By John Lee.

Trade between Qatar and Iraq rose by 52 percent last year to reach QR473 million compared to QR310 million in 2017, according to a report from Al Bawaba.

Al Bawaba quotes Sheikh Khalifa bin Jassim bin Mohammed al Thani, the Chairman of Qatar Chamber, as saying that the most important Qatari imports from Iraq are vegetables, fruits and some electrical appliances for the telephone networks, while the most prominent exports of Qatar to Iraq are oils, organic detergents, cement materials, bags for packaging and cosmetics used in chemical industries.

(Source: Al Bawaba)

By John Lee.

Wood Group has said that it is seeing strong growth in the Middle East due to “increased activity in Iraq with Exxon and Basra Gas [Company (BGC)]“.

In its full year results for the year ended 31 December 2018, the UK-based energy services company said it sees “opportunities in Middle East driven by Iraq“.

In addition to trading as Wood Group, the company is also sole owner of Iraqi subsidiaries Ghabet El Iraq for General Contracting and Engineering Services, Engineering Consultancy (LLC) and Touchstone General Contracting, Engineering Consultancy and Project Management LLC.

(Source: Wood Group)

By Omar Sattar for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News

As more factions within Iraq’s Popular Mobilization Units (PMU) are being designated as terrorists by the US administration on account of their close ties with the Iranian side, Tehran is moving toward pulling the Iraqi file from the Islamic Revolutionary Guard Corps (IRGC) and leaving it with the Foreign Ministry, local reports say.

This reported shift in Iranian policy would seek to address a number of critical concerns — none more important, perhaps, than protecting the PMU, which is striving to repurpose itself as a fully-fledged security institution, especially after Washington explicitly told Iranian authorities that supporting militias in Iraq must come to end as part of 12 requirements outlined by Secretary of State Mike Pompeo in November for the lifting of US sanctions.

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By John Lee.

The Islamic Financial Services Board (IFSB) is organising a Facilitating the Implementation of the IFSB Standards (FIS) Workshop in Baghdad, Iraq on 1 – 3 April 2019.

This Workshop is hosted by the Central Bank of Iraq (CBL).

The 3-day Workshop will focus on the following IFSB Standards:

  • IFSB-15: Revised Capital Adequacy Standard for Institutions Offering Islamic Financial Services (IIFS);
  • GN-3:Guidance Note on the Practice of Smoothing the Profit Payout to Investment Account Holders;
  • GN-4:Guidance Note in Connection with the IFSB Capital Adequacy Standard: The Determination of Alpha in the Capital Adequacy Ratio for IIFS; and
  • GN-6:Guidance Note on Quantitative Measures for Liquidity Risk Management

Overall, the Workshop aims to:

  1. Enhance the participants’ understanding of the respective Standards and Guiding Principles;
  2. Assist the participants in the practical application of issues addressed in the particular standards through case studies, hands-on exercises and other interactive tools; and
  3. Promote the sharing of experiences among the participants on the implementation of respective IFSB Standards and Guiding Principles.

The FIS Workshops are a part of the IFSB’s support to its members based on the Strategic Key Result Area 2 (SKRA 2) on the Facilitating the Implementation of Prudential Standards and Capacity Development under the IFSB’s Strategic Performance Plan (SPP) 2016-2018”, to assist member organisations in adopting and implementing the IFSB Standards.

For enquires on IFSB workshops and membership services, please contact the IFSB Secretariat at ifsb_sec@ifsb.org.

(Source: IFSB)