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Zain Iraq Announces Snr Management Changes

Zain Iraq Announces Snr Management Changes

By John Lee.

Zain Group has announced that Wael Ghanayem, Chief Financial and Operating Officer of Zain Iraq will return to Zain Group to become part of the Group’s executive leadership in implementing its new strategic direction of transforming into an integrated digital mobile operator.

In addition, Mr. Ghanayem will continue to support Zain Iraq, the country’s leading mobile operator, as an advisor to the mobile operator’s Board of Directors.

Following this change, Zain Iraq’s Chairman and CEO Mohammad Al Charchafchi announced the creation of two new deputy CEO roles, promoting two long-serving senior executives, Philipe Hanna as Deputy CEO of Commercial and Strategy; and Dr. Haidar Radi as Deputy CEO of Technical and Regulatory.

Furthermore, Samer Musleh (pictured) has been appointed Chief Financial Officer of Zain Iraq, having been promoted from his Director role. All three appointees combined represent many years of experience in the telecom industry, many of these years within Zain Group and Zain Iraq in various roles and responsibilities.

All above mentioned management changes are effective immediately.

Commenting on the changes, Zain Group CEO Scott Gegenheimer said:

“I would like to express my profound gratitude to Wael Ghanayem for the phenomenal work he has undertaken at Zain Iraq over his seven years at the company.

“Through his efforts since joining as CFO in 2008 and then as COO, Zain Iraq has become the leading mobile operator in the country and one of Zain Group’s most profitable operations representing 38% of revenues and 31% of the Group’s customer base at the end of 2014.

“I am confident that the Board of Zain Iraq will benefit from his advisory role and I look forward to welcoming him to a key position within the Zain Group executive team to support our strategic direction.”

With Mr. Al Charchafchihaving two deputies of the caliber of Philipe Hanna and Dr. Haidar Radi as well as an astute financial performer in Samer Musleh, will ensure the future growth and ongoing success of the operation taking into consideration the exciting, yet challenging times ahead as Zain Iraq works towards undertaking an IPO and as it expands the network and rolls-out 3G services across the country.”

To date, Zain has invested in excess of US$ 5 billion in the development of its network and rollout of mobile services in Iraq.

At the end of 2014, the operation in Iraq served 13.8 million customers and recently launched 3G services across the country following its acquisition of required spectrum at a license fee of US$ 307 million.

The operator has a total of 4,076 network sites, covering 98% of the population and employs in excess of 3,000 Iraqi nationals.

(Source: Zain Group)

Posted in Construction & Engineering, Telecoms/Comms4 Comments

Nearly 1,000 Iraqis Killed in March

Nearly 1,000 Iraqis Killed in March

According to casualty figures released today by UNAMI, a total of 997 Iraqis were killed and another 2,172 were injured in acts of terrorism and violence in March*.

The number of civilians killed was 729 (including 42 civilian police), and the number of civilians injured was 1,785 (including 98 civilian police).

A further 268 members of the Iraqi Security Forces (including Peshmerga, SWAT and militias fighting alongside the Iraqi Army / Not including casualties from Anbar Operations) were killed and 387 were injured.

Baghdad was the worst affected Governorate with 1,290 civilian casualties (362 killed, 928 injured). Diyala suffered 51 killed and 75 injured; Salahadin suffered 34 killed and 48 injured, and Ninewa 20 killed and 15 injured.

According to information obtained by UNAMI from the Health Directorate in Anbar, the Governorate suffered a total of 939 civilian casualties (237 killed and 702 injured). This included 58 killed and 391 injured in Ramadi and 179 killed and 311 injured in Fallujah.

“I am shocked to see that Iraqis continue to bear the brunt of appalling numbers of casualties caused by successive waves of violence, which are threatening with additional suffering and misery”, the Special Representative of the United Nations Secretary-General for Iraq (SRSG), Mr. Ján Kubiš said.

“The United Nations calls upon the Government of Iraq to do all it can to ensure that civilians’ safety and security is protected in line with fundamental human rights principles and humanitarian law”, the UN Envoy 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_1616 Apr. 01 15.41

Posted in Construction & Engineering, Security2 Comments

New Book: How to Make Millions Selling Iraqi Dinars

New Book: How to Make Millions Selling Iraqi Dinars

The great Iraqi dinar scam, in which con artists peddle the false hope of a massive revaluation of the Iraqi dinar, seems to be finally dying out.

