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  • Investors Iraq News's Avatar
    Yesterday, 05:59 AM
    By John Lee. Abu Dhabi-based Emirates Steel is reportedly considering expansion into Iraq. Chief Executive Saeed Al Remeithi told The National: “We’re always looking at new markets, one of which we are targeting now is Iraq … “Iraq is a big growth market for us, and from the logistics point of view it is very big. We have seen right now Iraq is more stabilised than in the past few years and we have already started on the market.” The company, which is part of Senaat, is currently in the middle of a refinancing programme. More here. (Source: The National) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 32 view(s)
  • Investors Iraq News's Avatar
    Yesterday, 05:59 AM
    IOM and UNODC Sign Agreement with the Government of Jordan to Upgrade al-Karamah Border Crossing PointIn partnership with the Government of Jordan, the International Organization for Migration (IOM) and the United Nations Office on Drugs and Crime (UNODC) signed an official partnership yesterday (10/12) to upgrade the al-Karamah border crossing point between Iraq and Jordan. The project, funded by the European Union Instrument Contributing to Stability and Peace (EU IcSP), also contributes to the stability and economic recovery in the region. “Iraq has always been a key economic partner for Jordan and a significant market for Jordanian exports. The closure of al-Karamah border point over the past years has had a significant negative impact on Jordan’s manufacturing sector and on the Jordanian economy in general. The government is working tirelessly to restore the economic ties with this important country for the benefit of the two sides, and we hope that the rehabilitation of al-Karamah will constitute another building block in this effort,” said Dr Maria Kawar, Minister of Planning and International Cooperation. Al-Karamah is the only official border crossing point between Iraq and Jordan. Closed in the summer of 2015, it reopened in August 2017 raising the prospect of an improved economy among traders and consumers. Long-lasting crises in Syria and Iraq forced the closure of the land borders with both neighbors, namely the direct route between the ports of Aqaba, on the Red Sea, and Basra, on the Arabian Gulf. Before the closure of the borders, Iraq was one of the main trade partners of Jordan. In 2013, 178,573 commercial trucks used al-Karamah to enter Iraq from Jordan, and 173,788 entered Jordan from Iraq. Border closures considerably increased the price of imports and exports. “Border crossing points facilitate trade and exchange between people and communities. This EU-funded project will share the EU approach on integrated border management and adapt it to the situation at the Jordan/Iraq border with a view to facilitate bilateral trade and the movement of people,” said Mr Andrea Matteo Fontana, European Union Ambassador to Jordan. The project will allow for the construction of a joint building for all departments operating at al-Karamah that will ease procedures and shorten the waiting time for passengers, allowing authorities to process a higher number of passengers per day. The security of the passengers and the Kingdom will continue to be at the centre of the operation, with enhanced trainings on document forgery detection and other techniques related to border management. Communities at both sides of the border will benefit from the improved border crossing point. “I am from al-Anbar and I study pharmacy in Amman. I used to pay around 200 dollars to fly to Baghdad, and then I had to take a bus to al-Anbar from the capital. With the border post re-opened, I save money and time, and I can come home more often,” one young student told IOM staff. “Communities in remote border regions need additional support to take advantage of the opportunities and overcome the challenges associated to a border context. The project will contribute to revitalize the economy of Mafraq and al-Anbar regions that used to rely on the livelihoods directly or indirectly created by the movements through the border post, before its closure,” said Enrico Ponziani, Chief of Mission of IOM Jordan. The project will also improve cargo control procedures to secure and facilitate trade with the extension of the UNODC/World Customs Organization Container Control Programme at the al-Karamah border crossing point, and the establishment of a Border Control Unit. “UNODC’s contribution to this project is two-pronged. Firstly, it aims at further securing the Al Karamah-Turaibil border crossing by strengthening the capacity of Jordanian and Iraqi law enforcement agencies to prevent trafficking of illicit goods. Secondly, it serves to facilitate trade across the border by strengthening cooperation with the private sector and streamlining cargo clearance and control processes”, said Ms. Cristina Albertin, Regional Representative of UNODC. (Source: IOM) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 34 view(s)
  • Investors Iraq News's Avatar
    Yesterday, 03:53 AM
    In the framework of the financing agreement signed yesterday by the Government of Iraq (GoI) and the European Union (EU) committing €14 million (US$15.8 equivalent) to support the government’s efforts to ensure increased and more reliable energy access for the Iraqi population, the EU and the World Bank Group (WBG) have signed today a €12.85 million (US$14.5 equivalent) implementation agreement to provide the needed technical assistance. The initiative complements the ongoing and upcoming World Bank interventions in support of the GoI’s energy sector reforms, including those embedded in the budget support operations series (Development Policy Financing programs – DPFs), the Reimbursable Advisory Services (RAS) for structuring the Gas Value Chain and Gas Marketing in Iraq, and the support to subsidy reforms funded by the ESMAP’s Energy Subsidy Reform Technical Assistance Facility (ESRAF). Supporting Iraq’s private sector enabling energy sector reforms is a priority development objective in the country both for the EU and the WBG. In a country where the energy sector accounts for more than 90% of central government revenues, addressing energy sector challenges is an essential and complementary action to any public finances related reforms, an area in which the European Union and the World