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  • Investors Iraq News's Avatar
    Today, 01:26 AM
    Roadmap to Startup Iraq, your guide to register a startup in Iraq. It is a guideline for every entrepreneur in Iraq to know how to register her/his startup legally and know from A to Z the requirements of registration. It will show you why you need to register your startup, detailed road from reservation of the name to the memorandum of association and beyond. Contains addresses and contacts of the agencies shall be addressed during the road to registration. KAPITA’s research team aimed to set things clear for those willing to legally register their projects by comprehensively stating every essential detail about this matter to come up with a simplified guide, that’s freely accessible, easy to understand and has all in-depth knowledge needed. This guide is funded by the Embassy of the Netherlands and Orange Corners Baghdad, it has been written & proofread by professional researchers and experienced lawyers and it shall provide you with the information necessary to register your project in an obstacle-free & timely manner. ?????? ???????? ??????? ?? ??????, ????? ?????? ?????? ?????? ?? ??????. ?? ???? ????? ??? ???? ????? ????? ????? ????? ????? ??????? ????? ?? ???????? ? ????? ????????? ??????? ??????? ?? ????? ??? ?????. ????? ?? ????? ?????? ????? ????? ??? ????? ?????? ???? ?????? ???? ?? ??? ????? ??? ????? ??????? ??? ?????. ????? ??? ?????? ? ???? ??????? ??????? ???? ??? ???????? ???? ???? ???????. ???? ???? ????? ?? ?????? ?????? ????? ??????? ???????? ?? ????? ??????? ?? ???? ??? ?? ???????? ??????? ??? ??? ??????? ? ????? ???? ?????? ?????? ? ????? ???? ?????? ???? ??????? ????? ??? ?????? ???? ????? ? ??????? ??? ???? ????????? ????????. ??? ?????? ???? ?? ??? ??????? ????????? ? ????? ?????? ????? ???? ?????? ??????? ?? ??? ?????? ?????? ??????? ??? ???? ? ????? ?? ???? ?? ???? ????????? ??????? ?????? ????? ???? ????? ??? ???? ???. Download Arabic Version Download English Version (Source: Kapita) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 9 view(s)
  • Investors Iraq News's Avatar
    Today, 01:26 AM
    UNESCO to begin work at Al-Tahera Church in Mosul UNESCO will soon start reconstruction of the Syriac Catholic Al-Tahera Church in Mosul, Iraq, that was severely damaged in 2017. More than a church, Al Tahera is a symbol of the diversity that has been the story of Mosul for centuries. An iconic symbol woven into the history of Mosul, Al-Tahera Church was built in 1859 and opened in 1862. The Church is located in the heart of the old city, formerly defined by the Ottoman city walls on the west bank of the Tigris River, opposite ancient Nineveh. Its multiple altars, dining room and two sacristy rooms set it aside from other churches of the same period. It already underwent renovation about 100 years after its construction. The reconstruction work is quite complex as large parts of its arcades were destroyed, as well as its external walls. In addition to the demolition of the remaining portions of its concrete roof, the early stages of work will require clearing rubble and removing landmines from the 650m2 site. Local contractors, under the supervision of skilled experts, are doing the work. UNESCO is fostering reconciliation and social cohesion in Mosul through the restoration and reconstruction of emblematic historical sites as part of UNESCO’s led international initiative “Revive the Spirit of Mosul”. The rehabilitation of this church is important not only because of its value as cultural heritage, but also as a testimony to the diversity of the city, a proud crossroads of cultures and a peaceful haven for different religious communities over the centuries. Students in the departments of archaeology, architecture and engineering of the University of Mosul will benefit from taking part in the process of restoration of the landmark buildings. This project is funded by the United Arab Emirates and beyond the rehabilitation of architectural landmarks, it includes: On the-job training for young professionals Strengthening the capacities of craftspeople (masons, carpenters, stone carvers, metalsmiths, etc.) Job creation opportunities Technical and vocational education (Source: UNESCO) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 8 view(s)
  • Investors Iraq News's Avatar
    Yesterday, 12:53 AM
