Custom Search

By John Lee.

(Source: Media Office of the Prime Minister)

From Amwaj Media. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News.

Saudi football 'charm offensive' arrives in Iraq

In front of a raucous crowd in Erbil, underdog Iraqi club Al-Quwa Al-Jawiya has soundly defeated visiting Saudi side Al-Ittihad.

The Nov. 6 game, an Asian Football Confederation (AFC) Champions League clash, was held at Franso Hariri Stadium in the capital of Iraqi Kurdistan.

The full article can be viewed here (registration required).

By John Lee.

On Sunday, the President of the Republic of Iraq, Abdullatif Jamal Rashid met with the Saudi Commerce Minister and Head of the Saudi-Iraqi Coordination Council, Majid al-Qasabi alongside a group of Saudi businessmen.

At the meeting, President Rashid urged Saudi businessmen to invest in Iraq, assuring government support and facilities for investors.

Full statement from the Iraqi President's office:

Iraq President Meets Saudi Commerce Minister and a Group of Businessmen

On Sunday, November 12, 2023, the President of the Republic of Iraq, Abdullatif Jamal Rashid met with the Saudi Commerce Minister and Head of the Saudi-Iraqi Coordination Council, Majid al-Qasabi alongside a group of Saudi businessmen.

At the meeting, President Rashid stressed the importance of collaborating and coordinating between Iraq and Saudi Arabia in the fields of commerce, economics, industries, energy, and the environment, taking advantage of both countries' expertise, experiences, and capabilities.

According to the President, the two countries have deep relations, and the two peoples share many religious, national, social, and cultural ties, praising the role Saudi Arabia plays in the region and keeping pace with the development and progress taking place around the world.

In his remarks, His Excellency reviewed the complex and difficult circumstances that Iraq has experienced over the past several years, including wars, sanctions, and terrorism, as well as the tremendous impact they have had on infrastructure and services. Additionally, he noted that the country is experiencing a different reality today in terms of security, stability, and service provision, in addition to the launch of strategic and investment projects.

The President stated that the recent elections resulted in the formation of a government that represents all the Iraqis, and that this government developed a comprehensive program that placed security and stability as one of its top priorities. Today, the government is also actively engaged in combating and curbing corruption as well as advancing its reform agenda.

Additionally, Saudi businessmen have been urged by His Excellency to invest in Iraq and enter the Iraqi market, pointing out that the government is determined to provide facilities for investors and businessmen to encourage them to do so.

As the Saudi Minister of Commerce pointed out, the Iraqi and Saudi people share a great deal of cultural and historical ties that bind them together, the Kingdom is keen on maintaining and developing relations between them, and expanding horizons of cooperation for the common benefit of both countries.

Saudi Arabian businessmen are making unrelenting efforts to overcome some of the measures through the Saudi-Iraqi Coordination Council, according to Minister al-Qasabi. Also, he confirmed that Iraqi and Saudi businessmen are in touch and meet regularly for the purpose of enhancing cooperation, and expressed a desire to expand trade exchanges and build a genuine partnership that would benefit both nations' growth and progress.

The Iraqi Ambassador to Saudi Arabia, Ms. Safia Al-Suhail, expressed gratitude to His Excellency the President for the meeting and his keenness and interest in developing commonalities between the two countries. Moreover, she said that Iraqi-Saudi relations have witnessed a tangible improvement, reflecting both countries' serious desires to build relations of distinction that benefit both brotherly peoples and those living in the region.

Iraqi Deputy Prime Minister and Minister of Foreign Affairs, Mr. Fuad Hussein, and Member of Iraqi Parliament, Mr. Jabbar Freih al-Kinani attended the meeting.

(Source: presidency.iq)

By John Lee.

The Saudi company Northern Region Cement has signed a contract with Germany's KHD to build a cement production line in Iraq.

According to a statement to the Saudi Stock Exchange, the new plant will have an annual capacity of 1.32 million tons of cement, and the project should be completed within 16 months, at a cost of $139 million.

KHD, a subsidiary of China's AVIC, confirmed an EPC contract with Northern Region Cement for what it called "engineering, equipment supply, construction, commissioning and site services", without specifically mentioning Iraq or the contract value.

(Sources: Saudi Stock Exchange, KHD)

From the Iraq Britain Business Council (IBBC):

IBBC Autumn Conference in Dubai examines: 'Iraq - Building a sustainable future'.

For the first time in over 30 years, Iraq is currently experiencing a relatively golden scenario with high oil prices and government surpluses, a stable government, and peaceful borders. A stable economy is also leading to neighbouring countries like Saudi, UAE and Turkey starting to invest in infrastructure for the first time, such as the proposed dry canal route from Basra to Turkey, and the government is proposing large residential and refinery projects appealing to international companies like Shell , and countries like China in particular.

As with many economies, clouds loom on the horizon in the form of climate change, corruption, middle east conflicts and a dependency on maintaining oil value.  At the IBBC Dubai conference on the 7^th and 8^th of December, we will be looking at key areas of the Iraqi economy and seeking solutions for longer term sustainability and resilience in sectors including the economy, climate, business and security, with significant panels on Finance, Energy, Business and Infrastructure and, a whole day dedicated to Education, skills and training, now a Government priority to modernise Iraq and provide employment for the young growing population.

