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Iraq, at the crossroads of several trade routes in the Middle East, has become the 78th country to accede to the United Nations TIR Convention.

Iraq's accession to the TIR Convention anchors its strategic role as a transit hub and supports the country's economic vision to expand its non-oil sectors.

The TIR system will boost regional trade and stimulate economic development and stability in Iraq and the wider region.

IRU Secretary General Umberto de Pretto said:

"We are thrilled that Iraq has joined the TIR system.

"This development will allow Iraq to fulfil its huge potential as a regional trade hub, supporting east-west and north-south connectivity.

"Iraq's accession to the TIR Convention is a golden opportunity to confirm the country's readiness to leverage the potential of international trade in supporting economic growth and driving prosperity and development."

Globally recognised for its high security standards and efficiency, the TIR system has been rapidly expanding in the Middle East. From Oman and the United Arab Emirates to Saudi Arabia, and most recently in Qatar, TIR is already significantly reducing border-crossing times and boosting trade in the region.

(Source: IRU)

Continuing his meetings in Germany on the sidelines of Munich Security Conference last week, President Nechirvan Barzani met with His Excellency Sheikh Mohammed bin Abdulrahman Al-Thani, the Deputy Prime Minister and Minister of Foreign Affairs of the State of Qatar.

The meeting focused on Qatar's relations with Iraq and the Kurdistan Region and their joint cooperation to further expand their bilateral relations.

His Excellency Sheikh Mohammed Al-Thani reiterated Qatar's willingness to expand job and investment opportunities in Iraq and the Kurdistan Region and expressed hope that greater opportunities for Qatari private sectors emerge in the Kurdistan Region. The President offered the support of all relevant institutions in the Kurdistan Region for Qatari business and investment ventures.

Both sides agreed on the importance of working to maintain peace and stability in the Middle East and reaffirmed the importance of resolving conflicts peacefully. In this context, they also discussed the constructive standing and role of both sides in the wider region.

(Source: KRG)

By Simon Watkins for the OilPrice.com. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News.

China Makes Big Moves To Secure Iraqi Oil

Whilst the U.S. and its allies appear to be taking a subtle approach to advancing their remaining interests in Iraq, as hinted at by the Qatar's talks to buy a 30 percent stake in TotalEnergies' US$27 billion project package, China seems to be taking a more direct route to what it wants.

Click here to read the full report.

By John Lee.

TotalEnergies is reportedly pulling its foreign staff out of Iraq as it struggles to finalise a deal with Baghdad for its $27-billion package of energy projects.

According to Reuters, the negotiations have stalled over a demand from Iraq for a 40-percent share in the projects.

The head of the Basra Oil Company (BOC) told the news agency that he expects Qatar to acquire a 20- to 25-percent stake in the project.

More here and here.

(Source: Reuters)

By John Lee.

Mobile phone service Asiacell has reportedly appointed US-based LigaData to implement a new Data Governance Framework and Data Governance Center of Expertise.

According to a press release, the partnership will enable more innovative digital services for Asiacell's 17 million subscribers and significantly improve the organization's return on investment from existing data infrastructure.

Asiacell is the Iraqi subsidiary of Qatari mobile telecoms group Ooredoo.

(Source: Zawya)

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

Gulf Cup gives Iraq chance to draw closer to Arab neighbors

Iraq is about to embark on a new chapter in its sporting history. From 6th-19th January, Basra will host the 25th edition of the Arabian Gulf Cup (AGC), a biennial football tournament amongst Gulf Arab states.

Iraq will be the venue of a major international football competition for the first time since it both hosted and won the AGC in 1979.

Eight regional teams-Bahrain, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, the United Arab Emirates, and Yemen-will participate in the tournament.

Matches will take place at the Basra International Stadium and the Al-Minaa Olympic Stadium (pictured), venues with capacities of 65,000 and 30,000 spectators respectively.