    By Dr Amer K. Hirmis. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Public sector investment in Iraq – What strategic priorities for the new Prime Minister?Iraq is still in turmoil, four months since the Uprising, in October 2019. Meanwhile, Prime Minister (PM) Adel Abdul Mahdi resigned. Muhammad Tawfiq Allawi i has been appointed as PM-designate. Mr. Allawi has already been rejected by the Uprising, as an affiliate to the failed post-2003 ethno-sectarian political system. Political uncertainty thus continues, and with it investment decisions in the public and private sectors. Whoever the new PM may end up to be, two key challenges will face him; political and economic. On the political front, the new PM will need to prove, by action, that he has the will and determination to serve the Iraqi people, rather than bend to ethno-sectarian interests that have shaped politics and the economy post-2003. A system that normalised pervasive corruption, sidelined the rule of law, freedom of thought and expression, peaceful gathering and the right to protest. A system that, inter alia, stalled economic development, leading to high unemployment, and marginalised, if not atomised, millions of Iraqis living in poverty. On the economic front, the challenges are just as great as the political ones. The new PM will have only the near-term to rise to these challenges – possibly a major review of the current ‘Government Programme,’ the ‘Construction Council’ bill, and various economic “road maps” laid out by the current ‘Prime Minister’s Advisory Committee’ (PMAC), e.g. “vision 2030”, as well as comprehensive institutional reforms. He will need to draw together all these, and more, and produce a short-term realistic, rational and workable economic programme, on which more below. Simply put, the Uprising anticipates economic reforms that create new jobs, use oil revenues for investment in productive sectors of the economy, across the country and substantially reduces the size of government employment, of which the pay roll easily absorbs over 50 percent of the national budget. The Uprising also demands early general elections, ushering a process of defragmentation of the allegedly corrupt institutions, and observing good governance and the rule of law, amongst other reforms. Please click here to download Dr Hirmis’ full report in pdf format. Dr Amer K. Hirmis is Principal at UK-based consultancy CBS Ltd. (2008-present). In October 2009, Amer began a 20-months assignment as Senior Development Planning Advisor to the Ministry of Planning in Iraq (funded under the DANIDA programme for ‘peace and reconstruction’ in Iraq). The posts Amer has assumed include Chief Economist and Head of Policy at the London Chamber of Commerce and Industry (1992-5), Economic Advisor to UK South West Regional Development Agency (1996-8) and Associate Director and then Head of Consulting and Research (Middle East) at the global firm DTZ (1998 to 2007). Dr Amer K Hirmis is the author of ‘The Economics of Iraq – ancient past to distant future’ https://www.amazon.com/Economics-Iraq-Ancient-distant-future/dp/1999824105] Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 10 view(s)
  • Investors Iraq News's Avatar
    Yesterday, 12:53 AM
    This article was originally published by Niqash. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. It can be hard for young Iraqi graduates to get a job – in Iraq’s oil-dependent, rentier economy, the government still provides most of the employment and as the population grows, there simply are not enough jobs to go around. It’s one of the main reasons for current anti-government protests. One young Baghdad woman, Duha Mustafa Fadel, decided to forge her own path after graduation. She now has her own business, making natural soap and skin care products locally. She sells soap made with fennel, lemon, coffee, active coal, strawberry, honey and Moroccan clay, among other varieties, via Facebook and at drugstores and beauty clinics around the country. She told NIQASH how she got started, where she hopes to go and why there is hope for young Iraqis in the private sector. NIQASH: How did all this begin for you? Duha Mustafa Fadel: After I graduated, coming first in my class, I didn’t want to wait around for the government to offer me a job, as so many other people do. I worked for another company for a while and managed to save some money. Then I travelled to India with my husband – he was studying there – where I was introduced to all kinds of natural oils and where I joined a training on the manufacture of natural products. Upon my return to Iraq, I got started. I opened a small workshop in my own home and created two Facebook pages to market my products. One of the first people to contact me was a woman from