Cursor International executes projects and collaboration activities across several industries.
By John Lee.
The National Iranian Gas Company (NIGC) has reportedly cut supplies of gas to Iraq due to Iraq’s arrears of more than $6 billion.
According to Reuters, Iran’s Energy Minister is scheduled to visit Baghdad on Tuesday to discuss the matter.
(Sources: Shana, Reuters)
The post Iran Cuts Gas to Iraq due to Unpaid Bills first appeared on Iraq Business News.
By Al Monitor staff. Any opinions expressed here are those of the author(s) and do not necessarily reflect the views of Iraq Business News.
Iraq closes land borders, restaurants with new anti-virus measures
The Iraqi government announced a series of strict measures to combat COVID-19 on Tuesday.
All land border crossings, restaurants and malls will be closed for two weeks starting on Thursday, the federal government announced on Twitter.
Click here to read the full story.
The post COVID: Iraq Closes Land Borders, Restaurants first appeared on Iraq Business News.
By John Lee.
GE Gas Power has said it has “marked a major milestone” by synchronizing two GT13E2 gas turbines to the national grid at the Zubair Permanent Power Generation Plant.
The facility is owned by the Basra Oil Company (BOC) and located at the Zubair oil field, about 20 kilometers from the city of Basra.
ENI Iraq B.V. is responsible for developing the oil field and had awarded a contract to GE for the engineering, procurement, installation and commissioning of the power plant.
Two other GT13E2 units at the site had previously been synchronized to the grid in summer 2020. The new additions have taken the total generation capacity of the site up to 700 megawatts (MW).
Joseph Anis, President & CEO of GE Gas Power in the Middle East, North Africa and South Asia, said:
“With Iraq’s population growing at over 2 percent per year, the demand for reliable, affordable electricity continues to increase. Every megawatt added to the grid can make a significant impact to the quality of life of the Iraqi people.
“GE is honored to work together with ENI to support the country’s socioeconomic development by delivering much-needed electricity to power growth and prosperity for present and future generations.“
(Source: GE)
The post GE Synchronizes Gas Turbines at Zubair Power Plant first appeared on Iraq Business News.
By John Lee.
Prime Minister Mustafa Al-Kadhimi received a delegation of Saudi officials and business people in Baghdad on Monday.
Among the visitors was the Saudi Minister of Commerce, Acting Minister of Media, and Chairman of the Saudi-Iraqi Coordination Council, Dr. Majid bin Abdullah Al-Qasabi.
The delegation included businessmen representing 22 Saudi companies.
During the meeting, they discussed issues of common interest between the two countries, and ways to support and enhance them in all fields.
The two sides also signed an agreement to establish a metal silo to store wheat in Al-Diwaniya province, and a hospital in Al-Saqlawiya, Anbar province.
(Source: SPA)
The post Saudi-Iraqi Business Forum Launched; New Projects Announced first appeared on Iraq Business News.
By John Lee.
An online platform that connects Iraqi patients to doctors has reportedly raised a six-figure sum in its latest round of fundraising.
According to Startup MGZN, Tabib Baghdad raised the money through the recently-launched Iraqi Angel Investors Network, led by KAPITA and Nass Al Iraq.
It adds that the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) gave a grant of $20,000 towards this round, as part of its support to the Angel Network and the Iraqi startup ecosystem, as part of its “ICT for Youth in Iraq” scheme.
Tabib Baghdad started operations in Baghdad in 2018, and plans to cover the rest of Iraq in the coming year.
(Source: Startup MGZN)
The post Tabib Baghdad secures more Funding first appeared on Iraq Business News.
IBBC’s 5th Annual Iraq Conference in Dubai – Opportunity in Adversity
The Iraq Britain Business Council (IBBC) was much praised at its conference on Thursday for pioneering in COVID-19 times by bringing together senior officials from Iraq, the UAE and the UK, prominent international and Iraqi businessmen, bankers and professional advisers as speakers and over 100 delegates.
With the Address Hotel as host venue implementing the strictest hygiene regime and using video links, delegates enjoyed a day of vigorous analysis and debate about the issues currently creating the adverse conditions dominating the Iraqi political and business landscape and what measures were needed to improve matters, but nevertheless inspirational presentations highlighted success stories across a number of sectors in panel sessions covering energy, finance, infrastructure/logistics and tech.
