES MERGED AND THIS RATE DISAPPEARED AND WAS NEVER TO BE HEARD OF OR SEEN AGAIN UNTIL YESTERDAY…..BOOOOM!!!! YES, VERY INTERESTING, THAT THE CENTRAL BANK OF IRAQ HAS MENTIONED THIS $1 USD = 1.20 DINARS RATE…. THIS IS THE FIRST TIME SINCE 2017. SO THE QUESTION YOU NEED TO ASK, IS WHY ARE THEY NOW BRING THIS UP AGAIN WHEN THEY HID IT SINCE 2017??? I BELIEVE THE REASON WHY IS THAT THE RATE IS ABOUT TO CHANGE. NOW, JUST AS REMINDER OF HOW THE CBI LIST THE RATES. 1.20 DINARS = $1 USD. THIS IS A 1 TO 1 RATE. WELL ACTUALLY NOT, IT’S ABOUT 0.83 CENTS REALLY. SO REMEMBER HOW IT WORKS AS THE VALUE OF DINAR DECREASES AGAINST THE US DOLLAR, THE VALUE OF THE US DOLLAR INCREASES.
    0 replies | 276 view(s)
  • Investors Iraq News's Avatar
    06-15-2019, 03:54 AM
    Rosneft’s money might help Iraqi Kurdistan meet its domestic gas demand, but it could also cripple its long-term export ambitions, according to an oil analyst. In an opinion piece for Energy Reporters, Nick Augusteijn argues that Rosneft’s deals are vehicles for Russia’s “increasingly assertive foreign policy“. Click here to read the full story. (Source: Energy Reporters) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 0 view(s)
  • Investors Iraq News's Avatar
    06-15-2019, 03:54 AM
    By John Lee. Doctors Without Borders /Médecins Sans Frontières (MSF) has issued a report on its operations in Iraq. It has been working in Iraq since 1991, with more than 1,500 staff providing free, quality healthcare for all people regardless of race, religion, gender or political affiliation. In Iraq, MSF offer services such as basic health care, treatment for chronic diseases, secondary healthcare including maternity with surgical capacity for caesarean sections, paediatric and emergency care, specialised services to treat severely injured patients with post-operative complications and mental health support to displaced people, returning population and communities most affected by violence in the governorates of Anbar, Baghdad, Diyala, Erbil, Ninewa, and Kirkuk. Click here to download the full report. (Source: MSF) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 0 view(s)
  • James's Avatar
    06-14-2019, 06:31 PM
    James replied to a thread reset password 2019 in Warka Bank News
    check your PM again.
    10 replies | 2634 view(s)
  • Investors Iraq News's Avatar
    06-14-2019, 03:40 PM
    By John Lee. Petrel Resources has announced the appointment of Riadh Hameed as Non-Executive Director with immediate effect. Riadh Mahmoud Hameed (aged 38) is a quality control engineer working for an aerospace component company based in the USA.** Prior experience has included over a decade of working in the oil and gas sector, to include six years working for Petrel as a co-ordinator for its projects in Iraq. David Horgan, Managing Director writes: “I am delighted to welcome Riadh to the Board of Petrel Resources, and look forward to working with him again, and to renew our connections on the ground in Iraq.” Last year, having taken an EUR 4.1-million impairment on its investments in Iraq, the company announced that it was re-establishing operations in Baghdad. (Source: Petrel Resources) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 0 view(s)
  • Investors Iraq News's Avatar
    06-14-2019, 03:40 PM
    By John Lee. New-York-based ConsenSys has confirmed its support for Re:Coded Iraq. Re:Coded is a humanitarian innovation non-profit organization. Founded in 2017, Re:Coded is working relentlessly to train the youth of the MENA region in coding and entrepreneurship. Apart from the training part, Re:Coded also offers mentorship, employment and freelancing opportunities to the youth in conflict affected areas of the region. ConsenSys has developed a blockchain mentorship program for the Re:Coded trainers. This program is going to include technical and general blocking training courses. The course instructors are: Blockchain Protocol Engineer, Mostafa Farghaly, and Senior Technical Project Manager from ConsenSys MENA, Ammar Kurabi. The trainers will be able to use their training to deliver the courses at their centers in Iraq. Over 3.3 million Iraqis have been internally displaced since early 2014 because of conflict. On top of that, over 240,000 Syrian refugees are currently living in Ira*** q. This is one of the largest humanitarian crisis moments of the 21st*century. “Our aim in Iraq is to bring together local developers, designers, social entrepreneurs, humanitarians and community residents to develop creative technology solutions that address the specific challenges facing this war-torn region. These include barriers to education, difficulty accessing the job market and social cohesion between displaced Iraqis and host community members,” said Samsul Karim, Senior Edtech Expert, ConsenSys. “One Re:Coded trainer has also received a scholarship to attend the ConsenSys Academy Developer