Diwaniyah. She said she was interested in the products but couldn’t afford to pay to get them from Baghdad to Diwaniyah and asked if there was any chance I would open outlets in other parts of Iraq. So that’s what I did. NIQASH: What was the budget for your project? Fadel: Around US$3,400. That was what I could afford and I used the money to buy raw materials and workshop supplies. NIQASH: When you first started work, what were some of your biggest challenges? Fadel: Basically trying to build trust that it was a locally made product and that it was good. Shop owners that I tried to stock would ask me whether it was really made in Iraq, or if it was imported. When I told them it was made in Iraq, they were often reluctant. However when they did try it, they liked it a lot and would always order more. NIQASH: Did you do any research on the market or whether Iraqis even wanted something like this before you began? Fadel: Yes, I tried to do a feasibility study and when it comes to the tastes of customers, I started with what I liked first, and what people close to me liked. Then eventually, as the business grew, I began to get more insights into what customers wanted and I built my knowledge of the market that way. NIQASH: What sort of plans do you have for the future growth of your business? Fadel: I’d really like to open a proper factory in Iraqi Kurdistan to make soap and skin care products and then market them in Arab countries, and also internationally. I lived in Iraqi Kurdistan for two years and I have good contacts there. The conditions for opening a factory are easier up north too. NIQASH: A lot of other Iraqis would be looking at your success with admiration and they might possibly also want to ask you for a job. Where do you find your employees? Fadel: At first, a friend was helping me and as the business grew, I began to hire young female graduates. As our activities continue and grow, the number of staff should also increase. I’ve also been very lucky in that my husband and parents support my work unconditionally. NIQASH: What advice would you give to other Iraqi women who might be thinking about starting their own businesses? Fadel: I would advise them not to hesitate. I would advise them to work hard and to unleash their talents and creativity. The beginning is always hard but over time, things get easier and your business will grow, especially if you have done good advance planning and research. Women who become financially independent can be a source of pride for their families and, of course, for themselves too. Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 16 view(s)
  • calstar's Avatar
    02-16-2020, 07:18 PM
    Thank you I appreciate it. B
    32 replies | 13911 view(s)
  • Brazileiro's Avatar
    02-16-2020, 04:06 PM
    I use FireFox and added a "security exception" way back when the security message first started showing. Google "security exception" for whatever browser you use and you should find step by step instructions,,,
    32 replies | 13911 view(s)
  • calstar's Avatar
    02-16-2020, 03:12 PM
    How did you access Warka Online? Is security upgraded.
    32 replies | 13911 view(s)
  • Brazileiro's Avatar
    02-16-2020, 12:27 PM
    I just logged into the warka site again to make sure I still had access and did not see anything related to the ISX...
    32 replies | 13911 view(s)
  • Investors Iraq News's Avatar
    02-16-2020, 02:53 AM
    Luna park and a multi-store Parking Garage / Babil provinceAccording to investment law no. 13 for the year 2006 as amended and its regulations, Iraq’s National Investment Commission (NIC) is pleased to announce the investment opportunity of constructing a Luna park and a multi-store Parking Garage on the land lot numbered 2/400 m 8 Alexandria- Babil Province (the total area of the land lot is 10 donum and 2 olks and 99 M ²) with adhering to the demarcated site on the sectoral design and the specified areas for the multi- store garage (7200 M² – 60 M * 120M) in addition to the area of the Luna park which ownership belongs to the Alexandria Municipality. Local and foreign companies willing to invest in this opportunity are invited to apply through filling in the Investment application form available on the NIC website: www.investpromo.gov.iq and provide all the documents mentioned in the application within (30) days from the date of publishing this announcement knowing that winning investor shall undertake the fees of local official newspapers announcements. For any further information please visit the NIC premises- Ones Stop Shop dept. located at Baghdad – IZ next to Avicenna Hospital) or send email to: oss@investpromo.gov.iq Required documents application form (stamped and approved by the Administration dept. of the National Investment commission) with a buying receipt of the application form Executive briefing Economic feasibility study Company establishment papers and its final records with a briefing of its work history (legal person) Copies of ID and passport of the investors (natural person) Copies of ID and passport of the company representative A list of the similar works previously implemented by the company or the investor (4 maximum) (Source: NIC) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 20 view(s)
