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From Al Jazeera. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News.

The Iraqi prime minister has accused Qatar and Saudi Arabia of effectively declaring war on his country.

He says they're funding Sunni fighters in Anbar province, an area the Iraqi government is struggling to bring under control.

Al Jazeera's Imran Khan reports on the comments made as at least 47 people were killed by a suicide bomber in the city of Hilla. Al Jazeera also speaks to Nasser Bin Hamad Al Khalifa, Qatar's former ambassador to the United Nations and the United States:

By John Lee.

Qatari telecommunications operator Ooredoo, which owns the Iraqi mobile phone company Asiacell, has hit out at prices quoted by the Iraqi government for a long-delayed auction for 3G spectrum licences.

Company CEO Dr Nasser Marafih (pictured) told Arabian Business:

“The country needs it, the people need it. We are ready to deploy [it], but it has to be done at the right price. What they’ve put(the price) is not reasonable at all in our view ... That’s something that we’re discussing with the government.”

The awarding of licences for 3G has been delayed for several years, with recent reports suggesting that the process may be again postponed until 2015; it has also been reported that bidding for the licences will start at a minimum of more than $300 million.

In February last year, Asiacell raised $1.27 billion in a public float, while it holds more than a third of market share in the country.

(Source: Arabian Business)

US Embassy officers have participated in the Commerical Law Development Program’s (CLDP) Vis Moot Court program at the Al-Rasheed Hotel.

On the margins of the moot court training, Embassy officers offered guidance and encouragement to law students as they prepare for upcoming competitions in Qatar and the final rounds in Vienna, Austria.

The Embassy’s EducationUSA Advisor and a consular officer also informed the law students about educational opportunities under the LLM and JD programs and U.S. visa application procedures.

(Source: Embassy of the United States)

Erbil International Airport continued to grow in 2013 as new milestones for passengers, cargo and aircraft movements were set.

The airport broke through the one million passengers a year milestone in late October and in total 1,193, 783 passengers passed through the airport, a growth rate of 26%.

June, 2013, broke new records for passenger handling with 122,028 passing through the airport. Since 2006, the average growth rate per annum is 28.2%.

Cargo tonnage continued its rise with 38,572 tonnes processed, a 40.4% increase on 2012.

Aircraft movement continued to rise also, with passenger movements up 35% and cargo movements up 29%.

2013 again underlined the role of EIA as an entry and departure point for Iraq, with 90.3% of passengers departing to, or arriving from, international destinations and only 9.7% travelling on domestic routes.

The top three international destinations are : Turkey, 27.2%, UAE, 16.8% and Jordan, 8.5%.

In all services from EIA access 18 countries and 30 different cities.

This article was originally published by Niqash. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News.

Erbil’s Big Challenge: Tourists vs. Locals in Fight for Facilities

This year the northern Iraqi Kurdish city of Erbil must live up to its hard won title, Capital of Arab Tourism 2014. But power cuts, an ailing sewage system and a lack of public restrooms has locals complaining that before authorities look after the visitors they hope to attract, they should take care of local business.

Two weeks ago, on January 1, the northern city of Erbil took up its mantle as the Capital of Arab Tourism for 2014.

The authorities in the city were already being criticised for what appeared to be an inability to capitalize on the award – and now that 2014 has started, many locals are joining in the chorus of disapproval.

In the evenings the central square and market in Erbil, the capital of the semi-autonomous region of Iraqi Kurdistan, are often crowded with visitors. Hirsh Hamza, 18, is one of these. He says he is proud of the fact that Erbil has won this award but he says that even he has concerns that his hometown won’t live up to the tourism title.

“Power cuts, garbage and dirt. And look,” he says gesturing at the crowded square filled with families, “there isn’t even a public bathroom here. That doesn’t seem appropriate for a city that has such a title,” he argues.

Even if there was a public restroom here, it’s possible that the city’s ailing sewage system couldn’t cope with it anyway – especially in heavy rains when the sewage system is prone to flooding. So like other locals, Hamza says that Erbil authorities should first make sure that their own people are living a good life and have their needs catered to, before paying attention to potential visitors.

This article was originally published by Niqash. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News.

"Sorry, We’re Out of Money": Banks in Iraqi Kurdistan Out of Cash

Locals in Iraqi Kurdistan have found themselves unable to withdraw cash from their banks, despite the fact that they have enough in their accounts. It’s a liquidity problem that recurs every year around this time. Some financial analysts suspect a plot and locals have started keeping their cash under the bed.

