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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.

By John Lee.

Iraq's Ministry of Health has signed a contract with Qatar's Elegancia Healthcare, a subsidiary of Estithmar Holding, to manage, operate, and maintain a 492-bed hospital in Nasiriyah, in Dhi Qar province.

The signing ceremony was attended by the Qatari Ambassador to Iraq, Sultan bin Mubarak Al-Kubaisi, the Director-General of Health in Thi Qar, Dr. Rashid Najm Al-Khalidi, the authorized director of the Qatari company, Mr. Mohammed Al-Dawamneh, and several general directors from the Ministry of Health.

During a press conference following the contract signing, the Minister of Health stated that this initiative is in line with the priorities of the government's healthcare program and the Modern Hospital Management Program for new hospitals.

He emphasized that the program includes managing, operating, maintaining, and training Iraqi personnel in various specialties at the hospital. Additionally, it involves bringing in doctors in rare specialties to train Iraqi staff. Dr. Al-Hasnawi mentioned that the ministry has so far signed three contracts for hospital management with specialized companies under the Modern Management Program, in addition to a plan to operate modern hospitals expected to open in Baghdad during the current year.

The Qatari ambassador expressed confidence in the extensive cooperation with the Iraqi Ministry of Health through the signed contract. He highlighted the ministry's commitment to ensuring the provision of the best healthcare service to citizens and confirmed that the company will utilize its expertise in managing Nasiriyah Hospital in Thi Qar.

(Source: Ministry of Health)

By John Lee.

Dr. Haider Muhammad Makkiya, head of Iraq's National Investment Commission (NIC), has held a meeting with the regional director of Qatari real estate firm Ariane, Ahmed Magdy Al-Kararty.

Dr. Makkiya emphasized Iraq's commitment to fostering an attractive investment environment, highlighting strategic projects as crucial for revenue maximization and the enhancement of service to the citizens.

He noted ongoing efforts to strengthen economic ties with various advanced nations, including Qatar, pointing out favorable prospects across tourism, housing, and industrial sectors.

Mr. Al-Kararty expressed appreciation for Dr. Makkiya's dedication to enhancing economic relations between Baghdad and Doha, affirming readiness to pursue both foreign and local investment opportunities across Iraq.

(Source: NIC)

In a recent move by the Kurdistan Regional Government's Ministry of Interior, citizens from 53 countries have been granted the ability to enter the Kurdistan Region without a pre-arranged visa.

Under this new policy, eligible travellers simply need to present their passports at any border entry point, where they will be issued an electronic visa, allowing them immediate access to the region.

The countries included in this visa exemption are: Albania, Australia, Austria, Bahrain, Belgium, Brazil, Bulgaria, Canada, China, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Iran, Ireland, Italy, Japan, Jordan, Kuwait, Latvia, Lebanon, Liechtenstein, Lithuania, Luxembourg, Malta, New Zealand, Norway, Oman, Poland, Portugal, Qatar, Romania, Russia, Saudi Arabia, Slovakia, Slovenia, South Korea, Spain, Sweden, Switzerland, Turkey, Vatican City, the Netherlands, the United Arab Emirates, the United Kingdom, and the United States of America.

Applicants must ensure their passports are valid for at least 6 months to be eligible for entry.

(Source: KRG)

By John Lee.

Prime Minister Mohammed Shiaa Al-Sudani received representatives from the Chinese company China Railway, which is implementing the development project of Al-Nesoor Square in central Baghdad, as part of the first package of projects aimed at alleviating traffic congestion in the capital.

During the meeting, attended by several advisors to the Prime Minister, the Chinese company presented an explanation of its capabilities and available resources, enabling it to participate in the implementation of the recently announced Baghdad Metro project. They also highlighted their expertise and readiness to contribute to this vital project.

A statement  from the Prime Minister's office notied that 26 international companies from Germany, Italy, Spain, China, India, and Qatar have expressed their interest in participating in the implementation of the Metro project following its announcement earlier this month.

(Source: PMO)

By John Lee.

The Qatar Red Crescent Society (QRCS) has recently launched a new project to provide medical care for patients with cancer in Iraq.

Full statement from QRCS:

Within the context of backing the health sector in Iraq, Qatar Red Crescent Society (QRCS) has recently launched a new project to provide medical care for patients with cancer and malignant tumors, by supplying cancer drugs and consumables to the Nanakali Hospital for Blood Diseases and Cancer in Erbil, Iraqi Kurdistan.

Implemented in cooperation with the Iraqi Red Crescent Society (IRCS) and the Erbil Health Directorate, the project addresses the shortage in medications and medical consumables to treat 7,500 displaced and local patients with cancer in Iraqi Kurdistan.

While the refugee camps remain to exist, many donors and humanitarian service providers have halted work in Iraq, just to worsen the existing gaps in different humanitarian areas.

QRCS office in Iraq has already delivered a large quantity of essential medications to the Nanakali Hospital in Erbil City, northern Iraq. This effort is aimed at meeting the shortage in health care provided for patients with cancer among Syrian refugees, displaced Iraqis, and the host community.

The Nanakali Hospital is a central medical facility that receives patients of different age and social groups from across the country, playing a pivotal role in providing medical care for those in need.

It serves about 2,110 patients per month, through its chemotherapy, laboratory, radiology, clinical consultation, and pharmacy departments.

(Source: QRCS)

By Ahmed Mousa Jiyad.

Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News.

TotalEnergies Agreement Smells Filthy

The more information becomes available about this agreement, the more it exposes the extent of unfairness and damage to Iraq national interest, and the deception or scandal of "investing $27 billion" that was propagating and promoting this agreement. ⁽¹⁾

The Ministry of Oil (MoO) keeps mute; insists on a complete blackout and not publishing the terms of this odious agreement with TotalEnergies and contracts of its four projects. But available information indicates, so far, three very serious and financially costly direct disadvantages or burdens, particularly relating to Ratawi [Artawi] oilfield, in addition to the indirect burdens and consequences.

The first burden is represented by adopting a base line production (BLP) in the aforementioned field that is 27 thousand barrels per day (bpd) less than its actual production capacity; resulting in "gross" export revenues loss by Iraq estimated at $817 million annually. The corresponding "net" export revenues losses are less than that, depending on the details of the contract for developing this field, which is still kept secret!

The second burden relates to TotalEnergies and QatarEnergy companies share in the profits generated from the field's current production capacity, without they investing a single dollar in this field's current production capacity.

The amount that Iraq loses from this illegal and unjustifiable participation was estimated in six cases, the total of which ranges between $2.365 billion and $12.795 billion throughout the duration of the contract.

The third burden is represented by reducing Basra Oil Company's (BOC) share, to 30%, less than it should be, which is 41.43%. This causes huge losses, including the net profits throughout the contract period starting from August 16, 2023, in addition to the lack of clarity about the fate of $1.8 billion worth of fixed assets in Artawi oilfield!!

Click here to read the full article.

Mr Jiyad is an independent development consultant, scholar and Associate with the former Centre for Global Energy Studies (CGES), London. He was formerly a senior economist with the Iraq National Oil Company and Iraq's Ministry of Oil, Chief Expert for the Council of Ministers, Director at the Ministry of Trade, and International Specialist with UN organizations in Uganda, Sudan and Jordan. He is now based in Norway (Email: mou-jiya(at)online.no, Skype ID: Ahmed Mousa Jiyad). Read more of Mr Jiyad's biography here.