  • Investors Iraq News's Avatar
    02-16-2020, 12:51 AM
    By Omar al-Jaffal for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News. Controversial new law could make Iraq’s early elections lateThe Iraqi parliament, under public pressure from months of widespread protests, has passed a new electoral law that still leaves protesters and parties representing Kurds and Sunni Arab areas far from satisfied. The law has yet to reach the president’s desk to be ratified. However, it’s not just the new law, approved Dec. 24 by the Iraqi federal parliament, that has ignited disputes between political parties, but also a controversial addendum relating to the organization of electoral districts. Click here to read the full story. Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 14 view(s)
  • dollarsign's Avatar
    02-15-2020, 10:03 PM
    DME Oman to Price Kuwaiti Crude Oil from February 2020 The move reinforces DME’s position as a key benchmark for Gulf crude oil Dubai, UAE – 25 December 2019: Dubai Mercantile Exchange (DME), the premier international energy futures exchange in the Middle East, today announced that Kuwait Petroleum Corporation (KPC) will use the DME Oman Futures contract as a price reference for Kuwaiti crude oil exports to Asia from 1 February 2020 onwards. keep in mind that they share joint fields with Iraq, and the State Oil Marketing Organization (SOMO) sells Iraqi oil on this exchange. Further linkage... ​$
    36 replies | 31403 view(s)
  • dollarsign's Avatar
    02-15-2020, 09:50 PM
    Within the efforts of the Central Bank of Iraq in maintaining the stability of the economic process, His Excellency the Governor of this bank initiated a meeting with the Chairman of the Securities Commission and the Executive Director of the Iraq Stock Exchange and the Executive Director of the Iraqi Private Banking Association, to discuss the mechanism for increasing the return on bank shares, and improving the circulation of those Shares, as well as increased transparency for banks to disclose performance and a host of other recommendations. The Central Bank of Iraq information Office Feb. 3, 2020 smiling yet? $
    36 replies | 31403 view(s)
  • dollarsign's Avatar
    02-15-2020, 09:44 PM
    February 2020 Special Issue: Federal Reserve System Conference on Monetary Policy - Strategy, Tools, and Communication Practices The last substantive section, section 4, explains how the dollar’s singular international roles as an invoicing and funding currency, as well as a benchmark for currency stabilization, confer on the Federal Reserve a unique global amplification mechanism for its monetary policy actions. As I will discuss further in the next section, the U.S. dollar has a unique role in the international monetary system as an official reserve currency, a funding currency, an invoicing currency for trade, and a vehicle currency in the foreign exchange market. Of USD 10.7 trillion of 2018:Q4 allocated foreign exchange reserves covered in the IMF’s COFER database, USD 6.6 trillion (62 percent of global reserves) were held in dollars. Foreign official reserve behavior thus could be a significant source of shocks to U.S. bond markets. Another source of the U.S. dollar liquidity premium is the dollar’s unique role as a vehicle currency in FX markets. The last (2016) Triennial Central Bank Survey of Foreign Exchange and Over-the-Counter (OTC) Derivatives Markets showed the U.S. dollar share in daily FX turnover to be 88 percent (out of 200 percent, given that every deal involves two currencies). The U.S. dollar also stands out from other currencies as the prime “anchor” or “base” currency for exchange rate stabilization. In other words, the many (mostly emerging and developing) countries that intervene to limit their currencies’ foreign-exchange flexibility often see their bilateral U.S. dollar exchange rate as the most appropriate benchmark for stability. Ilzetzki, Reinhart, and Rogoff (2019) reckon that for about 60 percent of the world’s countries (even more on a GDP-weighted basis), the dollar is the anchor currency. Much international trade is invoiced in U.S. dollars, even when the United States is not a party to the trade. Only the euro is at all a rival in this respect, but the share of world trade invoiced in euros is much lower. And for the United States, of course, the dollar dominates for both imports and exports, with 93 percent of imports and 97 percent of exports invoiced in dollars (Gopinath 2017). https://www.bis.org/ijcb.htm February is indeed busy... $