Bank are also partnering in Iraq. The country is also the world’s 3rd largest exporter of oil and its untapped natural gas reserves are the 12th largest in the world, yet it is forced to import fuel to meet its domestic energy demand, which imposes significant economic and fiscal strain on public finances. Equally important, Iraqi citizens are regularly faced with power shortages and have to resort to more expensive and pollutant sources of energy. Efficiency in the management of public resources and delivery of services are critical to the achievement of public policy objectives, especially for a resource-rich upper-middle income country like Iraq, as well as fundamental to restore the trust and social contract between Iraqi citizen’s and the country’s institutions, especially in a post-conflict era of stabilisation and reconstruction. “As pledged in the Kuwait Conference, the European Union is committed to help Iraq’s reconstruction efforts and economic and political reforms to secure a better future for its citizens,” (Source: Relief Web) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 33 view(s)
  • Investors Iraq News's Avatar
    Yesterday, 03:53 AM
    This week the German Federal Foreign Office bolstered IOM’s Community Policing (CP) programme in Iraq by providing an additional 1.7 million Euros, raising Germany’s total contributions to this important effort to 5.7 million Euros. IOM’s CP programme aims to contribute to enhanced security and stability in Iraq, by facilitating dialogue between communities and law enforcement actors, through Community Policing Forums (CPF) in communities affected by conflict and displacement. In the last three years 101 Community Policing Forums (CPFs) have been established across Iraq with the support of IOM. CPFs aim to resolve a variety of security concerns at the community level, including those related to housing, land and property (HLP) disputes, access to water and electricity, civil unrest, documentation for internally displaced persons (IDPs) and returnees, child protection, human trafficking, sexual harassment and domestic violence. The German Ambassador to Iraq, Dr. Cyrill Nunn, said: “Community Policing is an important strategy to bring together socially fragmented communities in Iraq to peacefully resolve security related problems. Germany supports Community Policing to build and strengthen mutual trust between citizens and law enforcement agencies, contributing to safe and stable communities – the building blocks of a stable Iraq.” CPFs are facilitated by a CP officer from the local police department and by elected community members. IOM guides CPFs in the development of community safety plans which identify the most critical security and safety issues that can be addressed and tackled by the community and the police. Gerard Waite, IOM Chief of Mission in Iraq commented: “Issues are resolved mainly through identifying the correct entity to refer to, either law enforcement, public institutions, civil society organizations, or the community themselves.” “The success of these forums can be seen through a variety of indicators, such as a decrease in crime, an increase in the level of cooperation from the community in solving security problems, and less use of force by police towards members of the community.” Brigadier Khalid Falah Kadhim, head of Iraq CP Directorate within the Government of Iraq’s Ministry of Interior, testifies to the positive impact the CP model has had on local police structures at the community level: “The logistical and technical support provided by IOM to rebuild infrastructure and strengthen the capacity of community policing has played a fundamental role in peace building in communities, and we are thankful to the Government of Germany for providing this support.” (Source: IOM) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 30 view(s)
  • Investors Iraq News's Avatar
    Yesterday, 03:53 AM
    UNDP is rehabilitating Tikrit Teaching Hospital and improving access to healthcare for millions of Iraqis in areas that were under ISIL control. Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 32 view(s)
  • Wolverine's Avatar
    12-11-2018, 04:21 PM
    456 replies | 20874 view(s)
  • dollarsign's Avatar
    12-11-2018, 03:41 PM
    Here is a current example of how large denomination notes could be withdrawn from a system without disruption. It could serve as a model given that the CBI lists lower catagories, coins, and fils on their home page search window, but doesn't illustrate them yet. After 26 January 2019 most central banks from the Euro System will stop issuing 500 euro (EUR500.1) banknotes. Deutsche Bundesbank and Österreichische Nationalbank will continue issuing them until 26 April 2019. After these dates 500 euro notes deposited to banks will not be reissued.The notes will continue to be legal tender without time limit. Source: dw.com $
    188 replies | 33272 view(s)
  • dollarsign's Avatar
    12-11-2018, 03:03 PM
    Iraqi PM focuses on oil, economic opportunities with US Energy Secretary Perry He emphasized “the importance of developing bilateral ties between Iraq and the United States in all fields and the necessity to expand cooperation in the fields of energy, oil, and economic priorities put forth by the Iraqi government on its list of work priorities in a way that could lead to the growth and flourishing of Iraqi economy and the best investment for its natural resources.” $
    188 replies | 33272 view(s)
  • Wolverine's Avatar
    12-11-2018, 01:37 PM
    456 replies | 20874 view(s)
  • BatmaninIraq's Avatar
    12-11-2018, 02:17 AM
