By Michael Knights, for the Washington Institute for Near East Policy. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News.

Kadhimi’s Rolling Reshuffle (Part 2): Protecting Iraq’s Economic Institutions and Borders

On September 14, Baghdad announced a range of strategic leadership appointments for institutions tasked with overseeing Iraq’s economy, borders, and anti-corruption efforts-a list that includes banks, customs authorities, airports, seaports, land crossings, municipal bodies, investigative committees, and more.

The ambitious scope of the appointments and the centralized manner in which they were made says a great deal about Prime Minister Mustafa al-Kadhimi’s commitment to changing the corrosive status quo in Baghdad.

The question now is whether his government can withstand the coming pushback from militia and political elements who benefit from that status quo. The following is a digest of the new technocratic appointments and their implications; see Part 1 of this PolicyWatch for a discussion of Kadhimi’s recent military reshuffling.

Click here to read the full article, which includes details of the new appointments.

The post Details of PM’s New Appointments to Key Institutions first appeared on Iraq Business News.

By John Lee.

At the weekly cabinet meeting on Tuesday it was agreed that the Ministry of Planning will finance the replacement of the water channel known as Al-Bada’a canal with a 238-km water pipeline.

According to a government statemet, this will help reduce water scarcity and increase access to safe drinking water in Basra.

(Source: Govt of Iraq)

The post New 238-km Water Pipeline to serve Basra first appeared on Iraq Business News.

By John Lee.

Iraq’s Oil Minister, Ihsan Ismaael [Ahsan Abdul-Jabbar Ismail], will reportedly become the head of a recently-revived Iraq National Oil Company (INOC).

Mr Ismael was previously the director general of the state-run Basra Oil Company (BOC); he joined the cabinet of Prime Minister Mustafa Al Kadhimi in June.

More here.

(Source: The National)

The post Iraqi Oil Minister to head INOC first appeared on Iraq Business News.

By John Lee.

Iraq’s Oil Minister, Ihsan Ismaael [Ahsan Abdul-Jabbar Ismail], will reportedly become the head of a recently-revived Iraq National Oil Company (INOC).

Mr Ismael was previously the director general of the state-run Basra Oil Company (BOC); he joined the cabinet of Prime Minister Mustafa Al Kadhimi in June.

More here.

(Source: The National)

The post Iraqi Oil Minister to head INOC first appeared on Iraq Business News.

By John Lee.

The Chairman of the state-owned Trade Bank of Iraq (TBI) has been chosen as the new head of the Iraq Securities Commission (ISC).

Faisal Al-Haimus (pictured) will take over from Dr. Alaa Abdulhussein Al-Saeidi as Chairman of the regulator.

Grant Felgenhauer, Managing Partner at Euphrates Advisors, an investor on the Iraq Stock Exchange, commented on the appointment:

“[This is] good news. Faisal is a veteran international banker and understands markets and the importance of capital formation to a local economy. This is a very positive development for Iraq’s capital markets and the Iraq Stock Exchange.”

(Source: @gfelge)

The post TBI Boss to Head Iraq Securities Commission first appeared on Iraq Business News.

By John Lee.

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

(Source: National Investment Commission)

The post New Investment Opportunities in Iraq first appeared on Iraq Business News.

Iraq is heavily reliant on oil, as oil revenues have been the spine of the economy and the main contributor to exports and remain so even with the halt of oil prices and market demand. This led to neglecting the opportunities that lie in other sectors that could diversify and support the economy.

Agriculture is an essential sector that has a great potential that can be exploited to revitalize the economy, developing this sector would accelerate non-oil growth, promote food security and self-sufficiency, and create job opportunities, decrease poverty and unemployment.

The report provides an overview of the agriculture sector and explores its different aspects.

Click here to download the full report.

(Source: Kapita, in partnership with GIZ)

The post New Report on Iraqi Agriculture first appeared on Iraq Business News.

By John Lee.

Jordan’s Capital Bank has said that it has signed a letter of intent to acquire assets and liabilities of Lebanon’s Bank Audi.

It’s Chairman told Reuters that the bank has already begun due diligence on buying Bank Audi’s Iraqi units.