    36 replies | 31403 view(s)
  • Brazileiro's Avatar
    02-15-2020, 09:32 PM
    Hi CF, I'm hoping Mr Issa was too busy working with the CBI "expediting" the process to start giving us our money back :) Let's see if I can answer you questions... 1 - I sent the email to mohammad.k.issa@warka-bank-iq.com e-bank.ms@warka-bank-iq.com ifrd@warka-bank-iq.com 2 - e-bank sent email with pw to m k issa email, and m k issa email sent to me. ifrd email had "read" my email 3 - I always attach the signed document requesting a new password and authorizing the 15k iqd to be withdrawn from my account. 4 - not applicable 5 - No charge to renew the password. I haven't been charged for this is many years 6 - I didn't look to see about ISX trade options or anything to do with the ISX as I have no stocks with Warka Hope this answers your questions CF. I tried adding the document I send but couldn't. I know it's here somewhere on this forum though Anyone needing a password renewal should start/continue emailing monday - thursday, around 9:30am baghdad time.
    32 replies | 13911 view(s)
  • dollarsign's Avatar
    02-15-2020, 09:27 PM
    While widespread US dollar invoicing in trade means that foreign currency debt servicing costs are often matched by export revenues, the private sector’s stock of foreign currency debt is, in many EMEs, much larger than that of foreign assets. In addition, and as mentioned above, scope for hedging often remains limited. This suggests that currency mismatches are widespread, more so than in advanced economies. As a result, an appreciation, say, of the domestic currency against the funding currency would reduce debt servicing costs and debt burdens, lowering EME borrowers’ credit risk, attracting more capital inflows and loosening financial conditions . Emerging Market Economies (EMEs) $
    36 replies | 31403 view(s)
  • dollarsign's Avatar
    02-15-2020, 09:12 PM
    The Finance Committee held the session to enlighten the blocs, and the political decision in the Council that the catastrophic results, and their secretions, from expelling the American forces, are as follows: The first result: that the 2020 budget has a deficit of at least between (45-40) billion dollars, and one of the most important The sources of filling this deficit are international loans, and if the decision to expel American forces is applied, Iraq will not be able to From getting these loans. Second: that Iraqi oil is sold in dollars, and our money goes to the American Federal Bank, which will create for Iraq a problem in commission and dollars, in addition to that the American bank may book receipts as threatened by Donald Trump, President of the United States of America. Cougar notes that Iraq is unable to withdraw or transfer its funds deposited in the US Federal Reserve , as they are frozen. Third: If America does not supply Iraq with the dollar, the Iraqi state does not have an alternative currency, and therefore the local currency "dinar" will be struck, because even the country with which the Iraqi delegation held deals, which is China, was not concluded in the Chinese yuan, but in dollars, and thus the state will face a problem to find Another currency, such as the euro, for example. in case they didn't understand how this actually works... ​$
    36 replies | 31403 view(s)
  • dollarsign's Avatar
    02-15-2020, 09:05 PM