    Halabousi: It is time for the Iraqis to feel their wealth BAGHDAD (Reuters) - Parliament speaker Mohamed Halboussi said on Monday December 10, 2018, that the battles waged by the Iraqis to defeat the organization advocated last year were "liberation operations impossible military and the least possible losses," while noting that the wealth possessed by Iraq was wasted during the previous eras Wars and conflicts are now wasted in corruption, stressing that the time has come for Iraqis to feel their wealth. "On this day, a bright page began to liberate dear dear Mosul and ended a dark page at the end of a myth that called for its alleged state," he said in a statement to the obelisk. "Iraq has unquestionably affirmed that it is the most powerful and the most powerful." He added that "the face of our land is crowned with light after being honored by the blood of the heroic martyrs that were shed on the land of Mosul, and mingled the Iraqi blood from the far north of Iraq to the extreme south and from the extreme east to the extreme west, pure blood of heroes who assured the world the unity of this country and the great amount and prestige and expensive Paid for this land. " "In these days, the line of heroes heroes of the most courageous fighting in the management of a battle that required the clearance of civilians dependent on the one hand and the elimination of the enemy entrenched in the civil and its people on the other hand, and were able to professionally conduct an impossible liberation in military accounts with minimal losses possible with Stories in nobility and masculinity and sacrifice to save families can not describe words that embody them. " He explained that "our heroes had to run a historic battle that requires awareness and deliberation with the scenes of pain and they see with their eyes the graves of the prophets destroyed by terrorism and the beacon of humpback and prostrate after a thousand years of glory and their hearts were burning to these scenes, but the estimates of the military position required them patience and planning, From the land and history and the great task was to save our people and get them out of the hell of the battle and bring them to the safe camps. " "Our honest honorable people from inside Mosul managed to communicate with their brothers from the armed forces to provide these forces with information from inside the city, which broke the back inside and facilitated the liberalization process and reduced the proportion of civilian casualties and liberated forces." "Our celebration of the liberation of Mosul is a celebration of victory in all the cities liberated by our heroes, but this day was an expression of the completion of the most important stage in the victory march," he said. He pointed out that "our heroic forces in all their formations presented a unique model of cohesion and coordination. The army, the police, the counterterrorism forces, the popular, tribal and peshmerga forces were one hand, through a deliberate fighting rhythm, coordination at the highest levels and the distribution of professional roles that offered a variety of abilities and complemented capabilities. Armies in the world advanced and developed. " "Here, I salute our courageous heroes, express my pride and pride in our forces, who were fighting with their hands and carrying the humanitarian for the displaced, but also with the forces fighting the environment and supporting the rescue in floods and disasters, providing bridges, distributing food and returning the displaced to their homes. He does what our brave men, heroes and fighters do. " Halboussi stressed that "on this day we remember the martyrs because they are the owners of the achievement first and remember their parents and their children and their mothers and their parents and their brothers and their families, we remember everyone who stood in their backs pushing them to victory and urging them, and remember the wounded who were advancing in front of their colleagues and brothers and competing to defend and defend the sanctities. He also said: "We remember with gratitude and gratitude the fatwa of the Iraqi authority to look after the Iraqis to protect their homeland, defend the land and offer and save civilians. The Iraqis quickly responded to this fatwa and call for reference. The greatest victory in this century. " Halabousi also recalled the position of the international organizations that stood with us in the face of the disaster of displacement as the people left the besieged cities and supporting these organizations to Iraq. The International Alliance has an important and effective role in Iraq's participation in this battle, with its aerial, logistical and intelligence . "We would like to thank the brotherly, friendly and friendly countries that supported Iraq's position and stood with it as much as possible, and thanks to our people in the Kurdistan government and people for their noble position in welcoming the displaced and facing the challenges of the crisis with the Center with all responsibility from the participation of the heroic Peshmerga, Displaced persons and provide the means to assist them. " He said to the Iraqis that "the benefits of victory require more care for this achievement to complete the march achieved by our brave heroes, which is a national responsibility requires large blocks and parties and leading figures more patience, sacrifice and selflessness to cross the benefits of forming the government and the completion of this task in a timely manner and in harmony with the spirit of democracy "He said. He stressed that "the most important thing that can make our victory is to start effectively reconstruction and reconstruction of the liberated areas in particular and all areas of Iraq in general, which was credited with liberating the land and make serious sacrifices to achieve this victory." "We can not promise this victory a complete victory unless the rights of the martyrs, the wounded and all the fighters are guaranteed, in all its moral and material details, and to work hard to bring the displaced back to their homes and secure the requirements of a decent life for them," he said. He said to the Iraqis, "Today we stand on the threshold of a new stage after the formation of the government and start its project and program, which we hope to be launched quickly, specifically in paragraphs related to the service of citizens and the creation of decent living conditions in Iraq. Al-Halbusi stressed that "the time for Iraqis to feel the value of their wealth and to seek it in practice reflected in their service, educational and living conditions and that the Iraqi in the ranks of citizens in the Arab counterpart countries in the economic site, has been exposed to the wealth possessed by Iraq in previous eras of waste in wars and conflicts empty, Iraq decades and a significant decline. " "We are now playing the role of corruption in these wealth, where the Iraqi people have been deprived of it. We hope and optimistic that the government will be able to accomplish the task of confronting corruption and the task of development as soon as possible," he said.
