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Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 12th July 2018).

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

The RSISX index ended the week at IQD731 (-0.3%) / $784 (-0.3%) (weekly change) (-9.9% and -6.2% YTD change, respectively). The number of week traded shares was 4.9 bn and the weekly trading volume was IQD5.0bn ($4.2 mn).

ISX Company Announcements

  • The CBI signed a memorandum of understanding (MoU) with UnionPay International Company to contribute to the development of intelligent payment technologies and electronic payment services in Iraq. UnionPay is one of the largest companies in China and most Asian countries in this field, in addition to being the third largest international company to issue and collect cards. The CBI notes that this is the third memorandum signed by the bank in 2018 with international card companies as part of its plans to expand the use of high technology to promote card work and develop payment systems in accordance with international best practice. (CBI)
  • UK-based ONEm is partnering with Asiacell (TASC) to bring unlimited news and entertainment content from Reuters to Iraq. Asiacell subscribers can now exclusively access global news on any mobile device for 600 IQD per week. The Reuters service provides full coverage of real time news and entertainment content in Arabic delivered by SMS. (Iraq Business News)
  • Al_Rabita Al_Maliya Co (MTRA) will hold a joint GA with (Bilad Al-Sham for Money Transfer and Al-Shariq for Money Transfer) on Jul. 26, 2018 to discuss merging these three companies and deciding to change the company from a Money Transfer company into an Islamic Bank according to CBI’s approval.
  • Iraqi for Tufted Carpets (IITC) will hold an AGM* on Jul. 25, 2018 to discuss and approve 2017 annual financial results. ISX will suspend trading of IITC starting Jul. 22, 2018.
  • National Bank of Iraq (BNOI) will hold an AGM* on Jul. 23, 2018 to discuss and approve 2017 annual financial results. ISX will suspend trading of BNOI starting Jul. 18, 2018.
  • International Development Bank for Investment (BIDB) will hold an AGM* on Jul. 18, 2018 to discuss and approve 2017 annual financial results. ISX will suspend trading of BIDB starting Jul. 15, 2018.
  • Iraqi Middle East Bank (BIME) completed their legal amendment of article (six) on Jul. 3, 2018 to decrease the number of BoDs from 7 members to 5 original members and other 5 alternative members.
  • Cross Transactions: 510 mn shares of Cihan Bank for Islamic & Finance (BCIH) on Jul. 8 and Jul. 11, 2018, which represent 0.2% of BCIH capital.
Member of the State of Law: Abadi and Maliki reached understandings on the Prime Minister
7/11/208

Media treasures / Baghdad ..
Revealed a member of a coalition of law Mohammed Majid, on Wednesday, the arrival of Prime Minister Haider Abadi and the head of a coalition of law Nuri al-Maliki to an agreement on the selection of a candidate for the presidency of the next government, stressing that the gap was bridged between Abadi and Maliki.

Majid said in a statement to the newspaper "homeland" Saudi Arabia that "the differences between the wings of al-Maliki and Abadi have been resolved, and bridging the gap between them, after the two parties reached understandings on the choice of candidate for the post of prime minister of the next."

Majid added that "the leader of the Fatah coalition Hadi al-Amiri expressed his readiness to withdraw from the alliance of the followers backed by the leader of the Sadrist movement Moqtada al-Sadr."

A member of the coalition of state law, the former MP Rasul Radi disclosed on Tuesday, the existence of a preliminary agreement between the destruction and conquest and victory, Kurds and Sunnis to form the largest bloc away from the Alliance Suron, stressing that there are some impossible conditions called for the blocks mentioned to agree among themselves away from the others.

http://www.knoozmedia.com/353121/%D8…-%D8%AA%D9%88/

Conscious / dollar exchange rates in local trades today
7/10/2018

The local currencies of currencies, on Tuesday, the exchange rates of the Iraqi dinar against the US dollar, in the following order:

Price in Iraqi Dinars per 100 USD:

Bursa fight (Baghdad) ALkeafah the Exchange Stock Selling Price: 120,200 JOD The purchase price is 120,150 dinars

Harithiyah Exchange AL harthiy Stock Exchange The sale price is 120,250 dinars The purchase price is 120,200 dinars

Erbil Stock Exchange (North) Arbil the Exchange Stock The sale price is 120,450 dinars The purchase price is 120,400 dinars

Basra Stock Exchange (South) AL Basra Exchange The sale price is 120,450 dinars The purchase price is 120,400 dinars.

