Basra Businesses Unite for New Ventures, New Bank

By John Lee.

The Basra branch of the Iraqi Businessmen's Association has announced the founding of the largest joint-stock company in the province.

The new firm will involve hundreds of businesses in a variety of ventures, including construction, tourism, and setting up its own bank.

Sabih Habib al-Hashemi, the head of the Association, said that at least 500 businessmen will participate, with an initial capital of more than 100 billion Iraqi dinars ($85 million), increasing to 250 billion dinars.

Shares will be offered via an IPO.