    179 replies | 31569 view(s)
  • Investors Iraq News's Avatar
    12-11-2018, 12:57 AM
    The German Ministry of Foreign Affairs has contributed an additional EUR 22 million to the UNDP Funding Facility for Stabilization (FFS), which finances fast-track initiatives in areas of Iraq liberated from the Islamic State of Iraq and the Levant (ISIL). This brings the Ministry’s contribution to EUR 80.2 million and the total support from the Government of Germany to EUR 209.9 million. Acting UNDP Resident Representative for Iraq, Mr. Gerardo Noto, said: “Enormous progress continues to be made across the liberated areas of Iraq, with seventy percent of those who were displaced during the conflict now returned home. UNDP deeply appreciates the timely funding provided by the German Ministry of Foreign Affairs, and while there remains a great deal of work to do, this generous contribution will help re-establish public services and rebuild social cohesion in the most vulnerable areas.” The German Ambassador to Iraq, H.E. Dr. Cyrill Nunn, said: “Germany continues to support Iraq’s stabilization efforts to shore up the progress made to date. As we look to the new Government to step forward to take increasing ownership of stabilisation and more long term development efforts, we will remain a committed partner for the people of Iraq and a strong supporter of the efforts of the United Nations.” In addition to its Ministry of Foreign Affairs, Germany also contributes to FFS through its Ministry for Economic Cooperation and Development implemented by KfW, the German development bank. At the request of the Government of Iraq, UNDP established the FFS in June 2015 to facilitate the return of displaced Iraqis, lay the groundwork for reconstruction and recovery, and safeguard against the resurgence of violence and extremism. The Facility has a portfolio of over 3,000 projects – half of which are already completed – in the provinces of Ninewah, Anbar, Salah Al-Din, Diyala and Kirkuk. The FFS repairs essential public infrastructure such as electricity, water and sewage system grids. It rebuilds schools, health centres and homes, and provides people with short-term employment through public works schemes in areas directly impacted by ISIL. This investment in critical services sets the stage for recovery and resilience work, as well as longer-term reconstruction and development activities. Over 95 percent of all stabilization projects are carried out by local private sector companies, providing a key source of employment for local people. (Source: UN) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 51 view(s)
  • Investors Iraq News's Avatar
    12-11-2018, 12:57 AM
    By Mustafa Saadoun for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News. According to the head of the literacy department at the Directorate General of Education in Basra, Karim Handhal Abdul Karim, student participation in literacy centers in Iraq’s southern province of Basra has*dwindled in 2018*by more than two-thirds compared to 2013. Abdul Karim told the press Nov. 22: “It is such a big contrast when comparing this year’s figures to those of 2013. The number of students in Basra’s 339 literacy*centers amounted to over 39,000 in 2013. In 2018, however, only 1,200 students were enrolled in the 21 centers in the province.” He attributed the decline to the fact that students enrolled in literacy centers are no longer*paid by the government for taking classes at these centers. Click here to read the full story. Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 48 view(s)
  • Investors Iraq News's Avatar
    12-11-2018, 12:57 AM
    From AFP. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. Iraqis forces parade and celebrate in the streets of Mosul as they mark a year since Iraq declared victory against the Islamic State group, the conclusion of a three-year battle to oust the jihadists. View on YouTube Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 43 view(s)
  • Investors Iraq News's Avatar
    12-11-2018, 12:57 AM
    As Nadia Murad (pictured), the Yazidi activist and survivor of gender-based violence is honored with the Nobel Prize for Peace, UNICEF is calling attention to the plight of hundreds of thousands of internally displaced children in Iraq whose lives are threatened by freezing temperatures and floods that have affected large parts of the country. “As the world celebrates Nadia Murad’s incredible story of survival and her work for human rights, let us remember that there are many vulnerable children in Iraq who still need our support, even if the worse of the violence may be over” said Peter Hawkins, UNICEF Representative in Iraq. Winters in Iraq are harsh. It rains and snows and temperatures can fall below zero in the northern part of the country, where a majority of Yazidi and other displaced children live. Most displaced families live below the poverty line, in dilapidated housing with poor heating, or in camps with little protection from the cold. It impossible to afford fuel for heating and winter clothing to keep their children warm. “The devastating floods have made this winter even more difficult for displaced children who are extremely vulnerable to hypothermia and respiratory diseases. No child should be subjected to such risks. Every child deserves to be warm and healthy,” added Mr. Hawkins. UNICEF is providing winter clothes, including boots, scarves, and hats to approximately 161,000 children in Sinjar, Erbil, Dohuk, Ninawa, Anbar, Diwaniya, Basra, Salaheddin, Baghdad and Suleimaniah, including through cash support. UNICEF’s winter campaign aims to reach the most vulnerable children aged between three months and 14 years living in camps for the internally displaced and in hard-to-reach areas. (Source: UN) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 51 view(s)
