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Mott MacDonald, Khudairi to Deliver Iraqi Projects

Mott MacDonald, Khudairi to Deliver Iraqi Projects

Mott MacDonald has joined up with Khudairi Group to deliver oil and gas projects in Iraq.

The move combines the consultancy’s full range of engineering and procurement technical support services with Khudairi Group’s procurement, inspection, expediting and construction management services.

Albert Allan, managing director of Mott MacDonald’s oil and gas business, said:

“I am delighted we are working in partnership with Khudairi Group. The initiative combines the strengths of both companies to offer our clients wide-ranging EPC services in this fast growing market.”

Mohammed Khudairi, executive vice president of Khudairi Group, commented:

We are excited about a partnership that will combine Mott MacDonald’s international engineering standards with Khudairi Group’s local capabilities and experience on-the-ground in Iraq.

“Together, we will be able to capture more opportunities and support our current relationships with the Iraqi ministries and international oil companies, as Iraq continues to rehabilitate its infrastructure and focus on new projects.”

(Source: Mott MacDonald)

(Picture: Mott MacDonald operating base, Rumaila)

Posted in Construction & Engineering3 Comments

Video: Iraqi National Museum Reopens

Video: Iraqi National Museum Reopens

From Al Jazeera. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News.

Iraq’s Prime Minister Haider al-Abadi promised to safeguard the country’s heritage, especially after ISIL destroyed ancient statues in Mosul.

Al Jazeera‘s Jane Arraf reports from Baghdad.

Posted in Education & Training, Leisure and Tourism2 Comments

Iraq Stock Market Report

Iraq Stock Market Report

Advertising Feature

Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 26th February 2015).

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

The RSISX index ended the week at ID1,058 (-10.6%) / $1,111 (-10.6%) (weekly change) ) (-24.0% and -25.1% YTD change, respectively). The number of week traded shares was 4.1bn and the weekly trading volume was IQD3.8bn ($3.1mn).

ScreenHunter_1525 Mar. 02 16.32


ISX Company Announcements

  • AHliya For Insurance (NAHF) will hold its AGM* on Mar. 9, 2015 to discuss and approve 2012 & 2013 annual financial results and distributing cash dividend of the years 2012 & 2013. ISX will suspend trading of NAHF starting on Mar. 1, 2015.
  • Subscription on 30.5bn Elaf Islamic Bank (BELF) shares started on Feb. 24, 2015 to increase the capital to IQD200bn through 20.1% rights issue.
  • New shares of Baghdad Passengers Transport (SBPT) from the capital increase to IQD1.0bn through 100% bonus issue resumed trading on Feb. 24, 2015.
  • According to the ISC letter sent to Elaf Islamic Bank (BELF), ISC asked BELF to remove the bad loans that have reached IQD4,164,685,874 in 2014.  ISC also asked the bank to record provision for doubtful debts according to the accounting rules and the guiding list issued by CBI and to disclose that in the Board of Directors’ report. ISC stated that the Board of Directors has to prepare its report and the balance sheet of the bank according to the laws, accounting rules and the instructions issued by the ISC.
  • Iraq Registrar of Companies approved the AGM* (Oct. 16, 2014) decisions of National Chemical Industries (INCP) including approving 2013 annual financial results, closing the deficit from the available reserves and canceling to amend the first and third article of incorporation by changing the company’s commercial name.
  • Iraqi Middle East Bank (BIME) invited its shareholders to visit the company’s headquarters to receive cash dividends from the profits of the years 2012 and 2013.
  • AL-Badia for General Transportation (SBAG) will hold its AGM* on Mar. 1, 2015 to discuss and approve 2013 annual financial results, closing the deficit with the available reserves and amending the first and third article of incorporation by changing the company name to AL-Badia for Trading and General Transporation. ISX suspended trading of SBAG starting on Feb. 22, 2015.
  • Al-Harir For Money Transfer (MTAH) resumed trading on Feb. 22, 2015 after fulfilling ISC’s disclosure requirements by disclosing 2014Q1, 2014Q2 and 2014Q3 financial results.
  • A cross transaction occurred on IQD119mn Kurdistan Int. Bank (BKUI) shares on Feb. 22, 2015. This represents 0.03% of BKUI capital.

Posted in Investment3 Comments

Over 1,100 Iraqis Killed in February

Over 1,100 Iraqis Killed in February

According to casualty figures released by UNAMI, a total of 1,103 Iraqis were killed and another 2,280 were wounded in acts of terrorism and violence in February*.

The number of civilians killed was 611 (Including 30 civilian police), and the number of civilians injured was 1,353 (including 29 civilian police).

A further 492 members of the Iraqi Army (including Peshmerga, SWAT and militias fighting alongside the Iraqi Army / Not including casualties from Anbar Operations) were killed and 927 were injured.

Baghdad was the worst affected Governorate with 1,204 civilian casualties (329 killed, 875 injured). Diyala recorded 73 killed and 69 injured; Salahadin 39 killed and 54 injured; and Ninewa 40 killed and 17 injured.

According to information obtained by UNAMI from the Health Directorate in Anbar, the Governorate suffered a total of 372 Civilian casualties (81 killed and 291 injured). This included 23 killed and 196 injured in Ramadi and 58 killed and 95 injured in Fallujah.

