Sudan: The government has passed important laws to revive the economy and investment 19/9/2017 12:00 am Participated in the Iraqi – UAE Trade Forum Baghdad / Sabah Minister of Industry and Minerals Mohammed Shiaa al-Sudani said that the Iraqi government and people appreciate all the supporting positions in the fight against terrorism. “The Iraqi government […]
Financial analyst Tawfiq al-Ani stressed that the reality requires the actual work to provide funding that drives the financial sector and projects and achieve development, which requires in turn to overcome the lack of confidence of the citizen banking system, stressing that it is not new, and the problems experienced by the banking sector was not the main reason, Negative effects on this sector, especially that the Iraqi citizen does not have the willingness to put his money in banks.
He pointed out that this was because of the situation of the country confusing since decades, where continued wars to create a state of anxiety of the citizen made him lose confidence with the banking sector, and the banking problems and the bankruptcy of some banks to enhance the state of distrust. Interest rates.
He added that the restoration of confidence needs to pass through several stages through the adoption of new mechanisms through the activation of electronic payment on a large scale in daily life, pointing to the need to raise rates of interest and work on the development of marketing systems in the domestic financial sector, and citizens must feel that his money safely After arriving at a convincing case that the bank is a real guarantor of its funds.
As for the financial analyst Abdul Hussain al-Hakim said: There is a collective duty and another individual to build confidence between the citizen and the financial sector, explaining that the first is the central bank and banks, either individual needs to the mechanisms of education on a large scale, indicating that the compactness, which amounts to 77 percent of the size
"The local cash represents a loss for the Iraqi economy, where banks can attract 8 times the capital and employment in the service of the economy, as happens in the successful economies and here benefits the banks and citizens.
Hakim pointed to the importance of the existence of communication between the financial sector and the citizen of the money, e NAC role of the Deposit Guarantee Corporation to build confidence between the parties, pointing out that banking transactions are now between banks and citizens need to expand its circle and here is the need to strengthen confidence.
He pointed out that the non-invested cash mass is estimated at 77%, which can lead to growth in the same proportion in the national economy and contribute to the activation of credit and letters of guarantee, thus extending the credit "loans", indicating that the credit activity is now restricted.
He pointed out that trust between the bank and the beneficiary raises the bank’s financial solvency and this reflects a positive reality for the bank in front of international banks and entities.
He stressed that the money that comes from abroad for investment purposes is also looking for guarantees, indicating that in all cases guarantees are working to attract funds to the investment sectors through banks and large numbers.
He pointed out that attracting money to Iraq can be described as weak, despite the existence of international institutions that come with large investments in amounts that make a qualitative leap from these institutions Islamic Development Bank, but it comes on terms of the most important financial adequacy of local banks and the ability to attract deposits at specific rates.Workload
He stressed that the progress of banking and raising the interaction with the citizen and the conversion of the mass of cash from homes to the financial sector contributes to attract large investments in excess of one billion dollars to the investment entity and these figures in any case pass through the banking sector and the role of increasing the volume of work linked to the financial space.
Is a key pillar in achieving the personal and national benefit through the return it gets and contribute to building the national economy through the implementation of development projects that the economy and come back to the front depending on the money Almknzp.
He said that the transfer of cash mass can be employed in the service of the national economy and enhance the spirit of citizenship more as it provides job opportunities and the emergence of residential complexes and the movement of all economic sectors and these are the most important benefits of the transfer of the bloc Almtzzaza to thebanking sector. http://www.alsabaah.iq/ArticleShow.aspx?ID=144498
Shares in Gulf Keystone Petroleum (GKP) were trading down 3 percent this morning following the announcement of its results for the half year ended 30 June 2017.
Reuters quotes analysts at Cenkos Securities as saying that further clarity on payment is required before GKP can commit to proper capital expenditure.
Highlights to 30 June 2017 and post reporting period
- Gulf Keystone’s operations in the Kurdistan Region remained safe and secure throughout H1 2017 with plant uptime at PF-1 and PF-2 of over 99% with no lost-time incidents.
- Shaikan achieved average daily production of 36,664 bopd.
- Cumulative production from Shaikan has now exceeded 40 million barrels.
- In March 2017, Shaikan-8 (“SH-8”) was brought back on-stream.
- In April 2017, ERC Equipoise verified remaining gross Shaikan 2P reserves of 615 MMstb, as at 31 December 2016.
- With gross production of c.35,350 bopd in Q3 2017 so far, gross production guidance for 2017 remains at 32,000-38,000 bopd.
- Operational strategy for investment into Shaikan has been matured throughout 2017.
- Cash flow positive through H1 2017.
