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By John Lee.

Food and last-mile delivery service Alsaree3 has announced that it has successfully closed its 'Series A' capital raising round, securing an undisclosed seven-figure investment.

A press release describes this funding round as particularly noteworthy due to the participation of Snoonu, which it says is Qatar's leading food delivery and e-commerce platform.

It adds that the new funding will enable Alsaree3, founded by Bassam Al-Ateia, to accelerate its growth plans in Iraq, and highlights the unique potential and attraction of the Iraqi market, especially when compared to other Gulf countries.

The round was anchored by Euphrates Ventures, with the participation of Iraq Venture Partners (IVP), who also facilitated the round.

Geoffrey Batt of Euphrates Ventures, said:

"Alsaree3 is a true Iraqi success story ... We are thrilled to anchor this round that is as much about technology sharing between Snoonu and Alsaree3 as it is about investment capital"

Mohammed Khudairi, IVP General Partner, added:

"[Alsaree3's] success will have a positive ripple effect across the whole Iraqi ecosystem. We are keen to contribute towards its success journey."

(Source: IVP)

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

New Qatari consulate highlights growing ties between Gulf Arabs, Iraqi Kurds

Qatar has opened a consulate in Erbil, reflecting the growing relations between wealthy Gulf Arab states and Iraqi Kurdistan.

The expansion of the Arab diplomatic representation follows recent efforts by the Kurdistan Democratic Party (KDP) to develop export markets in the region, particularly with the United Arab Emirates (UAE) -- a competitor of Qatar.

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

By John Lee.

Qatar has opened a General Consulate in Erbil.

At a ceremony to mark the occasion, KRG Prime Minister Masrour Barzani said:

"The opening of the Qatari General Consulate will significantly bolster our relations, particularly in trade, agriculture, culture, and higher education.

"Qatar has valuable experience in investment, construction, energy, and industry. The Kurdistan Region can utilize the Qatari experience.

"We invite Qatari investors to visit the Kurdistan Region and invest in its growing sectors, and the KRG is ready to provide all facilitations. ...

"We encourage and support diversified investment, which is the KRG's main goal for a stronger economy."

(Source: KRG)

By John Lee.

Iraqi Minister of Transport, Razzaq Mohibis Al-Saadawi, met with a Turkish delegation at the Ministry of Transport on Thursday to discuss the latest updates on the Development Road project.

According to a ministry statement, the minister welcomed the Turkish delegation, led by Burak Ikan, Director General of International Relations at the Turkish Ministry of Transport. They discussed the agenda of the ministerial council and coordination committees arising from the quadrilateral agreement involving Iraq, Turkey, Qatar, and the UAE.

The statement noted that the minister emphasized the ministry's commitment to completing the Development Road project and supporting meetings of the ministerial council and coordination committees. The council's meeting is scheduled for June.

Al-Saadawi informed the Turkish delegation that Iraq would coordinate the meetings in agreement with its partners on the council. Iraq has begun forming its technical committee and awaits other countries to establish theirs to organize their first meeting in Baghdad as per the memorandum of understanding.

In response, Ikan expressed gratitude for the hospitality and reception, noting that the Turkish delegation held several meetings with Iraqi officials and has a planned meeting with an Italian consulting company. He emphasized the importance of advancing the project in line with the quadrilateral agreement.

(Source: Ministry of Transport)

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

Debate: Will Iraq, Kuwait succeed in truly turning the page?

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

By John Lee.

Chinese smartphone company Xiaomi has announced that the talabat app will now come preloaded on Xiaomi phones in United Arab Emirates, Qatar, Egypt and Iraq.

Talabat, a food and grocery delivery app, was founded in Kuwait in 2004, and entered the Iraqi market in 2021.

It was acquired in 2015 by German-based Delivery Hero.

(Source: Talabat)

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Rabee Securities Iraq Stock Exchange (ISX) market report (trading week ending: 3rd May 2024).

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

*Selling price of the dollar from banks and non-bank financial institutions to the final beneficiary

**Selling price of the dollar by the CBI to the banks

Iraq Stock Exchange

• On Monday, the Iraq Stock Exchange (ISX) ranked first in average daily trading volume for the 2023 indices and won the Arab Financial Markets federation shield. (Shafaq News)
• On Sunday, the Iraq Stock Exchange (ISX) participated with the Arab financial markets in the meeting of the General Assembly for Arab Financial Markets. On Monday, ISX participated in the annual conference of the Arab Financial Markets Federation, sponsored by the Qatar Stock Exchange, which was hosted by the State of Qatar for its 2024 edition. Discussions took place on the financial markets with experts in financial technology and the future of trading in financial instruments; in addition, to discussions regarding the performance of Arab financial markets with members of the Arab Federation AFCM and joint cooperation plans.
• Cihan Bank for Islamic & Finance (BCIH) has completed the legal procedures for the capital increase through an 8.3% rights issue and an 11.3% bonus issue to reach IQD305.0 bn.
• Al-Hamraa for Insurance (NHAM) fulfilled ISX's request to explain why the prices touched the higher limit on Apr. 28 and Apr. 30. The company disclosed that there were no fundamental events or new matters that affected the price of the shares.

Stocks that resumed / will resume trading:

• New shares of Al-Mansour Bank (BMNS) from the capital increase through a 16% rights issue and a 4% bonus issue to IQD300.0 bn resumed trading on May 2.
• National Company for Tourism Investment (HNTI) resumed trading on Apr. 29 after holding its Annual General Meeting (AGM) on Apr. 21 in which they discussed and approved 2022 annual financial statements and decided to distribute IQD0.23 cash dividend per share, corresponding to a 2.1% dividend yield.
• New shares of Al-Mosul for Funfairs (SMOF) from the capital increase through a 10.0% bonus issue to IQD1.65 bn resumed trading on Apr. 30.

