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Travelport Renews Iraq Agreement

Travelport Renews Iraq Agreement

Travelport, a “leading distribution services and e-commerce provider for the global travel industry“, has announced the renewal of a multi-year distribution partnership with Rawat-Al Hajer for Travelport technology and services in Iraq.

The renewal of the agreement comes after four successful years of partnership between Rawat-Al Hajer and Travelport.

Through this period, Travelport has experienced rapid growth in Iraq making Travelport the leading GDS in the country. In 2013 the team opened a new office in Erbil to complement its presence in Baghdad.

Rabih Saab (pictured), President and Managing Director, Africa, Middle East and South Asia, said:

Iraq remains a key region for us and this new agreement reinforces Travelport’s commitment to this country and our passion for supporting travel agents here and throughout our Middle East network.

“We have enjoyed a very successful partnership with Rawat-Al Hajer over the past four years and their commitment to outstanding service in delivering our technology and services to the local travel agent community makes them a key partner in the region and an excellent representative of Travelport.”

Aws Al Hashimi, Managing Director, Rawat-Al Hajer, said:

Our vision is to provide our customers with the best solutions in technology and services across aviation, hospitality and tourism. We look forward to continuing our work with Travelport, and continuing to provide cutting edge solutions to travel agencies.

(Source: Travelport)

Posted in Transportation0 Comments

Iraq Stock Market Report

Iraq Stock Market Report

Advertising Feature

Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 10th April 2014).

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

The RSISX index ended the week at ID1,823 (+0.1%)/ $1,943 (+0.1%) (weekly change). The number of week traded shares was 14.4bn and the weekly trading volume was ID20.6bn ($16.9mn).

ScreenHunter_491 Apr. 15 02.24

ISX Company Announcements

  • Al-Mansour Pharma. Ind. (IMAP) will hold its AGM* on May 17 to discuss 2013 annual financial results and distributing cash dividend. ISX will suspend trading of IMAP starting May 11.
  • Baghdad Passengers Transport (SBPT) will resume trading on Apr. 13, 2014 after increasing its capital from IQD200mn to IQD500mn through 150% bonus issue. The opening price will be IQD33.2 per share with +/- 50% limit for the first session.
  • Original shares of Union Bank (BUOI) resumed trading on Apr. 10, 2014 after they discussed and approved 2013 financial results and increasing its capital from IQD152bn to IQD252bn through 36.2% bonus and 29.6% rights issues.
  • AL-Nukhba for Construction (SNUC) will hold its AGM* on Apr. 17, 2014 to discuss 2012 annual financial results, distributing cash dividend, electing new board members and amending the article of incorporation by adding real-estate investment acitivities. ISX suspended trading of SNUC starting on Apr. 10, 2014.
  • A cross transaction occurred on IQD8.7bn National Bank of Iraq (BNOI) shares on April 8, 2014. This represents 3.5% of BNOI capital.
  • A cross transaction occurred on IQD25mn Al-Sadeer Hotel (HSAD) shares on April 8, 2014. This represents 2.0% of HSAD capital.
  • A cross transaction occurred on IQD1.83bn Kurdistan Int. Bank (BKUI) shares on April 7, 2014. This represents 0.6% of BKUI capital.
  • In a press conference on Apr. 3, 2014 CBI announced that the bank’s reserves of pure gold reached 90 tons after it bought 60 tons in the last two months in the framework of diversification of its reserves and supporting the value of the Iraqi dinar.
  • ISC has approved to extend one more month for Mosul Bank (BMFI) for its new shares to resume trading from the capital increase through 17.3% rights issue and 7.4% bonus issue.
  • A cross transaction occurred on IQD220mn Credit Bank of Iraq (BROI) shares on April 6, 2014. This represents 0.1% of BROI capital.

Posted in Investment0 Comments

Iraq to End Thai Rice Ban

Iraq to End Thai Rice Ban

By John Lee.

Iraq has lifted a ban on the importation of rice from Thailand.

The ban was imposed on private exporters in August due to quality concerns, but the Thai government has continuously defended the quality of its rice. The Iraqi government had already stopped purchasing rice directly from its Thai counterpart three years ago because of concerns about low quality.

Surasak Riangkrul, director-general of Thailand’s Foreign Trade Department, said after a trip to Iraq to reconfirm the quality with the Iraqi Trade Minister Khairallah Hassan Babiker that Iraq has pledged to resume importing Thai rice.

