By John Lee.

The United Nations has advertised new positions in Iraq:

(Source: UN)

(Picture: Finger pressing a new career start button, from Olivier Le Moal/Shutterstock)

Summary of government measures to boost employment, address housing shortage and support low-income groups

Prime Minister Adil Abd Al-Mahdi on Sunday chaired a meeting of the High Committee for the Distribution of Land.

The Committee reviewed preparations for the distribution of plots of land to low-income groups in Iraqi provinces, and the allocation of more land to build low-cost housing to families in need.

The meeting comes as the Iraqi government continues to implement a series of measures to meet the legitimate demands of recent protests and address the aspirations of the Iraqi people.

The measures include the establishment of a commission of inquiry to investigate the attacks on protesters and the security forces during recent demonstrations, identify those responsible and bring them to justice.

The commission of inquiry comprises senior ministers, representatives of the security forces, the judiciary, the Human Rights Commission and Members of Parliament.

Key measures announced by the Iraqi government

The Iraqi government also announced several initiatives and new policies to boost employment opportunities for young Iraqis, address the housing shortage and provide additional support to low-income groups.

To create new job opportunities, the new measures include:

  • The launch of a three-month training scheme for 150,000 graduates and non-graduates who are currently unemployed but are able work. Trainees will receive a grant of 175,000 Iraqi dinars per month while in training and those who successfully complete the training programme will be offered jobs with several investment projects in Iraq. They will also be offered loans to start their own small and medium size businesses, and business-ready plots of land to start their own industrial projects.
  • Simplifying company registration procedures for owners of new businesses aged 18-35 years and exempting them from any associated fees.
  • Train unemployed young graduates and others wishing to start manufacturing projects, with successfully completing the training programme and wish to start a project receiving funding from the Central Bank of Iraq.
  • Activate the Facilitated Agricultural Credit Fund to provide lending to those who are unemployed but have been allocated land for cultivation.
  • The Ministry of Education to take the necessary measures to contract lecturers on various internship/volunteer programmes and submit a request for financing these measures to be included in the 2020 Federal Budget.
  • On 15/10/2019, the Ministry of Defence will begin receiving online applications from young Iraqis aged 18-25 who wish to join the Armed Forces.
  • The Ministries of Defence and Interior to take the necessary measures to reinstate qualified groups of employees who were dismissed from service.

To address the housing shortage, the measures include:

  • Begin a national house-building programme to build 100,000 housing units across all provinces.
  • The completion of the process to distribute 17,000 plots of land for housing purposes to low income-groups in Basra Province.
  • Directing the relevant authorities to begin accepting applications from low-income groups for the distribution of land plots as decreed by the Cabinet earlier.
  • The establishment of the High Committee for the Distribution of Land.

To support low-income groups, the measures include:

  • Provincial governors and the Ministry of Labour and Social Affairs to provide lists of 600,000 in-need families so they can receive social security payments.
  • A grant of 175,000 Iraqi dinars per month to be paid to 150,000 citizens who are unemployed and are unable to work. The payment to continue for three months.

To support farmers, the measures include:

  • Cancelling any accumulated unpaid rent for farmers who lease land from the Ministry of Agriculture for the period up to 31/21/2019.

To ensure rapid implementation of these and other policies, the Cabinet directed the General Secretariat of the Council of Ministers to establish committees in Iraqi provinces.

The committees will report regularly to the Prime Minister and submit their final reports no later than three months.

(Source: Govt of Iraq)

By John Lee.

The National Investment Commission (NIC) has announced the following investment opportunities:

(Source: National Investment Commission)

(Picture: Business opportunity word cloud, from ibreakstock/Shutterstock)

UNHCR, the UN Refugee Agency, welcomes a new donation of EUR 3 million from the EU to assist internally displaced persons (IDPs) in Iraq.

This funding will contribute to ensure the provision of legal assistance and civil documentation to over 30,000 internally displaced people (IDPs) across Iraq and to guarantee that camp management and camp coordination services (CCCM) are in place in all UNHCR-managed camps in Ninewa Governorate.

While Iraq recovers from conflict, the needs of its population diversify. Some 4.3 million people have returned to their homes and are restarting their lives, however the conditions for sustainable return are not yet met across all the country. Continued assistance for the 1.5 million individuals who remain displaced and the communities hosting them is essential to ensure a stable and peaceful recovery.

Commissioner for Humanitarian Aid and Crisis Management, Christos Stylianides, said:

“This new humanitarian assistance will be instrumental to help the most vulnerable populations in Iraq, especially the displaced. It is essential for the stability of the country. The people of Europe stand in full solidarity with the people of Iraq in this critical phase.”

Guaranteeing access to legal assistance and the obtention of civil documentation is a key aspect of recovery as it is a basic requirement for displaced persons to establish their legal identity, access public services, return to their homes, and exercise their basic rights.

The generous donation from the EU will secure that IDPs have access to these fundamental services, ensuring that returns are conducted in a safe and sustainable manner. For those living in camps, support remains critical.

In Ninewa Governorate alone, over 50,000 IDPs (8,300 families) are still living in UNHCR-managed camps With the EU’s aid, UNHCR will be able to ensure adequate services and key camp infrastructures are in place to support those living in them.

Ayman Gharaibeh, UNHCR Representative in Iraq:

While the situation in Iraq has notably improved during the past years and the country is steadily transitioning and advancing into a new post-conflict phase, we need to continue supporting its people in their recovery and reconstruction efforts. Particularly the more than 1.5 million Iraqis still affected by displacement and wishing to rebuild their lives.

“This generous contribution by the EU enables us to be responsive and compassionate with those that continue relying heavily on humanitarian assistance. With ongoing support, we will stand with the people of Iraq until complete recovery is achieved.