  • Wolverine's Avatar
    12-10-2018, 11:42 PM
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  • Investors Iraq News's Avatar
    12-10-2018, 12:31 AM
    By John Lee. An American company have won a tender to supply a mine detector to the United Nations Office for Project Services (UNOPS) in Iraq. The contract with Sarkar Tactical Ltd is valued at $129,768. (Source: UNGM) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 56 view(s)
  • Investors Iraq News's Avatar
    12-10-2018, 12:31 AM
    By John Lee. The Iraqi Air Force has received another six new T-50 fighter jets under a contract with*Korea Aerospace Industries (KAI). According to previously-released information, Iraq’s T-50 fleet is planned to grow to 24 by early next year. (Source: Iraqi Air Force) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 67 view(s)
  • Investors Iraq News's Avatar
    12-10-2018, 12:31 AM
    The Government of Norway is supporting the United Nations Development Programme (UNDP) with an additional NOK 25 million (approximately USD 3 million) for stabilization in Iraq, bringing Norway’s total contribution since 2015 to USD 36 million, the seventh largest donor to FFS. The fund will be directed towards UNDP’s Funding Facility for Stabilization (FFS) which finances fast-track initiatives to stabilize areas liberated after the fall of Islamic State of Iraq and the Levant (ISIL) Acting UNDP Resident Representative for Iraq, Mr Gerardo Noto, said: “Although much progress has been made, we still have a long way to go in stabilizing parts of Iraq devastated by ISIL. At this stage, more than 4 million people have returned to their homes. This is good news, but a lot more needs to be done, particularly in areas like western Mosul and the Ninewah Plains. Norway’s contribution will help us to accelerate our work in these areas, and we are very grateful for this support.” The Norwegian Ambassador to Iraq and Jordan, H.E. Mrs. Tone Allers, added: “As Iraq is entering a new phase, Norway remains committed to support the efforts to ensure long-term stability and growth for all Iraqi citizens. Since the initiation of UNDP’s Funding Facility for Stabilization, we have seen that the projects are yielding results on the ground, rehabilitating important infrastructure and restoring basic services in Iraqi towns and cities affected by ISIL’s takeover. With this additional contribution to FFS, we hope to contribute to improving conditions for the safe return of the more than 300,000 families still displaced from their homes.”? (Source: UNDP) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 63 view(s)
  • Investors Iraq News's Avatar
    12-10-2018, 12:31 AM
    Government of Iraq and United Nations Launch National Strategy to Combat Violence Against Women in IraqThe Government of Iraq and the United Nations in Iraq launched today a national strategy to combat violence against women, a significant step towards achieving women’s rights. This strategy provides an overall framework on which policy and decision makers will draw to take concrete actions aimed at preventing violence against women and girls and protecting survivors of violence. Endorsement by all stakeholders of this updated national strategy formalises the commitment of the Government of Iraq and the United Nations to take concrete action. The launch event in Baghdad was attended by the First Lady of Iraq, Ms. Surbagh Salih, the Secretary-General of the Council of Ministers, Dr. Mahdi al-Allaq, the Director-General of the Women Empowerment Department, Dr. Ibtisam Aziz, ministers and members of parliament, members of the High Judicial Council, civil society and international NGOs, diplomats as well as representatives of the United Nations Assistance Mission for Iraq (UNAMI) and the United Nations Population Fund (UNFPA). The launch was supported by the embassies of the Kingdoms of Norway and Sweden. “It is a propitious day to be thinking and talking about the rights of women to live lives free of violence,” the Deputy Special Representative for Iraq of the United Nations Secretary-General, Ms. Alice Walpole, said in remarks delivered at the event. “The national strategy to combat violence against women will be a significant tool for the Iraqi government to fulfil its international gender commitments, including the Sustainable Development Goals, the Convention on the Elimination of All Forms of Violence against Women, United Nations Security Council Resolution 1325 on Women, Peace and Security, and the Beijing Platform.” UNFPA Representative to Iraq, Dr. Oluremi Sogunro, stated: “This strategy is yet another win for women and girls in Iraq as it adds to the progresses observed in the past few years. UNFPA is proud to have worked with the Government of Iraq to develop this strategy through the provision of the technical capacities and expertise.” Despite achievements in the field of women’s protection and empowerment, significant challenges remain, such as the lack of parliamentary endorsement of a Law to Protect Families from Domestic Violence. The delay in the approval of this law hinders the journey towards gender equality and women’s empowerment as well as overall national sustainable development and peace-building. The United Nations reiterates its commitment to support and engage with the new Iraqi government, including the senior political leadership and the Council of Representatives, to advocate for the prioritisation of relevant legislation in the new parliament. (Source: UN) Source: Iraq-BusinessNews.com. Post your commentary below.