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

Joint communiqué/Baghdad Conference for Cooperation and Partnership 2022

In light of the decision taken at the conference held in Baghdad on 28 August 2021, and at the invitation of His Majesty King Abdullah II, in coordination with His Excellency President Emmanuel Macron of the French Republic and His Excellency Prime Minister Mohammed Shia al-Sudani of the Republic of Iraq, the Hashemite Kingdom of Jordan hosted the Baghdad Conference for Cooperation and Partnership in its second round at the Dead Sea on 20 December 2022.

Participants in the conference expressed appreciation to the Hashemite Kingdom of Jordan for hosting the conference. Jordan and Iraq also thanked the French Republic for its role in coordinating the launch of the conference and participating in two rounds.

The participants reaffirmed the continuation of efforts to build on the outcomes of the first round of the Baghdad Conference and step up cooperation with Iraq, in support of its security, stability and sovereignty, as well as its democratic and constitutional processes, in addition to its efforts to promote dialogue as the means to resolve regional differences. They also underscored their solidarity with Iraq in the face of all challenges, including terrorism, over which Iraq, through great sacrifices and with international and regional cooperation, achieved a historic victory. The participants reaffirmed their condemnation of extremism and terrorism in all its forms.

The participants renewed their support for Iraq in its efforts to bolster the Constitution, the rule of law, and good governance, while building institutions capable of proceeding on the path towards further progress, reconstruction, safeguarding achievements, and meeting the aspirations of its people.

The participants stressed their support for Iraq's efforts to achieve comprehensive development, and working with it to build economic integration, by cooperating across a multitude of sectors, including energy, water, electric connectivity, food and health security, transportation, infrastructure and climate action.

In this context, the participants highlighted the importance of the trilateral cooperation framework between Jordan, Egypt and Iraq, and the joint economic projects agreed on through this mechanism, including electric connectivity projects. They also stressed the importance of joint projects between members of the Gulf Cooperation Council and Iraq in the fields of electric connectivity and transportation, as well as other regional projects that contribute to economic integration, development, and building bridges with global markets, while reflecting positively on the entire region.

In addition, the participants stressed that holding a conference in its second round underlines keenness on supporting Iraq's central in expanding regional economic cooperation and building bridges of dialogue to end tensions and establish cooperation regional relations of mutual benefits. The participants also reaffirmed that achieving economic development and succeeding in regional cooperation projects require building constructive regional ties on the basis of good neighbourliness and non-intervention in the internal affairs of states, as well as respecting international law, and cooperating in maintaining security and stability, countering terrorism, and achieving prosperity.

The participants reviewed the ramifications of regional and international crises on Iraq and the region, stressing that overcoming these crises requires comprehensive regional cooperation, and serious and efficient economic and political approaches that serve mutual interests, support the development process in Iraq, and contribute to regional development.

Furthermore, the participants stressed the importance of holding the third round of the conference, which was launched through Iraqi-French organization, with the participation of the Hashemite Kingdom of Jordan, the United Arab Emirates, the Islamic Republic of Iran, the Kingdom of Bahrain, the Republic of Türkiye, the Kingdom of Saudi Arabia, the Sultanate of Oman, the State of Qatar, the State of Kuwait, the League of Arab States, the Organization of Islamic Cooperation, the Gulf Cooperation Council, the United Nations, and the European Union. The participants agreed to hold the third round of the conference next year, on a date and in a location to be determined through consultations among them.

The Hashemite Kingdom of Jordan expressed appreciation for the active participation of heads of Arab and friendly states, in addition to foreign ministers and representatives of regional and international organizations, welcoming the genuine keenness to bolster cooperation in light of challenges that have made joint systematic action an urgent necessity for safeguarding mutual interests, and an efficient means towards fulfilling the aspirations of peoples to build a more secure, stable and prosperous future.

(Source: French Ministry for Europe and Foreign Affairs)

By John Lee.