Click here to see the stock market annoucement.

Click here to read Reuters interview

(Sources: Amman Stock Exchange, Reuters)

The post Capital Bank to buy Lebanon’s Bank Audi first appeared on Iraq Business News.

Genel Energy has published its first comprehensive Sustainability Report, prepared in accordance with the Global Reporting Initiative (‘GRI’) Standards core option.

Bill Higgs, Chief Executive of Genel, said:

Genel has had a longstanding commitment to positively impact the communities in which we operate. This has focused on three core areas – economic development, education, and health, and I am delighted to detail our activities in these areas in our first comprehensive Sustainability Report. Having a positive impact on the local community is just one part of our responsibility however, and we continue our journey to meet head on the challenges associated with the energy transition. Stepping up to these challenges is vital to our business, and this is reflected in ESG metrics being incorporated into our corporate key performance indicators and remuneration evaluations. The publication of today’s Sustainability Report is a further indication of our commitment to this area.

“We are aware that we have a long way to go in a rapidly changing landscape. Nevertheless, we have the talent, skill sets, and commitment at the highest levels of the Company to meet the challenges ahead. In my view, Genel has the right low-cost and low-carbon assets, in the right locations, and with the right footprint, to thrive in a future of fewer and better natural resources projects.”

“The Sustainability Report is a complement to our Annual Report, and will be issued annually, publicly detailing our ESG activities as we strive to be a socially responsible contributor to the global energy mix.

“Genel has a low-cost and low-carbon asset portfolio, with the recent commissioning of the enhanced oil recovery project at the Tawke PSC having materially reduced flaring, reducing the carbon intensity of our portfolio to 7kg CO2e/bbl of scope 1 and 2 emissions.

“It has been a long-stated aim of Genel to have a positive impact both by contributing to economic development and directly supporting local communities through improved infrastructure and the provision of opportunities for improved health, development and employment.

“Since 2006, Genel has invested almost $60 million in social projects. 245 social investment and community projects have been funded and successfully delivered, and each year up to 550 local community patients receive free treatment from the TTOPCO medical team. Supporting the development of the local economy is also crucial, and Genel has spent over $36 million on contracts with local companies. Currently, almost 250 local people are employed at TTOPCO, and 23 local community-centred companies are providing services to Genel’s operations across the KRI, with our operations indirectly supporting a further 350 local people through such contracts.

“As well as looking to have a wider societal benefit, our commitment to having a beneficial impact begins with operational excellence and the taking care of our workforce. For the last four years, Genel has achieved zero lost time injuries with more than 12 million working hours since the last incident. This has been achieved through the promotion of a strong HSE culture and extensive workforce training and engagement at all levels.

“Our focus on sustainability has not been lessened by the ongoing COVID-19 pandemic, and the Report illustrates the key values that drive our decision making and support the delivery of our strategic goals.

Click here to download the full report.

(Source: Genel Energy)

The post Genel Energy Publishes Sustainability Report first appeared on Iraq Business News.

From the Iraqi Children Foundation (ICF).

Dear ICF friends,

Our annual “In Their Shoes” 5K race weekend in Washington DC draws dignitaries, diplomats, veterans and business-people, families, and the media. This year we are doing things a little differently, and you can join us online for our first INTERNATIONAL VIRTUAL EVENT. 

Run, walk, bike or swim to help us meet our collective goal of travelling 6,202 miles in support of Iraq’s orphans and street children. There are more than 100 different types of activities you can count, and it’s even wheelchair-friendly!

Get ready. Join Us! Sign up now, and help us travel for the whole month of October!


How it works:

1.  Participants sign up online via the My Virtual Mission platform (link via button above), and create a fundraising page if desired. If you want to create a fundraising page, reply directly to this email and we will help you set one up, it only takes a couple of minutes.

2.  Participants pair their Fitbit, phone apps, or manually update their progress to the app, collectively progressing the distance.

3.  Finishers receive a digital certificate, and those who travel 25KM or more receive a custom ICF running buff (neck gaiter) with our new ICF pattern pictured below!

The post Opportunity to Support Iraq’s Street Children first appeared on Iraq Business News.