http://www.al-iraqnews.com/news/newwss/economic-news/230341-%D9%88%D8%A7%D8%B9-%D8%A7%D8%B3%D8%B9%D8%A7%D8%B1-%D8%B5%D8%B1%D9%81-%D8%A7%D9%84%D8%AF%D9%88%D9%84%D8%A7%D8%B1-%D9%81%D9%8A-%D8%A7%D9%84%D8%AA%D8%AF%D8%A7%D9%88%D9%84%D8%A7%D 8%AA-%D8%A7%D9%84%D9%85%D8%AD%D9%84%D9%8A%D8%A9-%D8%A7%D9%84%D9%8A%D9%88%D9%85.html

International companies looking to be present in the Iraqi market

7/10/2018

Because it is a promising and influential regional and international
Baghdad / morning
represent the Iraqi market , the focus of great interest to the various international companies that monitor closely the economic reality of Iraq, where the global effort of opportunities just waiting to enter the broad field of employment in the country.

A member of the Baghdad Economic Forum Jassim Al-Aradi stressed that "Iraq is a promising and large job market in the region and the world, and all the regional companies of the world recognize the importance of Iraq on the international arena, and he began to exist on the field of work, in the field of privatization," noting "friction with the global effort continuously Made us point out the interest of those companies in Iraq
and its economy. "

He added that "the concerned parties have to do the reality of investment and create the appropriate environment for the arrival of large companies and create real competition between the Iraqi effort, where competition leads to the development of the reality of the qualitative implementation of the total domestic projects,

" pointing out that "the entry of service companies to the country, including taxi and work mechanisms Sophisticated will do transport services and transfer to a better stage, where the beneficiary goes to the company that offers the most suitable for the standard of living.

"Iraq is a long-standing country with its rich local heritage and strategic importance in the region," said Karim Sheikha, CEO and co-founder of Karim.
Their families. "

He continued , " we seek through our presence and our presence in the Iraqi market through investment and the introduction of solutions and services, so as to achieve our vision of making a quantum leap in the transport and contributing sector on the other hand in the reconstruction of Iraq to be able to return to the outdated former as one of the leading countries the
region. "

He added that the company "introduced new mobility solutions, but enhanced them with various payment options made easy for users such as cash payment, credit card, or using the company’s credit, and the adoption of the latest technologies and systems such as GPS, which ensures the accuracy of access to the user Track the track The selected time in the original time.

http://www.alsabaah.iq/ArticleShow.aspx?ID=159833

Advertising Feature

Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 5th July 2018).

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

The RSISX index ended the week at IQD733 (-5.3%) / $786 (-5.3%) (weekly change) (-9.6% and -5.9% YTD change, respectively). The number of week traded shares was 5.9 bn and the weekly trading volume was IQD12.9bn ($10.6 mn).

ISX Company Announcements

  • The Financial Action Task Force (FATF) officially announced Iraq’s exit from the follow-up area, as the CBI and Anti-Money Laundering (AML) / Combating the Financing of Terrorism (CFT) have made significant progress in improving and addressing deficiencies and meeting all its obligations towards FATF recommendations. (CBI.iq)
  • The ISX moved trading of 16 companies from the regular market to the non-regular market starting Jul. 5, 2018 due to the following reasons: 1) Due to the decrease in annual trading volume: BROI, TZNI, VWIF, NAHF, 2) Due to not trading in 2017: BEFI, 3) Due to the decrease in all indicators: NDSA, VZAF, 4) Due to being under CBI custody: BDFD, BDSI, BLAD, 5) Due to not submitting the annual reports of 2014-16: BUOI, SIGT, IKHC, ITLI, IMPI, and IFCM.
  • Al-Sadeer Hotel (HSAD) will hold an AGM* on Jul. 29, 2018 to discuss and approve 2014 and 2016 annual financial results. ISX will suspend trading of HSAD starting Jul .24, 2018.
  • International Islamic Bank (BINT) will hold an AGM* on Jul. 24, 2018 to discuss and approve 2017 annual financial results. ISX will suspend trading of BINT starting Jul. 19, 2018.
  • Iraq Noor Islamic Bank for Investment (BINI) will hold an AGM* on Jul. 17, 2018 to discuss and approve 2017 annual financial results. ISX will suspend trading of BINI starting Jul. 12, 2018.
  • New shares of Al-Mosul for Funfair (SMOF) from the capital increase from IQD400mn to IQD800mn through 100% bonus issue resumed trading on Jul. 4, 2018.
  • The following companies were suspended from trading starting Jul. 4, 2018 for not disclosing their 1Q18 financial results: INCP, IHLI, NDSA, MTMA, HBAG, HISH, IICM, ITLI, IMPI, IEAB, SILT, SIGT, SBAG, VKHF, IKHC, IFCM, IMCM, and IHFI.
  • Mamoura Real-estate Investment (SMRI) and AL-Nukhba for General Construction (SNUC) resumed trading on Jul. 1, 2018 after discussing and approving 2017 annual financial results.
  • Cross Transactions: 864 mn shares of Asiacell (TASC) on Jul. 2, 2018, which represents 0.28% of TASC capital.