Highlights of the day were presentations made by Mrs Zena Yousif Iraq consul general in Dubai, the first woman to ever hold that position, and the fact that all the leaders of the energy companies presenting were Iraqi nationals for the first time ever, namely Mr Zaid Elyaseri, Vice President Iraq from BP, Mr Ali Al Janabi, Chairman, from Shell, Mr Musab Alkateeb, Managing Director, from Siemens Energy, and all were addressing common global issues currently affecting that sector – low oil and gas prices, environmental and green issues.
Mr Aziz Khudairi, Chairman of the Khudairi Group with multiple businesses in Iraq urged the Iraqi Government to embrace the private sector to grow prosperity in Iraq and to provide employment for the millions of young Iraqis, to protect Iraqi businesses from unfair dumping by foreign competitors, but in return emphasised the need for the Iraqi workforce to rediscover a work ethic so that Iraqi companies would become efficient and profitable.
Baroness Nicholson made her Welcome Address by video link from London and at the end of the day announced the new annual award to be made to an Iraqi SME for its contribution to business in Iraq, in memory of the recently deceased Engineer Rasmi al Jabri, IBBC deputy chairman.
Amongst the many excellent speakers were:
Conference Sponsors were Basra Gateway Terminal, Siemens Energy and Serco.
Vikas Handa of Gulftek, Conference chairman said:
“Today’s IBBC conference in Dubai is the testimony of human resilience on the face of adversity. We had unexpected turnout & great participation from the ministers, industry leaders and businesses from Iraq, UAE & UK.
“We covered a lot of ground to chart the way forward, network & learn from each other. I along with IBBC MD Christophe Michels would like to thank our key members for their unwavering support to make it happen.“
In parallel
The Tech Forum took place online, with participants from Iraq, UK, Dubai and France, to review and discuss the digitisation of Iraq, based on the World Bank’s Report in April.
Chaired by Ashley Goodall of IBBC, we reviewed how the Government of Iraq ( GOI ) and digital development in general has been evolving since April, as Alexandre Laure, the World bank Sector specialist, who wrote the report – shared with us areas of development : namely, 6 key areas : Digital inclusion, banking and finance, Investment, Infrastructure, SMEs and start-ups, skill development and linking to external digital organisations. Two areas of progress include the establishment of a Tech fund for start-ups and SME investment, and the payment of Government salaries directly to bank accounts digitally. Additionally, there are areas of deregulation for start -ups and new businesses, although the registration cost of $37500 was deemed exclusionary for most start-ups.
Jawad Abbasi of GSMA MENA said that 4G infrastructure is critical in extending internet across Iraq, and this has been put on hold for the moment. This would increase the ability of users to trade, exchange and create new products on-line, as well as boost the digital economy. Yazen Altimimi CEO of Zain Cash echoed this issue as Zain are often blamed for poor internet experience, when it’s an infrastructure issue. Zain’s consumer uptake is rapid and there is a healthy growth and interest in the digital economy as a business and consumer medium. If 4G can be delivered the economy will see a rapid upswing. In short there is pent up demand and an appetite from consumers to transact on- line, so it makes sense to deliver 4G to ensure the whole economy expands.
Laura Oliver, director of Iraq Tech Ventures, amplified the issue for start -ups and SME.s who want to trade on line, and the raised the issue of the high cost of registration that prohibits start-ups registering formally, and therefore rely on the cash economy, so they are unable to get formal credit and investment. These two issues, of 4G and registration should be straight forward to address and would make a big different to the overall digital development of the Iraqi economy, and encourage investment from external digital companies like Facebook, Amazon and Google.
In a second panel: Online Consumer behaviour, Caroline McGarr of ThinkBank – a leading research agency in Irbil, presented key finding among Iraqi consumers between 18-45, and again found a big demand for consumer goods, banking on line for an unbanked 83% of the population. In sectors such as Fashion, health and social media there is enormous pent up demand as over 50% of these people spend over 5 hours a day on-line. Again, the issue of reliable internet, useful apps and products to purchase and reliability of banking, echo the first panel’s concerns.