That makes the time right for one of the architects of the scheme to make some more money, this time writing a book about her road to riches.

Eve Dakota (not her real name) told Iraq Business News that while the tricks used to gull people out of money are as old as civilization, the Iraqi dinar presented an opportunity probably unique in the history of scams.

Many of our victims believe there someone or something mysterious is controlling everything that happens, and we were able to tap in to that,” she said.

It appeals to some strands of Christianity, who see some association with the Book of Revelations and a resurgent Babylon; it appeals to the sort of conspiracy theorists who think that the CIA, Goldman Sachs, the Illuminati and the Republican Party have a grand plan for what they call a ‘Global Currency Reset (GCR)'; there are even people who think that this is all being controlled by extraterrestrial life forms.

All these people want to be on the inside, to be part of the chosen few who will profit spectacularly.

On top of all that, people desperately want to believe, with many even believing that by thinking positively and having ‘faith’ they can change the course of world events … these are the people we target.

Eve’s new book, “How to Make Millions Selling Iraqi Dinars“, will be launched later today.

Posted in Banking & Finance7 Comments

New Project to Protect Iraqi Cultural Heritage

New Project to Protect Iraqi Cultural Heritage

New UNESCO project launched in Baghdad to protect Iraqi cultural heritage

Today, we show our solidarity in the face of unprecedented cultural cleansing, cultural eradication and cultural looting … And we pledge our commitment to do everything we can to halt this cultural cleansing”, said UNESCO Director-General, Irina Bokova, at the launch of the new project Preventive Conservation of Iraq’s Museum Collections and Cultural Heritage sites at Imminent Risk.

The launch event took place on 28 March at the National Museum of Iraq in Baghdad, in the presence of the Minister of Tourism and Antiquities of Iraq, His Excellency Mr Adel Fahad Shershab, and the Ambassador Extraordinary and Plenipotentiary of Japan to Iraq, His Excellency Mr Kazuya Nashida.

The objective of the project, generously funded by the Government of Japan, is to help protect Iraqi archaeological treasures at risk as the result of the current crisis. The project focuses on developing and implementing emergency contingency plans for sites and museums, repositories of cultural objects, as well as museums.

This will be taken forward through capacity-building of Iraqi professionals to enhance protection measures, including inventories and the use of remote sensing and satellite imagining.

The history of Iraq is one of tolerance, dialogue and coexistence between diverse cultural communities,” declared the Director-General. “This history is embodied here, in the National Museum. This history belongs to all of us, and it is our responsibility to defend it.”

History classes in Japan starts with Mesopotamia“, said Ambassador Nashida. “We have a common responsibility to protect and safeguard the heritage of Iraq, which is also the heritage of humanity. Our support to this project is a demonstration of our resolve and commitment”.

Minister Shershab expressed his gratitude to Japan and UNESCO for taking action and provide timely support during such difficult and trying times.

Irina Bokova referred to the longstanding support of the Government of Japan to UNESCO since 2004, including to the National Museum, by restoring laboratories, training staff, developing inventories and leading emergency rehabilitation.

I take this opportunity to thank the Government of Japan once again for its generous support and leadership,” said Irina Bokova.

“In the 1960s, we helped save the temples of Egypt. In 2004, we reopened the Mostar Bridge. Last year, we started to restore the mausoleums of Mali – today, our pledge is we will never relent in safeguarding the great cultural heritage and diversity of Iraq.”

(Source: UNESCO)

Posted in Education & Training7 Comments

Iraq Owes Oil Companies $20bn

Iraq Owes Oil Companies $20bn

By John Lee.

The Deputy Minister for gas refineries at the Ministry of Oil, Fayaz Hassan, has told reporters that Iraq owes almost $20 billion (24 trillion Iraqi dinars) to foreign oil companies working in the country.

BasNews quotes him as saying that the Iraqi Oil Ministry has met with the Finance Ministry and Central Bank to raise a $12 billion cheque, and “within a month pass it to the foreign oil companies.

(Source: BasNews)

Posted in Oil & Gas7 Comments

OFFTEC Opens First Branch in Iraq

OFFTEC Opens First Branch in Iraq

Jordanian-based OFFTEC, a subsidiary of OFFTEC Holding Group, announced the opening of its first branch in Iraq.

Located in the city of Erbil, the new branch further builds on OFFTEC ‘s growing network, which encompasses multiple branches across Jordan, Palestine and Sudan, all of which specialize in the provision of innovative business and technology services and solutions.