Nawzat Qader is standing helplessly in front of a bank in the city of Sulaymaniyah, in the semi-autonomous region of Iraqi Kurdistan. He had wanted to withdraw a small amount of money, so that he could cover his family’s needs over the New Year period. He had deposited IQD800,000 a few weeks ago (around US$500) but when he went to the bank to withdraw it, he was told that the bank had no cash and that he would have to wait.

“How is this possible?” Qader complained loudly. “How is it that I go to my bank to withdraw money that I know I have but I must return home empty handed? How can we trust our banks when things like this happen?”

This has become a common problem for banks in the region around this time of year. Iraqi Kurdistan, in Iraq’s north, operates mostly independently of Baghdad and has its own legislature, military and parliament. However what it does not seem to have enough of is cash. Every year toward the end of the fiscal year the problems become more obvious; it’s also led to delays in salary pay outs for government employees.

“Banks here don’t function the way modern banks do,” says Ali Hama Salih, formerly host of a TV show that uncovered corruption who’s now a politician for the anti-corruption Change movement. “The banking system here has failed.”

“People have lost confidence in the banking system because of these crises in liquidity,” agrees Hawar Sheikh Raouf, of Iraq’s Mansour Bank, which is half owned by the Qatar National Bank; the latter is regarded as one of the Middle East’s safest. “The poor services offered by some of these banks don’t help either.”

Occidental Petroleum has reportedly begun trying to sell a minority stake in its Middle East unit for as much as $8 billion.

According to a report from Bloomberg, Chief Executive Officer Stephen Chazen (pictured) has held talks with sovereign wealth funds and possible strategic partners for a 40 percent stake in the Mideast business, whose value he pegs at $20 billion.

It cites two informed sources, who asked not to be named as the discussions are private, as saying that Chazen is handling the talks himself and isn’t working with bankers now.

No buyer has emerged and any deal may take several months.

Occidental has operations in countries including Oman, Qatar, Iraq and Libya. Fadel Gheit, an analyst with Oppenheimer & Co. in New York, told Bloomberg:

“It’s difficult to sell assets in six countries .. The whole area is almost radioactive.”

(Source: Bloomberg)

Advertising Feature

Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 12th September 2013).

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

The RSISX index ended the week at ID1,697 (-2.6%) / $1,829 (-2.3%) (weekly change). The number of week traded shares was 4.1bn and the weekly trading volume was ID7.0bn ($5.8mn).

ISX Company Announcements

• Iraqi Islamic Bank (BIIB) will hold its AGM* on Sept. 23, 2013 to discuss 2012 financial statements and increasing its capital from IQD152bn to IQD202bn through bonus and rights issues. ISX will suspend trading of BIIB starting on Sept. 16, 2013.
• Credit Bank of Iraq (BROI) will hold its AGM* on Oct. 1 to discuss 2012 financial statements and increasing its capital from IQD150bn to IQD250bn through bonus and rights issues.
• Elaf Islamic Bank (BELF) will hold its AGM* on Sept. 21, 2013 to discuss 2012 financial statements and increasing its capital from IQD152bn to IQD200bn through bonus and rights issues. ISX will suspend trading of BELF starting on Sept. 15, 2013.
• Iraqi Agricultural Products (AIRP) will hold its AGM* on Sept. 18, 2013 to discuss 2012 financial statements and pay 40% cash dividend (IQD0.40 per share). ISX suspended trading of AIRP starting on Sept. 11, 2013.
• Original shares of Dijlah&Furat Bank (BDFD) resumed trading on Sept. 11, after the decision to increase its capital from IQD100bn to IQD156bn through 6% bonus and 50% rights issues and pay 8% cash dividend (IQD0.08 per share). BDFD has not been trading since May 19,2011.
• Shares of Al-Mosul for Funfairs (SMOF) resumed trading on Sept. 11, 2013. The company has decided to distribute 100% cash dividend (IQD1.00 per share) in its AGM* (August 24, 2013).
• Shares of Iraqi Date Processing&Mark. (IIDP) and AL-Badia for General Trans (SBAG) resumed trading on Sept. 11, 2013 after they have met the disclosure requirements.
• Original shares of Modern Chemical Industries (IMCI) resumed trading on Sept. 10, 2013 after the decision to increase its capital from IQD90mn to IQD135mn through 50% bonus issue and pay a cash dividend of 25% (IQD0.25 per share).
• Modern Construction Mat. (IMCM) will hold its AGM* on Sept. 17, 2013 to discuss 2012 financial statements and approve decreasing the capital by the un-subscribed amount of IQD249,844,409, so that the capital will be IQD5.37bn. ISX suspended trading of IMCM starting from on Sept. 10, 2013.
• Iraq's number two telecommunications operator Asiacell (TASC) has named Amer al-Sunna as chief executive, the company's parent firm Ooredoo said in a statement on Monday. Sunna previously worked for Ooredoo's units in Jordan and the Philippines before joining Asiacell as managing director in February. Al Sunna brings with him 20 years of telecom experience, while outgoing CEO Ahmed, who served in his position for almost six years, will remain with Asiacell as chief advisor to the chairman. Asiacell listed on the Iraqi bourse in February following a $1.27bn share sale. Ooredoo, which owns a 64% stake in Asiacell, changed its name from Qatar Telecom earlier this year. (Reuters, Comm)New shares of Dar Al-Salam for Insurance (NDSA) from the capital increase to IQD2.9bn through 19.83% bonus issue resumed trading on Sept. 8, 2013.

