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Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 31st January 2019).

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

The RSISX index ended the week at IQD639 (-0.6%) / $688 (-0.6%) (weekly change) (-3.1% and -3.1% YTD change, respectively). The number of week traded shares was 29.9 bn and the weekly trading volume was IQD13.9bn ($11.0mn).

ISX Company Announcements

  • According to the ISX announcement, the opening price of the IQD5.0 mn class bonds (CB125) will be IQD5,337,534 on Sunday (Feb. 3, 2019). [Table: 2.3]
  • According to ISC decision, Al-Mosul for Funfairs (SMOF) will be transferred from the non-regular market to the regular market starting Feb. 3, 2019 due to providing all required conditions.
  • Tourist Village of Mosul dam (HTVM) will resume trading on Feb. 3, 2019 due to disclosing 2017 annual, and 6M18 and 9M18 financial results.
  • Babylon Hotel (HBAY) will resume trading on Feb. 3, due to disclosing its 2017 annual financial results.
  • ISX suspended trading of Iraqi Engineering Works (IIEW) starting Jan. 29, 2019 due to the AGM* that will be held on Feb. 3, 2019 to discuss and approve 2017 annual financial results.
  • ISX suspended trading of Al-Harir for Money Transfer (MTAH) starting Jan. 30, 2019 related with merging processes with Al-Ameen Al-Arabiya for Money Transfer.
  • ISX announced that Al-Qurtas Islamic Bank for Investment and Finance (BQUR) having a capital of IQD250bn paid-in capital, will start trading in the secondary market after depositing and activating 5% of the listed shares or after 21 days of depositing the company’s shares.

By John Lee.

Russian Foreign Minister Sergey Lavrov has said that Moscow is very interested in increasing trade, economic and investment ties with Iraq.

Following a meeting on Wednesday with Iraqi Foreign Minister Mohamed Ali Alhakim, he said:

In the field of investment, especially in the hydrocarbon sector, there is a very good result. Lukoil, Gazprom Neft, SoyuzNefteGaz are already working, Rosneft is interested in projects in Iraq. The total investment in this industry has already exceeded $ 10 billion.

“We want to promote projects in other areas. Today we talked about electricity, agriculture, industry, transport – all this will be considered in the context of preparations for the next meeting of the Russian-Iraqi Intergovernmental Commission on Trade, Economic, Scientific and Technical Cooperation.

He added that about 4 thousand Iraqi citizens are currently studying in universities of the Russian Federation, while dozens of diplomats from Iraq take part in special training courses at the Diplomatic Academy at the Russian Foreign Ministry.

(Source: Russian Ministry of Foreign Affairs)

By John Lee.

Russian Foreign Minister Sergey Lavrov has said that Moscow is very interested in increasing trade, economic and investment ties with Iraq.

Following a meeting on Wednesday with Iraqi Foreign Minister Mohamed Ali Alhakim, he said:

In the field of investment, especially in the hydrocarbon sector, there is a very good result. Lukoil, Gazprom Neft, SoyuzNefteGaz are already working, Rosneft is interested in projects in Iraq. The total investment in this industry has already exceeded $ 10 billion.

“We want to promote projects in other areas. Today we talked about electricity, agriculture, industry, transport – all this will be considered in the context of preparations for the next meeting of the Russian-Iraqi Intergovernmental Commission on Trade, Economic, Scientific and Technical Cooperation.

He added that about 4 thousand Iraqi citizens are currently studying in universities of the Russian Federation, while dozens of diplomats from Iraq take part in special training courses at the Diplomatic Academy at the Russian Foreign Ministry.

(Source: Russian Ministry of Foreign Affairs)

By John Lee.

The UK’s foreign office minister for the Middle East has reportedly said that Iraq must wean itself off economic reliance on Iran and become more energy self-sufficient.

On a visit to Iraq on Sunday, Alistair Burt (pictured) told Reuters:

“To expect Iran to have no influence in Iraq is fanciful … What is important is that Iraq finds the opportunity to follow its own future in terms of foreign relations and that its economy is strong, and isn’t reliant on Iran.”

(Source: Reuters)

By Osama Al Sharif for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News.

Jordan’s King Abdullah’s one-day visit to Baghdad on Jan. 14 was hailed as “historic” by Iraqi President Barham Saleh. It was the first trip to Iraq by the Jordanian monarch in more than a decade, and it came less than a month after the kingdom’s prime minister, Omar Razzaz, paid a visit on Dec. 28 to the Iraqi capital to sign a number of economic agreements.

A royal court statement said the king noted the strong ties between the two countries, affirming that Jordan stands by Iraq as it seeks to safeguard its security and stability, and works to fulfill the aspirations of the Iraqi people toward further prosperity and progress.

