Category: Business & Finance

The Ministry of Trade and its Turkish counterpart signed a memorandum of understanding to form the Iraqi-Turkish Trade and Economic Committee, which reflects the joint commitment to strengthening economic cooperation between Iraq and Turkey, and a platform for exchanging experiences, coordinating efforts, strengthening trade relations, and encouraging joint investment.

The Minister of Trade, Atheer Al-Ghurairi, said during the activities of the Iraqi-Turkish Economic Forum that concluded this evening, Monday, in the capital, Baghdad, that ‘the government has included within its program interest in the private sector through real decisions on the ground and opening new horizons,’ pointing out that Iraq has begun to attract capital and take His real role is to recover his economy and industries.’

He added, ‘Some comments were noted by the Turkish Minister of Commerce, including obstacles facing the Turkish merchant, and we are working to solve them,’ noting the signing of the strategic agreement to support th
e private sector. The obstacles will be raised and resolved quickly between the two parties, and communication between the two ministries will be direct and there will be no tolerance for the obstacles that are facing both sides.

He continued to say, “Trade exchange between Iraq and Turkey witnessed its highest levels during the current period, reaching about 15-16 billion dollars, which reflects the great opportunities provided by the economic and trade relations between the two countries.”

He added, “Iraq has become an attractive and polarizing environment for traders and investors, and 26 memorandums of understanding were signed, which are the legal framework for the work of the private sector.” President Erdogan’s visit marked a new beginning for Iraqi-Turkish relations and an opportunity to attract capital to Iraq.

Source: National Iraqi News Agency

The activities of the Iraqi-Turkish Economic Forum were concluded this Monday evening in the capital, Baghdad, which witnessed the signing of a package of joint memorandums of understanding between the two countries, coinciding with the official visit of Turkish President Recep Tayyip Erdogan to Iraq.

The forum, held at Al-Rashid Hotel, was attended by Minister of Commerce, Atheer Al-Ghurairi, his Turkish counterpart Omar Polat, Head of the Turkish Economics and Businessmen’s Union, Nael Olbak, Head of the Federation of Iraqi Chambers of Commerce, Abdul Razzaq Al-Zuhairi, and an elite group of businessmen, industrialists, and specialized economists.

Source: National Iraqi News Agency

The Iraqi Development Fund and the Turkish company Teriyaki Agro signed a joint memorandum of understanding during the activities of the Iraqi-Turkish Economic Forum, which began this afternoon, Monday, in the capital, Baghdad.

The memorandum was signed on the Iraqi side by the Fund’s Chairman, Muhammad al-Najjar, and on the Turkish side by the CEO of Teriyaki Agro.

Source: National Iraqi News Agency

Manama, Bahrain All Share Index has closed at 2,016.94 points, marking a decrease of 4.51 points below the previous closing.

This decrease was due to the drop in the Communication Services Sector, Financial Sector, Industrial Sector and Material Sector.

Bahrain Islamic Index has closed at 764.34 points, marking a decrease of 3.08 points below the previous closing.

Results indicated that 43 equity transactions took place with a volume of 469,717 worth BD 94,573.

Investors traded mainly in the Financial Sector, representing 66.75% of the total value of securities traded.

Source: Bahrain News Agency

The US Energy Information Administration (EIA) announced on Sunday that Iraq’s oil exports to the United States rose during the past week.

The EIA said in a report , ‘The average US imports of crude oil during the past week from 8 major countries amounted to 4.832 million barrels per day, down by 265 thousand barrels per day from the previous week, which amounted to 5.09 and million barrels per day.’

It added, “Iraq’s oil exports to America came in second place after Canada, reaching 308,000 barrels per day last week, an increase of 166,000 barrels per day from the previous week, which reached 142,000 barrels per day.”

EIA noted, ‘Most of America’s oil imports during the past week came from Canada, followed by Colombia and then Saudi Arabia.’

It explained that the quantities of American imports of crude oil continued, from Mexico, Brazil, Nigeria and Libya, while no quantities were imported from Ecuador and Russia.

Source: National Iraqi News Agency

Oil prices rose slightly, but suffered a weekly loss, after Iran downplayed suspected Israeli attacks on its territory, an indication of the possibility of avoiding an escalation of hostilities in the Middle East.

Brent crude futures rose 18 cents, or 0.21 percent, at settlement, to $87.29 a barrel, and US West Texas Intermediate crude futures for May delivery rose 41 cents, or 0.5 percent, to reach $83.14 a barrel upon settlement.

The most actively traded futures contract for June delivery rose 12 cents to $82.22 a barrel.

The two benchmarks rose by more than three dollars a barrel earlier in the session after explosions were heard in the Iranian city of Isfahan at dawn on Friday, in what sources described as an Israeli attack, but the gains declined after Tehran downplayed the incident and indicated that it had no plans to respond. .

Tim Snyder, an economist at Matador Economics, said, ‘It was only a big show, and therefore the markets fell as quickly as they rose.’

Source: National Iraqi News Agency

Abu Dhabi, Tim Clark, President of Emirates Airline, has announced that the airline’s regular flight schedules have been restored as of today.

