MarketWatch – 9 hours ago
MarketWatch – 9 hours ago
… Iraq (CBI) currency auction on August 23 registered $164,564,938 in sales, a 2.60% volume increase from the US $160,395,885 sold by Iraqi Dinar, …
Hutchison Ports and the Pritzker Family Business Interests (“PFBI”), advised by The Pritzker Organization, L.L.C. (“TPO”), announced today that the leading Hong Kong-based port operator has agreed to partner with NAWAH Port Management, L.L.C. (“NPM”) to manage existing and future operations at the historic Port of Basra in southern Iraq.
Hutchison Ports will assume oversight of day-to-day commercial and operational activities at NPM, operating under the name of Hutchison Ports Basra.
NPM is a containerized terminal operator at the Port of Basra located along the Shatt Al Arab waterway in Iraq.
The company services the shipping needs for a full spectrum of customers across Iraq – from large, multinational companies to local Iraqi merchants. NPM’s proximity to the city center and major oilfields, and its operations are viewed as key competitive advantages versus other ports in the region.
Andy Tsoi, Hutchison Ports’ Managing Director (Middle East and Africa), said:
“We view NPM’s operations at the Port of Basra as an integral piece of our expanding Middle East strategy and are excited about the opportunities this partnership creates.
“We believe strongly in the growth story of Basra, Iraq, and the Middle East as a whole and are delighted to have the opportunity to participate in and support the growth of the business over the long term.”
Eric Clark, CEO of NPM, said:
“Hutchison Ports has an exceptional team and a proven track record of delivering value to its customers, employees and the regions in which it invests.
“We are delighted for the opportunity to partner with one of the leaders in the industry – a company which shares our vision of NPM as both a unique maritime asset in southern Iraq as well as strategic platform in the epicenter of one of the fastest growing regions in the world.”
Eversheds LLP served as legal advisor to Hutchison Ports and Latham & Watkins LLP served as legal advisor to the PFBI during the deal process.
Terms of the transaction were not disclosed.
(Source: Press Release)
The Government of Iraq and UNDP’s Funding Facility for Stabilization (FFS) officially reopened the Al Qasoor Water Treatment Plant at a ceremony yesterday in Mosul.
Al Qasoor is the second largest water treatment plant in eastern Mosul, providing safe drinking water for 35 percent of residents. The plant provides 12,000 cubic metres of fresh water per hour to 24 neighbourhoods, reaching 300,000 people.
Most of the plant’s pumps, valves, switches and control panels were destroyed as well as its chlorination system and filtration pools. Work began on Al Qasoor in early May, even as the fighting in western Mosul continued. The Ninewah Water Directorate oversaw the US$ 1.3 million project, which was implemented by Iraqi company Thfaf Al Rafidain employing hundreds of workers from Mosul.
At the ceremony marking the re-opening of the plant, Ninewah Governor Nofal Hammadi said:
“We are doing everything we can to help Mosul rebuild. I’m proud of the Iraqi workers who bravely began work even while fighting was ongoing directly across the river. This project is a vital step to improving the well-being of the people of Mosul, and we’re grateful for the continuing support from the United Nations.”
By Wassim Bassem for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News.
Models dressed in clothes reminiscent of Iraq’s multicultural past walked among the imposing statues at the Iraqi Museum in an impressive show in July that celebrated the liberation of Mosul, as the Iraqi House of Fashion bolstered its cultural presence and shrugged off the low profile it has held since 2003.
Founded in 1970 with the aim of conserving ancient Iraqi culture, the Iraqi House of Fashion started as a financially independent legal entity. However, the Iraqi House of Fashion Law was passed in 1985 with the help of the Iraqi Ministry of Culture and Media to help the fashion organization receive governmental support.
This support resulted in the building of a luxurious palace, considered to be one of the country’s most beautiful architectural monuments, on Palestine Street in eastern Baghdad.
But the good times for the fashion house came to an end in 2003 due to the US invasion of Iraq and the lack of security that swept through the country. The house was looted, its founder and manager had to retire and leave the country and the splendid palace was abandoned and slowly fell into ruin.
Although the Iraqi House of Fashion has made a comeback in the last few years, the present conservative environment makes it difficult for the organization to return to its days of glory.
In a country still suffering from war and terrorism, organizers of fashion shows remain fearful. For instance, Karar Nushy, a fashion designer whose work is well-known in the industry, was murdered July 4. The case remains unsolved.
“Organizers of such cultural events are still being threatened by those who consider it a Western tradition that could corrupt society,” Saif al-Obeidi, designer and technical manager for Iraqi House of Fashion, told Al-Monitor.
Work is almost complete on AMAR‘s latest exciting educational project in Iraq.
The state-of-the-art Secondary School in Basra is expected to begin teaching its 500+ students in October.
Ten percent of that number will be orphans who will receive a fantastic education completely free of charge, thanks to AMAR’s generous supporters.
Please help ensure Iraq’s children have the childhoods they deserve — support AMAR’s work today: https://appeal.amarfoundation.org/
(Source: AMAR International Charitable Foundation)
The International Rescue Committee (IRC) and Sesame Workshop — the nonprofit, educational organization behind Sesame Street — are working together to give millions of refugee children in Syria, Jordan, Lebanon and northern Iraq the support they need to learn, grow and thrive.
The Syrian refugee crisis is the defining humanitarian issue of our time. It challenges our morals, imagination, leadership, and global stability. Failing to act can cast a long shadow: a lost generation of children whose lives are forever defined by their experience of war.
Few Syrian children have opportunities to learn and play; many are neglected; some have been exposed to extreme violence and experienced unspeakable trauma that will have a long-lasting impact on their health and future. They are at risk of “toxic stress,” a biological response to prolonged and severe adversity that disrupts a child’s brain development.
But children are resilient, and if we can reach them early, we can reduce this damage and have a positive influence on their lives. Research shows that nurturing care and learning can reverse the effects of toxic stress, and skills developed in early childhood last a lifetime.
That’s where the IRC and Sesame Workshop are determined to help.
We will combine Sesame Street’s history of proven educational content with the IRC’s decades of assistance in crisis-affected areas to deliver a suite of culturally relevant programming and multimedia content tailored for the needs of refugee children and their caregivers.
David Miliband, President and CEO of the IRC, said:
“Our partnership with Sesame Street will help transform children’s lives by making sure that their social-emotional needs are met so they are able to receive an education, contribute to their community and succeed as adults.”
(Source: International Rescue Committee)