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  • James's Avatar
    12-09-2018, 06:38 AM
    https://twitter.com/twitter/statuses/1071630520012890112
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  • Investors Iraq News's Avatar
    12-08-2018, 10:33 PM
    By Elena Kornienko. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. A few months ago I was approached by one of my LinkedIn connections, an expat based in Iraq, with an exciting training opportunity for one of the largest oil companies in the region. Some messages back and forth to clarify details and I am asked to submit a proposal and training programs content. And at this point of time my inner voice of procurement professional with 17 years of buying goods and services for various companies started asking me questions:* “Why you have not received an official enquiry and all correspondence is LinkedIn based? “ – “Well, that’s how the modern world works these days! Social media became integral part of our lives”. My inner voice said: “Ok, fair enough. But why this person did not use corporate e-mail account?” – “Well, it is easier to keep correspondence on a subject in one place, and it will be easier to refer to all discussion details”. And my inner voice was satisfied with that explanation too. But it kept asking me more questions: “If that is a formal inquiry for services, it have to come using company’s standard, and this company absolutely have templates and even automated procurement system…”, and the next question was “Submission of training materials to a client is always subject to signing “Non-disclosure agreement” where Intellectual Property Rights are clearly defined. So why it does not happen this time?”. And that was the time when I listened to my inner voice and started asking the same questions the potential counterpart. It did not take long to understand that it was a fraud inquiry with a purpose of stealing information which was covered by big and famous name… It is not a secret that most of International Oil Companies, including the ones which operate in Iraq, have as a part of their contract template schedule “Code of Business Conduct and Ethics” and a failure to comply with all rules is considered as material breach of a contract which leads to further collection of damages or early termination. This contract schedule establishes company’s standards that include business practices and regulatory compliance that applies to all company’s employees. These standards are expected to be followed by contractors as a part of commitment to execute contracts in trustful and faithful manner. For those of readers who did not come across with such contract articles, here just a few examples of what is typically covered: alcohol and drug policy, insider information trading, bribery, corruption, business records, confidential information, computer and system security, conflict of interest, gifts, engagement with media and information partners. This is typical content of “Code of Business Conduct and Ethics” which is adopted by most of the players in the Oil and Gas industry, however is it enough to make sure that all parties involved are acting in a good faith to all concerned? The Chartered Institute of Purchasing and Supply (CIPS) developed and implemented Corporate Code of Ethics with more focus for procurement professionals. It guides companies on ethical behavior in supply chain and promotes usage of procurement strategies to drive away unethical practices from the supply chain, assists to ensure that procurement decision minimize any negative impact, helps to put ethical policies and procedures in place to ensure compliance and the most important – mandates the education and training of all staff involved in sourcing, contractor selection and management to professional standards. *Great initiative that helps not only companies, but procurement professionals to set and follow rules of ethical procurement. It promotes professional behavior of procurement personnel who have the biggest exposure in a company for potential fraud and corruption. While some of the companies are more advanced in implementing and following ethics standards in procurement, for others it is a new unknown road. Iraq has its own challenges in procurement and we can all contribute the development of ethics in supply chain by letting our inner voice ask questions even in circumstances when we feel great excitement for fantastic business opportunity. Elena Kornienko has more than 15 years of professional experience in contracts, procurement and tendering in various roles from demand-identification to contract close-out. She has worked on major international oil and gas projects, including the Sakhalin-1 and Sakhalin-2 fields in Russia, and Iraq’s West Qurna-2. Now based in Dubai, she provides consultancy services to the oil and gas industry. Elena is a fluent English and Russian speaker, and a graduate of the Moscow State University of Commerce, holding a degree in Economics. She also graduated with distinction from the School of Business Administration at Portland State University and holds a CIPS diploma. (Picture: Ethics signpost, from 3D-creation/Shutterstock) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 64 view(s)
  • Investors Iraq News's Avatar
    12-08-2018, 10:33 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 | 76 view(s)
  • Wolverine's Avatar
    12-08-2018, 04:54 PM
    456 replies | 20874 view(s)
  • Investors Iraq News's Avatar
    12-07-2018, 10:31 PM
    Source: Read the story here Post your commentary below.
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  • James's Avatar
    12-07-2018, 09:22 AM
    James replied to a thread Isx 2019 in Iraq Stock Exchange
    Carter it's not a bother to answer questions, that's why I post here. The profits I have received are in dinar. They are added to my Al Karmal account balance. I then use that money to buy shares of other companies depending on which ones are trading. My hope is that when the dinar value rises I will sell some shares of something and take that money (which are in dinars at Al Karmal) and ask them to wire transfer through Bank of Baghdad ( this is where I wire US dollars money into Al Karmal and its converted to dinars) back to my US account which will be converted into dollars.
    10 replies | 421 view(s)
  • dinar shore's Avatar
    12-07-2018, 07:03 AM
    dinar shore replied to a thread Isx 2019 in Iraq Stock Exchange
    Good evening, James. This is Carter Doyle and I thank you for the information regarding Warka. I have just one more question, James and I will not bother. I know you are busy but when you talk about profits, are you talking about receiving profits that are converted the US Dollars or profits that converted to more shares. I appreciate you clarifying this question . Thanks, James. Carter
    10 replies | 421 view(s)
  • Investors Iraq News's Avatar
    12-07-2018, 03:55 AM
