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Iraqi Prime Minister Adel abdul-Mahdi said on Tuesday that his country had prepared “strategic alternatives” for exporting oil in case a war erupted between the US and Iran, Anadolu reported.

During his weekly press conference, he said: “It is important to deal with the North Iraq region and Turkey to find alternative ways to export Iraqi oil.

He added: “We have prepared strategic alternatives in case of closure of Strait of Hormuz,” without giving more details.

Using multiple ports to export oil is a strategic project,” he said, “and we are working on this.

This came after threats by Iran to close the Strait of Hormuz, which is one of the most important routes for transporting oil in the world.

Escalation of mutual threats between Iran and the US, which reinstated sanctions on Iran.

(Source: Middle East Monitor)

By Ranj Alaadin, Brookings Institution.

The opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News.

How US-Iran tensions could disrupt Iraq’s fragile peace

Tensions between the United States and Iran are escalating rapidly, particularly since U.S. warships were dispatched in response to reported threats against U.S. forces in Iraq from Iran and its proxies.

The U.S. has withdrawn all non-emergency embassy staff from Iraq and, on Monday, a mortar attack by Iran’s proxies in Baghdad, striking in the vicinity of the U.S. embassy, raised the prospects of a conflict on Iraqi soil even further.

The full report can be read here.

(Source: Brookings Institution)

By John Lee.

Tribalco LLC, Bethesda, Maryland, has been awarded a $14,425,217 firm-fixed-price Foreign Military Sales (Iraq) contract for computer hardware, services and MEMEX software.

One bid was solicited with one bid received. Work will be performed in Bethesda, Maryland, with an estimated completion date of May 22, 2020.

(Source: US Dept of Defense)

Advertising Feature

Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 23rd May 2019).

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

The RSISX index ended the week at IQD640 (+3.0%) / $689 (+3.0%) (weekly change) (-2.9% and -2.9% YTD change, respectively). The number of week traded shares was 9.4 bn and the weekly trading volume was IQD3.2 bn ($2.6 mn).

ISX Company Announcements

  • ISX will suspend trading of Al-Khatem Telecoms (TZNI) starting May. 27, 2019 due to the AGM* that will be held on May. 30, 2019 to discuss and approve 2017 and 2018 annual financial reports.
  • ISX will suspend trading of Al-Wiaam for Financial Investment (VWIF) starting May. 27, 2019 due to the AGM* that will be held on May. 30, 2019 to discuss and approve 2017 annual financial report.
  • National Household Furniture Industry (IHFI) will resume trading on May. 26, 2019 due to disclosing its 2018 annual financial results. The opening price will be IQD0.90 with +/-50% change.
  • AL-Sadeer Hotel (HSAD) completed the legal procedures to increase capital from IQD1.239 bn to IQD1.735 bn through 40% rights issue.
  • Region Trade Bank for Investment and Finance (BRTB) completed the procedures of increasing the bank’s original and alternative members from 5 to 7 members.
  • New shares of Dar Al-Salam for Insurance (NDSA) from the capital increase to IQD7.0 bn through 40% rights issue resumed trading on May. 22, 2019.
  • Iraqi for Seed Production (AISP) resumed trading on May. 21, 2019 due to disclosing 2018 annual financial results.
  • Procedures of Al-Bilad Islamic Bank for Investment & Finance (BLAD) have been completed to change the bank’s name to Al-Ataa Islamic Bank for Investment & Finance.
  • According to the Board of Insurance, Ahliya for Insurance (NAHF) resumed trading on May. 19, 2019.