Training Program in October, a testament to the fact that there is talent to be harnessed in this conflict zone,” added Karim. According to Zawya, the Country Director Zahra Shah is working with the partners on a global scale to bring funding and training for better employment opportunities for the Re:Coded students. “The support from ConsenSys goes a long way in helping Re:Coded meet its goals, which include increasing female participation in the tech sector, upskilling conflict-affected youth to enter the digital economy and providing employment opportunities for graduates,” said Zahra Shah, Country Director, Re:Coded. “Buoyed by our initial success and once we have delivered more comprehensive developer training, we are looking into growing our Bounties network, enabling students who complete the program to use Bounties to apply their skills and contribute to the community,” she added. (Source: Re:Coded) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 0 view(s)
  • Investors Iraq News's Avatar
    06-14-2019, 03:40 PM
    Toyota Iraq, UNDP and Oxfam support technical training for sustainable livelihoods Celebrating the graduation of 16 IDP’s in automotive masteryToyota Iraq, United Nations Development Programme (UNDP) and Oxfam celebrated the graduation of 16 young trainees from the Toyota Technical Development Program Training. This group is the 5th batch of internal displaced people (IDPs) who have successfully completed Toyota certified training. Through an on-going partnership, Toyota Iraq has contributed to the people and society of Iraq by successfully training 53 young men and women in automotive mastery, customer service and skills and spare parts. This training batch was the biggest in size, as well as in duration – with training commencing on 17th of February and concluding on 30th of May. The extensive 3 months of continuous training delivered not only technical knowledge but also introduced the ‘Toyota Way’ and our corporate shared values, followed by inclusive technical training and an on-the-job experience for one month at Toyota Authorized Dealers in Erbil, Cihan Motors and SAS Automotive. The successful collaboration of program partners – UNDP, OXFAM, the Government of Japan and Toyota Iraq, ensured that the latest training cohort were all able to complete training and receive recognition at Tuesday’s graduation ceremony. Mr. Sardar Al.Bebany, president, Toyota Iraq, said: “This program is one of the ways we provide support to local society. Through this program I have witnessed that when IDP’s are given equal opportunity for employment, they are empowered to change and improve their lives. We had total of 10 individual IDP’s now working with Toyota Iraq, as well as many others now working with other automobile companies”. *Vakhtang Svanidze, Deputy Country Director, UNDP Iraq, also commented on the power of livelihood recovery for building resilient communities: “Enhancing livelihoods and employment opportunities is one of the key elements for self-reliance and early recovery of conflict effected communities. UNDP is grateful for the support of Toyota and Oxfam to provide technical training for young men and women IDPs originating from areas across Iraq – including Mosul, Anbar and Salah al-Din, improving their employability and enabling them to access the job market with invaluable experience.* *This project would not be possible to implement without generous financial support by government of Japan “ Reinforcing a commitment to provide on-going support for to the young men and women of Iraq, and to invest in the leaders of tomorrow, Toyota and UNDP renewed their partnership in early 2019, marking three years of collaboration in training and committing to a further two. Toyota’s commitment is reflective of their core principles and dedication to support the local communities in which they work, “By respecting the culture and practices of each country and region and engaging in business activities with close community ties, we are working to create an enriching society while promoting measures that support labor and education”. Likewise, the Government of Japan shares this interest to develop and build resilience in nations around the world, “We consider the Human Resource Development utmost priority allocating more than $ 350,000,000 to support in a variety of development programs around the world,” commented Japan Consul in Erbil, Mr. Moriyasu. The conclusion of the graduation ceremony, was marked by Chief Executive Officer, Mr. Shinsuke Fujimoto, who expressed on behalf of all Toyota Iraq, a proudness for the great achievement of each graduate and and well wishes for their success in the next step of their career. This programme was launched on the 25th*of October 2016 as a flagship joint project between UNDP and Toyota Iraq to give internally displaced young people opportunities to enter the automotive industry, with the partnership renewal as of 28th of January,2019. (Source: UNDP) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 0 view(s)