This article was originally published by Niqash. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News.

By Histyar Qader and Awara Hamid.

The Secret History Behind The Stalled Project To Solve Iraq’s Water Problems

Despite ever-increasing water supply problems, the construction of one of the biggest dams in Iraq remains on hold. One of the main reasons for the delay seems to be political paranoia.

It would have been the largest dam in Iraq when the project was first proposed. But over 60 years have passed since the Bekhme dam was planned and in that time, the project has seen various political regimes come and go as well as war and peace.

It would have been a major undertaking, with a final height of around 230 meters, and offered extra water supplies to the people of Iraqi Kurdistan. Recent events, where Turkey cut off the flow of the Euphrates river and levels dropped noticeably, and Iran cut off water from the Little Zab, mean that a dam like this one is more necessary than ever. But, after all this time, will it ever happen?

The Bekhme dam was first on the Iraqi government’s agenda in 1937 and a US company developed a design for the dam in 1953; that is, during Iraq’s monarchy. In 1979, a Japanese firm adapted the original designs and in 1986, two more companies, one from Turkey and the other from the former Yugoslavia, began work on that plan.

Work continued until 1991, and around a third of the required work had been done, when the whole thing came to a grinding halt, due to the second Gulf war. This is when the Iraqi government headed by Saddam Hussein withdrew from the northern area, leaving the Kurds to govern themselves.

Should the giant dam have been completed, the authorities in the semi-autonomous northern region of Iraqi Kurdistan say that it would have held between 14 and 17 billion cubic meters of water, at a  depth of 179 meters. It would have helped irrigate more than 560 hectares of agricultural land and produced electricity too.

“The three dams – Dokan, Darbandikhan and Dohuk – collect seven to eight billion cubic meters of water but the whole region needs 10 billion,” explains Akram Mohammed, the head of the regional department for dams in Iraqi Kurdistan. “There is a plan to build 250 more small and medium-sized dams but only 14 have been completed so far. If we continue at this pace, we are going to face serious water shortages soon.”

The Bekhme dam project was suspended in 1991. But it was not just  a  political problem, due to the Iraqi government pulling out of Kurdish areas.  Over time, the machinery and materials used for the dam-building “disappeared”. Locals say the goods were smuggled across the border into Iran and never returned.

After Iraqi Kurdistan’s second-ever parliament was formed, and governed between 2005 and 2009, local politicians did try to revive the project. They were unsuccessful but up until today, the MPs involved can’t explain exactly why.

Jamil Mohammed was a member of the committee that debated the subject at the time but he told NIQASH that “we did not come to any conclusions”. He couldn’t give any further information, he said.

Several problems with the Bekhme dam project have been flagged, including geographical ones, downstream issues and the destruction of Iraqi heritage, once the area has been flooded.

“The Bekhme dam issue was only discussed once during that administration,” says Abdulrahman Ali, who is on the agriculture and irrigation committee in the Kurdish parliament and a senior member of the opposition Change movement. “I followed up on this issue personally but the response was that this was a political issue. That’s why it remains unresolved up until now.”

The nature of those problems is a little more difficult to trace back. Money was not the issue apparently. In 2005, as the Iraqi Kurdish authorities resumed contact with the Iraqi government, Baghdad promised to put US$5 billion into the dam’s completion.

“During the al-Maliki government, we followed up on the amount of money for the project and we note that the Iraqi ministry of water resources did discuss the issue with authorities from the Kurdish region,” says Mahmoud Raza, an MP in Baghdad. “The plan for the dam changed several times. But the Kurdish authorities wouldn’t agree to it being built.”

