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By John Lee.

Iraq's Minister of Electricity, Engineer Ziad Ali Fadel, met with a delegation from the Qatari company Urbacon on Monday.

The discussions focused on plans for the reconstruction of the Baiji Thermal Power Station in Salahuddin Province.

The plant, which the Ministry sees as an investment opportunity, has a capacity of 2,100 MW.

Urbacon, also known as UCC Holding, is part of Power International Holding (PIH). The companies took part in a major trade mission from Qatar to Iraq in June 2023.

(Source: Ministry of Electricity)

By John Lee.

Qatar's Ooredoo, Kuwait's Zain Group and TASC Towers Holding of Dubai are to create the largest tower company in the MENA region, in a cash and share deal.

The enlarged tower company, comprising approximately 30,000 towers, has a combined estimated current enterprise value of USD 2.2 billion.

Ooredoo and Zain will equally retain a substantial stake of 49.3% each in the newly restructured entity, through an asset and cash equalisation process. The founders of TASC will retain the remaining shareholding, through Digital Infrastructure Assets LLP, and will continue to manage the operations of the business.

The tower entity is expected to achieve run-rate revenues close to USD 500 million annually, with an EBITDAaL (after leases) of more than USD 200 million annually upon the completion of closings in all individual countries - including Qatar, Kuwait, Jordan, Iraq, Algeria, and Tunisia. This financial position underpins the promising prospects and profitability of the newly restructured tower company.

The signing of this landmark transaction constitutes a major milestone towards realising key aspects of both Ooredoo and Zain's strategies, focused on evolving into smart telcos and creating value-focused portfolio. It also reaffirms the commitment of Ooredoo, Zain and TASC to drive growth and value for shareholders.

In a joint commentary, Aziz Aluthman Fakhroo, MD and Group CEO, Ooredoo; Bader Al-Kharafi, Zain Vice-Chairman & Group CEO; and Iyad Mazhar, Founder & CEO of TASC said:

"This pioneering deal embarks us on an exciting journey together as it results in the establishment of the region's largest independent Tower company, placing the MENA region on the world telecom tower map.  

"It also positions the region as an advanced player in the global telecoms landscape, and we anticipate wide-ranging positive implications for the region - from economic growth and upgraded connectivity to technological improvements and increased global relevance.

"This strategic transaction will unlock significant shareholder value through higher earnings multiples, as well as ensure capital efficiency, optimising balance sheets for our respective companies and creating new possibilities for investors. The deal also demonstrates our joint dedication to supporting the reduction of the region's carbon footprint, contributing to our vision of reshaping the telecommunications sector by building a more sustainable ecosystem and ensuring a better-connected future for our communities across the region."

As an independent tower company, leveraging the combined assets of Ooredoo and Zain, TASC will offer Passive Infrastructure as a Service (PIaaS) in a partnership model. This creates unprecedented opportunities for all mobile network operators, offering a capital-efficient alternative to building, owning and managing their own passive infrastructure in a cost-efficient and environmentally friendly manner.

This partnership model is well-equipped to meet the needs of other mobile network operators seeking to reduce costs, lower carbon emissions, and address the increasing demand for sites driven by double digit growth in mobile data consumption across the region.

Both Ooredoo and Zain will retain their respective active infrastructure, including wireless communication antennas, intelligent software, and intellectual property with respect to managing their telecom networks.

The expected timeline for the completion of this transaction contemplates initial market closings in 2024.

The phased implementation, tailored for each market and adhering to the regulatory environment, is subject to regulatory approvals, ensuring a seamless transition of operations. Ooredoo's tower network in Oman is following a stand-alone process.

Morgan Stanley acted as the exclusive financial advisor to the Ooredoo Group, and Citigroup Global Markets Ltd acted as the exclusive financial advisor to Zain Group and TASC Towers Holding on this transaction. DLA Piper acted as the legal advisors for Ooredoo, and both Herbert Smith Freehills (HSF) and Norton Rose Fulbright (NRF) jointly acted as the legal advisors of Zain Group and TASC Towers Holding. Shearman & Sterling (S&S) acted as the legal advisors of Digital Infrastructure Assets.

(Source: Ooredoo)

By John Lee.

In a meeting of the Joint Management Committee, Iraq's Oil Ministry discussed the development plan for fields and projects contracted with the French company TotalEnergies.