    JANUARY 29, 2020 / 6:25 PM / UPDATED 11 HOURS AGO Bimonthly meetings The three principal bimonthly meetings are the Global Economy Meeting, theEconomic Consultative Committee and theAll Governors' Meeting. Global Economy Meeting Economic Consultative Committee All Governors' Meeting Global Economy Meeting Economic Consultative Committee All Governors' Meeting The Global Economy Meeting (GEM) comprises the Governors of 30 BIS member central banks in major advanced and emerging market economies that account for about four fifths of global GDP. The Governors of another 19 central banks attend the GEM as observers. Chaired by Mark Carney, Governor of the Bank of England, the GEM has two main roles: monitoring and assessing developments, risks and opportunities in the world economy and the global financial system providing guidance to three Basel-based central bank committees: the Committee on the Global Financial System, the Committee on Payments and Market Infrastructures and the Markets Committee The GEM's economic discussions focus on current macroeconomic and financial developments in major advanced and emerging market economies. GEM members: central bank Governors of Argentina, Australia, Belgium, Brazil, Canada, China, France, Germany, Hong Kong SAR, India, Indonesia, Italy, Japan, Korea, Malaysia, Mexico, the Netherlands, Poland, Russia, Saudi Arabia, Singapore, South Africa, Spain, Sweden, Switzerland, Thailand, Turkey and the United Kingdom, and the President of the ECB, the Chair of the Federal Reserve Board of Governors and the President of the Federal Reserve Bank of New York. GEM observers: central bank Governors of Algeria, Austria, Chile, Colombia, the Czech Republic, Denmark, Finland, Greece, Hungary, Ireland, Israel, Luxembourg, New Zealand, Norway, Peru, the Philippines, Portugal, Romania and the United Arab Emirates. Federal Reserve Chair Powell now Chairs the GEM and ECC for a 3 year term as of Feb. 1st 2020 ​$
    36 replies | 31403 view(s)
  • crazyfrank's Avatar
    02-15-2020, 06:49 PM
    Brazilerio, This is outstanding news for sure, showing that they are alive and kicking...... may I ask a few questions on this event to clear up what path you took to make this happen? 1. what was the warka e-mail address that you sent the request in to? 2. what e-mail address responded back to you with the reset info? 3. did you have to formally sign a written document, and then attach it to your e-mail? 4. if no attachment was sent, then they just went with a basic e-mail request? is this correct? 5. were there any charges assessed to reset the password as they once were doing long ago? 6. once you were able to gain access was there any ISX trade options seen available within their website platform?
    32 replies | 13911 view(s)
  • Brazileiro's Avatar
    02-15-2020, 03:21 PM
    I received the email with my new password today and have access to my account online again. Laith Alamir actually renewed the password back in Nov 2019 when I first requested it but Mr Issa never read any emails until today. So resend your emails if you still need online access renewed,,,
    32 replies | 13911 view(s)
  • Brazileiro's Avatar
    02-15-2020, 03:20 PM
    No word from Warka on anything,,,not even a peep about the info put out by the CBI,,,so we wait...I did get my password renewed today though :) been emailing since Nov 2019,,,
    27 replies | 6679 view(s)
  • Investors Iraq News's Avatar
    02-15-2020, 01:41 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 | 21 view(s)
  • Investors Iraq News's Avatar
    02-15-2020, 03:17 AM
    Asiacell reported revenue growth of 3% to QAR 4.6 billion in 2019, despite a flat customer base of 14.2 million customers. The company maintained a healthy EBITDA margin of 45% in 2019 while EBITDA declined slightly from QAR 2.1 billion in 2018 to QAR 2.0 billion in 2019. Asiacell upgraded its entire network to support 3G, achieving the widest 3G coverage in the country in 2019. Committed to bringing connectivity to all communities it serves, Asiacell restored service to liberated regions and further expanded to the south of the country. (Source: Ooredoo) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 16 view(s)
  • Investors Iraq News's Avatar
    02-15-2020, 03:17 AM
    By John Lee. The United Nations has advertised new positions in Iraq: Project Manager Community Resource Center, Agency for Technical Cooperation and Development (ACTED) Logistics Intern, Agency for Technical Cooperation and Development (ACTED) Programme Officer, Concern Worldwide Administrative Assistant, UNAMI – United Nations Assistance Mission for Iraq Information Analyst, UNAMI – United Nations Assistance Mission for Iraq (Source: UN) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 15 view(s)
  • Investors Iraq News's Avatar
    02-15-2020, 03:17 AM
    By John Lee. The United Nations has advertised new positions in Iraqi Kurdistan: Monitoring & Evaluation Coordinator, International Rescue Committee (IRC) Programme Analyst, United Nations Volunteers (UNV) Programme Mgmt Specialist, UNDP – United Nations Development Programme Security Coordination Officer, UNAMI WASH Coordinator, Terre des hommes (Tdh) Head of Mission, Cooperazione Internazionale Fondazione (COOPI) (Source: UN) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 19 view(s)
