Dorce Prefabricated Building and Construction Industry, Trade INC. has successfully completed numerous international projects to date and has began construction of 5 new projects in Mauritania and Iraq.

The company’s General Manager, Suheyla Cebi Karahan, emphasized the importance of these projects with the following words, “Dorce has the ability to follow a high quality policy under difficult circumstances in Iraq, Africa and the Middle East. Dorce will carry itself to a higher status and will introduce itself in a better way an international level with its completed projects.”

Dorce Prefabricated Building and Construction Industry, Trade INC. will be completing a total of 20 reinforced concrete and steel of vehicle inspection stations in 18 cities throughout Iraq including the construction of infrastructure and superstructure works for The Iraqi Ministry of Interior.

Dorce has undertaken the consruction of a housing project consisting of a 1416 villas and 11 social structures in Basrah Iraq. Under the scope of this project; all schools, villas, shopping, business and cultural centres will be reinforced concrete including the completion of all infrastructure and superstructure works and will further be put into service of Republic of Iraq-Establisment of Martyrs.

Dorce will be completing its third project again in Iraq- Basra. A general 400-bed Hospital project has been awarded to Dorce, including all infrastructure, superstructure works and technological devices.

Dorce, also has been executing two more important projects for the mining sector in the Guelb and Tasiast region in Mauritania. The company has become one of the initiators of business from Europe to Africa by procuring construction materials from both Turkey and Mauritania and from district countries in the region of the project areas.

Both projects will be put into service in a turnkey manner. Execution of the process buildings’ infrastructure and superstructure in the Guelb project area has commenced. A pre-engineered 6800 turn-key workers camp will be completed by Dorce in the Tasiast project site including all infrastructure and superstructure construction.

(Source: Dorce)

The Director General of Iraq’s State Company for Iron and Steel has announced a deal with a Turkish company to rehabilitate its factory at the Khor al-Zubair complex, about 45km south of Basra, according to a report from Azzaman.

The plant, which was built by a french company in the early 1970s, and was once an important business in the area, has been idle since being looted following the U.S. invasion in 2003.

Abbas Jial said Iraq has agreed to pay $700 million to put the steel company back on its feet.

(Sources: Azzaman, SCIS)

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Iraq Business News is delighted to bring you the latest Iraq Market Tracker report from Dunia Frontier Consultants. The market tracker highlights the activities and market performance of a basket of publicly traded firms who derive a significant percentage of their revenues from operations in Iraq, but are traded on foreign exchanges: a proxy Iraq play as much as practicable. It also identifies and analyzes the primary political and security events that occur in country that have market-moving implications.

Click here to access the report.

Companies Mentioned:

ExxonMobil, WesternZagros

Action Calls:

• Sadr in Erbil to mediate on crisis : Sadr won’t resolve stalemate. Watch Baghdad and Erbil for signs.
• WesternZagros discovers new oil field, shares rise 20%: Hopefully those who may have sold into strength were able to get back in.

Headlines:

• NA Still Supports Maliki…With Conditions: Reminder of limits of Maliki’s power.
• Second SPM exports two million barrels in first shipment: Kurdish oil becomes less relevant, though not totally irrelevant.

Calendar Events Discussed:

• May 23 – P5+1 Nuclear Talks in Baghdad
• May 30-31 – 4th Round Oil and Gas Auction

Click here to access the report, or to add your email address to Dunia’s mailing list to receive the Iraq Market Tracker via email.

The Turkish Consul in Basra, Farouk Qaimagja, and the Commercial Attache of the Turkish Embassy, met the head of Basra Investment Commission to discuss ways of boosting economic and trade cooperation.

“The consul, accompanied by representatives of a number of Turkish companies, reviewed with local officials in Basra ways of attracting Turkish investments to the province and encouraging Turkish companies to invest in vital fields in Basra,” said the statement received by Aswat al-Iraq news agency.

He unveiled an investment plan to set up the Turkish school in the area, and noted that the project will have positive effects on local residents and will help to develop their capabilities.

Meanwhile, a Turkish company presented plans for an aluminum industries project in the region.

(Sources: Aswat al-Iraq, Basra Investment Commission)

Advertising Feature

Iraq Business News is delighted to bring you the latest Iraq Market Tracker report from Dunia Frontier Consultants. The market tracker highlights the activities and market performance of a basket of publicly traded firms who derive a significant percentage of their revenues from operations in Iraq, but are traded on foreign exchanges: a proxy Iraq play as much as practicable. It also identifies and analyzes the primary political and security events that occur in country that have market-moving implications.