  • BatmaninIraq's Avatar
    06-14-2019, 11:08 AM
    Note the Dinar coins available and banknotes. United States Currency: U.S. Dollar U.S. Dollar (USD) is the currency used in United States, East Timor, Puerto Rico, Equador. U.S. Dollar currency symbol: $ U.S. Dollar coins available: 1¢, 5¢, 10¢, 25¢, 50¢, $1 U.S. Dollar banknotes available: $1, $2, $5, $10, $20, $50, $100 Central Bank: Federal Reserve Bank Iraq Currency: Iraqi Dinar Iraqi Dinar (IQD) is the currency used in Iraq. Iraqi Dinar currency symbol: ع.د Iraqi Dinar coins available: 25, 50, 100 dinar Iraqi Dinar banknotes available: 50, 100, 250, 500, 1,000, 5,000, 10,000, 25,000 dinar Central Bank: Central Bank of Iraq
    9 replies | 3155 view(s)
  • calstar's Avatar
    06-14-2019, 12:56 AM
    <strong>James I cannot read your email </strong>
    10 replies | 2634 view(s)
  • Investors Iraq News's Avatar
    06-14-2019, 12:53 AM
    By John Lee. Prime Minister Adil Abd Al-Mahdi received Omani Foreign Minister Yusuf bin Alawi on Wednesday in Baghdad. During the meeting they discussed strengthening the relations between the two countries and the opening of air routes, facilitating entering visas, as well as their joint role in maintaining security and stability in the region. The Prime Minister welcomed the opening of the Omani embassy in Baghdad, which he said will contribute to increasing cooperation between the two countries. (Source: Media Office of the Prime Minister) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 0 view(s)
  • Investors Iraq News's Avatar
    06-14-2019, 12:53 AM
    Advertising FeatureRabee Securities Iraq Stock Exchange (ISX) market report (week ending: 13th June 2019). Please click here to download a table of listed companies and their associated ticker codes. The RSISX index ended the week at IQD657 (-1.5%) / $706 (-1.7%) (weekly change) (-0.4% and -0.5% YTD change, respectively). The number of week traded shares was 9.2 bn and the weekly trading volume was IQD9.8 bn ($8.1 mn). ISX Company Announcements The Light Industries (ITLI) will hold an AGM* on Jul. 4, 2019 to discuss and approve 2014, 2015 and 2016 annual financial results. The company has been suspended since Jul. 13, 2016 for not disclosing financial results by an ISC decision. ISX will suspend trading of Palestine Hotel (HPAL) starting Jun. 23, 2019 due to the AGM* that will be held on Jun. 26, 2019 to discuss and approve 2017 annual financial results. Al-Khatem Telecoms (TZNI) will resume trading on Jun. 16, 2019 after discussing and approving 2017 and 2018 annual financial reports and deciding to distribute 3% cash dividend (IQD0.03 dividend per share, 1.1% dividend yield). The opening price will be IQD2.67 with +/-20% change. Subscription on IQD150 bn shares of International Islamic Bank (BINT) will be extended 60 days starting Jun. 16, 2019 to increase the capital from IQD100 bn to IQD250 bn through 150% rights issue. ISX suspended trading of Al-Ameen Financial Investment (VAMF) starting Jun. 11, 2019 due to the AGM* that will be held on Jun. 16, 2019 to discuss and approve 2018 annual results. Al Taif Islamic Bank for Investment & Finance (BTIB), with a capital of IQD100 bn, has completed the transferring procedures from money transfer company into an Islamic bank. The bank will start trading after depositing and activating 5% of the listed shares or after 21 days of depositing the company’s shares. ISX suspended trading of Baghdad Soft Drinks (IBSD) starting Jun. 10, 2019 due to the AGM* that will be held on Jun. 13, 2019 to discuss and approve 2018 annual financial results and increasing the company’s capital through bonus issue. Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 0 view(s)
  • crazyfrank's Avatar
    06-13-2019, 07:32 PM
    again on another separate note I wish to share a u-tube link of a pod cast that I have discovered that is most impressive, and very factual based, which is a refreshing change from the "Guru" mania There is one gentleman that goes by the name "Dinar Investor", he has been in this game for over 10 years, and he posts some very valid news articles that are very applicable and timely to our quest here. It may be quite possible, he may already be a member here under a different name, and if he wasn't i am sure he would be most welcome here to open up some subject matter he has discovered, but yet again this forum is bugged in such a way that no new members accounts can be created. His history of posts make total sense, with no bullshit or hype involved, you may find it at the address below if it posts correctly, or just do a u-tube search for "Dinar Investor". if you can find it and see what he has to say and in the way he states it, and please do share your thoughts............ that is if you can !!
