Iraq Britain Business Council completes productive trade mission to Baghdad

IBBC recently completed a productive mission to Baghdad, meeting with high-level government officials and British authorities in Iraq. Baroness Nicholson of Winterbourne, President of IBBC and the Prime Minister’s Trade Envoy to Iraq led the delegation alongside Mr Rasmi Al Jabri, Deputy Chairman of IBBC, Mr Christophe Michels, Managing Director of IBBC and Mr Vikas Handa, IBBC representative in the GCC.

IBBC was joined by numerous member representatives, including from Al Bilal Group, Al Burhan Group, Al-Nukhba OFS, ARCHS, Constellis, Dar Group, EY, Gulftainer, G4S, Khudairi Group, International Islamic Bank, Kuwait Energy, Management Partners, Menzies Aviation, Mosul University, National Bank of Iraq, Ratba’a Contracting, Serco, Shell, Standard Chartered Bank and Turnkey LLC.

The delegation visited soon after the election of President Dr Barham Salih, who took time out of his busy schedule to meet Baroness Nicholson and the IBBC leadership who were joined by HMA Jon Wilks. Dr Salih has been a close friend of the IBBC for many years and recently spoke at the IBBC Cumberland Lodge Conference in July.

On Sunday 7 October the delegation held meetings with the Governor of the Central Bank of Iraq, Mr Ali Mohsen Ismael Al Alaq, H.E. Mr Adbuallah Luabea the Deputy Minister of Transport, Mr Fayadh Neema, Senior Deputy Minister of Oil and Dr Sami Al Araji, Chairman of the National Investment Commission. The delegation were hosted by the Iraqi Federation of Chambers of Commerce in the evening for dinner.

On Monday the delegation met with Dr Mehdi Al Alak, Secretary General of the Council of Ministers, Dr Hameed Ahmed Deputy Chairman of the Council of Ministers, Dr Sabah Mushatat, Economic & Investment Advisor to the Prime Minister of Iraq, Dr Mudher Mohammed Saleh, Finance Advisor to the Prime Minister of Iraq and with Ján Kubiš Special Representative of the Secretary-General and Head of the United Nations Assistance Mission for Iraq.  In the evening Ambassador Jon Wilks hosted a reception for the delegation and Iraqi dignitaries at his residency.

Before leaving Iraq, Christophe Michels visited Serco, who are working with the Iraqi Civil Aviation Authority at Baghdad International Airport. Serco supports the Iraqi authorities in managing the entire spectrum of air traffic control in Iraq including the increasing number of international overflights.

(Source: IBBC)

The Deputy Chairman of the Iraq Britain Business Council (IBBC), Rasmi Al Jabri, and Managing Director, Christophe Michels, hosted a dinner for members and guests at the Babylon Warwick Hotel in Baghdad on 29th August.

Many representatives from member companies were in attendance, including the Chairman of Khudairi Group and the International Islamic Bank, the CEO’s of Kuwait Energy and the National Bank of Iraq, as well as representatives from Al Burhan Group, Al Nukhba-OFS, Constellis, G4S, Standard Chartered Bank, Serco, Shell and XReach Ltd.

Ms Beverly Simpson, Iraq Country Director for the Department for International Trade, gave guests an update on the latest visa and labour regulations being applied in Iraq, followed by a discussion.

(Source: IBBC)

The National Bank of Iraq (NBI) has become the latest member of the Iraq Britain Business Council (IBBC).

In a statement, the IBBC said it is delighted to welcome one of Iraq’s preeminent private sector banking organisations to join its growing financial and professional services sector table.

NBI was founded in 1995 as a publicly traded, private sector company offering comprehensive banking services to individuals and businesses. NBI’s paid up capital was increased to IQD 250 Billion (USD 215 million) in December 2013.

NBI has been consistently growing in size and capabilities to serve Iraqi citizens with the highest quality financial services. NBI’s strategy revolves around offering a unique value proposition to multinationals and large corporates looking for professional commercial banking services in Iraq, as well as a solid platform for individuals to interact with. As a Jordan based Group, they are able to offer global access to funds and a comprehensive set of banking services to facilitate banking needs on the ground.

NBI is constantly expanding and modernizing its branch and ATM network in Iraq and are currently the only bank that has a branch in North Rumaila (Basra) and are in the process of opening new branches in Kathimiyya and Jameela in Baghdad and a new technologically advanced branch in Basra. NBI is also heavily investing in advancing its electronic channels and overall technological capabilities in order further modernize the banking process and offer a seamless banking experience to their clients.

NBI offers full-fledged investment banking, wealth management and brokerage services through its sister companies in Jordan, UAE and Iraq. The UAE subsidiary acts as the main gateway for multinationals and GCC based clients looking to raise growth capital or connect with local partners and enter into joint ventures for business expansion or new projects across Iraq. NBI’s investment offering also includes a wide range of advisory services in M&A, investment structuring and debt raising or restructuring.

NBI is regulated by the Central Bank of Iraq and publicly traded on the Iraq Stock Exchange It implements stringent international anti-money laundering and compliance regulations, and is also one of the few banks in Iraq to implement International Financial Reporting Standards (IFRS), with PWC as its external auditor.

(Source: IBBC)

By John Lee.

The National Bank of Iraq plans to open five more branches in Iraq by the end of this year, in what Reuters described as a sign that there is still money to be made in much of the country despite civil war and low oil prices.

Vice-chairman Ayman Abu-Dhaim told the news agency that two of the branches will be in Baghdad, and one near the Rumaila oilfield, adding:

“Iraq is a strategic investment for us…If one can achieve this in the current conditions, imagine what one could do when the problems are solved.”

He estimated that business in the Iraqi banking sector has fallen 20 percent because of the conflict and the fall in oil prices since last June.

Reuters reports that the banks’s net income before tax in the first quarter of this year jumped 51 percent year-on-year to 2.94 billion Iraqi dinars ($2.5 million), while operating income rose 9 percent. Total assets increased 26 percent to 646.71 billion Iraqi dinars.

The bank is 62-percent owned by Jordan’s Capital Bank, and currently has nine branches in Iraq, including two in the Kurdistan region.

(Source: Reuters)

Agreements for the sale of 10% of the shares of National Bank of Iraq Signed Capital Bank of Jordan, who owns a majority stake in the National Bank of Iraq, partnership agreements to sell about 10% of the shares of “dolphins” to the Cairo Amman Bank, and 5% for the Palestine Telecommunications Company “PALTEL”, and […]