Activity Stream

By John Lee. A Turkish company has won a tender to supply and deliver Metallic Garbage Containers to the United Nations Office for Project Services (UNOPS) in Iraq. The contract with*Ram Dis Ticaret A.S. is valued at $91,860. (Source: UNGM) Source: Iraq-BusinessNews.com. Post your commentary below.

US Assistance to Ethnic and Religious Minorities in IraqAs part of the continued commitment by Vice President Pence, Secretary Pompeo (pictured), and USAID Administrator Green to support ethnic and religious minorities in Iraq as highlighted earlier this year at the first-ever Ministerial to Advance Religious Freedom, the United States is proud to announce over $178 million in U.S. foreign assistance to support these vulnerable communities in Iraq. This brings total U.S. assistance for this population to nearly $300 million since Fiscal Year 2017, implemented by both the State Department and USAID. The preservation of Iraq’s rich historical pluralism is critical to reintegrating persecuted ethnic and religious minority communities into a peaceful Iraq. U.S. efforts to meet this objective span government agencies and are being implemented urgently, in close partnership with local faith and community leaders. Our efforts focus on the following areas: Genocide Recovery and Persecution Response (GRPR) Over $133 million in recently launched activities supporting the four pillars of USAID’s GRPR Program, bringing total funding for GRPR to $239 million. Meeting Immediate Needs: Over $51 million in life-saving humanitarian assistance to populations from the Ninewa Plain and western Ninewa, includes safe drinking water, food, shelter materials and household items, medical care, and psychosocial support. Helping Restore Communities: $9 million in funding to support early recovery needs and restore access to services like health and education. Promoting Economic Recovery: $68 million in funding to improve access to jobs and markets, support local businesses, and revive the local economy. Preventing Future Atrocities: $5 million to address systemic issues affecting minority populations and prevent future atrocities. Clearing the Explosive Remnants of War Approximately $37 million in funding to support explosive remnants of war (ERW) survey, clearance, and risk education in and around minority communities. This support has enabled the Department to significantly expand the number of U.S.-funded ERW survey, clearance, and risk education teams across Ninewa and fulfills the Secretary’s pledge to expand ERW clearance efforts in Iraqi minority communities made at the July 2018 Ministerial to Advance Religious Freedom. Social, Economic, and Political Empowerment $8.5 million in additional assistance to projects that provide psychosocial services, legal support, and initiatives to help collect evidence of human rights abuses; increase minority representation in local and provincial government; increase access to justice for children; strengthen rule of law; and provide livelihoods support and access to economic opportunities for vulnerable groups bringing the FY 2017 total to $18.5 million. Preservation of Historic and Cultural Heritage Sites $2 million in ongoing programming to support the preservation of cultural heritage sites in Northern Iraq that were targeted for destruction by ISIS and other terrorist groups, safeguarding, preserving, and restoring access to significant cultural heritage sites of minority communities. (Source: US State Dept) Source: Iraq-BusinessNews.com. Post your commentary below.

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.

UK-based Amarinth has secured its first order from Iraq Gates Contracting Company (IGCC) for $410K of API 610 OH1 pumps on 22-weeks FCA delivery for the Rumaila oil field, Iraq. This first order for Amarinth from Iraq Gates Contracting Company (IGCC) of $410K is for ten API 610 OH1 condensate transfer pumps with Plan 11 and Plan 52 double seals and seal support systems. The pumps are destined for the Rumaila oil field, a super-giant oil field located 50km to the west of the city of Basra, southern Iraq. The Rumaila field is estimated to contain 17 billion barrels, the largest oil field ever discovered in Iraq and considered the third largest oil field in the world. It is managed by the Rumaila Operating Organization (ROO), a joint venture between BOC, BP, PetroChina and SOMO. IGCC approached Amarinth for the ten identical API 610 OH1 pumps as they were required on an extremely short lead time of 22-weeks Free Carriage Aboard (FCA) from the sea-port in the UK. This is the sort of challenge that Amarinth has successfully delivered against many times in the past for Middle East oil and gas companies and will leave Amarinth just 20 weeks for the design, manufacture and testing of the pumps and seal support systems, including full documentation and NACE certification for all process wetted parts. Oliver Brigginshaw, Managing Director of Amarinth, commented: “This latest order from Iraq underlines our on-going commitment and investment in the region and we are delighted that IGCC approached us to supply these pumps recognising that we were the only manufacturer that could deliver bespoke API 610 pumps in the lead time they required. “In fact, we are seeing that many of the new projects in the Middle East need API 610 pumps on very short lead times as operators start to increase production again, which Amarinth are in a very good position to fulfil.” (Source: Amarinth) Source: Iraq-BusinessNews.com. Post your commentary below.