    Advertising FeatureRabee Securities Iraq Stock Exchange (ISX) market report (week ending: 6th December 2018). Note: ISX will be closed on Monday (Dec. 10, 2018) due to the anniversary of the victory against ISIS. The next trading session will be on Tuesday (Dec. 11, 2018). Please click here to download a table of listed companies and their associated ticker codes. The RSISX index ended the week at IQD654 (+0.6%) / $701 (+0.1%) (weekly change) (-19.4% and -16.1% YTD change, respectively). The number of week traded shares was 3.9 bn and the weekly trading volume was IQD3.0 bn ($2.5 mn). ISX Company Announcements According to the ISX announcement, the opening price of the IQD5.0 mn class bonds (CB125) will be IQD5,276,164 on Sunday (Dec. 9, 2018). (Table: 2.3) ISX will suspend trading of Iraqi Agricultural Products and Marketing Meat (AIPM) starting Dec. 19, 2018 due to the AGM* that will be held on Dec. 24, 2018 to discuss and approve 2017 annual financial results. ISX will suspend trading of National Chemical & Plastic Industries (INCP) starting Dec. 18, 2018 due to the AGM* that will be held on Dec. 23, 2018 to discuss and approve 2017 annual financial results. Al-Ahlyia for Agricultural Production (AAHP) resumed trading on Dec. 5, 2018 after discussing and approving the financial results of the year ending Mar. 31, 2018 and deciding to distribute 2.55% cash dividends (IQD0.0255 cash dividend per share, 2.1% dividend yield). ISX suspended trading of Al-Mosul for Funfairs (SMOF) starting Dec. 4, 2018 due to the AGM* that will be held on Dec. 9, 2018 to discuss and approve 2015, 2016 and 2017 annual financial results. ISX suspended trading of National Islamic Bank (BNAI) starting Dec. 2, 2018 due to the AGM* that was held on Dec. 4, 2018 to discuss and approve 2017 annual financial results. Baghdad Hotel (HBAG) announced that the company started to distribute 44% cash dividend (0.44% dividend per share) from 2017 profit starting Dec. 2, 2018. Cross Transactions: 1.38 bn shares of Asia Al Iraq Islamic Bank for Investment (BAIB) on Dec. 3, Dec. 4 and Dec. 5, 2018, which represent 1.38% of BAIB capital. Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 95 view(s)
  • Investors Iraq News's Avatar
    12-07-2018, 03:55 AM
    Statement by Alice Walpole, Deputy Special Representative of the Secretary-GeneralIraq’s Democratic Experience – Prospects and ChallengesRafidain Centre, Najaf4 December 2018Excellencies, Ladies and Gentlemen, Dear friends, Thank you for the invitation to speak here today, at the Al-Rafidain Center, on Iraq’s democratic experience. 2018 has been both an encouraging and challenging year for Iraq and its citizens. On the positive side, we witnessed two broadly successful electoral processes, consolidating Iraq’s democratic credentials. In May, within the constitutional time-frame, Iraq held its national parliamentary elections. Candidates and political parties conducted largely honourable campaigns, under an Electoral Code of Conduct drafted by the United Nations Assistance Mission for Iraq, free from sectarian-based discourse or inflammatory statements. There was, however, disappointing abuse of some, primarily female, candidates. Elections were held on time, and most people (including the displaced) were able to cast their votes and select their representatives freely and safely. The liberated areas witnessed an open voting process for the first time since the defeat of Da’esh. I commend the efforts of electoral officials, party agents and the security forces in making the elections largely peaceful, secure and orderly. But we should not be complacent. The national elections were marked by a low voter turnout of just 44%. The decision by more than half of the voting population not to exercise their democratic right sends a strong signal of dissatisfaction to politicians over failures to meet people’s expectations or to provide for their needs, and a strong message to place the interests of the Iraqi people and the nation above partisan, sectarian, individual or group interests. I encourage the Iraqi political elites, specifically incoming ministers and members of parliament, to draw the necessary conclusions on the need for improved representation, justice for all, democratic accountability and good governance free of corruption, sectarian quotas, nepotism and patronage. You will recall that the post-election phase was marked by widespread complaints. Allegations of electoral fraud and mismanagement resulted in the decision, which the United Nations supported, to conduct a partial manual ballot recount. I would like to note the transparent, credible and well-organised conduct of the recount (which I myself witnessed in several recount locations). I commend the professionalism of all recount staff, both Independent High Electoral Commission and judiciary personnel, under the capable, impartial supervision of the Board of Judges. I believe the recount increased public confidence in the election results. I hope it also increased confidence more generally in the electoral process. Ladies and Gentlemen, Throughout the post-election and government formation period, the people took to the streets to express their dissatisfaction with the management of state affairs. Their demands must be taken seriously if the democratic process is to succeed in Iraq. The demonstrations which began in Basra in July and spread to other southern governorates including Missan, Muthanna, Qadisiya, Dhi Qar, Najaf, Karbala, Babil, Wasit, and then to Baghdad, were a clear call on the government to address the basic rights and needs of the people. The gravity of further violent protests in Basra in September sent a signal to the government to find tangible solutions to local problems of lack of delivery of basic services, shortages of electricity, lack of jobs and pervasive corruption. The protestors accused national leaders and successive governments of ignoring them and expressed deep and growing frustration with the political system, including a sectarian quota system they deem corrupt and dysfunctional, and perceived foreign interference in internal affairs. While many political leaders expressed their support for the demands of the protesters, there has been little actual progress in effecting change. Former Prime Minister Abadi and the Council of Ministers made commendable efforts to implement some rapid relief measures, but these remain insufficient to address the depth of people’s needs and concerns. The new government now needs to prioritise political, economic and social reforms, justice, equality and accountability, reconciliation and the fight against corruption. Job creation will enable economic development, stability and prosperity, while Iraq should maintain its sovereignty and independence, free from foreign interference. The challenges faced by Iraq are deep-rooted and can only be tackled by strong and unified governance. Prime Minister Abdul-Mahdi and his cabinet of ministers must engage in a fight against corruption, while the new Council of Representatives should reform laws that do not embed justice and equality. Ladies and Gentlemen, I commend the successful completion of the Kurdistan Region parliamentary elections. Again, accusations of electoral fraud were fully investigated. On 30 October, the Electoral Judicial Panel of the Kurdistan Region Court of Cassation approved the election results. The Kurdistan Democratic Party and the Patriotic Union of Kurdistan have assured us of their intention to consult closely