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More than 180 expert speakers and delegates from the UK, Iraq, UAE and abroad gathered in Dubai at The Address Dubai Marina on Sunday 18 December for the Iraq Britain Business Council’s (IBBC) Autumn Conference.

Usually held in London, the well-attended conference marked the first time the IBBC has held an event in the UAE, a hub for global and regional companies that operate in the Middle East.

The decision to move the Autumn Conference to Dubai has certainly proven to be a good one, with the new location attracting a new audience of business leaders and decision makers based in the region.

A record number of delegates from non-member companies registered for the event, including representatives from Mitsubishi, Serco, Rolls-Royce, Capital Bank of Jordan and LUKOIL.

They were joined by representatives from IBBC member companies, such as Shell, ExxonMobil, Siemens, GE, Amec Foster Wheeler, GardaWorld, Restrata, Eversheds and more.

The conference was supported by H.E. Mr Kadhim Finjan Al-Hamami, Iraq’s Minister of Transport, and Mr Frank Baker OBE, Her Majesty’s Ambassador to Iraq, who jointly opened the event with IBBC President Baroness Nicholson of Winterbourne.

The theme of the conference was ‘Doing Business in Iraq’. Delegates heard from Ariel Flores, General Manager of BP (Rumaila Operating Organisation), on operating Rumaila in a $50-barrel world during the first session, ‘The Iraq Oil and Gas Sector in 2016’. He focused particularly on how investing in technology, training and safety is key to Rumaila’s operations.

Meanwhile, Marwa Al Nasaa, the International Monetary Fund’s Resident Representative for Iraq delivered an overview of the IMF’s Stand-By Arrangement (SBA), economic developments under the SBA and a forecast of what’s to come.

Other headlining speakers included Dennis Flannery of Citibank, Dr Jafar Dhia Jafar of URUK Engineering and Contracting Company LLC., Zeeshan Sheikh of the International Finance Corporation, Salem Jawad Chalabi of Stephenson Horwood Middle East LLP and Jorge Vila of Iraq Middle Market Development Foundation (IMMDF), who addressed the audience from Paris via a Skype link-up.

IBBC members also joined panel discussions. Asrar Abdulhussein Mohammed of International Islamic Bank participated in the finance session, while Iain Rawlinson of Gulftainer and Peter Turner of SKA International shared their insights on opportunities in Iraq for investment and partnership within the transport and logistics sectors.

Amar Shubar of Management Partners, Gavin Rennie of EY, Afif Masri of PwC and Vikas Handa of Beas LLC (formerly of Weir Group) chaired the panels on finance, power, opportunities in the private sector and O&G respectively.

he IBBC Autumn Conference was generously sponsored by the Islamic International Bank, Gulftainer, Weir Group, SKA International and the IMMDF.

The IBBC’s next conference will take place at Mansion House, London, on Monday 3 April 2017. More information will be available in due course.

For information on the IBBC Autumn Conference, membership or conference sponsorship opportunities, contact the IBBC London team at [email protected] or +44 20 7222 7100 or our UAE Representative Samer Al-Omari at [email protected] or +971552088000.

(Source: IBBC)

Baroness Nicholson – Opening Speech for the Iraq Britain Business Council (IBBC) Conference on December 18th in Dubai:

Welcome to Dubai.

IBBC has been aware for many years of the important role that the UAE plays as a regional hub for business and trade through the MENA region and in particular as a regional base for companies and their families working in Iraq.

The ease of doing business here, the major port of Jebal Ali and Dubai and Abu Dhabi airports with their world beating airlines and the large number of Free Zones where companies can base their off shore activities plus enterprising and caring leadership by generations of the leaders of the UAE, all have contributed to the global status that the UAE now enjoys.

I extend my warmest thanks to the UAE Authorities for their support in allowing and promoting this conference, which we hope will become a permanent feature in IBBC’s annual calendar of events. The Department of Tourism and Commerce Marketing here in Dubai have been especially supportive.

I also warmly welcome the record number of non-member delegates who are joining an IBBC event for the first time and I hope you will all use this opportunity to engage with existing members and the senior IBBC team represented here, to learn more about what we do and how we work with our members about promoting business in Iraq. For members, I do urge you to discover the products and services on offer from our new friends.

Welcome to Delegates from Iraq.