Qatar-based cloud, connectivity and content enabler Gulf Bridge International (GBI) has reportedly updated the 'North Route' of its subsea cable meshed smart network, connecting the Gulf to Europe through Iraq.

According to Zawya, this improves route diversification and enhances the resilience of internet connectivity to and from the region.

It says it will also help the region prepare to meet the expected increase in internet traffic related to the soccer World Cup, which will start this month in Qatar.

(Source: Zawya)

By John Lee.

The Iraqi Cabinet has adopted the recommendation of the Ministry of Foreign Affairs regarding the opening of a Qatari general consulate in Erbil.

Iraq reserves its right to open an Iraqi consulate in Qatar in the future, according to the principle of reciprocity.

(Source: Iraqi Cabinet)

Advertising Feature

Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 29th August 2022).

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

The RSISX index ended the week at IQD964 (+2.5%) / $845 (+2.9%) (weekly change) (+5.0% and +5.0% YTD change, respectively). The weekly trading volume was IQD5.0 bn ($3.4 mn).

ISX Company Announcements

• Qatari mobile telecoms group Ooredoo is planning to sell its portfolio of transmission towers, which includes those owned by its Iraqi subsidiary Asiacell (TASC). Media sources suggest that this will be done on a sale-and-leaseback basis, and that the portfolio may be split by country. (Iraq Business News)
• Moody's has assigned first time local currency long-term/short-term deposit ratings of B3/NP for National Bank of Iraq (BNOI), and foreign currency long-term/short-term deposit rating of Caa1/NP. All long-term deposit ratings carry a stable outlook. Deposit ratings takes into consideration the Moody's expectation of high level of support from the parent bank, Capital Bank of Jordan. BNOI's Caa1 foreign currency deposit rating is capped by the country's foreign currency ceiling. NBI's caa2 BCA reflects Moody's expectations that the bank will maintain its strong funding profile and liquid buffers, supported by relatively solid risk management and corporate policies in line with the parent's practices. These strengths are balanced by weak levels of capitalization pressured by rapid asset growth, volatile bottom-line profitability and high borrower and deposit concentrations which could increase the bank's vulnerability at times of stress, notably in a difficult operating environment. (Moody's)
• Kuwait Finance House (KFH) has acquired 97.3% of Bahrain's Ahli United Bank (AUB) at a value of $10.9 bn (KWD 3.4 bn), according to a statement issued Sunday by SICO, an asset manager that acted as the cross-listing advisor on the deal. AUB is the major shareholder at Commercial Bank of Iraq (BCOI) with 80.3% share. (Forbes Middle East)
• Subscription on the remaining shares of Ready-Made Clothes (IRMC) (by the public) from the capital increase to IQD3.2 bn through 100% rights issue started on Sep. 26.
• Stocks that resumed / will resume trading:
  • Original shares of Modern Animal and Agricultural Production (AMAP) resumed trading on Sep. 25 after holding its AGM (Sep. 15) in which they discussed and approved 2021 annual financial statements and decided to increase the capital to IQD20.5 bn through 400% rights issue and approving amending the name of the company by adding an activity of "Trade and Industry of Foodstuffs".
  • Asia Al Iraq Islamic Bank for Investment (BAIB) resumed trading on Sep. 26 after being suspended from trading for its AGM (Sep. 20) in which they discussed and approved 2021 annual financial statements.
  • Gulf Insurance and Reinsurance (NGIR) resumed trading on Sep. 26 after holding its AGM (Sep. 18) in which they discussed and approved 2021 annual financial statements.
  • Baghdad for Packing Materials (IBPM) resumed trading on Sep. 28 after holding its AGM (Sep. 26) in which they discussed and approved 2021 annual financial statements.
• Stocks that were suspended / will be suspended from trading:
  • ISX will suspend trading of Al-Ataa Islamic Bank for Investment & Finance (BLAD) starting Oct. 13 due to the AGM that will be held on Oct. 18 to discuss and approve 2021 annual financial statements.

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