    9 replies | 3155 view(s)
  • crazyfrank's Avatar
    06-13-2019, 07:23 PM
    on a separate note, is anyone else still dealing with this BB Code error message issue, or is it just me?
    9 replies | 3155 view(s)
  • crazyfrank's Avatar
    06-13-2019, 06:50 PM
    This was from my last communication e-mail header from Warka in April 2018 From: laith alamir <e-bank.ms@warka-bank-iq.com> Date: Sun, 29 Apr 2018 10:45:00 +0300 To: Mohammad Kamal <mohammad.k.issa@warka-bank-iq.com> Subject: Re: ACCOUNT UPDATE REQUEST
    9 replies | 3155 view(s)
  • crazyfrank's Avatar
    06-13-2019, 06:46 PM
    I am unable to post within the existing thread about warka passwords, but I as well am not getting a response from them I am only able to post here, and its one line at a time using the "edit" function The last response I received had this e-mail heard on it with e-mail source data, and it did include the word "spam" in the header.......
    9 replies | 3155 view(s)
  • James's Avatar
    06-13-2019, 05:26 PM
    James replied to a thread reset password 2019 in Warka Bank News
    Could you provide the email address (I'm sure it the same one I'm using) just in case. What email service do you use? I'm wondering if it's my hotmail? I sent the same request from gmail and still no reply.
    10 replies | 2634 view(s)
  • cjcossey's Avatar
    06-13-2019, 04:48 PM
    I got a response yesterday stating Re:{spam} requesting to renew my account. Got a password and account renewed.
    10 replies | 2634 view(s)
  • Investors Iraq News's Avatar
    06-13-2019, 12:40 PM
    By John Lee. The United States has imposed sanctions on an Iraqi company, South Wealth Resources Company (SWRC), which it is says is an Iraq-based affiliate of Iran‘s Islamic Revolutionary Guard Corps (IRGC). The full text of the Treasury Department’s statement is shown below: Today , the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) imposed sanctions on an Iraq-based Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF) financial conduit, South Wealth Resources Company (SWRC), which has trafficked hundreds of millions of dollars’ worth of weapons to IRGC-QF-backed Iraqi militias. SWRC and its two Iraqi associates, who are also being designated today, have covertly facilitated the IRGC-QF’s access to the Iraqi financial system to evade sanctions. *This scheme also served to enrich previously sanctioned Abu Mahdi al-Muhandis, an Iraqi advisor to IRGC-QF Commander Qasem Soleimani, who has run weapons smuggling networks and participated in bombings of Western embassies and attempted assassinations in the region. SWRC and its two associates are being designated as Specially Designated Global Terrorists (SDGTs) pursuant to Executive Order (E.O.) 13224, which targets terrorists and those providing support to terrorists or acts of terrorism. “Treasury is taking action to shut down Iranian weapons smuggling networks that have been used to arm regional proxies of the IRGC Qods Force in Iraq, while personally enriching regime insiders,” said Treasury Secretary Steven T. Mnuchin. “The Iraqi financial sector and the broader international financial system must harden their defenses against the continued deceptive tactics emanating from Tehran in order to avoid complicity in the IRGC’s ongoing sanctions evasion schemes and other malign activities.” The IRGC-QF, designated pursuant to E.O. 13224 on October 25, 2007, is a branch of the IRGC responsible for external operations and has provided material support to numerous terrorist groups, including the Taliban, Lebanese Hizballah, HAMAS, and Palestinian Islamic Jihad, making it a key component of Iran’s destabilizing regional activities.* The IRGC-QF’s parent organization, the IRGC, was designated pursuant to E.O. 13224 on October 13, 2017, and on April 15, 2019 was designated as a Foreign Terrorist Organization by the Secretary of State. South Wealth Resources Company The IRGC-QF has used Iraq-based SWRC, also known as Manabea Tharwat al-Janoob General Trading Company, as a front to smuggle hundreds of millions of dollars’ worth of weapons to its proxies inside Iraq, while also generating profit in the form of commission payments for Abu Mahdi al-Muhandis, an OFAC-sanctioned advisor to IRGC-QF commander Qasem Soleimani, and two associates of SWRC who are also being designated today. *In addition to facilitating the IRGC-QF’s weapons smuggling into Iraq, SWRC has moved millions of dollars to Iraq for illicit financial activity benefitting the IRGC-QF and its Iraq-based militia groups. SWRC is being designated today pursuant to E.O. 13224 for assisting in, sponsoring, or providing financial, material, or technological support for, or financial or other services to or in support of, the IRGC-QF. Makki Kazim ‘Abd Al Hamid Al Asadi and Muhammed Hussein Salih Al