Iraq Banking & Finance News – Page 7

11 December, 2017

Iraq “Fully Implements” Chapter VII, Oil-for-Food Program

The UN Security Council announced on Friday that all the measures imposed in its resolutions 1958 (2010) and 2335 (2016) pursuant to Chapter VII of the Charter of the United Nations in relation to the Iraq oil-for-food programme had been fully implemented.

Unanimously adopting resolution 2390 (2017), the Council welcomed the fact that the remaining funds in the escrow accounts established pursuant to resolution 1958 (2010) had been transferred to the Government of Iraq pursuant to resolution 2335 (2016).

The Council acknowledged the Secretary-General’s final report on the matter (document S/2017/820), which stated, among other things, that the remaining $14,283,565 in the administrative escrow account had been transferred to Iraq.

Following the adoption, Amy Noel Tachco (United States) applauded Iraq’s complete implementation of measures under the oil-for-food programme, although the country still faced many challenges. She looked forward to close cooperation internationally and bilaterally in support of Iraq as a federal, democratic and prosperous country.

Resolution

The full text of resolution 2390 (2017) reads as follows:

“The Security Council,

“Recalling its resolutions 1958 (2010) and 2335 (2016),

“Acknowledging receipt of the final report of the Secretary-General pursuant to paragraph 4 of Security Council resolution 2335 (2016), S/2017/820,

“1. Welcomes the implementing arrangements entered into by the Secretary-General and the Government of Iraq as requested in paragraph 7 of Security Council resolution 1958 (2010);

“2. Also welcomes that the remaining funds in the escrow accounts established pursuant to paragraphs 3–5 of Security Council resolution 1958 (2010) have been transferred to the Government of Iraq pursuant to Security Council resolution 2335 (2016);

“3. Concludes that all the measures imposed by the Security Council in resolutions 1958 (2010) and 2335 (2016) pursuant to Chapter VII of the Charter of the United Nations have been fully implemented by the parties.”

(Source: UN)

5 December, 2017

US emphasises Importance of Sound Banking System

US Ambassador to Iraq Douglas Silliman (pictured) has joined other distinguished guests and speakers at the Iraq Banking and Investment Summit on December 2.

The Ambassador spoke about the need to create economic opportunity for Iraq’s younger generation through a transition from a government-controlled, oil-based economy, toward a more diversified free market system that fosters and encourages private investment.

He noted the need to improve the ease of doing business in Iraq and emphasized that a sound banking system will be crucial to provide financing for aspiring entrepreneurs and business people.

The U.S. Embassy supports Prime Minister Abadi’s efforts to address these reforms and ‎is actively engaged in promoting U.S. business investment in Iraq.

(Source: US Embassy)

13 November, 2017

IBBC holds Successful Autumn Conference in Dubai

Iraq Britain Business Council holds successful Autumn Conference in Dubai

Following on from the first Iraq Britain Business Council conference in Dubai in 2016, the IBBC was delighted to host its Autumn Conference in the UAE once again. The event was strongly supported by the UAE authorities.

Alongside Baroness Nicholson, the UK Prime Minister’s Trade Envoy to Iraq and President of the IBBC, the conference was opened by H.E. Abdullah Al Saleh, Under Secretary for Foreign Trade and Industry, UAE Ministry of Economy.

The Minister reminded delegates that non-Oil & Gas related trade between the UAE and Iraq had already passed 11 Billion USD in 2016, with Dubai in particular being a hub for local and international companies in the region.

The Minister firmly believes that the UAE’s role in the rebuilding of Iraq will continue to expand and expressed his wish to cooperate with organisations such as the IBBC to accomplish this crucial task.

Vikas Handa, IBBC UAE Representative and the Managing Director of the Emirati Company DrillTech, warmly thanked the minister and stated that the IBBC stands ready to work even more closely with the UAE in Iraq.

The Government of Iraq sent a high calibre ministerial delegation led by H.E. Mr Qasim Al-Fahdawi, The Minister of Electricity, to the conference. The delegation included H.E. Mrs Ann Naufi Aussi Balbool, Minister of Construction Housing and Public Municipalities; H.E. Kadhim Fijan Al Hamami, Minister of Transport; H.E. Dr Sami Al Araji, Chairman of the National Investment Commission (NIC); and H.E. Mr Fayadh Hassan Nima, Deputy Minister of Oil for refining affairs.