Apparently the problem was the level of water in the dam and its size. There was concern about how much water the dam would collect and whether this would block the flow of water into the rest of Iraq.

Alternative plans were suggested by the Kurdish authorities but these were not viable, Zafer Abdullah, an adviser to Iraq’s ministry of water resources, told NIQASH. “Other plans involved reducing the water level in the dam and the size of the reservoir,” he said. “At that time, the Kurdish presidency was against the dam being constructed and some said there were political reasons behind this.”

At the start nobody had any problem with the dam being built. But later on the issue was politicized – when it was suggested that the Barzan area be submerged.

“It was the Kurdish leadership who would not accept the construction of the dam, despite the fact that the Iraqi government gave them three alternative designs for the project,” Mohammed, head of the regional department for dams in Iraqi Kurdistan, confirms.

Over the course of two weeks researching this story, NIQASH tried to contact the Kurdish government’s spokesperson, Safeen Dizayee, several times to ask why but had no response.

A large part of the “political” reason behind the lack of progress on the Bekhme dam also has to do with the fact that around 54 villages in the area would be submerged, says Karwan Karim Khan, mayor of Khalifan, where the Bekhme dam would be located.

Some of these villages are located in the Barzan area, the historic home to the Barzani tribe, from which one of Iraqi Kurdistan’s ruling families originates. The Barzanis head one of Iraqi Kurdistan’s most popular political parties, the Kurdistan Democratic Party, or KDP, and until he stepped down recently, Massoud Barzani was president of Iraqi Kurdistan.

At one stage a petition was launched, collecting signatures of those opposed to the destruction of these villages due to the dam, and Kurdish authorities used this to justify the ongoing suspension of the project.

“We signed the petition because the Bekhme dam could cause many problems – one of which is that we would be forced to leave our homes,” says Hasso Mohammed Amin, a 52-year-old resident of one of the villages that could end up submerged, Dola Teshwu. “ We wanted the project suspended or its size reduced,” he notes.

The nature of those problems is a little more difficult to trace back. Money was not the issue apparently. In 2005, as the Iraqi Kurdish authorities resumed contact with the Iraqi government, Baghdad promised to put US$5 billion into the dam’s completion.

“During the al-Maliki government, we followed up on the amount of money for the project and we note that the Iraqi ministry of water resources did discuss the issue with authorities from the Kurdish region,” says Mahmoud Raza, an MP in Baghdad. “The plan for the dam changed several times. But the Kurdish authorities wouldn’t agree to it being built.”

Apparently the problem was the level of water in the dam and its size. There was concern about how much water the dam would collect and whether this would block the flow of water into the rest of Iraq.

Alternative plans were suggested by the Kurdish authorities but these were not viable, Zafer Abdullah, an adviser to Iraq’s ministry of water resources, told NIQASH. “Other plans involved reducing the water level in the dam and the size of the reservoir,” he said. “At that time, the Kurdish presidency was against the dam being constructed and some said there were political reasons behind this.”

“It was the Kurdish leadership who would not accept the construction of the dam, despite the fact that the Iraqi government gave them three alternative designs for the project,” Mohammed, head of the regional department for dams in Iraqi Kurdistan, confirms.

Over the course of two weeks researching this story, NIQASH tried to contact the Kurdish government’s spokesperson, Safeen Dizayee, several times to ask why but had no response.

A large part of the “political” reason behind the lack of progress on the Bekhme dam also has to do with the fact that around 54 villages in the area would be submerged, says Karwan Karim Khan, mayor of Khalifan, where the Bekhme dam would be located.

Some of these villages are located in the Barzan area, the historic home to the Barzani tribe, from which one of Iraqi Kurdistan’s ruling families originates. The Barzanis head one of Iraqi Kurdistan’s most popular political parties, the Kurdistan Democratic Party, or KDP, and until he stepped down recently, Massoud Barzani was president of Iraqi Kurdistan.

At one stage a petition was launched, collecting signatures of those opposed to the destruction of these villages due to the dam, and Kurdish authorities used this to justify the ongoing suspension of the project.

“We signed the petition because the Bekhme dam could cause many problems – one of which is that we would be forced to leave our homes,” says Hasso Mohammed Amin, a 52-year-old resident of one of the villages that could end up submerged, Dola Teshwu. “ We wanted the project suspended or its size reduced,” he notes.