Hasani OFAC also is designating Makki Kazim ‘Abd Al Hamid Al Asadi (Makki Kazim Al Asadi) and Muhammed Husayn Salih al-Hasani (al-Hasani), two Iraq-based individuals who helped facilitate IRGC-QF shipments and financial operations via SWRC. *Both individuals and Abu Mahdi al-Muhandis received commission payments for contracts with SWRC. Makki Kazim Al Asadi has acted as an intermediary to facilitate IRGC-QF shipments destined for Iraq, and has helped the IRGC-QF access the Iraqi financial system to evade sanctions. *Makki Kazim Al Asadi is being designated pursuant to E.O. 13224 for assisting in, sponsoring, or providing financial, material, or technological support for, or financial or other services to or in support of, the IRGC-QF. Muhammed Hussein Salih Al Hasani is the authorized agent and representative of SWRC, which he registered in Iraq in 2013. *He has signed weapons contracts for SWRC. Al Hasani is being designated pursuant to E.O. 13224 for acting for or on behalf of SWRC. Sanctions Implications As a result of today’s action, all property and interests in property of these targets that are in the United States or in the possession or control of U.S. persons must be blocked and reported to OFAC. *OFAC’s regulations generally prohibit all dealings by U.S. persons or within the*United States (including transactions transiting the United States) that involve any property or interests in property of blocked or designated persons. In addition, persons that engage in certain transactions with the individuals and entities designated today may themselves be exposed to sanctions or subject to an enforcement action. *Furthermore, unless an exception applies, any foreign financial institution that knowingly facilitates a significant transactions for any of the individuals or entities designated today could be subject to U.S. sanctions. View identifying information related to today’s action. (Source: US Treasury Dept) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 0 view(s)
  • Investors Iraq News's Avatar
    06-13-2019, 12:40 PM
    The President of the Kurdistan Region, Nechirvan Barzani, has tasked Masrour Barzani, as Prime Minister of the Kurdistan Regional Government, to form the ninth ministerial cabinet, in the presence of the Speaker of the Kurdistan Parliament Ms. Vala Farid and the Head of the Judicial Council of the Kurdistan Region Judge Bangin Qasim. It was proceeded by regional executive decree no. 1 (2019) and under the provisions of paragraph 12 of article 10 of the amended Law of Presidency of Kurdistan Region no.1 (2005), supported by parliamentary decision no. 7 of 2019. According to the regional decree, the process of the formation of the ministerial cabinet must not exceed 30 days from the date of this decree, signed on Wednesday, 12 June 2019. (Source: KRG) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 0 view(s)
  • Investors Iraq News's Avatar
    06-13-2019, 12:40 PM
    By John Lee. The United Nations has advertised new positions in Iraq: International Expert on Communication and Report Preparation, UNDP – United Nations Development Programme Programme Management Officer (Operations), UNAMI – United Nations Assistance Mission for Iraq WASH Officer, UNICEF – United Nations Children’s Fund UDOC/CM Project Manager, Norwegian Refugee Council (NRC) Camp Management Programme Development Manager, Norwegian Refugee Council (NRC) Finance Assistant, Norwegian Refugee Council (NRC) ICLA Assistant – Technical, Norwegian Refugee Council (NRC) ICLA Officer, Norwegian Refugee Council (NRC) Support Manager, Norwegian Refugee Council (NRC) Logistic and Procurement Assistant, Norwegian Refugee Council (NRC) Leiter des Projekts, Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) Finance Associate, UNOPS – United Nations Office for Project Services Community Liaison Manager – Team Leader, Mines Advisory Group (MAG) MHPSS Program Manager, Humanity and Inclusion (HI) (Source: UN) (Picture: Finger pressing a new career start button, from Olivier Le Moal/Shutterstock) Source: Iraq-BusinessNews.com. Post your commentary below.
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    06-13-2019, 12:40 PM
    By John Lee. The United Nations has advertised new positions in Iraqi Kurdistan: German Language Migrant Service Assistant, IOM – International Organization for Migration Country Representative, Catholic Relief Services (CRS) Program Quality Coordinator, Catholic Relief Services (CRS) Program Coordinator for Iraq, Office of U.S. Foreign Disaster Assistance (OFDA) Human Resources Analyst, UNDP – United Nations Development Programme (Source: UN) (Picture: Success, growth, career, development signpost from 3D_Creation/Shutterstock) Source: Iraq-BusinessNews.com. Post your commentary below.
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