Iraq is one of the world’s largest importers of wheat and rice, issuing tenders for 20,000 to 30,000 tonnes of rice a month, much of which goes to supply a national food rationing programme.

Moreover, Iraq is highly likely to open talks for rice purchases from Thailand via a government-to-government (G-to-G) contract, Mr Surasak said.

(Source: Bangkok Post, Wall Street Journal)

(Rice image via Shutterstock)

Posted in Agriculture1 Comment

ADIB Plans Iraq Expansion

ADIB Plans Iraq Expansion

By John Lee.

The Abu Dhabi Islamic Bank (ADIB) is the latest bank to expand business in Iraq, according to a report from The National.

Currently the only UAE lender to operate in Iraq, ADIB plans to open a branch in Basra before the end of the year after it opened a branch in Erbil in October. The bank obtained a licence from Iraq’s central bank in 2010 and opened its first branch in Baghdad shortly after.

ADIB said:

With Iraq rebuilding its economy through investing in its infrastructure, energy and industry, we are seeing growing demand for our banking services, from foreign companies doing business in Iraq as well as from local companies that are looking for capital and world class services …

“We are in the process of extending our branch network and launching a new consumer banking solution that includes long-term deposits accounts, auto finance and property finance in the near future …

“[ADIB] is already a fully fledged corporate and consumer bank in Iraq, providing cash management, trade [letters of credit and guarantees] and foreign-exchange services.”

ADIB is only the second foreign bank to enter the market by starting a branch from scratch rather than through a partnership. The first foreign bank to do so was Byblos Bank of Lebanon.

(Source: The National)

Posted in Banking & Finance0 Comments

Iraq Renews Podesta’s $1m PR Contract

Iraq Renews Podesta’s $1m PR Contract

By John Lee.

The Government of Iraq has reportedly renewed its one-year $960,000 PR contract with Podesta Group to “promote a better understanding with the US of its priorities and concerns“.

The work, which runs through 2014, is designed to “further the purposes of the Strategic Framework Agreement” and facilitate a dialog with the American Congress and Obama Administration.

According to O’Dwyer PR, Podesta will develop a strategic communications and PR plan as well as other services, and provide Iraq with monthly written reports to summarize its efforts and progress to reaching the country’s objectives.

Iraq’s Ambassador in the US, Lukman Faily, will act as Iraq’s representative to the Washington-based firm.

(Source: O’Dwyer PR)

Posted in Industry & Trade, Politics, Telecoms/Comms0 Comments

An Eventful Week in Iraqi Business

An Eventful Week in Iraqi Business

It is surely significant for global oil supplies that within the past two weeks, two of the largest Iraqi oil fields have started production: Lukoil commenced pumping at West Qurna 2 at the end of March, while Shell exported its first crude from Majnoon this week.

As a result, oil production is set to rise sharply, and as our Expert Blogger Mark DeWeaver explains, this is one of the factors that should help to boost Iraq’s stock market, which has been held back by the uncertainty surounding the forthcoming parliamentary elections –  you can find the full list of candidates here.

Meanwhile this week, we have news of everything from new cement factories to new Pizza Hut franchises opening, and from new power stations to new the new Erbil stock exchange.

(Flag image via Shutterstock)

 

Posted in Blog0 Comments

Iraq to Buy Czech Fighter Jets

Iraq to Buy Czech Fighter Jets

By John Lee.

Czech aviation company Aero Vodochody has reportedly agreed to sell 12 L-159 subsonic fighter jets to Iraq, but the package must still be approved by the governments of both countries.

Martin Danko, the broker for the deal, refused to reveal the price.

According to Associated Press, Iraq had initially agreed to buy 28 of the combat and training planes in a deal worth $1 billion in 2012. It was not immediately clear why the original deal fell apart.

Czech defense officials have been trying to sell the planes for years because the military has no use for them.

(Sources: Associated Press, Reuters)

Posted in Security0 Comments

GSK Investigates Alleged Improper Conduct in Iraq

GSK Investigates Alleged Improper Conduct in Iraq

By John Lee.

Bloomberg reports that GlaxoSmithKline (GSK) is investigating allegations of improper conduct in Iraq.

The company said:

These allegations relate to a small number of individuals. However, we are investigating whether there has been any improper conduct. We have zero tolerance for unethical or illegal behavior.

The Wall Street Journal reported that Glaxo hired 16 government-employed doctors and pharmacists as paid sales representatives in Iraq.

(Source: Bloomberg)

Posted in Healthcare, Industry & Trade, Security0 Comments

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