It added that the two leaders “stressed the importance of bilateral agreements in the economic, trade, investment, energy, transport and construction sectors.”

Click here to read the full story.

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Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 24th January 2019).

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

The RSISX index ended the week at IQD643 (+0.1%) / $692 (+0.3%) (weekly change) (-2.5% and -2.5% YTD change, respectively). The number of week traded shares was 4.3 bn and the weekly trading volume was IQD3.1 bn ($2.6 mn).

ISX Company Announcements

  • According to the ISX announcement, the opening price of the IQD5.0 mn class bonds (CB125) will be IQD5,329,863 on Sunday (Jan. 27, 2019). [Table: 2.3]
  • ISX will suspend trading of Iraqi Engineering Works (IIEW) starting Jan. 29, 2019 due to the AGM* that will be held on Feb. 3, 2019 to discuss and approve 2017 annual financial results.
  • ISX will suspend trading of Ahliya for Insurance (NAHF), Al-Ameen Insurance (NAME) and Gulf Insurance and Reinsurance (NGIR) starting Jan. 27, 2019 due to the decision issued by the Board of Insurance regarding the suspension of their licenses.
  • Al-Noor for Money Transfer Co. (MTNN) held its AGM* on Jan. 2, 2019 without informing the ISX, which caused the company to be transferred to the disciplinary committee. During the AGM, the company decided to merge with Al-Harth Al-Arabiya Company for money transfer (unlisted on the ISX) and change the companies’ activity to an Islamic bank and increase the capital from IQD90 bn to IQD100 bn. Therefore, ISX decided to suspend trading of Al-Noor for Money Transfer Co. (MTNN) starting today (Jan. 24, 2019) until the company completes the merging procedures.

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Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 17th January 2019).

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

The RSISX index ended the week at IQD642 (-4.4%) / $691 (-4.4%) (weekly change) (-2.5% and -2.7% YTD change, respectively). The number of week traded shares was 28.1 bn and the weekly trading volume was IQD10.2 bn ($8.4 mn).

ISX Company Announcements

  • According to the ISX announcement, the opening price of the IQD5.0 mn class bonds (CB125) will be IQD5,322,192 on Sunday (Jan. 20, 2019). [Table: 2.3]
  • As part of the contribution to support the Iraqi economy, the Central Bank of Iraq (CBI) announced that through its IQD1.0 trln initiative given as a maximum amount for SME projects, it gave more than IQD33 bn during 2018. Since the start of the project in May 2015 until the end of 2018, IQD73 bn were given to projects, where the trade sector got 59%, services 25%, industrial 12% and agricultural sector 4%. The initiative includes 34 banks, 33 private banks and one state bank, while the loans for these projects ranged from IQD5 mn to IQD50 mn, it could reach IQD100 mn if it is approved by the Central Bank. (CBI)
  • Commercial Bank of Iraq (BCOI) resumed trading on Jan. 17, 2019 after discussing and approving 2017 annual financial results and deciding to distribute 3.5% cash dividend (7.3% dividend yield).
  • Ashur International Bank for Investment (BASH) resumed trading on Jan. 17, 2019 due to disclosing its 9M18 financials.
  • Bain Al-Nahrain Investment (VMES) resumed trading on Jan. 17, 2019 after discussing and approving 2017 annual financial results.
  • New shares of Al-Hamraa for Insurance (NHAM) from the capital increase from IQD5 bn to IQD7 bn through 40% bonus issue resumed trading on Jan. 16, 2019.
  • ISX requested Al Taif Islamic Bank to submit the required documents in order to start trading on the ISX as an Islamic bank.
  • Modern Animal & Agricultural Production (AMAP) was not suspended from trading on Jan. 14, 2019 because the company fulfilled ISX request to explain why the prices touched the higher limits on Jan. 8, Jan. 9, Jan. 10 and Jan. 13, 2019. The company disclosed that they started the legal procedures to own Soft Dairy Factory (Alban Al-Rfq) and the company also added that it started maintenance and adding new equipments in Halal Dairy Factory (Al-Halal) which will lead to increase production and quality of production.
  • Cross Transactions: 24.7 bn shares of Trust International Islamic Bank (BTRU) on Jan. 14, 2019, which represents 9.9% of BTRU capital.

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Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 10th January 2019).

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

The RSISX index ended the week at IQD672 (+2.2%) / $723 (+2.0%) (weekly change) (+2.0% and +1.8% YTD change, respectively). The number of week traded shares was 3.5 bn and the weekly trading volume was IQD1.3 bn ($1.1 mn).