- The Group has continued to receive regular payments from the Ministry of Natural Resources (“the MNR”) of $15 million gross ($12 million net to GKP) with cash receipts of $84 million net to GKP year to date.
- Continued cost control with gross operating costs per barrel of $3/bbl (H1 2016:$4/bbl).
- Profit after tax of $0.7 million (H1 2016 (as restated): loss after tax of $232.6 million).
- As at 30 June 2017, the Group estimates an unrecognised revenue receivable of $33 million net to GKP with regards to unpaid export sales (December 2016: $25 million) and $76 million net to GKP for the past costs associated with the Shaikan Government Participation Option (December 2016: $71 million).
- Cash balance at 30 June 2017 of $118.8 million against $100 million debt principal.
- Cash balance at 18 September of $133.8 million.
- April 2017, decision taken to pay Reinstated Notes coupon of $5.1 million at 10% interest rate. The decision regarding the October 2017 coupon will be communicated to the market in due course.
- The Company is progressing in its ongoing discussions with the MNR regarding commercial and contractual conditions, in particular those around regular payments conforming to the Shaikan Production Sharing Contract (“PSC”) and crude marketing arrangements.
- GKP is preparing to make further investments to maintain plateau production at the nameplate capacity of 40,000 bopd with a view to increasing to 55,000 bopd, and beyond, subject to MOL and MNR approvals, a regular payment cycle from the MNR and a commercially acceptable investment environment.
Jón Ferrier (pictured), Gulf Keystone’s Chief Executive Officer, said:
“The first half of the year was a period of solid operational delivery, which has seen the Shaikan field continue to perform in line with expectations.
“The Company continues its dialogue with the MNR with the objective of achieving contractual and commercial clarity. Whilst continuing to maintain a rigorous and disciplined approach to its cost base, Gulf Keystone remains cash flow positive and well placed to continue to invest in increasing production from Shaikan.”
(Sources: Gulf Keystone Petroleum, Reuters, Yahoo!)
CBC.ca – 5 hours ago
Russian oil company Rosneft has completed its due diligence on infrastructure of the export oil pipeline in Iraqi Kurdistan (‘KROP”) and will shortly finalise the legally binding documents on oil pipeline project under the Investment Agreement signed at St. Petersburg International Economic Forum in June 2017.
The Kurdistan Regional Government of Iraq and the Company intend further strengthen and develop cooperation and consider to expand Rosneft footprint in the region. The parties have negotiated Rosneft’s opportunity to participate in the project on funding of the construction project of Kurdistan Region’s natural gas pipeline infrastructure. It is expected that a separate agreement under this project will be finalized by year-end.
The Kurdistan Region gas pipeline will not only supply natural gas to the power plants and domestic factories throughout the region, but also enable exporting of substantial fuel volume to Turkey and European market in the coming years. The investment in the project will be on under a BOOT arrangement, to be recovered through tariff charges and an agreed rate of return basis. The pipeline capacity is expected to handle up to 30 BCMA for gas export, in addition to facilitating gas supply to the key domestic users.
Rosneft and Kurdistan Regional Government are negotiating implementation of the project for construction of gas pipeline system on a fast track basis. Commissioning of the pipeline and first domestic supplies are planned for 2019 and export supplies – 2020.
Successful implementation of the project under discussion will enable Rosneft to play a leading role in the building and expanding Kurdistan Region’s gas transport infrastructure and create synergy with existing projects for development of the oil and gas fields of the 5 blocks awarded to the Company in the region.
Sources close to the deal told Reuters that the investments would amount to more than $1 billion.
(Sources: Rosneft, Reuters)
Through many visits to Iraq and exciting conversations with visionaries like Hal Miran, I began to learn about Iraq’s budding world of startups, incubators and entrepreneurs.
Communities and organizations such as FikraSpace in Baghdad, along with Re:Coded and 51Labs based at TechHub in Erbil, have all developed in recent years and are growing at an astonishing pace. In my quest to figure out how I could best contribute to this ecosystem, I learned that we don’t have to wait for more “traditional” investment conditions to get involved.
In many ways, Iraq has been closed off from the rest of the world for many decades due to war and sanctions and now the people of Iraq are hungry for innovation and development. Iraq’s young, growing population of 37 million people, an increasing percentage of the population on the internet (17.2% in 2015), and mobile subscriptions on the rise (93.8 per 100 people had mobile subscriptions in 2015), make it a promising environment for tech. Source: World Bank.
Iraq still faces many issues including security, political and financial challenges, but the beauty of technology is that it can potentially allow developing nations like Iraq to “leapfrog” in the evolution of certain consumer processes, e-commerce, on-demand services, fintech and many more.