The overall message from both panels is that there is huge unmet demand among youthful Iraqi’s for more services, better internet, better banking (trust) and online interaction with Government and products that will be better served by better internet and the proliferation of new goods and services from SMEs and start-ups, who themselves are constrained by registration fees and investment.
A full video of the sessions, including the presentation charts can be viewed here
For more information please contact london@webuildiraq.org
(Source: IBBC)
The post Successful IBBC Conference in Dubai first appeared on Iraq Business News.
Kurdistan’s Deputy Prime Minister HE Qubad Talabani to Speak at the Virtual Kurdistan Iraq Economic Forum
CWC and Global Future Energy are hosting the Kurdistan-Iraq Economic Forum with the support of the KRG High Commission to the UK.
Sponsored by Chevron, the Forum aims to be the first gathering dedicated to the economic diversification of the Region, and will include 6 panel sessions, enabling senior decision makers across multiple industries to engage with each other virtually to address current issues and facilitate practical solutions to advance the economy in these challenging times.
Confirmed speakers include:
“The Kurdistan Region has an opportunity to become an important commercial centre in Iraq and the region in order to attract foreign investments to implement strategic projects” said Prime Minister Barzani last month at the Supreme Economic Council meeting in the presence of Deputy Prime Minister Qubad Talabani and a number of ministers and governors.
In light of the current unprecedented circumstances, decision-makers and influencers from various industries will gather to unlock new business opportunities on all levels of the economy by addressing the following themes:
Over the past decade, the CWC Iraq Portfolio has hosted over 100+ Ministers and Senior Officials at various events. The Inaugural Kurdistan Iraq Economic Forum will bring together the international commercial executives interested in investing in Kurdistan. CWC, now a brand of Global Future Energy, will again provide the only international platform for high level stakeholders in the Region to convene.
For further information, visit https://www.kurdistan-economic.com/
To access the full programme, please click here.
The post KRG DPM Talabani to Speak at Virtual Kurdistan Iraq Economic Forum first appeared on Iraq Business News.
Why you should come to the IBBC Conference in Dubai, entitled ‘Opportunity in Adversity’
On 19th November the Iraq Britain Business Council (IBBC) is holding its Autumn conference in person at the Address hotel Dubai Marina.
Some would say it’s a brave decision, considering COVID, but others are keen to take up the challenge and opportunity to engage, meet, listen to expert business voices of Iraq and overall have proper opportunities for networking.
Not only do we have a good level of members signed up to attend, but also one of the strongest line ups of speakers, ready and willing to address the opportunities for Iraq in 2020.
The backdrop to this conference is not just COVID, but the election of a new American President, rising oil prices, a fundamental change in the way oil and gas companies are globally which will also affect their work in Iraq, a Government willing and able to make significant changes, in the way finance operates, investors can start up and a white paper that will impact a range of activity and on-going digital modernisation.
All these topics will be covered, and we are expecting significant speakers and attendees from our membership and the Ministry of Oil, the Deputy Minister of Electricity, and online from the World Bank, Central Bank payments director and Ministry of Communications, Mastercard and Zain Cash to name a few.
You can hear about one of the biggest changes as the oil and gas companies redefine themselves as Energy companies, and vertically integrate fuel with electricity generation. BP, Shell, Siemens and Ministry of Electricity will address this and other matters on the Energy panel.
On the Finance panel, we are looking at how to operate successfully in the present very challenging financial situation of the country. New proposals by the Government’s white paper will also be discussed and how these align with the need of private sector.
Finally, the Tech Forum with the World Bank on the digitisation of Iraq, the progress that is being made with GOI, and to hear from Mastercard and GSMA and Thinkbank on consumer online behaviour and attitudes.
Now is a great opportunity for change and we believe Iraq won’t let the opportunity go to waste. Iraq is at a critical inflection point and the Government understands the importance of encouraging the private sector as a vehicle to solving investment, jobs and diversifying the economy at this time, which is why we are expecting a strong attendance from members and speakers alike from sectors crucial to Iraq’s future.
