By John Lee. The Deputy Transport Minister, Bangen Rekani, has told Bloomberg that Iraq will seek $2 billion in financing to cover part of the cost of the 40 jets it has on order from Boeing. Iraq ordered 30 737-800s in 2008, followed by 10 787-8 long-haul Dreamliners in 2009, and a single 777 in 2012 -- […]
Global law firm Eversheds has advised Citibank [Citigroup] on the registration of its representative office in Baghdad, Iraq, making it the first US bank to establish a presence in the country. According to Citi's press release, the representative office in the Iraqi capital will support Citi’s clients in the country, and the New York-based bank […]
By John Lee. Forty companies are reported to be bidding for contracts to build and finance the new pipeline from Haditha to Jordan’s Red Sea port of Aqaba (pictured). Nateq Balasem Khalaf, deputy director general of the state State Company for Oil Projects (SCOP), told Bloomberg that Citibank is among the bidders, adding that other […]
The U.S. Embassy in Baghdad hosted a reception to celebrate the opening of Citi’s representative office in Baghdad. Citi [Citigroup] is the biggest financial services corporation in the United States. U.S. Ambassador to Iraq Stephen Beecroft stated during the ceremony: “U.S. companies, such as Citi, are demonstrating tremendous commitment to Iraq. Our companies bring capital […]
By John Lee. Zain Iraq has moved a step closer to launching its mandatory initial public offering (IPO), by establishing a new holding company in Iraq through which it will list 25 percent of its shares on the Iraq Stock Exchange (ISX) towards the end of the year. The new company, named Al-Khatem Telecommunications, floated […]
John Lee. Zain Iraq's Chief Financial Officer, Wael Ghanayem (pictured), has told Bloomberg that the company plans to list 25 percent of its shares on the Iraq Stock Exchange (ISX) by the end of June. But Geoffrey Batt, managing director of the $44 million Euphrates Iraq Fund, told the news agency: “A more realistic estimate is […]
Iraq's biggest mobile phone operator, Zain Iraq, has invested about $20 million in its efforts to list on the local stock exchange, according to a report from Reuters. Chief executive Emad Makiya told the agency: "We have invested a lot of money. We have invested over $20 million in this. We have hired lawyers, we […]
Sami al Araji, chairman of Iraq's National Investment Commission (NIC), has told a business audience in New Delhi that his country needs $500-$700 billion in investment to rebuild its infrastructure. Araji compared the opportunities in Iraq to "Germany after the Second World War", adding, "our message to the world is that we are open for […]
Asiacell has selected HSBC and Morgan Stanley to manage its initial public offering (IPO) on the Iraqi bourse, according to Bloomberg. Chief Executive Officer Diar Ahmed told the news agency that the company will offer 25 percent of its shares, but did not specify when. The company, which is an affiliate of Qatar Telecom, is […]
Citigroup and Bank of Baghdad have announced a strategic partnership which offers corporate clients, with major business presence in Iraq, a seamless cash management solution and other relevant banking services. The client offer encompasses account services, domestic and international payments and collections, liquidity management and electronic banking solutions, backed by a comprehensive customer service and […]
Further to our article on Citigroup's planned expansion into Iraq, Bloomberg News has run a piece on this story. The video includes an interview with Kyle Stelma of Dunia Frontier Consultants: http://www.youtube.com/watch?v=qUEHKUwVIsw
Bloomberg reports that Citigroup, the U.S. bank which earns about a $1 billion in revenue from the Middle East, has hired a former U.S. diplomat to oversee its team in Iraq as the holder of the world’s fourth-biggest oil reserves rebuilds its economy. “We are very optimistic about Iraq over the next three to five […]