For those interested in diversifying their investments outside the more established tech communities and in gaining access to new (and potentially undervalued) opportunities, Iraq is fertile ground. While investors can’t turn a blind eye to the legal, financial, and operational challenges that exist, we all know that where there’s risk, there’s reward.
The Road Ahead
Good tech ecosystems require skilled human capital. The Iraqi government can support universities and other institutions by investing in science and technology programs and emphasizing these fields’ importance to Iraq’s future economy. Additionally, the government can work to improve the conditions for foreign direct investment (FDI) into Iraq by strengthening the legal frameworks and recourse surrounding FDI. This is what is currently veering foreign investors away from Iraq and into other MENA countries who have established a more secure legal framework for FDI.
While there’s a number of measures the government can implement to make it easier on new businesses and FDI, it may take some time for the government to establish these reforms. Rather than waiting on the government, I encourage those interested in making Iraq a better place to take action now and provide support to this ecosystem where possible.
Aside from financial investment, many of the Iraqi diaspora have access to resources, institutions or technology that could be very useful to entrepreneurs and tech communities in Iraq. Those interested should follow Bite.Tech and other online sources to learn more about the tech ecosystem in Iraq and contact organizations directly.
Any support will go a long way to these individuals who are dealing with regular power outages, security challenges and limited local institutional resources. These brave men and women will be the entrepreneurs who forge a new economy and transform Iraq into a modern, inclusive and innovative society it can be.
Articles by external contributors do not necessarily reflect the opinion of Bite.Tech.
Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 14th Sept 2017).
The RSISX index ended the week at IQD786 (+0.5%) / $807 (+0.4%) (weekly change) (-18.1% and -14.8% YTD change, respectively). The number of week traded shares was 43.7bn and the weekly trading volume was IQD 31.3bn ($24.8mn).
ISX Company Announcements
- Two cross transactions occurred on 23.65bn shares of Al-Arabiya Islamic Bank (BAAI) on Sept. 12 and Sep. 13, 2017, which represent 9.4% of BAAI capital.
- A cross transaction occurred on 15.99bn shares of Mosul Bank for Development and Investment (BMFI) on Sept. 12, 2017, which represent 6.3% of BMFI capital.
- Dar Al-Salam for Insurance (NDSA) will hold AGM* on Sept. 19, 2017 to discuss and approve 2016 annual financial results and decide to increase the capital from IQD3.5bn to IQD5.0bn through 42.5% rights issue. ISX suspended trading of NDSA starting Sep. 14, 2017.
- Baghdad Hotel (HBAG) resumed trading on Sept. 14, 2017 after discussing and approving 2016 annual financial results and deciding to distribute 47% cash dividend (IQD0.47 dividend per share, 5.0% dividend yield).
- Al-Qabedh Islamic Bank for Finance and Investment (BQAB) having a capital of IQD250bn paid-in capital, has completed converting procedures from Al-Muhej for Money Transfer (MTAM) and started trading in non-regular market on Sept. 13, 2017. BQAB closed the day at IQD1.0.
- Region Trade Bank for Investment and Finance (BRTB) started depositing its shares on Sept. 14, 2017. The bank will start trading after depositing and activating 5% of the shares or after 21 days, on Oct. 5, 2017.
- Al-Zawraa for Financial Investment (VZAF) will hold AGM* on Sept. 17, 2017 to discuss and approve 2016 annual financial results. ISX suspended trading of VZAF starting on Sept. 12, 2017.
- Kurdistan International Bank (BKUI) disclosed that the ownership of Khan Adil Disko at BKUI reached 39.6bn shares on Sept. 11, 2017, which represents 9.9% of BKUI capital.
Baghdad / Batul al-Hassani
The Ministry of Transport revealed that the total number of marine units that entered the ports of the country during the first half of this year until the end of last month, exceeded 600 units loaded with various materials, confirming the continuation of the development works of the ports in the country, to expand the capacity of the load.
The media spokesman for the General Company for Ports, in the ministry, Ammar al-Safi, a special statement to «morning», that specialized committees formed by the ministry and the company prepared a plan for the rehabilitation and development of berths of ports, to achieve an increase in absorptive capacity through the use of the latest methods and techniques adopted internationally In the development of ports,
pointing out that it is witnessing a significant increase in the proportion of cargo operations and unloading of imported and exported goods, making them occupy the advanced rank among ports in the region.
He added that the Ministry of Transport always aspires to overcome the difficulties, in front of investment companies operating in the joints of transport in order to develop this sector to serve the transport and trade within the country, and achieve the highest revenues of the State Treasury, especially as the company is continuing the process of digging deep in order to enter ships and ships with huge cargoes Was difficult to enter during the past period.