The Deputy Minister for Extraction Affairs affirmed the ministry's commitment to implementing strategic projects with TotalEnergies and QatarEnergy.

According to a statement from the Ministry, the four significant projects under the contract aim to support the national economy through field and oil reservoir development, gas utilization, water supply for local needs, and a groundbreaking 1,000-megawatt solar energy project, a first for Iraq.

It adds that the contracting company has received the work for project execution, including the development of the Artawi field to increase its production capacity to 210,000 barrels. Additionally, the gas treatment project in six oil fields (Ratawi [Artawi], Majnoon, West Qurna 2, Siba, Luhais [Lahais], and Tuba [Subba]) and the seawater project, which will provide substantial quantities of water for industrial and agricultural projects, were discussed. The transition to alternative energy is also part of the plan.

These projects will open doors for the Iraqi private sector to participate and create significant employment opportunities in the region. The Regional Director for the Middle East and North Africa at TotalEnergies, Julien Pouget, expressed the company's pride in the contract and appreciated the continuous support from the Oil Ministry to facilitate the projects included in the agreement. These projects, including Artawi field development, gas emissions reduction, utilization of associated gas in oil fields, seawater supply, and the 1,000-megawatt solar energy production, are expected to have a positive impact on Iraq's oil and gas industry.

(Source: Ministry of Oil)

By John Lee.

Qatar has appointed a new Consul General in Erbil.

The Head of the Protocol Department at the Ministry of Foreign Affairs, Ammar Dawood, received the consular credentials of HE Hussein bin Ali Al Fadala on Tuesday.

The Qatari Investment Holding Company [Estithmar Holding] has recently announced investments in Iraq.

(Source: Qatari Ministry of Foreign Affairs)

FAO Strengthens Commitment to Iraq in Addressing Environmental and Agricultural Challenges

Following the meeting of the Director-General of the Food and Agriculture Organization of the United Nations (FAO), Dr. Shu Donio, with His Excellency the President of the Republic of Iraq, Abdul Latif Rashid, during the United Nations Water Conference 2023, in which Iraq reaffirmed its commitment to finding sustainable solutions to the agricultural and climate challenges facing the country, a specialized team from the organization's headquarters successfully completed a mission to the Republic of Iraq from October 10th to 12th.

Led by Mr. Li Leifeng, Director of the Land and Water Department (NS), accompanied by Ms. Fidaa Haddad, responsible for forests in the Forestry Department, Mr. Jacobo Monzini from the Natural Resources Management Office in the Investment Center, and Mr. Faras Ziyadat from the Land and Water Department, this working group conducted a thorough assessment of the various environmental and agricultural challenges faced by Iraq and potential solutions, including water harvesting and storage, modern irrigation methods, combating sand and dust storms, afforestation, wastewater treatment and reuse, and drought-resistant crops.

The delegation, accompanied by the representative of the Food and Agriculture Organization in Iraq, Dr. Salah Al-Hajj Hassan and his team, held important meetings with high-level Iraqi officials, including a meeting with His Excellency the President of Iraq, productive discussions with members of the Cabinet Advisors, and Minister of Water Resources, Mr. Awn Dhiab Abdullah. This also included meetings with the technical deputies of the Ministries of Environment and Agriculture, Dr. Jasim Abdul Aziz Hamadi and Dr. Meethaq Al-Khafaji, in addition to the Deputy Minister of Foreign Affairs for Bilateral Relations, Ambassador Mohammed Baher Al-Ulum.

In addition to these significant meetings, the delegation met closely with the United Nations Qatar Priority Working Group responsible for enhancing natural resource management, disaster risk management, and climate resilience (PWG4). This meeting, which was also attended by a member of the Special Representative of the United Nations Secretary-General's Office, provided a comprehensive overview of climate-related challenges in Iraq and showcased the collaborative efforts of various United Nations agencies in addressing these challenges.

The team also had the opportunity to closely acquaint themselves with the programs of the Food and Agriculture Organization in Iraq and its close cooperation with key Iraqi ministries, reaffirming the organization's commitment to supporting sustainable development efforts in Iraq and enhancing influential partnerships. Additionally, they attended a meeting with the working group.

Iraqi officials expressed deep appreciation for the organization's work and cooperation, acknowledging the pivotal role it plays in addressing agricultural and climate challenges, and emphasized the necessity of further enhancing the ongoing partnership between Iraq and FAO.