I wish to thank the Government of Iraq for its support of this conference and to extend a special welcome to HE Mr Kadhim Finjan AL Hamami, Minister of Transport. Mr Finjan a friend and supporter of IBBC. His genuine concern lies with the People of Iraq and the Basrawis in particular.

Having had to postpone its autumn conference earlier this year, the Iraq Britain Business Council (IBBC) has confirmed that it has received full UAE Government approval to hold its conference on Sunday 18th December.

It has convened 20 of the top decision-makers from the Government of Iraq and key industry sectors, who will come together at the IBBC Autumn Conference in Dubai to discuss the dynamic energy and financial landscape, as well as key opportunities to be seized.

Attendees will gain insights from leading government and industry leaders, including:

• H.E. Jabbar A.H. Al-Luiebi, Minister of Oil, Iraq
• Marcus Antonini, Vice President and Country Chairman, Shell Iraq
• Ariel Flores, GM, BP (Rumaila Operating Organisation)
• Marwa Al Nasaa, Resident Representative for Iraq, International Monetary Fund (IMF)
• Zeeshan Sheikh, Investment Officer, International Finance Corporation (IFC)
• Gavin Rennie, Global Power and Utilities Emerging Markets Leader, Ernst & Young
• Dennis Flannery, Managing Director, Iraq Country Head & Representative, Citibank

The four conference sessions will focus on:

• Session 1: The Iraq Oil and Gas Sector in 2016
• Session 2: Opportunities in Power Generation/Electricity Supply
• Session 3: Finance
• Session 4: Opportunities for the Private Sector

Among the companies already signed up for the conference are:

• AMEC Foster Wheeler
• BP
• China Petroleum Engineering
• Citibank
• DOME Group
• Exxon
• EY
• Garda World
• GE
• Gulftainer
• Harlow International
• International Islamic Bank
• Khudairy Group
• Marubeni Itochu Steel
• Olive Group
• Penspen
• Petronas
• Perkins+Will
• PwC
• Restrata
• ROO
• Severn Glocon
• Shell
• Siemens
• SKA
• Solar Turbines
• Stephenson Horwood
• Weir Group
• URUK Engineering

Register now if you would like to:

• Find out more about the strategy of global oil and gas majors in Iraq
• Understand what OPEC cuts mean for businesses in the Middle East
• Learn about new opportunities in Iraq that have arisen following the IMF deal and how to get involved
• Network with key industry figures, business partners and prospects

With rising oil prices, an IMF loan and increasing security, the opportunity for new business in Iraq is clear.

Book your spot at this must-attend conference now for £700!

Register Now

Download the Latest Programme

(Source: IBBC)

Minister for Housing, Construction and Municipalities will attend IBBC Retreat at Cumberland Lodge, 8-10 July 2016

Dara Rasheed (pictured), the acting Minister for Housing, Construction and Municipalities, will attend this year’s IBBC Retreat at Cumberland Lodge. Mr Rasheed is a long term friend and supporter of IBBC and we are delighted that he has taken charge of this new Ministry, created as a consequence of PM Abadi’s reforms merging the Ministry of Housing and Construction with the Ministry of Municipalities.

Keith Ruddock, Visiting Professor of Law at Strathclyde University and immediate past company secretary of the Weir Group, has also confirmed his attendance. Professor Ruddock will be speaking on the topic of creating the necessary legal framework to attract more foreign investment into Iraq.

Ján Kubiš, the Special Representative of the United Nations Secretary-General for Iraq; Robert Bou Jaoude, the World Bank’s Special Representative; Patrick Simonnet, the EU’s Ambassador to Iraq; and Frank Baker OBE, Her Majesty’s Ambassador; have confirmed their participation. The IMF is likely to confirm its participation towards the end of June once its deal for the Iraqi Government has been approved by the IMF Executive Board.

The theme of this year’s retreat is ‘Iraq and her Neighbours’. There will be discussions exploring the wider geopolitical challenges Iraq is facing, the present low oil prices and a way out of Iraq’s economic and financial crisis’.

On Friday evening there will be an address by a senior Home Office official who will give an outline of his ministry’s priorities and will situate Iraq within these. Sir Terence Clarke KBE CMG CVO, a former ambassador to Iraq, will be speaking on Saturday evening. His presentation will focus on the work of the Friends of the Basrah Museum, a project which is to be completed later this year.