Between the net, that all the berths of the ports of Umm Qasr al-Shamali and Khor al-Zubair, as well as the ports of Abu Flus and the stronghold of the number of 52 berths entered into work, to receive shipments with a double effort, indicating that the number of maritime units entering the ports during the first half of this year, Freely from various nationalities.
He added that the load on these units exceeded three million tons of various foodstuffs, construction, health, animals, iron and fuel, pointing out that there is a significant increase in the tonnage and containers entering the country through ports, since January and
The Spokesman for the General Company for Ports said that there are constant operations for all port owners, in order to achieve the speed and accuracy required in the unloading and shipping operations on a daily basis without interruption, noting that the company is keen to promote the status of maritime transport in the country, to be the thresholds of developed countries in this
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A member of the Committee on Economy and Investment parliamentary Abdul Salam al-Maliki, Saturday, his intention to collect signatures to issue a resolution obliging the government to approach embassies and international banking bodies to recognize the money of the President of the Kurdistan region Massoud Barzani and provincial government President Nizrvan Barzani and Kirkuk Governor Necmettin Karim, and put a hand.
Maliki said, "We intend to collect signatures in parliament today to submit to the presidency of the Council in order to issue a binding decision of the government and the Ministry of Foreign Affairs to pursue the funds of Massoud Barzani, Najran Barzani and Najmuddin Karim,"
noting that "the text of the resolution includes an official letter from the House of Representatives to the Ministry of Foreign Affairs to the embassies and international bodies Banking to inform Iraq about the funds of the three personalities in order to put a hand on it, "according to Alsumaria News.
Maliki said that "the three personalities have large funds outside the country and these amounts represent tattered resources of the people for deals and smuggling of Iraqi oil from the province and the province of Kirkuk over the previous period,"
pointing out that "the draft resolution will include the central bank’s demand to audit all remittances issued by Erbil And the follow-up of funds because of suspicions that some of them went to finance terrorist groups and order the country and the purchase of weapons of unknown origin and purpose.
Maliki said that "the House of Representatives in front of legal obligation and moral responsibility to pass this resolution and vote to defend the rights of the Iraqi people in general and Kurdistan in particular," blaming all domestic and foreign banks "responsibility to deal with these three characters that have been imposed on Iraq and its people since 2005 until today.
The Kurdistan region’s relationship with the federal government is strained as a result of the determination of the Kurdistan region President Massoud Barzani, September 25, a date for the referendum of the citizens of the region on the separation from Iraq and the establishment of an independent Kurdish state,
while this issue is categorically rejected by all the poles of the federal government, especially the international community, Iraqi decision to reject the referendum, and the removal of Kirkuk Governor Najmuddin Karim.
The House of Representatives ended its 19th ordinary session held under the chairmanship of Dr. Salim Jubouri, the President of the Council and in the presence of 173 deputies on Saturday 16/9/2017, read one law and voted on the Committee of Tribal Disputes.In a statement to the Information Department of the House of Representatives received by the (Iraqi News Agency Information / INA) that at the beginning of the session the Council voted on candidates for membership of the Committee on tribal conflicts in the province of Basra, which included MPs Jabbar Abadi, Amer Khuzaie and Amer Fayez and Abdul Salam al-Maliki and Safaa Al-Ghanim and Mazn Almazni Jamal Jamalawi And Tawfiq Al Kaabi. The council postponed the vote on the candidates for membership of the investigative committee on the kidnapped to the meeting on Monday. The Council voted on the recommendations that were submitted by the Committee of Civil Society Organizations, the Finance Committee and the Committee of Regions and Governorates that are not organized in the region and the Services and Construction Committee after hosting the Governor of Baghdad and members of the Provincial Council,
which included follow-up with the Office of the Prime Minister and the Advisory Board on finding financial sources to complete the implementation of projects And to follow up the implementation of policies and strategies that concern the province, whether economic or financial or other and to report to the Integrity Commission to hold accountable for the waste of public money and damage occurred in the province.Then Ahmed Taha read out a statement on behalf of the deputies of the provinces of Dhi Qar and Basra denounced the terrorist crime that targeted innocent civilians in the city of Nasiriyah, pointing out that the crime comes in the context of the defeat of terrorists by the brave security forces, declaring solidarity with the families of the victims of the tragic Dhi Qar, The establishment of a funeral board in the House of Representatives. The statement called on the Presidency of the Republic to speed up the signing of decrees to implement the death sentences against the depositors in the prisons of Dhi Qar province and to follow up with the competent authorities to track the criminals and those who helped them and the rows and the unity to meet the challenges as well as work on the development of external roads