Delegates will hear from leading government ministers and envoys, including the H.E. Dr Thani Bi Ahmed Al Zeyoudi UAE Minister of state for foreign trade, Dr Mohammed Shukri Chair of Kurdistan board of investment, HE Mr Zyed Al Fadhil, Iraq Minister of Electricity, Dr Fareed Yasseen Iraq Climate change envoy. On the Energy panel Ms Dunia Chalabi CEO of Total, is discussing renewable and gas capture energy agreements with GE. The finance panel has the two largest banks in Iraq: Mr Al Delaimy CEO of TBI, Mr Choucair CEO of SC Bank and Mr AL- Sugheyer of IFC discuss various options for diversifying investment and sustainable sources of finance, the macro-opportunity for financing major infrastructure projects. Mr Al-Delaimy will talk about the challenges of the Iraqi banking systems, financial reforms in Iraq and the TBI's work with Global Export Credit Agencies. Mr Choucair is expected to build on this, discussing SCB and its relationships with UKEF, and the alternative forms of financing available to the Gov of Iraq - in particular, PPP financing for projects related to social impact and sustainability.

The Business Success panel celebrating AAA Holdings new fertilizer plant in Basra, Basra Gateway Terminal and Al Busttan oil production support for the IOCs.

Those delegates purchasing the 8^{th of} December conference at the Address Hotel, will also be able to attend the special education and skills conference 'building sustainable education in Iraq' run with GEMS, on 7^th in the Crown Plaza Dubai, with leading UK politician and former minister Lord Boetang opening, Dr Hazim Al-Zubaidi Director of Gov programmes Iraq, Prof Hamid Ahmed, Iraq PM advisor on Education. We will hear about vocational training, academic and business collaboration and Iraqi Scholarship programme, which are all on Iraq Government priorities and also of great interest to the private sector as it expands, and  as expert labour shortages need to be met to enable a modern, sustainable Iraq economy.

Of course, conferences aren't all about panels and speakers, but also to enjoy networking and friendship that goes on in the breaks and beyond the event. IBBC values the opportunity for members to meet speakers and others in supply chains more informally, so we not only cater for side meetings, but also hold a reception on the evening of 7^th at the Address Hotel for all ticket holders to meet. These also include our invaluable sponsors, who this year have exceeded expectations:

Principal sponsors include Al Busttan and AAA Holdings. Education Day Sponsor - GEMS. Gold sponsors - TBI and Sardar Group. Silver sponsor: Hydro-C. Reception sponsor - Basra Gateway Terminal. Partners include - Travel Partner - London Sky (with discounts) and Insurance Partner - Al Maseer.

Baroness Nicholson (President of IBBC and UK Government Trade envoy to Iraq) will welcome everyone to the conferences, and the British Ambassador to Iraq and other Iraqi officials are also expected to attend what is expected to be a sell out conference.

Details for registration and agenda here: https://iraqbritainbusiness.org/event/ibbc-dubai-autumn-conference  or [email protected]

By John Lee.

Jordan's Ministry of Energy and Mineral Resources has said that a number of tankers carrying crude oil from Iraq to Jordan have returned before entering Jordan due to protests at the Terbil [Trebel] border crossing.

It said this decision was made to ensure the safety of drivers and the tankers. It added that the Iraqi side is committed to implementing the memorandum of understanding signed between the two countries.

According to The National, Iraqi militiamen supported by Iran, and other Tehran loyalists, have been protesting near the crossing, demanding access to travel through Jordan to fight against Israel.

The Ministry source further emphasized that the quantities of oil imported from Iraq constitute only 7-10 percent of Jordan's crude oil and petroleum products requirements. The return of the tankers is not expected to impact the supply of crude oil and petroleum products, as Jordan's petroleum refinery has major contracts with Saudi Aramco, allowing for the import of most of the Kingdom's oil needs. These contracts also permit an increase in import quantities in case of any shortages from any source.

Additionally, the source highlighted that the Jordan's strategic oil reserves cover over 44 days' worth of oil needs, while the stock of petroleum products is sufficient for more than two months.

(Source: Jordanian Ministry of Energy and Mineral Resources, The National)

By John Lee.

The Iraqi Cabinet has approved the opening of an Iraqi commercial office in Saudi Arabia's Arar region.

The office is intended to enhance trade between the two countries, based on the provisions of Article 26 of the Foreign Service Law (Law No. 45 of 2008).

(Source: Media Office of the Prime Minister)

By John Lee.

An advisor to the Iraqi Prime Minister has reportedly announced Iraq's intentions to build factories for the German companies Mercedes and MAN.

Al Iqtisad quotes Mohammed Sahib al-Daraji as saying that this initiative is a result of a memorandum of understanding (MoU) signed by Iraq's Defence Industries Commission (Military Industrialization Authority) and an international Saudi company.

(Source: Al Iqtisad)

By John Lee.

The Governor of Saudi Arabia's Eastern Province, Prince Saud bin Nayef bin Abdulaziz, has inaugurated the electricity interconnection project between Saudi Arabia and Iraq in the city of Dammam on Tuesday.

His Highness confirmed that the electrical interconnection project between the countries of the Gulf Cooperation Council (GCC) aims to preserve energy security and enhance integration between the GCC countries for the benefit of the people of the Gulf.

The CEO of the Gulf Cooperation Council Interconnection Authority (GCCIA), Ahmed Al-Ibrahim, said the platform "opens the horizons of the Gulf market for trade and exchange of electrical energy between the six countries of the Gulf Cooperation Council (GCC) and Iraq."

 He added that the energy traded with Iraq could be between $200- and $300-million annually.

More on Iraq's relationship with the GCCIA here.

(Source: GCCIA)