Special Representative of the United Nations Secretary-General for Iraq (SRSG), Mr. Nickolay Mladenov said:

“Daily terrorist attacks perpetrated by ISIL continue to deliberately target all Iraqis. There are also concerning reports of a number of revenge killings by armed groups in areas recently liberated from ISIL.

“I look forward to the results of the investigation initiated by the Government in the recent reported massacre which took place in Diyala province.”

He also underlined that an exclusively military solution to the problem of ISIL is impossible. “I therefore welcome the consistent calls for unity by the President, the Prime Minister and the Speaker of Parliament. Any effort to achieve unity through reconciliation must be based on the Constitution and the full participation of political, religious and community leaders from across Iraq,” the SRSG further stated.

*CAVEATS: In general, UNAMI has been hindered in effectively verifying casualties in conflict areas. Figures for casualties from Anbar Governorate are provided by the Health Directorate and are noted above. In some cases, UNAMI could only partially verify certain incidents. UNAMI has also received, without being able to verify, reports of large numbers of casualties along with unknown numbers of persons who have died from secondary effects of violence after having fled their homes due to exposure to the elements, lack of water, food, medicines and health care. For these reasons, the figures reported have to be considered as the absolute minimum.

(Source: UNAMI)

(Terrorism image via Shutterstock)

ScreenHunter_1523 Mar. 02 15.54

Posted in Security0 Comments

Iran to Open Medical Univ. in Iraq

Iran to Open Medical Univ. in Iraq

By John Lee.

Iran’s Minister of Health, Seyed Hassan Hashemi, has announced the opening of a branch of the University of Medical Sciences in Iraq.

Following a meeting with Iraq’s Minister of Education, Hasemi said that several deals have been made in the fields of pharmaceuticals, medical facilities, investment in the construction of hospitals and health tourism.

Mehr News Agency reports that he also expressed the hope the Iranian pharmaceutical industry and medical facilities factories would be established in Iraq in the near future, adding that Iran was prepared to admit 2,000 Iraqi students in three forms of government scholarships, private scholarships and scholarships from Iraq’s Ministry of Science.

(Source: Mehr News Agency)

(Healthcare image via Shutterstock)

Posted in Education & Training, Healthcare0 Comments

Japanese Companies Discuss Iraq Opportunities

Japanese Companies Discuss Iraq Opportunities

By John Lee.

Oil Minister Dr. Adel Abdul Mahdi [Adel Abdel Mehdi] met recently with a delegation representing the Japanese ministry of commerce and industry, headed by Mr. Shozo Takada.

Also in attendance were representatives from the Japanese companies Mitsito, Hitachi, Mitsubishi Heavy Industries and Tio Engineering.

Discussions concentrated on the development of commercial, economic, and energy opportunities.

Minister Mahdi asssured the delegation that Iraq is keen to strengthen its relations with Japan, as well as increasing cooperation and investment in the energy sector.

Minister Takada said Japan and its companies are keen to invest in projects in the sectors of energy, refineries, petrochemicals, and infrastructure.

(Source: Ministry of Oil)

Posted in Construction & Engineering, Oil & Gas0 Comments

Iraq’s Corruption Continues Unchecked

Iraq’s Corruption Continues Unchecked

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

An Iraqi contractor who works on road pavement and sewage projects in the Iraqi capital told Al-Monitor, “Government officials as well as senior contractors related to them have stakes in most, if not all, of Iraq’s construction projects, which are sold to executing contractors at a price that guarantees their implementation with the minimum level of specifications and at the lowest cost.”

Speaking on condition of anonymity, he said, “This revelation is not a secret. It is a fact that the people, government officials and the media continuously talk about.” The contractor’s assertion was supported by a statement issued by Baghdad province Jan. 19, reporting that 42 people had been referred to the Commission on Public Integrity for corrupt practices involving projects in Baghdad.

Bahaa al-Shammari, a civil engineer who has worked on several reconstruction projects, confirmed to Al-Monitor, “It’s not just about financial corruption, but administrative corruption and circumvention of the law as well. Officials are resorting to their relatives and friends by registering companies in their names for form’s sake when these companies do not have skilled technicians or mechanisms.

With the help of officials, [the companies] sign a contract to rebuild a school, for example, and they carry out the projects either by selling it to another contractor or by recruiting workers and developing mechanisms. This ultimately leads to failed projects.”

In Mahawil city, north of Babylon, a contractor with limited resources was paving a street. He told Al-Monitor on condition of anonymity, “[I] only got a street pavement contract after hard efforts and after [I] had to offer employees and officials several gifts. I will do my best to do a good job, but the problem is the lack of allocated money.”

Posted in Industry & Trade, Politics, Security0 Comments

Iraqi Airways Launches Armenian Route

Iraqi Airways Launches Armenian Route

By John Lee.

Iraqi Airways will commence its Baghdad-Yerevan-Erbil flights today, Thursday 26th February.

Flights to Armenia will run twice a week on Thursdays and Sundays, using CRJ900 and Boeing 737 aircraft.

(Source: PanARMENIAN.Net)

Posted in Transportation5 Comments

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