IBBC’s Autumn conference is back with a bang and open for business engagement.

On 22nd November this year the overarching conference topic is looking to the future with ‘sustainability’- whether in terms of energy and renewables, the Iraqi economy and its diversification, or sustaining finance, logistics and training. Underpinning much of this is the application of technology and modernising ways to run a successful economy, with the tech forum’s online sessions.

With a successful election now completed and a new government being formed, it’s a good time to discuss the prospects for reform and sustainability.

IBBC members find that the Autumn conference is probably the best forum to meet the leaders in the region and those engaged with provision of supply chains and decision making. Many of Iraq’s industry sectors have regional headquarters in Dubai, which enables the high turnout and interest in the networking opportunities.

The current speaker line-up is probably the best for some years, featuring the Iraqi Minster of Oil H.E. Ihsan Abdul Jabbar Ismaael giving a keynote speech, H.E. Dr Thani bin Ahmed Al Zeyoudi UAE Minister of State for Foreign Trade. Dr Salem Chalabi, President and Chairman of the Trade Bank of Iraq, Iraqi Ambassador to the UAE H.E. Mudaffar Mustafa Al Jubouri and UK ambassador Mr Mark Bryson-Richardson, Mr Simon Penny, UK’s Consul General and Trade Commissioner for the region, and top academic Professor Frank Gunter on the economic outlook for Iraq.

For those engaged with energy, Mr Zaid Elyaseri from BP will be speaking, and Dunia Chalabi will be representing new Iraqi entrants Total, who have signed contracts to invest USD 27 billion in and plan to bring in hundreds of expatriates into Iraq to develop the Ar-Ratawi oil field and build gas capture, solar power and injection water facilities. Leading figures from Oilserve, Ms Sara Akbar, and Hydro-C, Mr Hassan Heshmat, will discuss sustainable energy, and a separate session will be voted to Basrah Gas Company.

The Finance panel includes a stella line up with Emirates Credit Insurance Co, Standard Chartered Bank and IFC. Mr Aziz Khudairi heads the Industry panel and a significant group including Martrade and IBBC Autumn Conference Principal Sponsor Sardar Group.

Finally, and in parallel, an online Tech forum session on Data and its benefits to Government, Economies, business, and citizens, will include speakers from UK’s GDS, British Water, Agri-epicentre, Serco and Mastercard with more to be confirmed.

Overall, the panels will be exploring in more detail how to ensure the current high oil and gas prices can bring investment and rebalance the economy and promote and develop agriculture and enhance the food chain to increase employment and reduce food poverty. These discussions will also address how to improve the water supply and waste reduction and consider the role of clean power generation in relation to climate change and initiatives to improve sustainability.

We look forward to welcoming you to Dubai, or even following us online if you are unable to make it in person.

A pre-conference reception will be held at the Iraqi Pavilion at Dubai EXPO2020 in the evening of 21st November.

Finally, we’d very much like to thank our sponsors: Principal Sponsor Sardar Group, Gold Sponsor: Hydro-C, Silver Sponsor: Serco and Reception Sponsor: Basra Gateway Terminal

(Source: IBBC)

The post IBBC’s Autumn Conference – Open for Business Engagement first appeared on Iraq Business News.
Source: Iraq News

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By Olivia Bridge.

Despite recent tumultuous times and a weakening economy in Iraq, government is said to be implementing reforms that are aimed at reviving its ailing currency.

Forex trading in Iraq

While forex trading in Iraq is still a relatively new concept, it is gradually being embraced by nationals. Reports on the matter suggest that more and more people in the country are starting to open up to the financial markets and explore alternative investment options. Given the widespread interest in forex trading across the globe, it is no surprise that citizens now have more access to trading resources, analytical tools and platforms. Naturally, before getting involved in forex trading, one needs to do the necessary research on trading currencies and American Dollars; the latter is particularly beneficial because the USD forms part of all major currency pairs and is the basis of the majority of international trading activity.

The steps to follow to get started with forex trading are quite universal, however, in Iraq, there are some additional considerations worth noting. For example, industry insiders advise working with an international broker that is registered with a recognised foreign currency authority. The other common steps include opening a trading account after selecting a broker; downloading your trading software as some brokers require third-party software; funding your account through linking it to your bank account of choice; and then lastly, making your first trade. It is worth noting, though, that it may take a few days for the funds to reflect in your trading account. Thereafter, one need only closely monitor the markets and trade using a chosen strategy from the wide selection of strategies that are available and advised by those in the field.

Government intervention and its impact

Known to many is that forex and currencies are heavily impacted by global economic and political conditions, amongst other factors, and the same applies to Iraq and its trading activities. In recent times, the fluctuations in oil prices and the conditions of 2020 exacerbated the country’s ailing economy and weakened the Iraqi Dinar in the financial markets. This put pressure on the government to implement certain policies and reforms to give it a fighting chance on the global markets. Over and above the economic policies to steer the country’s finances in the right direction, the government also introduced reforms against corruption which, according to reports, are proving to be quite beneficial to the country’s foreign reserves. The measures being taken against the alleged corruption and wastage in the country has given Iraq a fighting chance and, more importantly, has increased investor confidence in Iraq to an extent, although it is still reeling from recent events and global developments.

In early 2021, it was reported that the crackdown on corruption helped to boost the country’s forex reserves to approximately $60 billion. Moreover, the crude oil price fluctuations have also had an impact on how the Iraqi Dinar is performing on the global markets, particularly relative to some of the strongest currencies on the markets, such as the USD, CAD, EUR and JPY. Given that Iraq relies on oil to fund nearly all of its state budget, according to reports, the country remains invested in the demand for it and its pricing, as it could either make or break all the efforts and initiatives that are currently being implemented to strengthen and revive the country’s economy and currency.

The post Iraq’s Govt Interventions Prompt Improvement in Forex Reserves first appeared on Iraq Business News.
Source: Iraq News

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Iraqi Housing Fund to Increase Capital to $1.4bn

By John Lee.

The Iraqi Cabinet has approval a doubling in the capital of the Iraqi Housing Fund.

The capital will increase from 1 trillion to 2 trillion Iraqi dinars ($1.4 billion), with the additional funds to be paid by the Ministry of Finance.

(Source: Office of the Prime Minister)

The post Iraqi Housing Fund to Increase Capital to $1.4bn first appeared on Iraq Business News.
Source: Iraq News

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