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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.

Iraq Britain Business Council and Iraq’s Ministry of Higher Education and Scientific Research sign Memorandum of Understanding

The Iraq Britain Business Council (IBBC) signed a Memorandum of Understanding (MoU) with Iraq’s Ministry of Higher Education and Scientific Research at the IBBC Cumberland Lodge Retreat on 7 July.

The memorandum was signed by Baroness Nicholson of Winterbourne, President of IBBC and H.E. Dr Abdul Razzaq Al-Issa, Iraqi Minister of Higher Education and Scientific Research. The singing was supported and witnessed by Ambassador Jon Wilks CMG, Her Majesty’s A mbassador to the Republic of Iraq and Dr Nahi Al-Rikabi, the Iraqi Cultural Attaché to London.

The memorandum details the commitment of both parties to work together in a constructive and progressive way to further enhance links between Iraqi and UK institutions of higher education.

The partnership is a further boost to the IBBC’s efforts to support initiatives between UK universities and Iraqi institutions of higher education.

IBBC has three British Universities within the council; Bath Spa University, University of Northampton and University of Leicester, who are all active within Iraq and aiming to increase their activities in the country. Mosul University has also recently joined the Council as IBBC continue to expand its Education & Heritage Sector Table.

(Source: IBBC)

By John Lee.

The United Nations has advertised new positions in Iraqi Kurdistan:

(Source: UN)

(Picture: Success, growth, career, development signpost from 3D_Creation/Shutterstock)

By John Lee.

Protestors took to the streets of Basra for the fourth day on Wednesday, protesting the killing of a demonstrator by security forces, and demanding jobs and public services.

According to AFP, protesters also blocked the road leading to the oilfields of West Qurna, while international oil companies (IOCs) have reportedly moved senior staff out of the area for their security.

On Tuesday, the Cabinet approved measures to improve the delivery of essential public services in Basra province, with a focus on improving the supply of electricity to homes and businesses.

It also “instructed Iraq’s embassies, consulates and all border entry points to apply new visa and residency fees for foreign nationals seeking to enter Iraq“.

The Cabinet voted to establish a specialist committee staffed by teams from the Planning and the Construction & Housing Ministries to assess the value of resuming several incomplete or suspended projects, and instructed the Ministry of Finance to speed up the allocation of funds for projects that are deemed suitable for completion.

Meanwhile, Oil Minister Jabar Ali al-Luaibi [Allibi, Luiebi] ordered “secondary contractor companies in West Qurna oil field to provide new jobs for the citizens of the neighbor towns near to the field“, and to “provide additional jobs for the citizens of Shatt Al-Arab district and the other towns“.

Otherwise“, he added, “the Ministry will take the appropriate procedures towards the companies that violates the directions“.

(Sources: AFP, Iraqi Cabinet, Ministry of Oil)

(Picture credit: Ahmed Mahmoud)

IBBC holds annual Cumberland Lodge Conference with Political, Academic, Education and Business Experts, 6-8 July

The Iraq Britain Business Council hosted its annual Cumberland Lodge Retreat on 6-8 July, inviting a host of political, business, academic and education experts to discuss the most pertinent issues relating to Iraq and its future.

The title of the conference was ‘Iraq: Domestic Expectations & Geopolitical Aspirations’ and addressed a variety of issues on regional politics, election diagnosis and the future of higher education in Iraq.

On Friday members and guests heard speeches from Baroness Nicholson of Winterbourne, President of IBBC and the Prime Minister’s Trade Envoy to Iraq, Dr Edmund Canon Newell, Principal of Cumberland Lodge, Mr Nazar Mirajan Mohammed, Minister Plenipotentiary Iraq Embassy and Sara Akbar, Founder Member of IBBC, Kuwait Government Adviser and CEO of new IBBC member OiLSERVE.

The conference also featured in-depth discussions with high level representatives from the Government of Iraq, including Dr Abdul Razzaq Al-Issa, Minister of Higher Education and Scientific Research, Dr Adbul Kariem Al Faisal, Chairman of the PM’s Advisory, Dr Dara Rasheed, Deputy Minister for Construction, Housing and Municipalities and Deputy Head of Refaato and Dr Salah Hadi Saleh Alhashim, DG for Scholarships at he Ministry of Higher Education and Scientific Research.

Agenda & Speakers

Session 1: Present Situation in Iraq

Chair: Baroness Nicholson of Winterbourne

Dr Barham Salih MP, Coalition for Democracy, Jon Wilks CMG (tbc), HM Ambassador to Iraq, Dr Renad Mansour, Research Fellow, Chatham House, Professor Toby Dodge, Director Middle East Centre, LSE

Session 2: Iraq in a Regional Perspective

Chair: Dr Renad Mansour, Research Fellow, Chatham House

Sara Akbar, CEO Oil Serve Kuwait

Session 3: China and Iraq

Chair: Botan Osman, Managing Director, Restrata

Raffaello Pantucci, Director of International Security Studies, RUSI

Session 4: IMF view on Iraq

Chair: Gavin Wishart, Board Member, IBBC

Gavin Gray, Mission Chief for Iraq, IMF

Session 5: Partnerships between British and Iraqi Universities

Chair: Dr Victoria Lindsay, Director British Council Iraq

Professor Obay Al Dewachi, President of Mosul University, Professor Nick Petford, Vice Chancellor, Northampton University, Professor Mohammed Al Uzri, Honorary Professor with Social and Epidemiological Psychiatry Research Group, Leicester University, Professor John Strachan, Vice Chancellor, Bath Spa University

On Saturday 7, an after dinner speech was given by Dr Mohammed Jasim, Library Director of Mosul University, who gave an impassioned presentation on the progress made in rebuilding the university’s dilapidated library.

IBBC would like thank the staff at Cumberland Lodge, all speakers and delegates who contributed to the extremely fruitful discussions, and to its members, with representatives attending from Al Burhan Group, Al Nukbha OFS, Bath Spa University, BP, Olive Group, Eversheds Sutherland, G4S, KBR, Menzies Aviation, Mosul University, Najaf Chamber of Commerce, OiLSERV, Penspen, Perkins+Will, Petrofac, Restrata, Serco, Shell, TurnKey LLC, University of Leicester, University of Northampton and Wood.

(Source: IBBC)

From AFP. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News.

In southern Iraq, fields where rice has been sown for centuries now lie bare for lack of water…. This season many farmers have not planted the treasured amber rice local to Diwaniyah province because of an unusually harsh drought.

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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.