with all local political parties on government formation. The Kurdistan Islamic Union and the New Generation Movement have announced that they will form an Opposition in the Kurdistan Parliament. All this is welcome progress. However, to date there have been no formal agreements on government formation. In this regard we urge the Kurdish parties to complete negotiations and the formation of the parliament to ensure that the needs of the people can be proactively addressed. Ladies and Gentlemen, The United Nations was reassured to note that Mr Abdul-Mahdi, as PM-designate, received the endorsement of many prominent parliamentary blocs to choose his ministers freely, on the basis of their capabilities and experience rather than sectarian or political quota systems. We commended the democratic transfer of power between the outgoing Prime Minister, Haider al-Abadi and incoming Prime Minister Abdul-Mahdi within the Constitutional timeline. At the handover ceremony on 25 October, Mr. Abadi recalled the achievements of his government. He and his government, the Kurdistan regional government, the armed forces and the people of Iraq do indeed deserve acknowledgment and gratitude for the progress made thus far. While the government formation process has not been without difficulty, the political blocs have demonstrated willingness to act in support of the Prime Minister. Competition and differences have been largely political and not sectarian, and in this way, a break from the past. Iraq must now build on these foundations. I remain concerned that the government formation process has stalled as disagreements over some ministerial posts continues to divide political parties and blocs. The United Nations urges Prime Minister Abdul-Mahdi and the political parties to reach agreement and complete the cabinet. All political forces now share a responsibility for creating an enabling environment for the new Prime Minister and government to deliver on their programme and for ensuring political stability. The Government’s new programme, on which the United Nations was invited to offer advice is ambitious and forward looking. It outlines specific plans for reform, investment and the private sector, tackling corruption and for transitioning Iraq from a crisis context to sustainable development. It prioritises job creation, greater governorate-level participation, rehabilitation and reconstruction of liberated areas and the return of the displaced. It focuses on strengthening security, fighting terrorism, enhancing law and order and the rule of law. Special attention will be given to resolving pending challenges with the Kurdistan Region, including the issues of budget allocation and financial resources, oil and disputed areas. For this programme to be achieved, Iraq will require the continued support of the international community but also sustained political support from political leaders and parties within the parliament. On international relations, I commend Iraq’s new leaders who have acted without delay in engaging regional governments – fostering bilateral relations, tackling regional challenges such as terrorism, water issues, and discussing economic cooperation and investment for the reconstruction of Iraq. Ladies and Gentlemen, Among the priority tasks for the new parliament is preparing the upcoming provincial council elections. With the expanding role of provincial councils in governance, the candidate choices made freely and fairly by the electorate will be extremely important for the country’s development. I welcome the Electoral Commission’s announcement of resumption of the biometric voter registration process. And I am pleased that for the first time since 2005, the Kirkuk governorate will participate in these elections – a critical step on the path to the normalisation of Kirkuk’s status and of politics in the governorate. Negotiations on the reactivation of the Kirkuk Provincial Council continue, with United Nations-supported discussions between local political actors from the Kurdish, Arab and Turkmen communities. Ladies and Gentlemen, I am pleased that several female candidates received a high number of votes within their political lists, and that 19 female candidates were elected to parliament on this basis. Our expectation for the future is that the 25% quota which currently guarantees 83 seats for women, will represent a minimum threshold, not a fixed number. I urge political leaders to ensure the full participation of women within the new government and their representation at the highest levels in Iraq’s political and decision-making structures in the parliament and the government. I very much regret that no female or minority candidates have yet been appointed to ministerial positions; and while I welcome assurances that Prime Minister Abdul-Mahdi will include them in future governmental posts, I feel that an opportunity has been missed. Women must get a full chance to play key roles in shaping the post-Da’esh future of their country. Equality and empowerment of women must be central to all peace, justice, legislative, reconciliation and reform efforts. Ladies and Gentlemen, Democracy and improved standards of living cannot be realised within an environment of persistent insecurity. Although Da’esh’s so-called caliphate has been defeated, the terrorist organisation continues to pose a threat. Iraqi Security Forces and the Popular Mobilisation Forces have maintained constant pressure on the remaining Da’esh presence and activities across North, Central and West Iraq throughout the year through successive security clearance operations. Challenges however remain for improving the overall security environment. The new government must reform and rehabilitate its security sector, putting it firmly under state control. Ladies and Gentlemen, The United Nations works hard to support Iraq and its people. With the government formation process now close to completion, we hope that the country will continue on its journey to democracy. We will continue to offer advice and engagement. We will continue to work in partnership with the government and the people of Iraq to build progress. A prosperous future built on democracy and the rule of law – an Iraq in which the rights and needs of every citizen are recognized and fulfilled. Thank you. (Source: UN) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 67 view(s)
  • James's Avatar
    12-06-2018, 10:40 PM
    James replied to a thread Isx 2019 in Iraq Stock Exchange
    Calstar - I'm unsure what your asking? if its about transferring Warka Stock, then I simply wrote a letter (Word doc) and included my photo and signature asking Warka to transfer all stock to my account at Al Karmal ( after I had an Al Karmal account number) and Cc: Mr. Ajina in the email. He took care of the rest. P.S. I had asked for an updated stock report from Warka several weeks before and everything was transferred accordingly.
    10 replies | 421 view(s)
  • calstar's Avatar
    12-06-2018, 07:45 PM
    calstar replied to a thread Isx 2019 in Iraq Stock Exchange
    James what form did you sent to Al Karmal or did you sent a letter request?
    10 replies | 421 view(s)
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