Prior to the main sessions the Oil and Gas Sector Table of IBBC will convene, and there will be opportunities to arrange additional useful get-togethers in these peaceful and conducive surroundings. A Council Meeting will take place on Saturday afternoon.

IBBC Member company are very welcome to attend all or parts of the weekend. To register your participation or for further inquiries please email [email protected]

The Iraq Britain Business Council (IBBC) is pleased to announce the appointment of Samer Al-Omari as its UAE Representative.

Working part-time from the Weir Group’s offices in Dubai, Samer will help promote IBBC to companies and organisations in the UAE; drive membership recruitment; and coordinate the planning of the IBBC Autumn Conference, which will be held at The Address Dubai Marina on Sunday 6 November.

Samer is currently Business Development Senior Adviser of Restrata’s Iraq operations, and has previously held business development positions in the oil, gas and energy sector, including roles at ME Consultancy LLC and Shell.

“Samer has huge experience in Iraq and within the O&G and security industries,” IBBC’s Chief Operating Officer Christophe Michels said of the appointment. “We are fortunate that he has accepted to take up this role.”

You can contact Samer here.

(Source: IBBC)

At the Iraq Britain Business Council (IBBC)'s Spring Conference in London last week, there was a general feeling that the downturn in oil prices is temporary, and that Iraq's finances will rebound in due course.

Referring to the long-term trend in oil prices, Vikas Handa of Weir Group was adamant that "there is only one way to go, and that is up."

Philippe Dauba-Pantanacce of Standard Chartered viewed Iraq's financial difficulties as "cyclical", adding, "money will come back to Iraq, simply because oil prices are bound to go higher."

In addition to the obvious importance of oil and gas to the Iraqi economy, Iraq's Ambassador to the United Kingdom, Dr Salih Husain Ali, emphasised that Iraq also has other natural resources including uranium, silver and copper, and cited World Bank estimates of strong growth in the Iraqi economy over the next two years.

The Iraq Britain Business Council (IBBC) will be holding its Spring Conference on April 27 at Mansion House and on April 28 at Vintners' Hall in London.

In recent weeks considerable political debate has taken place in Iraq following Prime Minister Abadi’s announcement of a technocrat reshuffle of his cabinet. It seems that the motto of the conference - ‘Iraq in Transition’ - fits what is happening in the country better than expected.

Unfortunately, this means that previously announced Iraqi Ministerial attendance cannot be confirmed anymore. The Minister of Oil will not attend the conference having stepped down from his post recently. It is still planned for the Iraqi Minister of Industry and Minerals, HE.Mohammed Sahib Khalaf Al-Daraji to attend.

The conference is the place to hear about the latest developments in Iraq from top level UK and Iraqi officials, businessmen and academics.

Confirmed speakers to date include:

• H.E. Mohammed Sahib Khalaf Al-Daraji;
• Baroness Nicholson of Winterbourne, IBBC Executive Chairman and the UK Trade Envoy for Iraq;
• Frank Baker OBE, HM Ambassador to Iraq;
• Jafaar Al Hamdani, Chairman of the Iraqi Federation of Chambers of Commerce;
• Helena Morrissey, Newton Investments CEO and founder of 30% Club;
• Lieutenant General Sir Simon Mayall;
• Louis Taylor, CEO of UK Export Finance;
• Lord Green of Hurstpierpoint; and,
• Alderman Peter Estlin, the Lord Mayor's Aldermanic Representative.

They will be joined by speakers from IBBC member companies such as Shell; BP; Standard Chartered Bank; Gulftainer; Weir Group; Restrata; Management Partners; Moby Group; Bath Spa University and others.

Topics on the agenda include:

• Update on the Political and Security Environment in Iraq and the Middle East
• Improving Human Capital: Public and Private Sectors
• Trade and Finance: Export and Import, Duties and Customs
• Oil and Gas: Project Finance / Downstream Developments
• Telecoms, Media and Technology

Baroness Nicholson of Winterbourne will be hosting a post-conference dinner for delegates at the historic Vintners' Hall.

Due to a large number of delegates registering for the conference, the second conference day venue is changing from Shell Centre to Vintners' Hall. On both days delegates will enjoy the participation of a large delegation of Iraqi businessmen and regional officials representing most governorates of Iraq, led by the Chambers of Commerce.

IBBC members Shell, Restrata and Al Iraqia for Money Transfer have generously agreed to sponsor the event.