Click here to access the report.

Companies Mentioned:

Afren, DNO, Exxon, Gulf Keystone, Genel Energy, Heritage Oil, WesternZagros

Action Calls:

• Escalation in rhetoric against Maliki: Maliki apparently overreaches with IHEC arrests as Sadr joins protests.
• Afren shares up on Kurdistan oil discovery: Afren joins list of oil firms with Kurdish discoveries.

Headlines:

• Exxon excluded from 4th round as auction terms revealed: Exxon exclusion not surprising. Bigger news is lack of significant concessions to bidders.
• Second SPM Comes Online: Puts Kurdish threats to cut off exports in perspective.
• AQI Claims Thursday Attacks: Lull broken, but larger trend is towards decreased violence.

Calendar Events Discussed:

• May 30-31 – 4th Round Oil and Gas Auction

Click here to access the report, or to add your email address to Dunia’s mailing list to receive the Iraq Market Tracker via email.

Etihad Airways, the national airline of the United Arab Emirates, this week launched its inaugural flight from Abu Dhabi to Basra in southern Iraq.

Flight EY553 took off from Abu Dhabi airport at 9.45am and landed on schedule at Basra International Airport at 10.50am.

The new Airbus A320 service, with 16 Pearl Business class seats and 120 seats in Coral Economy class, will operate four times a week from April 15.

Basra is Etihad Airways’ third destination in Iraq.

“These new services are an important step for Etihad Airways and for the UAE, reflecting a commitment to strengthening ties in the region,” Etihad Airways President and Chief Executive Officer, James Hogan, said.

“Basra is an important industrial and transport hub but currently has limited access to air services. Our new flight will make a significant contribution to improving this situation for the people of the region.”

Oil and gas represent the backbone of the local economy and major companies rotating staff in and out of Basra have expressed strong interest in the new flights.

His Excellency Abdulla Ibrahim Al Zowi Al Shehi, UAE Ambassador to Iraq, said:

“We have witnessed the dramatic growth in bilateral relations recently between the two countries on all levels. Iraq and the UAE have great potential for cooperation and mutual development. Etihad’s services to Baghdad, Erbil and now Basra are vitally important on government and social levels as they strengthen the bridges of understanding between Iraq and the UAE, as well as increasing trade and tourism.”

His Excellency Arshad Tawfiq, Iraqi Ambassador to the UAE stated:

“The opening of direct air routes by Etihad Airways from Abu Dhabi to Basra, Baghdad and Erbil is an important step to promote trade and tourism between the two countries. It facilitates the movement of business people from both countries and paves the way for investors travelling to Iraq through the UAE to source opportunities in the country, as well as offering services to the Iraqi community residing in the UAE.”

The flight schedule provides both morning and afternoon departures between Abu Dhabi and Basra and will provide seamless connectivity over Abu Dhabi for Etihad Airways flights from Europe to Asia, the Indian Subcontinent and Australia.

Etihad Airways has been operating services to the capital, Baghdad, since April 2010, and Erbil in the north since June 2010.

Last year Etihad Airways carried more than 100,000 passengers between Abu Dhabi and these two cities, with the Baghdad route enjoying particularly strong growth.

Etihad Airways launched cargo operations to Iraq in September 2009. Today, these operations are performing strongly and Etihad Cargo has increased frequency from two to three weekly services to Erbil.

Iraq has signed a contract to buy 250 megawatts of electricity from UAE’s Oilfield Services.

Under the two-year deal, the company will provide two power plants docked on ships in Basra. The ships are expected to reach the port within a few weeks, and the plants will be connected to the grid by 31st July, the ministry said.

The contract is said to be based on a price of 7.5 cents per kilowatt hour.

Turkish ships are already docked at the port in Basra, which supply 270 MW per day to the national grid.

(Sources: Reuters, Arabian Business, Utilities-ME)

A delegation from the Basra Investment Commission, headed by the BIC chairman Eng.Haider Ali Fadhil, visited the headquarter of Traders Association in Al- Nabatiyeh Province, South Lebanon. The delegation was accompanied by Eng. Hassan Jabir.

The head of the association welcomed the delegation referring to the joint cooperation between Iraq and Lebanon; he appreciated the experience of South Lebanon Citizens who are qualified to work in various sectors including trade and agriculture.

Eng. Meethaq Abdul Kareem revealed that the aim of this visit is to create more cooperation through investment in Iraq.