“At the start nobody had any problem with the dam being built,” Abbas Ghazali Mirkhan, an MP with the KDP and also a resident from the area where the dam is meant to be being built, told NIQASH. “But later on the issue was politicized – when it was suggested that the Barzan area be submerged and the Barzan villagers be displaced.”

“When the budget was first allocated for the dam project in 2005 and the plan designed by foreign advisers, Massoud Barzani had no problem with it,” Mirkhan continued. “But when it turned out there were political motivations behind the project, Barzani and the local population collected signatures for a petition against it and the project was suspended.”

And by this, he means that the Barzanis clearly felt that the dam was a personal attack on their heritage, possibly a politically motivated one by Baghdad.

Whatever the reason back then, work on the Bekhme dam seems unlikely to resume any time soon, no matter how much its needed. The Iraqi government has basically given up on it now, insiders say.

“There’s no hope in reviving those talks with the Kurdish authorities about the Bekhme dam,” Abdullah, the ministry of water resources adviser, concludes. “We are now relying on the Tharthar dam [further south] to secure our water supply.”

A Loan Agreement has been signed in Kuwait between the Republic of Iraq and Kuwait Fund for Arab Economic Development (KFAED) whereby the Fund will extend a loan of Kuwaiti Dinars twenty three million five hundred thousand (KD. 23,500,000/-), equivalent to about US$ 80 million, to contribute in financing of Building Modern Schools in Baghdad and the States Project in the Republic of Iraq.

It is worth mentioning that the Fund is a Kuwaiti Public Corporation, which relies entirely on its own resources for making loans and providing other kinds of development assistance. It is also worth mentioning that the Loan Agreement would contribute in achieving the fourth goal of the Sustainable Development Goals (SDGs) in respect of good education that guarantees comprehensive education for all and to enhance opportunities for durable education.

The Loan Agreement was signed on behalf of the Republic of Iraq by Dr. Salahuddin Hamed AL-HADEETHY, Director-General of the Department of Public Debt, Ministry of Finance, and on behalf of the Fund by Mr. Abdulwahab Ahmed Al-Bader, Director-General of the Kuwait Fund for Arab Economic Development.

The Project shall participate in the economic and social development in the Republic of Iraq. Through elevating the educational and vocational levels of pupils in the primary and secondary levels by availing, more educational opportunities through provision of additional educational seats and building new schools that will participate in reducing overcrowding in double, triple teaching shifts, and reduce student’s dropouts.

The Project includes the construction of about 73 schools of either 18 or 12 classrooms over 15 Iraqi governorates. Works include civil, electrical and sanitary works for administration, classrooms and labs in addition to provision of sanitary facilities and utilities. The Project also includes provision of engineering consultancy services for design and supervision.

The total cost of the Project is estimated at about Iraqi Dinars 125.507 Million, equivalent of about KD. 48.3 million, of which the foreign currency is equivalent to about KD. 31.23 million, of which about 87.774 Million Iraqi Dinars, which about 21.84 Million Kuwaiti Dinar in foreign currency, it represents about 70% of the total cost of the Project. The project will be implemented within three years.

The Loan will be for a period of 20 years including 4 years grace period, and will be amortized in 40 semi-annual installments, the first of which will be due on 1st date on which any interest or other charge on the Loan shall fall due after the elapse of the above mentioned grace period. The interest at the rate of one and one-half of one percent (1.5%) per annum. An additional charge of one-half of one per cent (0.5%) per annum on the amounts withdrawn from the Loan and outstanding from time to time shall be paid to meet the administrative expenses and the expenses of implementing this Agreement

Upon signature of this Loan Agreement, this Loan will be the 3rd loan extended by the Fund to the Republic of Iraq, considering that the Fund has already extended 2 loans to Iraq in 1970 and 1971, totaling about KD 5.7 Million fully withdrawn.  In addition, the Fund is currently administering 4 Grants on behalf of the State of Kuwait amounting to about 85 million Kuwaiti Dinars (equivalent to US$ 290 million).

(Source: KFAED)

Abadi discusses reducing the number of American advisers in Iraq

7/5/2018

BAGHDAD / Al-Sabah: The Prime Minister of the Armed Forces, General Haider al-Abadi, discussed with the US Senate delegation the reduction of the number of American advisers in Iraq.