(Source: UN)

UNHCR, the UN Refugee Agency, welcomes a new donation of EUR 3 million from the EU to assist internally displaced persons (IDPs) in Iraq.

This funding will contribute to ensure the provision of legal assistance and civil documentation to over 30,000 internally displaced people (IDPs) across Iraq and to guarantee that camp management and camp coordination services (CCCM) are in place in all UNHCR-managed camps in Ninewa Governorate.

While Iraq recovers from conflict, the needs of its population diversify. Some 4.3 million people have returned to their homes and are restarting their lives, however the conditions for sustainable return are not yet met across all the country. Continued assistance for the 1.5 million individuals who remain displaced and the communities hosting them is essential to ensure a stable and peaceful recovery.

Commissioner for Humanitarian Aid and Crisis Management, Christos Stylianides, said:

“This new humanitarian assistance will be instrumental to help the most vulnerable populations in Iraq, especially the displaced. It is essential for the stability of the country. The people of Europe stand in full solidarity with the people of Iraq in this critical phase.”

Guaranteeing access to legal assistance and the obtention of civil documentation is a key aspect of recovery as it is a basic requirement for displaced persons to establish their legal identity, access public services, return to their homes, and exercise their basic rights.

The generous donation from the EU will secure that IDPs have access to these fundamental services, ensuring that returns are conducted in a safe and sustainable manner. For those living in camps, support remains critical.

In Ninewa Governorate alone, over 50,000 IDPs (8,300 families) are still living in UNHCR-managed camps With the EU’s aid, UNHCR will be able to ensure adequate services and key camp infrastructures are in place to support those living in them.

Ayman Gharaibeh, UNHCR Representative in Iraq:

While the situation in Iraq has notably improved during the past years and the country is steadily transitioning and advancing into a new post-conflict phase, we need to continue supporting its people in their recovery and reconstruction efforts. Particularly the more than 1.5 million Iraqis still affected by displacement and wishing to rebuild their lives.

“This generous contribution by the EU enables us to be responsive and compassionate with those that continue relying heavily on humanitarian assistance. With ongoing support, we will stand with the people of Iraq until complete recovery is achieved.

(Source: UN)

Advertising Feature

Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 26th September 2019).

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

The RSISX index ended the week at IQD630 (+2.4%) / $678 (+2.4%) (weekly change) (-4.4% and -4.5% YTD change, respectively). The number of week traded shares was 1.2 bn and the weekly trading volume was IQD1.3 bn ($1.1 mn).

ISX Company Announcements

  • The Iraqi Stock Exchange (ISX) and the Iraqi Securities Commission (ISC) announced that as of September 2019, trading data would be available in the Arab Monetary Fund database among 17 stock exchange markets registered in the fund. The price index became within the composite index of the Arab Monetary Fund for Arab financial stock exchange markets for the first time in the history of Iraqi financial markets, as well. This is considered as a positive step towards increasing the clients’ trust in the Iraqi markets. (ISX)
  • ISX will suspend trading of Cihan Bank for Islamic & Finance (BCIH) starting Oct. 8, 2019 due to the AGM that will be held on Oct. 12, 2019 to discuss and approve 2018 annual financial statements.
  • Ready-Made Clothes (IRMC) and AL- Kindi of Veterinary Vac. (IKLV) will resume trading on Sep. 29, 2019 due to disclosing their 2018 annual financial statement.
  • Iraqi Date Processing and Marketing (IIDP) and Al-Zawraa for Financial Investment (VZAF) will resume trading on Sep. 29, 2019 after discussing and approving 2018 annual financial statements.
  • ISX suspended trading of Al Janoob Islamic Bank (BJAB) starting Sep. 26, 2019 due to the AGM that will be held on Oct. 1, 2019 to discuss and approve 2018 annual financial statements.
  • Sumer Commercial Bank (BSUC) resumed trading on Sep. 25, 2019 after discussing and approving 2018 annual financial statements and deciding to distribute 4% cash dividend (IQD0.04 dividend per share, 7.3% dividend yield).
  • ISX suspended trading of Mosul Bank for Development & Investment (BMFI) starting Sep. 24, 2019 due to the AGM that will be held on Sep. 29, 2019 to discuss and approve 2018 annual financial statements.
  • Mamoura Real-estate Investment (SMRI) invited its shareholders to receive their cash dividend (5% cash dividend, IQD0.05 dividend per share) starting Oct. 1, 2019.
  • Asia Al Iraq Islamic Bank for Investment (BAIB) invited people for the public subscription for its 50% rights issue to increase the capital from IQD100 bn to IQD150 bn. Subscription started on Sep. 18, 2019. Subscription period is no less than 30 days and no more than 60 days.

By John Lee.

The National Investment Commission (NIC) has announced the following investment opportunities:

(Source: National Investment Commission)

(Picture: Business opportunity word cloud, from ibreakstock/Shutterstock)

By John Lee.

The National Investment Commission (NIC) has announced the following investment opportunities:

(Source: National Investment Commission)

(Picture: Business opportunity word cloud, from ibreakstock/Shutterstock)

By John Lee.

The National Investment Commission (NIC) has announced the following investment opportunities:

(Source: National Investment Commission)

(Picture: Business opportunity word cloud, from ibreakstock/Shutterstock)

By John Lee.

Oil and gas company TechnipFMC has agreed to pay more than $5 million to settle an Iraq-related corruption case with the US Securities and Exchange Commission (SEC).

The company is alleged to have taken part in bribery between 2008 and 2013 to secure business from Iraqi state-owned oil companies.

Just last month, the company announced that it would demerge its operations into two separate companies.

The full statement from the SEC can be read here.

(Source: SEC)