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L-3 Wins Another Iraq Order

By John Lee.

L-3 Fuzing and Ordnance Systems Inc., of Cincinnati, Ohio, has been awarded a $16,487,744 contract W15QKN-17-C-0024 for production quantities of 77,114 M783 point detonating/delay fuzes, relating to Syria and Iraq.

Work will be performed in Cincinnati, Ohio, with an estimated completion date of Sept. 30, 2019.

(Source: US Dept of Defense)

Iraq is Iran’s 2nd Biggest Non-Oil Customer

By John Lee.

Iran’s Trade Promotion Organization (TPOI) has issued data showing that five countries — China, Iraq, UAE, South Korea and India — accounted for 68.7 percent of Iran’s total non-oil exports in the first five months of the current Iranian fiscal year (March 20-Aug. 22).

Its non-oil exports (including gas condensate) fell 5 percent in the period, to $17.193 billion.

China was the main importer of goods from Iran, accounting for 21.8 percent of the total, with Iraq taking 15.1 percent with $2.604 billion, followed by the UAE, South Korea, India, Afghanistan, Turkey, Pakistan, Thailand and Taiwan.

(Source: Trend)

(Image credit: Tasnim, under Creative Commons licence)

In Basra, Fighting Rising Temperatures With Trees

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.

To fight climate change in Basra, where summer temperatures now regularly rise to over 50 degrees Centigrade, locals plan to plant 16 million trees. The volunteers are on course for 1 million in 2017.

In the southern Iraqi city of Basra, locals are taking matters into their own hands to fight climate change. “In recent years temperatures in Basra have exceeded 50 degrees Centigrade,” explains Alaa Hashim al-Badran, head of the union of agricultural engineers in Basra. “And that is dangerous.”

The ramifications of ongoing climate change mean that the city and its inhabitants may face even higher temperatures in the future. To try and ameliorate the impact, locals have started planting trees. They intend to have planted a million of them shortly, and 16 million in the next few years.

Al-Badran says the idea for a tree-planting campaign was first suggested in the middle of the year and has since progressed rapidly. There are a hundred volunteers and over 15,000 supporters online, he notes, and in the near future, there should be even more people involved.

Citing the example of successful tree planting in Gulf Arab countries, al-Badran and his colleagues believe this may be one of the only ways to prevent Basra from deadly over-heating.

 

 

“Over the next few years we plan to plant 16 million trees here,” he told NIQASH. “The first phase starts in September and goes until mid-November. Then we will start again in mid-February and carry on until mid-April next year. The first objective is to plant 1 million trees.”

Iraq Stock Market Report

Advertising Feature

Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 21st Sept 2017).

Please click here to download a table of listed companies and their associated ticker codes.

The RSISX index ended the week at IQD778 (-1.0%) / $798 (-1.0%) (weekly change) (-18.9% and -15.7% YTD change, respectively). The number of week traded shares was 9.5bn and the weekly trading volume was IQD6.3bn ($5.1mn).

ISX Company Announcements

  • Two cross transactions occurred on 3.0bn shares of Trans Iraq Bank for Investment (BTRI) on Sept. 18 and Sep. 20, 2017), which represent 1.14% of BTRI capital.
  • Gulf Commercial Bank (BGUC) will hold AGM* on Oct. 12, 2017 to discuss and approve 2016 annual financial results and decide to distribute 1.96% cash dividend (IQD0.0196 dividend per share). ISX will suspend trading of BGUC starting Oct. 9, 2017.
  • Iraq Baghdad for General Transport (SBPT) will hold AGM* on Oct. 9, 2017 to discuss and approve 2016 annual financial results. ISX will suspend trading of SBPT starting Oct. 4, 2017.
  • National Chemical and Plastic Industries (INCP) will hold AGM* on Oct. 5, 2017 to discuss and approve 2016 annual financial results. ISX will suspend trading of INCP starting Oct. 2, 2017.
  • International Islamic Bank (BINT) invited shareholders to participate in the capital increase from IQD100bn to IQD250bn through 150% rights issue starting Sept. 20, 2017.
  • ISX requested Region Trade Bank for Investment and Finance (BRTB) to disclose the names and titles of the individuals who have direct access to internal information for 2017, like BoD and their advisors, CEO, CFO, auditor and etc., in order to start trading.
  • Al-Hamraa for Insurance (NHAM) will hold AGM* on Oct. 24, 2017 to discuss and approve 2016 annual financial results. ISX suspended trading of NHAM starting Oct. 19, 2017.
  • Iraqi Agricultural Products Marketing Meat (AIPM) resumed trading on Sep. 19, 2017 after discussing and approving 2016 annual financial results and deciding to distribute 5% cash dividend (IQD0.05 dividend per share, 1.7% dividend yield).

Jordan Exempts Iraqi Trucks from Fines

By John Lee.

The Jordanian government has said that as part of its efforts to overcome obstacles to trade with Iraq, its Prime Minister, Hani Al-Mulqi (pictured), has decided to exempt Iraqi trucks parked on the Jordanian side of the border from the financial penalties.

Petra news agency reports that the exemption, which came in conjunction with the opening of borders between Jordan and Iraq, would encourage trade through the Al Karama-Turaibil [Terbil] border crossing, boost economic relations between the two countries, and facilitate the movement of citizens and goods in both directions.