As we look to the coming year, we see a Government making good decisions, investing in large projects, understanding the importance of diversifying its economy and also providing work and opportunity to its young population.
Now is the time to turn up, attend and make plans for the future of Iraq, and we look forward to welcoming you.
Please register here:
https://iraqbritainbusiness.org/event/ibbc-autumn-conference-at-the-address-hotel-dubai-marina
The post Why you should come to IBBC Conference: Opportunity in Adversity first appeared on Iraq Business News.
Conference highlights importance of achieving SDGs to recover from COVID-19 pandemic
The challenges and opportunities of achieving the Sustainable Development Goals (SDGs) in the context of COVID-19 was the focus of a two-day conference organized by the Ministry of Planning in cooperation with the United Nations Development Programme (UNDP) in Iraq.
Held on the fifth anniversary of the adoption of the SDGs, the conference provided an opportunity for dialogue among development partners from ministries, civil society organizations, universities, the private sector, and youth groups to work together, exchange ideas, and identify opportunities for Iraq to progress on the ambitious SDG agenda.
Globally, COVID-19 has caused a crisis with far reaching impact on economic and human development. Iraq Is not an exception, and the country has been impacted by the ‘dual crisis’ of COVID-19 and the decline in oil prices.
These shocks are more likely to have a more severe effect on marginalized groups, including women, the elderly, people with disabilities, minorities, displaced people, and people living in informal settlements. This makes it imperative to remember what the 2030 Agenda called for, to leave no one behind.
With only ten years remaining to achieve the ambitious agenda, the SDGs are more important today than ever before as they aim to transform systems that undermine well-being and perpetuate vulnerabilities.
Resident Representative of UNDP Iraq, Zena Ali Ahmad, said:
“The past few months have given us an opportunity, in partnership with the esteemed Ministry of Planning and our partners in other sectors, to rethink what a ‘new normal’ would look like post the COVID-19 pandemic.
“We should collectively work hard to support the achievement of the SDGs in Iraq and prevent any regression in the development gains that have been achieved over the past years.”
(Source: UN)
The post Achieving SDGs to Recover from COVID in Iraq first appeared on Iraq Business News.
By Ahmed Mousa Jiyad.
Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News.
Recent Data Draws Bleak Prospect for Iraq Next Year
The Iraqi economy has been in a bad shape and, in the short term, it is going to get worse; nothing new about this and there is almost a consensus about it despite differences in the cited material’ verifiable evidence, manifestations and root-causes for such a degenerating situation.
A “multi-whammy” combination, or association, of effective impacting factors and circumstances played their part in what the country has been and is facing. These include political instability and divisions; fragile security conditions; vulnerability of high-dependency economic structure; bad and inefficient management and decision making; kleptocracy governance coupled with hyper corruption, particularly the formalized and institutionalized; and impacting external intrusion, among others.
Data and information on these factors and circumstances are massive, and hardly any day passes without adding new items to the long list of cases and examples reported by the media, formal entities, experts and legal authorities; the apparent outcome of all that is a severely deteriorated economy of Iraq.
Data I compiled from a recent IMF report regarding main macroeconomic indicators are presented in the table, which you can view in this pdf. The table provides the progression of 26 macroeconomic indicators over the last two decades using three different sets of data: the first is the average, of a long and rather up-normal period 2000-2016; the second, annual data for each of the last three years 2017:2019, and the third are projections for 2020 and 2021.
The focus in this brief contribution is on the prospects for the economy in this and next year, in comparison with the last three years.
Click here to download the full report in pdf format.
Mr Jiyad is an independent development consultant, scholar and Associate with the former Centre for Global Energy Studies (CGES), London. He was formerly a senior economist with the Iraq National Oil Company and Iraq’s Ministry of Oil, Chief Expert for the Council of Ministers, Director at the Ministry of Trade, and International Specialist with UN organizations in Uganda, Sudan and Jordan. He is now based in Norway (Email: mou-jiya(at)online.no, Skype ID: Ahmed Mousa Jiyad). Read more of Mr Jiyad’s biography here.
The post Recent Data Draws Bleak Prospect for Iraq Next Year first appeared on Iraq Business News.