The conference was structured around several sessions in which the Iraqi officials and international companies operating successfully in Iraq, most of which are members of the IBBC, exchanged their views and experiences.

These sessions focused on strengths, weaknesses and opportunities of the economy in Iraq, Reconstruction & Infrastructure, Transport, Power and Oil & Gas. In parallel, a series of high level round-table discussions between investors and Iraqi Government representatives took place.

The conference included for the first time a presentation on the rapidly developing Tech sector in Iraq , given by the CEO of Zain.

IBBC thanks the International Finance Corporation (World Bank) and the IMF for its participation. Thanks also go to the IBBC members who sponsored the conference: Gold Sponsor International Islamic Bank; Silver Sponsors Serco and Gulftainer; Lunch Sponsor Rolls-Royce; pre-reception Sponsor Wood; and Coffee Break Sponsors Eversheds Sutherland and KCA Deutag.

IBBC Managing Director, Christophe Michels, stated that the increasing involvement of the UAE and wider GCC with Iraq was a game changer for the country. The IBBC very much welcomes this development and is delighted to be part of it and support it. The organisation will increase its presence in the UAE and the Autumn Conference in Dubai will become a regular feature in its calendar of events.

(Source: IBBC)

9 November, 2017

60 New Projects to be Announced at IBBC Dubai Conference

Iraqi ministers intend to announce and discuss up to 60 intended projects at the IBBC summit conference this weekend in Dubai.

In a surge of confidence, a number of Iraqi ministers will be unveiling a raft of infrastructure, oil, power and industrial projects across numerous industry sectors:

Construction: Water treatment, waste water, housing, malls & infrastructure projects
Industry & Minerals: 10 new projects, including petrochemicals, methanol and phosphates
Oil: 4 new refineries, 3 refurbishments and 2 new initiatives
Energy: 32 separate power projects
Transport: Port projects and new railways

Vikas Handa, Director of IBBC Dubai says:

“We have been pleasantly surprised by the volume of opportunities the Iraqi Ministers have come forward with this Autumn, and it’s clear they are keen to drive forward economic development through major projects. There are also numerous adjacent opportunities on offer for a broad range of sectors.

“For those companies interested to attend the Conference, they will also be able to engage with the Delegation at more intimate round table discussions.

“We welcome companies to enjoy the inside track, to meet the attending ministers and discuss how your company can engage with these opportunities.”

To attend, register and sign up for the conference here: www.webuildiraq.org/ibbc-conference/autumn-conference/

1 November, 2017

Opportunity for UAE Business: Key Iraqi Ministers come to Conference

Rebuilding Iraq is central to the agenda of the Iraq Britain Business Council (IBBC) autumn conference at The Address, Dubai Marina on 12^th November.

The opportunity for businesses in the region to engage in Iraq is reflected by the attendance of a number of high profile Iraqi Ministers: from Electricity, Transport, Oil, Construction and Housing, to the Governor of Basrah and International financiers, including the IMF and World Bank.

Vikas Handa, the IBBC UAE representative agrees:

“Iraq is the second largest oil producer in OPEC and has one of the biggest programmes for new power generation projects in the region; Iraq presents massive opportunities for housing, Infrastructure and FMCG businesses. The event is designed to discover the opportunities and projects live and intended in Iraq, for business people to meet the decision makers, to obtain insights and to network”.

UAE is increasingly seen as the regional hub for corporate operations in Iraq and the place where business decisions are determined.

We can confirm this as a range of leading international companies are attending, including GE, Siemens, BP, Wood, Serco, Shell, Petronas, Gulftainer, Zain, KCA Deutag, the International Islamic Bank and more. There will also be plenty of networking and engagement on the sidelines beyond the main stage.

The IBBC Dubai conference is also the location for the Governor of Basrah to outline his vision for the future, and it is expected ministers will outline the latest thinking on the evolving situation in Iraq and the opportunities this brings.