The decision also “aims to accelerate the operation of the Kingdom’s truck fleet that transport goods and commodities to Iraq, and revive shipping in the port of Aqaba“.

(Source: Petra)

Liberation From ISIS Underway in Iraqi Towns

Operations have begun to liberate western Anbar and Huwayjah, the last two areas in Iraq where the Islamic State of Iraq and Syria hold territory, said Army Col. Ryan Dillon, spokesman for Combined Joint Task Force Operation Inherent Resolve.

Iraqi Prime Minister Haider al-Abadi made the operations announcement to eradicate ISIS, Dillon said, speaking to Pentagon reporters via teleconference out of Baghdad, today.

“Already, the [Iraqi forces] have routed ISIS in Akashat, Rihanna, and just this morning they have cleared 11 villages, completing their first phase of operations in Huwayjah,” the spokesman said. “These operations are evidence, and showcase the [Iraqis’] increased capacity as a battle-tested, formidable fighting force.”

It is clear that ISIS terrorists are overwhelmed and outmatched by the strength of the [Iraqi forces], he said. “[ISIS] is losing ground, and is failing in every battle. Soon, ISIS will have no sanctuary anywhere in Iraq,” Dillon said.

The coordination among the Iraqi army, the federal police, peshmerga forces, local police, counterterrorism service, and popular and tribal mobilization forces has contributed to the victories seen recently against ISIS, the spokesman said. So far, he added, more than 4 million people have been liberated, and about 15,800 square miles have been cleared.

Raqqa Gains

In Syria, the Syrian Democratic Forces continue to eliminate ISIS in the eastern and northeastern regions of that country, Dillon said. In Raqqa, “The SDF have now cleared about 70 percent of the entire city,” he added.

The SDF gained about 84 city blocks in Raqqa from ISIS control in the past week, he said.

“In the past week, the SDF have assisted more than 200 civilians flee the city of Raqqa,” Dillon noted. “The SDF also detained ISIS fighters attempting blend in amongst civilians; one of which was another ISIS emir, or local leader.”

New Career Opportunities in Iraq

By John Lee.

The United Nations has advertised new positions in Iraq:

(Source: UN)

New Career Opportunities in Iraqi Kurdistan

By John Lee.

The United Nations has advertised new positions in Iraqi Kurdistan:

(Source: UN)

Textron Wins $30m Iraq Contract

Textron Aviation Defense LLC, Wichita, Kansas, has been awarded a $30,000,000 indefinite-delivery/indefinite-quantity contract for Beechcraft King Air 350 maintenance training in support of the Iraqi Air Force.

Work will be performed at Martyr Mohammed Ali Air Base, Iraq, and is expected to be completed by Sept. 20, 2020.

This award is the result of a country-directed sole-source acquisition.

(Source: US Dept of Defense)

Crescent Petroleum, Dana Gas support Healthcare Centre for IDPs

By Robert Cole, AMAR Foundation.

Crescent Petroleum, one of the Middle East’s oldest and largest upstream oil companies, and Dana Gas, one of the largest private sector natural gas companies in the region, have joined forces to fund the running costs of a healthcare centre and vocational training centre for displaced people in the Kurdistan Region of Iraq for the next three years, the two companies today announced.

The three-year commitment will fund the entire running costs of AMAR International Charitable Foundation’s Primary Healthcare Centre and vocational training centre in Khanke Camp, which serve the whole community, including 16,000 Yazidi residents.

The healthcare centre plays a vital role in providing healthcare to those who would otherwise be unable to access medical support. In the second quarter of 2017, the clinic saw 26,404 cases, conducting 5,411 maternal health consultations and 2,034 child consultations.

Commenting on the donation, Crescent Petroleum’s CEO Majid Jafar said:

“At Crescent Petroleum, we aim to empower local communities by not only providing energy solutions to fuel their development, but also by responding to their social and economic needs. Internally displaced people (IDPs) are among the world’s most vulnerable populations but they are often overlooked by international relief efforts, and we are committed and honoured to assist their healthcare needs in partnership with AMAR Foundation.”

The natural gas produced by the companies from the Khor Mor field supplies more than 1,750 MW of affordable electricity to the Kurdistan Region, giving schools, hospitals and other vital entities a non-disruptive water and electricity supply for millions of people.

The Duhok Health Directorate has seen the population of the region more than double over the last two and a half years due to the massive influx of IDPs from the Sinjar and Mosul regions, putting increasing pressure on healthcare access.

Patrick Allman-Ward, Dana Gas’ CEO, said:

“Our corporate social responsibility programme has been at the heart of Dana Gas’ operations since its inception in 2005. Providing financial support to those in need is not only a moral obligation, it also has a positive impact on the communities where we operate.”

AMAR’s Chairman and Founder, the British Conservative Peer, Baroness Nicholson of Winterbourne, said she was “overwhelmed” by the generosity of Dana Gas and Crescent Petroleum:

“AMAR builds, staffs and runs five state-of-the-art heath centres on an extremely low budget. The generous donation from Crescent Petroleum and Dana Gas means we can continue with the marvellous work being done in Khanke by our locally trained doctors and nurses for the next three years.”

PLEASE CLICK HERE IF YOU CAN HELP – ANY AMOUNT LARGE OR SMALL.

(Source: AMAR Foundation)