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. Arak distillery promotes ambitious new brand in defiance of alcohol banDistiller Amer ad-Doumali launched “Arak Bashiqa” in September, a new brand of the Levant’s traditional anise drink whose recipe is centered on dates. It was a*bold move*in*conservative Iraq, where a yet-unenforced*2016 law*banned*the production and trade of alcohol. Doumali’s new brand*is the product of his home*distillery*in the town of Bahzani*in Iraq’s northern Ninaveh province. Click here to read the full story. Source: Iraq-BusinessNews.com. Post your commentary below.

By John Lee. Oil Minister Jabar Ali al-Luaibi has transferred ownership of nine state-owned oil companies from the Ministry of Oil to the newly-created Iraqi National Oil Company (INOC). The Minister is also the President of INOC. The companies transferred to INOC ownership are: Iraqi Oil Exploration Company Iraqi Drilling Company (IDC) State Oil Marketing Organization (SOMO) North Oil Company (NOC) Midland (Middle) Oil Company Basra Oil Company (BOC) Dhi Qar Oil Company (DQOC) Missan Oil Company (MCO) Iraqi Oil Tankers Company (IOTC) IBN Expert Blogger Ahmed Mousa Jiyad has described the new company as “dysfunctional, unconstitutional and disintegrative“. (Source: Ministry of Oil) Source: Iraq-BusinessNews.com. Post your commentary below.

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) imposed sanctions today on Afaq Dubai, an Iraq-based money services business (MSB) that has been moving money for the Islamic State of Iraq and Syria (ISIS). Today’s designation follows action taken by the Department of Defense—announced on October 11—against a key ISIS financial facilitation group.* This MSB is a part of ISIS’s financial network that includes an array of other MSBs, hawalas, and financial facilitators in the Middle East. OFAC named Afaq Dubai as a Specially Designated Global Terrorist pursuant to Executive Order 13224, for assisting in, sponsoring, or providing financial, material, or technological support for, or financial or other services to or in support of, ISIS.* Contrary to what the name may imply, this MSB is located in Iraq and does not have any branches in the United Arab Emirates. “This Iraq-based MSB is a part of ISIS’s complex network of money services businesses, hawalas, and financial facilitators funding terrorism across the Middle East.* We are targeting this network in concert with the Department of Defense as part of this Administration’s ongoing campaign to cut off ISIS’s ability to launder money and move illicit funds,” said Sigal Mandelker, Treasury Under Secretary for Terrorism and Financial Intelligence.* “Even as ISIS’s hold on territory is eliminated, we will continue to search for and shut down the illicit financial networks ISIS utilizes to fund terror attacks and sustain operations.” Today’s action is a continuation of Treasury’s ongoing efforts to shut down financial facilitators and MSBs worldwide that move money on behalf of ISIS.* It follows the designation of two ISIS financial facilitators in September with ties to the Caribbean and the Middle East.* In December 2016, OFAC designated Selselat al Thahab Money Exchange in Iraq, ISIS*financier Fawaz Muhammad Jubayr al-Rawi, and his company, the Hanifa Currency Exchange in Albu Kamal, Syria.* Prior to his death, al-Rawi used the Hanifa Currency Exchange in Albu Kamal, Syria and a global network of financiers to move millions of dollars on behalf of the terrorist group. OFAC closely coordinated today’s designation with the Combined Joint Task Force-Operation Inherent Resolve (CJTF-OIR), which released details on October 11 regarding its joint action against members of a key ISIS financial facilitation group, who leveraged this MSB as part of its operation.** Coordinated actions such as those conducted by DoD and Treasury this week disrupt and curtail ISIS’s logistical infrastructure, recruiting, and revenue generation. As a result of today’s action, all property and interests in property of Afaq Dubai subject to U.S. jurisdiction are blocked and U.S. persons are generally prohibited from engaging in transactions with them. DESIGNATED TARGET Afaq DubaiAfaq Dubai was designated for assisting in, sponsoring, or providing financial, material, or technological support for, or financial or other services to or in support of ISIS. Afaq Dubai — which is located in Iraq — is part of a network of ISIS-associated money services businesses and financial facilitators in the Middle East.* It is run by two ISIS financiers, and, as of early 2018, laundered money for ISIS and provided money to ISIS families. In May 2018, a Jordan-based ISIS financial facilitator deposited $3 million from Iraqi dinar into three exchanges, including Afaq Dubai. Identifying information on the entity designated today. (Source: OFAC) Source: Iraq-BusinessNews.com. Post your commentary below.