Basim Said, Managing Director of OFFTEC, commented:

Inaugurating our first branch in Iraq corresponds with our goal to extend our products and services to a broader client base within the region. By being present in the Iraqi market, we will be able to offer our customers high quality products and premium after-sales services for which OFFTEC has become renowned for worldwide.

“Over the past 105 years, OFFTEC has established longstanding partnerships with market pioneers across the world, thus securing our standing as a trusted provider of integrated business solutions and exceptional services.

OFFTEC is a leading provider of innovative business and technology solutions in the areas of Banking Technologies, Office Technologies and Furniture, IT and Physical Security, IT Infrastructure, Plastic Card Technologies, and Software Solutions.

OFFTEC has built a large customer base spanning all industries including banks, private sector companies, governmental agencies and educational institutions, among others.

(Source: OFFTEC)

Posted in Industry & Trade3 Comments

Iraq Stock Market Report

Iraq Stock Market Report

Advertising Feature

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

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

The RSISX index ended the week at ID1,144 / $1,200 (-5.9%) (weekly change) ) (-17.9% and -19.0% YTD change, respectively). The number of week traded shares was 9.0bn and the weekly trading volume was IQD8.4bn ($6.8mn).

ScreenHunter_1603 Mar. 29 14.35


ISX Company Announcements

  • According to ISX announcement (no. 613 dated on Mar. 22, 2015), United Al-Arabia For Money Transfer (MUTA) completed the listing procedures to be listed on the non-regular market and will start trading on Apr. 8, 2015. The share price will be unrestricted for three actual trading sessions. The share price will be determined after those three sessions. The minimum and maximum share prices (high/low) during the sessions will be +/-20% of the average share price of the last session according to instructions No. (15/3/d). ISX called the shareholders to start depositing their stock certificates before Apr. 8, 2015 session.
  • Shares of Al-Mansour Bank (BMNS) resumed trading on Mar. 26, 2015 after they approved 2014 annual financial results, distributing 5% cash dividend (IQD0.05 price per share) and electing new board members. BMNS stated that the shareholders can be nominees for the membership of the Board of Directors of the bank.
  • Iraq Registrar of Companies approved the decisions of Ishtar Hotels (HISH) including increasing the capital to IQD2.25bn through 50% bonus issues.
  • Two cross transactions occurred on 2.0bn Iraqi Islamic Bank (BIIB) shares on Mar. 24 and Mar. 25, 2015, corresponding to 0.8% of BIIB capital. Two cross transactions occurred on 150mn National Islamic Bank (BNAI) shares on Mar. 23 and Mar. 24, 2015, corresponding to 0.06% of BNAI capital.
  • ISC has decided to delist Al-Ayaam Financial Investment (VAYF) and Al-Khaima Financial Investment (VKHA) from trading starting from Jan. 19, 2015, the same date when they completed the legal proceedings to merge according to Iraq Registrar of Companies letter no. (1294) dated on Jan. 19, 2015. VAYF & VKHA were trading in non-regular market.
  • Electronic Industries (IELI) resumed trading on Mar. 24, 2015 after the company approved 2012 & 2013 annual financial results.
  • New shares of Modern Animal & Agricultural Production (AMAP) from the capital increase to IQD3.9bn through 8.5% bonus issue resumed trading on Mar. 23, 2015.
  • Original shares of AL- Kindi of Veterinary Vaccine (IKLV) resumed trading on Mar. 22, 2015 after they approved 2013 annual financial results, increasing its capital from IQD5.40bn to IQD5.94bn through 10% bonus issue and electing new board members.
  • Shares of AHliya For Insurance (NAHF) resumed trading on Mar. 22, 2015 after they approved 2012 & 2013 annual financial results.

Posted in Investment2 Comments

Contractor Pleads Guilty in Iraq Bribes Case

Contractor Pleads Guilty in Iraq Bribes Case

By John Lee.

A man extradited from Iraq to the United States has pleaded guilty to conspiracy to commit wire fraud, and to two charges related to leaving the country after his arrest.

Metin Atilan, who has dual Turkish and U.S. citizenship, was charged with conspiring to pay bribes and kickbacks to win a contract to supply 353 trailers for U.S. operations in Iraq.

He is scheduled to be sentenced on 1st July; his attorney said Thursday that the two sides agreed to request a sentencing range of 30 to 63 months with a $1 million fine and other conditions.

(Source: ABC News)

(Justice image via Shutterstock)

Posted in Security0 Comments

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