To register, please follow the link: http://www.webuildiraq.org/ibbc-conference/autumn-conference/

(Source: IBBC)

1 November, 2017

Opportunity for UAE Business: Key Iraqi Ministers come to Conference

Rebuilding Iraq is central to the agenda of the Iraq Britain Business Council (IBBC) autumn conference at The Address, Dubai Marina on 12^th November.

Vikas Handa, the IBBC UAE representative agrees:

UAE is increasingly seen as the regional hub for corporate operations in Iraq and the place where business decisions are determined.

To register, please follow the link: http://www.webuildiraq.org/ibbc-conference/autumn-conference/

(Source: IBBC)

10 October, 2017

IBBC Autumn Conference 2017: ‘Together We Build Iraq’

IBBC Autumn Conference 2017: ‘Together We Build Iraq’
12 November 2017, The Address Dubai Marina, Dubai

The Iraq Britain Business Council (IBBC) is pleased to invite you to the IBBC Autumn Conference at The Address Hotel Dubai Marina, United Arab Emirates, on Sunday 12 November 2017.

This years’ event follows IBBC’s successful inaugural conference of 2016 held in the UAE, a hub for global and regional companies that operate in the Middle East.

The theme of this year’s Autumn Conference is ‘Together We Build Iraq’ and will focus predominantly on the ongoing effects and needs of Iraq’s reconstruction and the opportunities of investment available to British and International companies during this process. There will also be panels discussing the Power and Oil & Gas sectors.

The five conference sessions will focus on:

Strengths and Weaknesses of the Economy in Iraq
Reconstruction and Infrastructure – The Built Environment
Enabling Reconstruction
Power
Oil & Gas

The IBBC Autumn Conference 2017 will be chaired by Vikas Handa, IBBC UAE Representative and will be led by the following confirmed speakers:

Baroness Nicholson of Winterbourne, The Prime Minister’s Trade Envoy to Iraq, Azerbaijan & Turkmenistan and President of IBBC
H.E. Mr Qasim Al-Fahdawi, Minister of Electricity
H.E. Mr Kadhim Finjan Al Hamimi, Minister of Transport
H.E. Mrs Ann Nafi Aussi Balbool, Minister of Construction, Housing and Public Municipalities
H.E. Dr Sami Al Araji, Chairman of the National Investment Commission
Marwa Alnasaa, Resident Representative for Iraq, International Monetary Fund (IMF)
Dr Jaafar Dhia Jaafar, CEO, URUK Engineering
Zaid Elyaseri, Iraq Country Manager, BP
Peter Mohring, Managing Director – Aviation & Defence, Serco
Zeeshan A. Sheikh, EMENA Infrastructure & Natural Resources, International Finance Corporation
Suha AlKifaee, Managing Director, IIB
Zaid Al-Ansari, Executive Country Manager-Iraq, GE
Tarek Hamade, Environment & Infrastructure lead for the Middle East, Amec Foster Wheeler
Tawfiq Tabbaa, Managing Partner – Iraq, Eversheds Sutherland
Salem Chalabi, Partner, Stephenson Harwood Middle East LLP
Nikolay Dimitrov, Business Development Manager (Middle East and Africa), KCA Deutag
Anne Kerr, Global Head – Urbanisation, Mott MacDonald
Iain Rawlinson, Group Commercial Director, Gulftainer
Phill Sherwood, Executive Director, AMAR International Charitable Foundation
Danielle Montgomery, Managing Director, Middle East, North Africa and Turkey, OPIC

A pre-conference reception and networking event will be held on Saturday 11 November at 18:00 at the Address Dubai Marina.

IBBC warmly thanks the International Islamic Bank, which has generously agreed to be the event’s Gold Sponsor, in addition to Silver sponsors Serco & Gulftainer. Completing the sponsorship line-up are Amec Foster Wheeler, which will serve as the Reception sponsor, and Coffee Break Sponsors KCA Deutag & Eversheds Sutherland.

Sponsorship opportunities are still available. Please email london@webuildiraq.org for details.

Registration is now open. The registration fee for non-members is £700. IBBC members and members of partner organisations are entitled to special discounted rates. To request the discount codes or if you need assistance, please email the team at london@webuildiraq.org or phone +44 (0) 20 7222 7100.

The IBBC team looks forward to seeing you in Dubai for the Autumn Conference.

Download the latest Agenda Here.