Advertising FeatureRabee Securities Iraq Stock Exchange (ISX) market report (week ending: 18th October 2018). Please click here to download a table of listed companies and their associated ticker codes. The RSISX index ended the week at IQD634 (-3.8%) / $678 (-3.8%) (weekly change) (-21.6% and -18.9% YTD change, respectively). The number of week traded shares was 148.2 bn and the weekly trading volume was IQD55.5 bn ($45.7 mn). ISX Company Announcements Mosul Bank (BMFI) held an AGM* on Oct. 18, 2018 to discuss and approve 2017 annual financial results. ISX suspended trading of BMFI starting Oct. 15, 2018. Iraqi Middle East Investment Bank (BIME) resumed trading on Oct. 15, 2018 due to disclosing 2017 annual financial results. ISX requested AL-Sadeer Hotel (HSAD) to provide a subscription letter on the shares issued on Oct. 15, 2018 after the company’s decision to increase capital from IQD1.239 bn to IQD1.735 bn through 40% rights issue. The Companies’ Registrar announced on Oct. 9, 2018 that the transfer process of the management center of Cihan Bank for Islamic & Finance (BCIH) from Baghdad to Erbil has been completed. The Companies’ Registrar requested a copy of the new adjusted contract. Cross Transactions: 145.9 bn shares of Zain Al-Iraq Islamic Bank for Investment (BZII) (on Oct. 15 and Oct. 18, 2018) which represent 58.2% of BZII capital. 300 mn shares of Iraqi Agricultural Products Marketing Meat (AIPM) (on Oct. 17, 2018) which represents 6% of AIPM capital. Source: Iraq-BusinessNews.com. Post your commentary below.

By John Lee. The United Nations has advertised new positions in Iraq: Food Security and Livelihoods Program Manager, Triangle Génération Humanitaire (TGH) Programme Associate, UNAMI – United Nations Assistance Mission for Iraq Information Management Officer, UNAMI – United Nations Assistance Mission for Iraq STTA Sexual and Gender-Based Violence Advisor, Global Communities Sexual and Gender-Based Violence Program Coordinator, Global Communities Field Program Coordinator – North-East, Humanity and Inclusion (HI) Logistics Coordinator, Humanity and Inclusion (HI) Prosthetics & Orthotics Technical Advisor, 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.

By John Lee. The United Nations has advertised new positions in Iraqi Kurdistan: Logistics Coordinator, Première Urgence Internationale (PUI) Technical Project Engineer, IOM – International Organization for Migration Local Security Assistant, IOM – International Organization for Migration Project Officer (Enterprise Development Fund Management), IOM – International Organization for Migration Programme Coordinator (Economic Recovery), IOM – International Organization for Migration Assistant Data Analyst (Quantitative data), UNAMI – United Nations Assistance Mission for Iraq National Consultant, UNAMI – United Nations Assistance Mission for Iraq National Information Management Officer (Shelter Cluster), UNAMI – United Nations Assistance Mission for Iraq Grants and Donor Compliance Coordinator, Oxfam Peacebuilding Program Manager, Catholic Relief Services (CRS) (Source: UN) (Picture: Success, growth, career, development signpost from 3D_Creation/Shutterstock) Source: Iraq-BusinessNews.com. Post your commentary below.

By John Lee. Germany’s Siemens may have to share a $15-billion contract to supply power-generation equipment to Iraq with US rival General Electric (GE). The Financial Times reports that although it appeared that Siemens would win the deal, the Trump administration successfully intervened on behalf of GE. Last month German business newspaper Handelsblatt reported that Chancellor Angela Merkel had personally intervened with Prime Minister Haider al-Abadi to persuade the Iraqi Government to award the contract to Siemens. (Source: Financial Times) Source: Iraq-BusinessNews.com. Post your commentary below.