  • Investors Iraq News's Avatar
    02-15-2020, 03:17 AM
    Advertising Feature Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 13th Febuary 2020). Please click here to download a table of listed companies and their associated ticker codes. The RSISX index ended the week at IQD588 (-4.0%) / $625 (-4.0%) (weekly change) (-10.8% and -10.8% YTD change, respectively). The number of week traded shares was 7.4 bn and the weekly trading volume was IQD6.1 bn ($13.2 mn). ISX Company Announcements Al Mustashar Islamic Bank for Investment & Finance (BMUI) with a capital of IQD150 bn, started trading on Feb. 12, 2020 in the non-regular market (NR). The opening price will be free for the first three sessions, and then will have +/-20% price change limit. Ibdaa Al-Sharq Al-Awsat General Contracting & Investment (SIBD) with a capital of IQD3.0 bn started trading on Feb. 9, 2020. ISX will suspend trading of Al-Ameen Financial Investment (VAMF) starting Feb. 24, 2020 due to the GA that will be held on Feb. 27, 2020 to elect 5 new original and 5 alternative board members. ISX suspended trading of Mansour Hotel (HMAN) starting Feb. 12, 2020 due to the AGM that will be held on Feb. 17, 2020 to discuss and approve 2018 annual financial statements. Iraqi Middle East Investment Bank (BIME) resumed trading on Feb. 9, 2020 after discussing and approving 2017 and 2018 annual financial statements. ISX requested Credit Bank of Iraq (BROI) to disclose their AGM minutes for its meeting held on Feb. 6, 2020. The Ministry of Trade requested Karbala Hotels (HKAR) to resend an AGM invitation to its clients due to an objection on the AGM minutes published by the company as it has not been approved. Cross transactions: 2.1 bn shares of Trans Iraq Bank for Investment (BTRI) on Feb. 12, 2020, which represents 0.8% of BTRI’s capital and 1.5 bn shares of Asiacell (TASC) on Feb. 10, 2020, which represents 0.5% of TASC’s capital. Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 17 view(s)
  • Investors Iraq News's Avatar
    02-14-2020, 03:21 AM
    Prime Power Middle East (PPME), a wholly owned subsidiary of Prime Metro Power Holdings Corporation, has commenced operation of its power plant in Umm Qasr, Basra. The power plant started its commercial operation last Sunday, 09 February 2020, and is designed to deliver base load of 24/7 power to the Umm Qasr Ports Authority Zone. The gas-fired power plant is equipped with three latest version Wartsila W20V34SG engines with fast start capability able to provide power to the GCPI grid within 30 seconds. It is fully automated with the latest control system allowing stable electricity generation to the Umm Qasr Port grid. Prime Power started discussions with the Iraqi government in 2016 in light of the growing power shortages. In May 2018, Prime Power signed a 23-year Power Purchase Agreement with the Genral Company of Ports or Iraq (GCPI). Benefiting from natural gas supply from a specially built 15km natural gas pipeline, the Umm Qasr Port Power Plant is the first phase of a multi-phase development program that starts with its current Phase 1 operational capacity of 29.3MW reaching total generation capacity 68.4MW in Phase 2, with room to increase capacity up to 150MW in the coming years. The power plant operation will be integrated with a distribution system to support the port industrial zone and surrounding cities. Enrique Razon Jr., Prime Power Chairman and CEO, said: “We are delighted to start our greenfield power plant in Umm Qasr Port. It is a testament to the potential of Iraq. “Under a join operation framework with GCPI we were able to leverage the Basra Governorate’s natural gas resources to develop a first class state of the art facility that adds vital power generation infrastructure and services to state of Iraq. “We see this plant as the first phase of many as we continue to be long term investors in Iraq and to contribute to its economic and social development.” In spite of some of geopolitical and social challenges Iraq is going through, the plant was built within record time and ahead of schedule. Guillaume Lucci, Prime Power President and COO, said: “We are pleased to have delivered such critical infrastructure and services to GCPI and the Port of Umm Qasr. “The completion of Phase 1, in less than one year, is a significant milestone in Prime Power’s strategy to build up an infrastructure portfolio that delivers fast and critical investments to regions in need. “We will continue to rest on our strong presence on the ground as we work hand in hand with the government and the communities we serve.” Moving forward, PPME will continue to improve the electricity situation at the port, and is looking forward to launching the Phase 2 in the last quarter of 2020. Prime Metro Power will continue to aim for an even greater contribution to the Iraq power market, and continue the boundless use of economical and sustainable power generation facilities. (Source: ICTSI) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 21 view(s)