A statement by the Prime Minister’s Information Office received by Al-Sabah said that Abadi received in his office the delegation of the US Senate, noting that the delegation included Sen. Lynthrey Graham, a Republican member of South Carolina, a member of the financial allocations and the Armed Forces Committee, and Senator Elizabeth Warren A member of the Armed Services Committee, US Ambassador to Iraq Douglas Silliman, General Paul Fink, commander of the International Coalition Forces in Iraq and Syria, and a number of advisers in the US Senate.

"The meeting discussed the relations between the two countries, supporting Iraq in all areas and conditions in the region and reducing the number of American advisers in the region," the statement said
Iraq".

The Senate delegation praised the "ability of the Iraqi forces and their victory over gangs, calling for the liberation of Iraqi territories and the protection of civilians," stressing that "continuing support for Iraq in the fields of training and armament."

http://www.alsabaah.iq/ArticleShow.aspx?ID=159568

Central Bank signs MoU to develop smart technologies

7/5/2018

Baghdad / Al-Sabah
The Central Bank of Iraq (CBI) signed a memorandum of understanding (MoU) with Yunin Bi International International on Wednesday to develop smart payment technologies and electronic payment services in Iraq.

"The company is one of the largest companies in China and most of the Asian countries in this field, in addition to being the third largest international company to issue and collect cards," said a statement issued by the Central Bank.

"This agreement came in the light of the strategy of the Central Bank To develop electronic payment services and open the horizons of work and competition for international companies to participate actively in the implementation of current and future plans for the electronic payment sector,

as well as the development of this sector and the transfer of expertise owned by this company to the Iraqi market, thus facilitating the payment and transfer of funds smoothly and smoothly E-cards saliva.

" "The company intends to enhance the collection of card purchase payments through traders using the latest technology developed over the years in mature and promising markets," the statement said.

"Supporting the international companies and organizing their work in the country will contribute directly to providing the best services and providing effective competition in this field," the statement said.

"This is the third memorandum signed by the bank in 2018 with global card companies as part of its expansion plans.

In the use of high technology to promote the work of cards and the development of payment systems in accordance with the best international practices.

http://www.alsabaah.iq/ArticleShow.aspx?ID=159563

Businessmen and investors are looking to enter the local market

7/5/2018

Washington – Nafie al-Fartousi
, a leading Iraqi businessman and investor, expressed his desire to enter the Iraqi market, which they described as "promising" for the foreseeable future.

He praised the efforts of the Iraqi government after the expulsion of terrorist organizations and the adoption of a free market economy, as well as facilities to promote the Iraqi economy, which attracts many companies and companies in various continents of the world.

Food products
Arab businessman Ziad Nashashibi explained to "Sabah" the desire of his group specialized in the industries and food products to enter the Iraqi market and the holding of some production lines, especially in Babylon and Basra and Karbala in the field of dates and food packaging, noting that many of the Iraqi products are required in the Canadian and American markets , Especially by the Arab communities
residing in them.

"He will meet with his Iraqi counterparts at a conference soon to be held in Istanbul, Turkey, in preparation for the arrival of his group and its entry to invest in this area in
Iraq," Nashashibi said . Promising market Iraqi investor Walid Hormuz , said that " theIraqi market is gaining good vitality because it is located in an active area and fast – growing first and to provide effective features such as the availability of natural resources , human resources and expertise, which heralds a promising future for the Iraqi people over the next few years.

" Hormuz added that he had contacts with the Iraqi Investment Authority and there are studies and steps have made good progress before starting two projects, one of which is residential in the outskirts of the capital Baghdad, and the other industrial related to the field of steel and steel may be implemented in Basra or Najaf.

Praising the facilities provided by the Investment Authority, such as tax exemptions and the speed of resolution of the procedures for the allocation of land through a single window and simple symbolic rent allowances and for relatively long periods of time.

The American automobile company, Elias Dameer Jian, is a Lebanese American who spoke to us about the desire of his company (KLQ), which specializes in manufacturing and supplying American car parts (Ford, Chevrolet and Dodge Chrysler) by opening two branches in Erbil and Babil.

"For about a year, the Iraqi market has been studying and seeing it as healthy, active and highly regarded by customers and industrialists," Damarjan said.

He pointed to the possibility of setting up a line for the collection of small trucks and sedans after the conclusion of an agreement with the Ministry of Industry of Iraq, where he holds a Chevrolet to collect small cars and trucks type (Saturn), noting that "the budget of projects he intends to implement in Iraq close to 450 million dollars."

http://www.alsabaah.iq/ArticleShow.aspx?ID=159548