By John Lee.

Prime Minister Mohammed Shiaa Al-Sudani chaired a meeting on Sunday evening to discuss diversifying gas sources for power stations in Iraq.

During the meeting, the delegation's report on their recent visit to Qatar was discussed, led by the Deputy Minister of Electricity.

The meeting concluded with an agreement to establish a fixed system for processing imported gas at Faw Port, to be executed by the Ministry of Oil within the federal budget.

Prime Minister Al-Sudani directed further discussions with the Italian consultant regarding the project's location within the port area.

(Source: Media Office of the Prime Minister)

By John Lee.

The Prime Minister of Iraq, Mr. Mohammed Shia Al-Sudani, has laid the foundation stone for a large tourism complex in Baghdad.

The project includes a large hotel, a residential complex, and various tourism facilities.

The Qatari Investment Holding Company [Estithmar Holding] is leading the project, which marks Qatar's first investment venture in Iraq, according to a statement from the Prime Minister.

During the inauguration ceremony, the Prime Minister expressed his gratitude to the Qatari delegation for their collaboration and the efficient processing of land allocation and investment licenses. He highlighted the following points in his speech:

• The project symbolizes a developmental tourism service in Baghdad, which remains a global focal point across multiple domains.
• Baghdad stands as a hub for commercial, cultural, intellectual, political, and economic activities.
• Diverse projects encompassing infrastructure, services, and residential sectors are being undertaken.
• The substantial cooperation between Iraq and Qatar began during the visit of Sheikh Tamim bin Hamad Al Thani, the Amir of Qatar, to Baghdad.
• The Qatari Holding Investment Company's project will be an architectural landmark that harmonizes with Baghdad's identity, drawing inspiration from history and heritage.
• The government views Arab investment as a gateway to economic integration and emphasizes economic partnerships with Arab and regional countries.
• Iraq offers numerous promising opportunities, with the government extending support and facilitation to serious companies.
• Investment support will extend to projects in Baghdad, provinces, and the Kurdistan region.
• Iraq's economy possesses robust potential and resources, guided by a clear vision.

The Prime Minister concluded by stating that these projects complement the strategic development plan, establishing integrated projects aligned with this vital initiative, which is one of the region's key economic corridors.

(Source: Media Office of the Prime Minister)

By John Lee.

Qatar's Estithmar Holding Q.P.S.C. has announced that its subsidiary, Elegancia Healthcare W.L.L., has established a branch in Iraq in line with the memorandum of understanding that was signed recently with the aim of managing and operating several hospitals that will start soon in Iraq.

Estithmar also announces that it's subsidiary, Elegancia Marine W.L.L., has established a  branch in Iraq.

According to a statement from Estithmar, "this implements Estithmar Holding's strategy to signify its commitment to the global expansion to increase shareholder value, within the framework of the close strategic relations between the two countries."

(Source: Estithmar Holding)

By John Lee.

The Ministry of Electricity has reportedly confirmed the formation of a joint committee with the Ministry of Oil to discuss importing gas from Qatar and Turkmenistan.

State-run Iraqi News Agency (INA) quoted theh Minister of Electricity, Ziyad Ali Fadhil, as saying that the committee will go with a delegation to Turkmenistan, and study the possibility of contracting to import gas, while another will go to Qatar to discuss the possibility of supplying Iraq with liquid gas through one of the Iraqi ports.

(Source: INA)

By John Lee.

Prime Minister Mohammed Shia Al-Sudani reviewed initial plans and overall outlines for a large tourist complex in central Baghdad on Sunday.

The project proposal was submitted by the Qatari Investment Holding Company [Estithmar Holding], specialized in real estate development and investment in tourist destinations. Pictures provided by the Media Office of the Prime Minister also show branding from Turkiye's Rixos Hotel group.

During the review, Prime Minister Al-Sudani emphasized the government's commitment to creating an ideal investment environment in Iraq to attract capital. The aim is to bolster the Iraqi economy's openness to the global market, which in turn is expected to create employment opportunities and stimulate development.

In a previous session held on August 1, the Cabinet approved the project's continuation. The complex will feature a cutting-edge hotel, international restaurants, ceremonial halls for local and international events, as well as vertical residential units.

These designs will draw inspiration from Mesopotamian history and culture, covering an area of 19 acres. The complex is set to open its doors before the year 2025.

(Source: Media Office of the Prime Minister)