UAE-based Gulf Precast has signed a contract to build 65 precast schools in various locations in Central Iraq.

The design of the schools and their boundary walls has already been finalised. While the initial part of the production is under way in the UAE, Gulf Precast is already in the process of setting up a production plant in Iraq. This is the first phase of the international expansion strategy of the UAE Precast Leader.

The Precast schools awarded to Gulf Precast are a part of an Iraqi national program to build 1,485 schools across Iraq this year. The schools have been specified using precast construction, and consist of 6, 9, 12, 18, and 24 class rooms. While several potential Precast Manufacturers had been considered, Gulf Precast, which has been operating in the Emirates for the last 28 years, has been selected both for its wealth of expertise and for its readiness to set up a Precast Plant in Iraq.

The Iraq factory will cater for the second production phase of the schools project as well as for the fast-track infrastructure and housing program launched by the Iraq government, delivering quality construction by the UAE expert which handled many iconic projects, such as the Dubai Mall, the Paris Sorbonne University Abu Dhabi, high rise towers in the Jumeirah Beach Residence complex, more than 2,000 villas in the Al Falah Community Development, to name a few.

The new Iraq factory will complement the current 6 UAE plants managed by Gulf Precast as well as its 2 recent additions: its new Al Ain mobile Plant and Abu Dhabi Airport extension on-site Plant. Located in Baghdad, the Iraq factory is designed to produce 200 M3 of Precast per day in addition to 900 M2 of Hollowcore slabs daily.

Omar Araim, the representative of Gulf Precast in Iraq stated:

"The Iraqi government has launched an ambitious program of construction development which can only be achieved if modern performing technologies such as Precast are employed. By being present in the country during the initial stages of this program, companies such as Gulf Precast are positioning themselves as a key actor of the expected national expansion."

Gulf Precast's expansion strategy is not limited to Iraq only, but also includes numerous countries such as Saudi Arabia, Qatar, Libya, Oman, India and or Nigeria, countries in which Joint Ventures are in progress with governmental and private organisations.

Elias Seraphim (pictured), CEO of Gulf Precast declared that:

"The expertise gained by Gulf Precast in the very mature and demanding construction sector of the United Arab Emirates is perceived as a critical success factor by many of our Joint Venture partners or intended partners.

"They, in turn, bring to the partnership their extensive knowledge of the local construction market. In a few years' time, Gulf Precast intends to become an internationally renowned key player of the construction economy."

(Source: Gulf Precast)

By Mustafa Habib.

This article was originally published by Niqash. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News.

Iraqis know better than most that military intervention comes at a price. Ten years after foreigners invaded their country and toppled their dictatorship, the country still isn’t stable. So do they think the West should intervene in Syria?

It has been just over ten years since the US-led invasion of Iraq. But that event and its aftermath have been hanging heavily over the current debate in the West over whether it should intervene in Syria or not.

But how do Iraqis feel about a potential invasion or intervention in Syria? Most of them are well aware that the US military helped to oust a dictator, Saddam Hussein, a man who governed their country with iron and fire for over 24 years. However the destruction and virtual civil war that followed Hussein’s ousting is more than enough to make many of them unenthusiastic about the prospect of external intervention in Syria. And it seems that, no matter what sect or ethnicity they claim, most Iraqis are only too well aware of what comes after intervention.

“When foreign forces overthrew Saddam Hussein, I couldn’t hide my joy,” recalls Saeed Jabbar, a Baghdad university professor. “But we didn’t expect all the devastation and destruction that came afterwards,” he told NIQASH.

“Bashar al-Assad is clearly a dictator – but he should be removed by the Syrian people and not by external forces.”

In the west of Anbar province, where the population is mostly Sunni Muslim like former Iraqi leader Hussein was, a tribal leader there told NIQASH: “The people of Anbar have a clear position on Syria. They all believe that al-Assad and his regime should be toppled, just like Saddam Hussein’s was,” argues Ahmad al-Jumaili.