ISX Company Announcements

  • According to the ISX announcement, the opening price of the IQD5.0 mn class bonds (CB125) will be IQD5,314,321 on Sunday (Jan. 13, 2019). [Table: 1.9]
  • ISX will suspend trading of Ahliya for Insurance (NAHF) starting Jan. 16, 2019 due to the AGM* that will be held on Jan. 21, 2019 to discuss and approve 2017 annual financial results.
  • ISX will suspend trading of Bain Al-Nahrain Investment (VMES) starting Jan. 13, 2019 due to the AGM* that will be held on Jan. 16, 2019 to discuss and approve 2017 annual financial results.
  • ISX will suspend trading of the following companies on Jan. 13, 2019 due to not disclosing their 3M18 financial results: BASH, HISH, SKTA, HASH, IICM, ITLI, IELI, IMPI, IHFI, IMCM, IFCM, IKHC, SBAG, SIGT and VKHF.
  • Babylon Hotel (HBAY) invited its shareholders on Jan. 9, 2019 to receive their 2016 cash dividend. The company decided in its AGM on Nov. 19, 2017 to distribute 20% cash dividend (IQD0.20 dividend per share).
  • ISX suspended trading of Commercial Bank of Iraq (BCOI) starting Jan. 8, 2019 due to the AGM* that will be held on Jan. 13, 2019 to discuss and approve 2017 annual financial results.
  • Iraqi Agricultural Products and Marketing Meat (AIPM) resumed trading on Jan. 7, 2019 after discussing and approving 2017 annual financial results.
  • Dar Al-Salam for Insurance (NDSA) invited its shareholders to subscribe to 40% rights issue to reach IQD7 bn paid-in capital.

By John Lee.

Housing prices in Iraqi Kurdistan have reportedly increased by 20 percent in 2018, while rents has gone up by 15 percent.

Citing research from real estate company Baghi Khoshnawati, Rudaw says that demand for rental accommodation in the second half of 2018 has increased by 45 percent compared to the first half of 2018.

It adds that the rent for a house in the Italian Village in Erbil has increased from was $500 per month in May 2018 to $650 now, but “there are no houses available because of high demand“.

More here.

(Source: Rudaw)

(Picture credit: Jan Kurdistani21)

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By Veronica Cotdemiey, CEO of Citizenship Invest.

Moldova: the most cost-effective passport from Europe

Citizenship by Investment has become one of the most reliable ways to obtain a legal citizenship and passport for many nationalities around the world. Allowing the ability to travel easily and secure a better future for individuals. However, when we talk about obtaining a fast-track second passport or citizenship and without immigration requirements, many come at a hefty price.

The Republic of Cyprus has one of the world’s most famous citizenship by investment programs and it is the only country that can offer a European nationality without ever needing to immigrate or prove residence in the country to obtain it. However, the property investment required to obtain the Cypriot citizenship stands at 2 million EURO which it is not affordable to large number of potential applicants. Many consider Caribbean countries like Dominica, St. Kitts & Nevis, St. Lucia, Antigua & Barbuda and Grenada through which they can achieve a second citizenship with a considerably lower investment amount.

For many investors in the region, some Caribbean countries can pose some difficulties to obtain their citizenship. In some cases, certain nationalities are banned from applying and they could encounter issues to transfer funds to the Government’s accounts due to intermediary banks based in the United States.

Moldova recently launched its citizenship program, the country is located in Europe and investors can obtain its passport without any residency requirements. The program is cost effective and has a quick processing time where applicants can obtain their citizenship in approximately 3 months. Moldovan citizens have visa-free travel to major countries around the world, most notably, Schengen countries, Russia and Turkey. The Moldovan citizenship program requires an applicant to transfer an amount of EUR 100,000 to Moldova’s Public Investment Fund. The amount goes up to EUR 155,000 for an applicant with more than 4 dependents. Another positive feature in Moldova’s CBI program is the ability to transfer citizenship to future generations without restrictions.

Moldova is a landlocked country in Eastern Europe with a 4 million population. The country is famous for its world-class wine industry and picturesque landscapes. The service sector has grown to dominate Moldova’s economy and currently composes over 60% of the nation’s GDP. In 2017, total bilateral trade between the EU and Moldova increased by 18% to €4 billion. The European Union’s imports from Moldova increased by 23% in 2017, to the value of €1.6 billion.

Although Moldova is not yet part of the European Union, the EU is Moldova’s first trading partner and the first investor in the country, accounting for over 55% of total trade. The value of agricultural, machinery and transport EU imported products from Moldova also grew confirming the positive trend of growth in Moldovan exports to the EU.

Moldova is actively pursuing joining the European Union member states through the EU Eastern Partnership policy. As part of its effort, Moldova is working on integrating various sectors such as transport, Energy, Technology, Media and Telecom with the EU for the possibility to deepen its corporation with the EU and increase the chances of becoming a member state.