Iraq Britain Business Council completes productive trade mission to BaghdadIBBC recently completed a productive mission to Baghdad, meeting with high-level government officials and British authorities in Iraq. Baroness Nicholson of Winterbourne, President of IBBC and the Prime Minister’s Trade Envoy to Iraq led the delegation alongside Mr Rasmi Al Jabri, Deputy Chairman of IBBC, Mr Christophe Michels, Managing Director of IBBC and Mr Vikas Handa, IBBC representative in the GCC. IBBC was joined by numerous member representatives, including from Al Bilal Group, Al Burhan Group, Al-Nukhba OFS, ARCHS, Constellis, Dar Group, EY, Gulftainer, G4S, Khudairi Group, International Islamic Bank, Kuwait Energy, Management Partners, Menzies Aviation, Mosul University, National Bank of Iraq, Ratba’a Contracting, Serco, Shell, Standard Chartered Bank and Turnkey LLC. The delegation visited soon after the election of President Dr Barham Salih, who took time out of his busy schedule to meet Baroness Nicholson and the IBBC leadership who were joined by HMA Jon Wilks. Dr Salih has been a close friend of the IBBC for many years and recently spoke at the IBBC Cumberland Lodge Conference in July. On Sunday 7 October the delegation held meetings with the Governor of the Central Bank of Iraq, Mr Ali Mohsen Ismael Al Alaq, H.E. Mr Adbuallah Luabea the Deputy Minister of Transport, Mr Fayadh Neema, Senior Deputy Minister of Oil and Dr Sami Al Araji, Chairman of the National Investment Commission. The delegation were hosted by the Iraqi Federation of Chambers of Commerce in the evening for dinner. On Monday the delegation met with Dr Mehdi Al Alak, Secretary General of the Council of Ministers, Dr Hameed Ahmed Deputy Chairman of the Council of Ministers, Dr Sabah Mushatat, Economic & Investment Advisor to the Prime Minister of Iraq, Dr Mudher Mohammed Saleh, Finance Advisor to the Prime Minister of Iraq and with Ján Kubiš Special Representative of the Secretary-General and Head of the United Nations Assistance Mission for Iraq. *In the evening Ambassador Jon Wilks hosted a reception for the delegation and Iraqi dignitaries at his residency. Before leaving Iraq, Christophe Michels visited Serco, who are working with the Iraqi Civil Aviation Authority at Baghdad International Airport. Serco supports the Iraqi authorities in managing the entire spectrum of air traffic control in Iraq including the increasing number of international overflights. (Source: IBBC) Source: Iraq-BusinessNews.com. Post your commentary below.

By John Lee. A Spanish company has won a tender to supply and deliver digital colour doppler ultrasound system to the*International Atomic Energy Agency (IAEA) in Iraq. The value of the contract with Semitek Group – David Garcia Arribas has not be disclosed. (Source: UNGM) Source: Iraq-BusinessNews.com. Post your commentary below.

By Saad Salloum for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News. Nadia Murad, the Iraqi Yazidi, has been awarded the 2018 Nobel Peace Prize. This has raised the expectations and hopes of Iraqi minorities, especially Yazidis, since she is the first Iraqi to win the prize. Iraqi political leaders welcomed the award*as a tribute to the struggle of the Iraqi people against terrorism and extremism. Iraqi President Barham Salih called Murad*on Oct. 5*to congratulate her on the award. The president said the prize was a tribute to the Iraqis’*struggle and steadfastness. Click here to read the full story. Source: Iraq-BusinessNews.com. Post your commentary below.

By Fazel Hawramy for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News. IRGC masses troops on Iraq border amid rising tensions with Kurdish groupsIran’s Islamic Revolutionary Guard Corps (IRGC) is launching increasingly daring operations to degrade the capabilities of armed Kurdish opposition groups. In its latest move, it has deployed thousands of troops to difficult mountain ranges in the western part*of the country used as safe havens by the*groups for decades. The IRGC’s operations have taken on an air of urgency since US*President Donald Trump’s May 8 announcement that he was withdrawing*the United States from the Joint Comprehensive Plan of Action, the nuclear deal between Iran and six world powers,*and re-imposing sanctions against Iran. Click here to read the full story. Source: Iraq-BusinessNews.com. Post your commentary below.

In pictures .. Claims to spend money held with the Warka Bank in Baghdad A number of citizens demonstrated in Baghdad on Wednesday in Al-Rasheed Street in the center of the capital to demand their money "held" at the Warka Bank in the capital. A reporter for Alsumaria News, said that a number of citizens demonstrated today, in the area of ​​Rashid Street in front of the Central Bank of Iraq's central Baghdad, to demand the release of their money held with the Warka Bank in the capital. The protesters confirmed that their money had been in the bank for eight years.