Stocks that were suspended / will be suspended from trading:

• ISX will suspend trading of Al-Mansour Bank (BMNS) starting May 16 due to the AGM that will be held on May 21 to discuss and approve 2023 annual financial statements, dividend distribution, and increasing the paid-in capital from IQD300.0 bn to IQD350.0 bn through rights and bonus issue.
• ISX suspended trading of Credit Bank of Iraq (BROI) starting Apr. 28 due to the AGM that will be held on May 2 to discuss and approve 2023 annual financial statements, increasing the paid-in capital through rights and bonus issue, dividend distribution, and electing nine original and nine alternative board members.
• ISX suspended trading of Al Masherq Al-Arabi Islamic Bank (BAMS) starting Apr. 29 due to the AGM that will be held on May 5 to discuss and approve 2023 annual financial statements and dividend distribution.
• ISX suspended trading of Iraqi Agricultural Products (AIRP) starting Apr. 30 due to the AGM that will be held on May 6 to discuss and approve 2021 & 2022 annual financial statements and dividend distribution.

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By John Lee.

Qatar's Elegancia Healthcare, a subsidiary of Estithmar Holding, has entered into a second strategic agreement with the Iraqi Ministry of Health to manage and operate the 492-bed Al Hasan Al Mujtaba Teaching Hospital in Karbala Governorate.

The hospital is one of six for which the Iraqi Ministry of Health invited interested parties to pre-qualify in August 2023.

This agreement is the second of its kind for Elegancia Healthcare in Iraq, with an agreement signed to operate Al Nasiriya Teaching Hospital in Dhi Qar Governorate earlier this month.

The latest agreement was signed by Dr. Sabah Noor Al-Musawi, Director General of Karbala Health and Eng. Mohammed bin Bader Al-Sadah, in his capacity as Group CEO of Estithmar Holding.

On this occasion, Eng. Mohammed bin Bader Al-Sadah, Group CEO of Estithmar Holding, commented on Elegancia Healthcare's expansion in Iraq, stating:

"This initiative is in line with Estithmar Holding's efforts to expand its business and projects in Iraq and is an addition to the recent signed agreement with Dhi Qaar Governorate.  We are particularly pleased to move forward with this strategic partnership, which aims to develop and upgrade the health sector in the Republic of Iraq, as we take pride in our numerous collaborations with the Iraqi Ministry of Health.

"Elegancia Healthcare ... is committed to enhancing and expanding its business portfolio. This initiative aims to foster growth opportunities and enhance shareholder value."

From his side Mr. Joseph Hazel, CEO of Elegancia Healthcare, said:

"These agreements seek to enhance and elevate the quality of healthcare services offered by both Al Hasan Al Mujtaba Teaching Hospital and Al-Nasiriyah Teaching Hospital. This includes improving operational efficiency, expanding medical specialties, and implementing the latest administrative and operational strategies, while leveraging Elegancia Healthcare's extensive expertise in managing and operating healthcare facilities."

This project includes comprehensive surgical treatment facilities for in-patient hospitalization, as well as a significant number of outpatient clinics offering various specialties. These clinics cater to consultations and treatments such as dialysis, physiotherapy, among others. Al Nasiriyah Teaching Hospital project also includes nineteen medical departments.

(Source: Estithmar Holding)

By John Lee.

Iraqi Prime Minister Mohammed Shia al-Sudani and Turkish President Recep Tayyip Erdogan presided over the signing of a quadrilateral memorandum of understanding (MoU) between Iraq, Turkey, Qatar, and the UAE in Baghdad on Monday.

The MoU focuses on mutual cooperation for the strategic "Development Road Project" and was signed in the presence of delegations from Iraq and Turkey, including ministers and advisors.

The MoU was signed by Iraqi Transport Minister Razzaq Muhibis, Turkish Transport and Infrastructure Minister Abdulkadir Uraloğlu, Qatari Transport Minister Jassim bin Saif Al-Sulaiti, and UAE Minister of Energy and Infrastructure Suhail Mohammed Al Mazrouei.

The agreement aims to establish frameworks for implementing the project, which is expected to stimulate economic growth and strengthen regional and international cooperation by promoting economic integration and striving for sustainable economies between East and West.

According to a statement issued after the signing, it will increase international trade, facilitate movement and commerce, provide a new competitive transport route, and enhance regional economic prosperity.

(Source: Media Office of the Prime Minister)

From Tasnim, under a Creative Commons licence. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News.

Iran's exchange of trade with neighboring Iraq registered a 30% growth in the previous Iranian calendar year (March 21, 2023 to March 19, 2024), according to an official at the Trade Promotion Organization of Iran (TPOI).

The director general of the West Asia Office of the TPOI said that Iran's commercial centers are active in Iraq, Syria, the United Arab Emirates, Turkey and Qatar to boost bilateral trade.

Iran gained successes and achievements in its trade with the West Asian countries in the previous year, he said, adding that the current administration has seriously pursued the policy of boosting trade ties with the neighboring states, Abdul Amir Rabihavi stated, ISNA reported.

Elsewhere in his remarks, Rabihavi referred to Syria as one of Iran's major trade partners and added that a joint supreme committee was held between the two countries in December 2023 in the presence of the Syrian prime minister and Iran's first vice president.

The TPOI official termed Iraq as Iran's second trade partner and added that the ground was set for the presence of active Iranian technical and engineering companies in Iraq last year.

Iran's trade with Iraq registered a 30% growth last year, he said, adding that Iran has 12 active trade centers in Iraq, Syria, UAE, Turkey and Qatar.