and the provision of security forces to protect them and take the necessary administrative procedures and The competent committees to follow up the procedures of entitlements of the families of the martyrs, the wounded and the affected, calling for the return of their sons from the forces involved in the liberation to protect the roads.MP Mona Gharabi followed a statement condemning the treacherous terrorist incident in the province of Dhi Qar, pointing out the importance of taking quick and urgent measures to uncover the circumstances of the incident, calling for future plans to ward off risks from safe areas, protect civilians and provide the province with advanced equipment. The deputies read Al-Fatihah, a tribute to the souls of martyrs of terrorist action in the province of Dhi Qar.The Presidency decided to postpone the vote on the proposed law of the Media and Communications Commission submitted by the committees of culture, information, legal, financial, services and ages. The Presidency postponed both the vote in principle on the proposed amendment to the Law of Elections of the House of Representatives No. (45) for the year 2013 submitted by the Legal Committee and vote in principle on the proposed amendment of the Personal Status Law No. 188 of 1959 submitted by the Legal, Religious. For his part, praised the President of the Council the role of a committee of experts to select the members of the Board of Commissioners of the Electoral Commission for the efforts made during the election of members of the Electoral Commission Jubouri also thanked the heads of blocs and a number of deputies who participated in dialogue with the Kurdish blocs, praising their role in resolving differences and unify the situation within the sessions. The deputy MP Abdul Rahim al-Shammari issued a statement on the suspension of salaries of employees of the province of Nineveh under the pretext of security checks, which increased the suffering of the families of the province, calling for the fairness of the staff who contributed to the return of life and official circles to work, demanding the government to pay their salaries immediately. The Council concluded the reading of the report and discussion of the draft law of the second amendment to the law of the Central Bank of Iraq issued Order No. (56) for the year 2004 on the Coalition Provisional Authority (dissolved) and submitted by the financial and economic and investment. In the interventions of deputies, MP Riad Gharib called for the cancellation of the CPA order and the submission of a new draft law, in addition to the need for the independence of the Central Bank and the status of reserves in Swiss banks to maintain it. MP Hanan Al-Fatlawi called for reforming the mechanisms of the Central Bank’s work and for separating the overlap with the Ministry of Finance. MP Abbas al-Bayati called for determining the years of service for legal experts and allowing the sale and circulation of gold coins. MP Ammar al-To’maa asks about the extent of the guarantees put in place to protect the investment from loss.In its response to the interventions, the Committee stressed the importance of the proposals submitted, including the need for independence of the work of the Central Bank and the development of paragraphs encouraging investment, noting taking into account the proposals submitted for the draft law. Al-Jubouri drew the vote on both the draft law of provincial and district elections and the proposal of the second amendment to the law of the Independent High Electoral Commission No. 11 of 2007 and the proposal to amend the law of the High Commission Independent Electoral Commission No. 11 of 2007 submitted by the Legal and Vote Committee Report Committee of Experts on the members of the Electoral Commission in the session on Monday,
stressing the ability of the House of Representatives to resolve the draft proposals and the laws of different, noting that the meeting on Monday will see the presentation of the absence of deputies and actions taken against M, according to the rules of procedure in addition to determining the timings for the dates of interrogations and oral questions.It was then decided to adjourn the meeting until next Monday 18/9/2017. http://al-iraqnews.com/news/reports/207673-%D9%88%D8%A7%D8%B9-%D9%85%D8%AC%D9%84%D8%B3-%D8%A7%D9%84%D9%86%D9%88%D8%A7%D8%A8-%D9%8A%D9%86%D9%87%D9%8A-%D9%82%D8%B1%D8%A7%D8%A1%D8%A9-%D9%82%D8%A7%D9%86%D9%88%D9%86-%D8%A7%D9%84%D8%A8%D9%86%D9%83-%D8%A7%D9%84%D9%85%D8%B1%D9%83%D8%B2%D9%8A-%D9%88%D9%8A%D8%B5%D9%88%D8%AA-%D8%B9%D9%84%D9%89-%D8%AA%D8%B4%D9%83%D9%8A%D9%84-%D9%84%D8%AC%D9%86%D8%A9-%D8%A7%D9%84%D9%86%D8%B2%D8%A7%D8%B9%D8%A7%D8%AA-%D8%A7%D9%84%D8%B9%D8%B4%D8%A7%D8%A6%D8%B1%D9%8A%D 8%A9-%D8%AA%D9%82%D8%B1%D9%8A%D8%B1.html