Please register via the online booking facility on the IBBC website, or contact the team on [email protected] or +44 (0) 20 7222 7100 for advice and help.

The IBBC team looks forward to seeing you at the Spring Conference!

By John Lee.

An investigation by Fairfax Media -- publisher of The Age and The Sydney Morning Herald newspapers -- and The Huffington Post, claims that Monaco-based Unaoil has been involved in widespread bribery and corruption in the oil industry, including in Iraq, Iran and Libya.

Following examination of tens of thousands of emails, the report says that Unaoil channelled huge bribes to government officials on behalf of its clients to help win billions of dollars worth of government contracts.

In Iraq, it accuses the company, and its country manager Basil Al Jarah, of arranging bribes for clients including Rolls-Royce, Petrofac, Clyde Pumps, Weatherford, Cameron/Natco, FMC Technologies, Saipem, SBM Offshore, MAN Turbo, Rosetti Marino, ABB, The Shaw Group, Core Labs, Leighton Offshore, Weir and Hyundai.

Public officials allegedly implicated include Dr Hussain al-Shahristani, former Minister for Oil and current Minister for Education, who has denied any wrongdoing; Abdul Kareem al-Luaibi [Elaibi], former Minister for Oil; Kifah Numan, Director General of the South Oil Company (SOC); Dhia Jaffar also a Director General of the SOC and since last year a Deputy Minister for Oil in the Iraqi government; and Oday al-Quraishi (SOC).

According to the report, "Unaoil made Dhia Jaffar and Oday al-Quraishi wealthy men."

Family owned and controlled, Unaoil was founded by the Iranian-born Ata Ahsani, who left Tehran at the time of the Islamic revolution. The company says it "strenuously [denies] any wrongdoing and consider[s] the allegations to be baseless and entirely false."

The original story can be read in more detail here.

(Source: The Age)

(Corruption image via Shutterstock)

By John Lee.

In its final results for the 52 week period ended 1 January 2016, released today, Weir Group announced that services revenues were more resilient with growth in Iraq partially offsetting declines in the North Sea and the Caspian.

The company also said that is had acquired a service facility in southern Iraq.

Keith Cochrane (pictured), Chief Executive, commented:

"Despite market challenges which are unprecedented in recent years, Weir has delivered a resilient performance in Minerals, maintained leadership and market share in Oil & Gas, and created an additional platform for growth with the new Flow Control division.  As Weir has always done, we adapted quickly to market conditions. Costs were aggressively reduced while the cash generative nature of the business supported continued investment in our strategic priorities.

Given ongoing market conditions, 2016 will be another challenging year. As a result, we are planning for a further reduction in constant currency Group operating profits, driven primarily by lower activity levels in upstream oil and gas markets. We will continue to invest for the medium term supported by our aftermarket-focused business model, further cost reduction initiatives, non-core asset disposals and a clear focus on cash generation, to ensure we benefit fully and quickly when markets improve."

(Source: Weir Group)

By Brenda Stoter for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News.

When Hemin Zangana was sent to the front line in August 2014, he and his fellow peshmerga fighters were determined to recapture the Mosul Dam from the Islamic State.

They told each other they would rather die during this important mission than accept the fact that IS was in full control after Kurdish forces partially retreated from the area. For several nights, Zangana wasn’t able to sleep properly.

“The peshmerga were weak, too weak. It was the hardest battle I had ever experienced. Yet we were convinced we had what it took to defeat IS,” he told Al-Monitor.

On Aug. 18, 2014, Kurdish peshmerga fighters and Iraqi troops retook Mosul Dam from IS militants. After that, Zangana was sent to al-Gweir, Kabisa and Rabia, where he fulfilled his duty as a peshmerga. In Rabia, a small border town between Iraq and Syria on the road to Mosul, he experienced “the worst of all horrors” during the winter of 2015.

“One night, a young peshmerga fighter went outside to call his family. It was cold and dark outside when I went out to check on him, finding him lying on the ground, covered in blood. I carried him, put him in the car and drove straight to the doctor. With the rain hitting our windows, we couldn’t see anything. On top of that, IS militants started to shoot at us. Luckily, we all survived,” Zangana recalls.

He is now back in his hometown, Erbil, where he works a second job as a driver for expats. He needs this extra work to support his wife and children, because his pay as a peshmerga does not allow him to make ends meet. Zangana is not the only one.