  • Investors Iraq News's Avatar
    02-14-2020, 01:03 AM
    By Dr Renad Mansour, for Chatham House. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. After Latest Turn, is Muqtada al-Sadr Losing Influence in Iraq?The populist cleric has repositioned himself in Iraqi politics multiple times, but his recent shift against youth-led protestors may signal his decline as an autonomous political force. Following the US strike on Qassem Solaimani and Abu Mehdi al-Muhandis, populist cleric Muqtada al-Sadr has violently cracked down on youth-led protests in Iraq. His paramilitaries and ‘blue hats’ – supposedly created to protect protestors from state and allied parastatal security forces – sought to end the months-long demonstrations by attacking the places where protesters have camped since October. In Baghdad’s Tahrir Square, they successfully captured the famous Turkish restaurant which had become a symbol of Iraq’s ‘October revolution’. Click here to read the full story. Source: Iraq-BusinessNews.com. Post your commentary below.
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    02-14-2020, 01:03 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. Who are Sadr’s Blue Hats in Iraq and what side are they on?In the face of harsh criticism from religious authorities and the Iraqi public, cleric Muqtada al-Sadr called on his followers to retreat Feb. 8 from protests where they had clashed with anti-government demonstrators. Sadr leads the Sadrist political current in Iraq and a group of followers among them called “Blue Hats.” Click here to read the full article. Source: Iraq-BusinessNews.com. Post your commentary below.
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    02-13-2020, 01:12 PM
    By John Lee. Mobile telecommunications company Zain has reported that its Iraqi revenue was stable at USD 1.1 billion last year, despite a competitive landscape and economic and political issues in Zain stronghold regions. Announcing its results for 2019, the company said: “ EBITDA grew strongly by 10% Y-o-Y amounting to USD 465 million (43% EBITDA margin) based on the operational transformation program. “Accordingly, the operation reported a net profit of USD 63 million for 2019, up 28% Y-o-Y. Zain Iraq’s focus on customer experience, services expansion across the country and cost transformation combined with growth of data and digital revenue were key drivers of this exceptional performance. “Retention and customer loyalty initiatives also resulted in the company serving 15.7 million customers.“ (Source: Zain) Source: Iraq-BusinessNews.com. Post your commentary below.
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    02-13-2020, 01:12 PM
    KRG Prime Minister Masrour Barzani chaired a cabinet meeting on Wednesday to discuss the implementation of the KRG’s ambitious Reform Law. The meeting of cabinet ministers was attended by the heads of the Financial Monitoring Diwan and Commission of Integrity in Kurdistan, as well as the President of Public Prosecutions. Prime Minister Barzani emphasised the significance of the KRG’s modernisation efforts, which will enhance the efficiency of all government sectors and streamline the delivery of services to the public. He called on all parties to support the reform agenda. A high-level committee was established to oversee implementation, and the Prime Minister requested that ministers submit recommendations on the prompt and effective enacting of the Reform Law within 15 days. The Prime Minister also highlighted the role of financial monitoring authorities, the Commission of Integrity, and Public Prosecutions in supervising the reform process. During the meeting, it was agreed that the cabinet, as part of its core responsibilities, will consider the restructuring the Kurdistan Region’s revenues and expenditures to bring greater transparency to the oil and gas sectors. (Source: KRG) Source: Iraq-BusinessNews.com. Post your commentary below.
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