In a statement posted by Emirates News Agency (WAM), Clark said that passengers previously stranded in the airport transit area have been rebooked and are en route to their destinations. ‘We have put together a task force to sort, reconcile, and deliver some 30,000 pieces of left-behind baggage to their owners.’

‘We diverted dozens of flights to avoid the worst of the weather on Tuesday, and over the next 3 days, we had to cancel nearly 400 flights and delay many more, as our hub operations remained challenged by staffing and supply shortages,’ the airline’s president went on to explain. ‘We were clear on our 2 priorities: Look after our customers who have been impacted by the disruption and get our operations back on schedule.’

He continued, “It will take us some more days to clear the backlog of rebooked passengers and bags, and we ask for our customers’ patience
and understanding.”

Source: Bahrain News Agency

Finance Minister Taif Sami discussed with the International Monetary Fund Iraq’s proposal to provide a technical support program from the International Monetary Fund to provide its financial sector with expertise.

A statement from the Media Office of the Ministry of Finance stated: ‘Minister Taif Sami and her accompanying delegation participated in the annual spring meetings of the Bank Group and the International Monetary Fund, held for the period between April 15 and 20 in Washington, to discuss global economic challenges, economic development, financial stability, and other related issues, in addition to plenary sessions, seminars and side consultations.

The Minister began her participation in the ministerial meeting chaired by the Director General of the International Monetary Fund, Kristalina Gore Gueva, and in the presence of finance ministers and state governors at the International Monetary Fund, whose discussions focused on identifying strategies for preserving the macroeconomy and managing debt su
stainability, in addition to focusing on exchanging visions and experiences, with regard to economic reforms, enhancing the performance of institutions, climate change, and supporting environmentally friendly projects.

It also called on the members of the Fund to support the people of Gaza and stand by them, and the need was raised for countries to implement reforms in order to strengthen their fundamentals, including by strengthening institutions. In addition to this, countries can seize potential economic opportunities in light of shifting trade patterns, by reducing trade barriers imposed for a long time, diversifying products and markets, and improving infrastructure.

The Iraqi delegation’s agenda also included participation in the meeting held with the Executive Director of the International Monetary Fund, Mahmoud Mohieldin, during which the possibility of enhancing Iraq’s entry into special support programs to improve the performance of the financial sector in Iraq was highlighted, and sharing updates
between the two sides by activating areas of partnership with the Fund. .

During the current meetings, Minister of Finance, Taif Sami, held a coordination meeting with the head of the International Monetary Fund mission in Iraq, Jean Keum, and the meeting covered discussions about the growth prospects of the Iraqi economy through the government reform program aimed at enhancing the growth of the oil and non-oil sectors, in addition to efforts to improve main infrastructure, such as Al-Faw port project, energy, agriculture, industry, transportation projects, and other projects with sustainable development dimensions.

In a related context, the Minister of Finance held a meeting with Jihad Azour, Director of the Fund’s Middle East and Asia Department, and the meeting discussed a group of economic issues and the most prominent financial policy expectations, most notably Iraq’s proposal to provide a technical support program (non-financial) from the Fund, through which the financial sector can be provided. Iraq
has expertise and specialists in the same field.

For his part, the Regional Representative stressed the Fund’s commitment to supporting all financial, banking and monetary reform programs adopted by the Iraqi government.

These annual meetings bring together central bank Governors, Finance and Development Ministers, private sector managers, representatives of civic organizations and academics, to discuss issues of global importance, including visioning, regional briefings, press conferences and other events focused on the global economy, international development and the global financial system.

Source: National Iraqi News Agency

Abu Dhabi, G42, the leading UAE-based artificial intelligence (AI) technology holding company, and Microsoft today announced a $1.5 billion strategic investment by Microsoft in G42.

The investment will strengthen the two companies’ collaboration in bringing the latest Microsoft AI technologies and training initiatives to the UAE and other countries around the world. As part of this expanded partnership, Brad Smith, Vice Chair and President of Microsoft, will join the G42 Board of Directors, WAM reported.

This expanded collaboration will empower organisations of all sizes in new markets to harness the benefits of AI and the cloud while ensuring they are adopting AI that adheres to world-leading standards in safety and security.

Building on the two organisations’ long-standing collaboration in AI and digital transformation initiatives, Microsoft’s investment deepens the reciprocal commitment to this strategic partnership. G42 will run its AI applications and services on Microsoft Azure and partner to deliver
advanced AI solutions to global public sector clients and large enterprises.

The partnership will also support the development of a skilled and diverse AI workforce and talent pool that will drive innovation and competitiveness for the UAE and the broader region with the investment of $1B in a development fund for developers.

G42 and Microsoft will also work together to bring advanced AI and digital infrastructure to countries in the Middle East, Central Asia, and Africa, providing these nations with equitable access to services to address important governmental and business concerns while ensuring the highest standards of security and privacy.

Source: Bahrain News Agency

Bethlehem Together – Low-cost company EasyJet announced today (Tuesday) that it has canceled all its flights to Israel until October 27.

The company’s announcement read: ‘As a result of the ongoing and evolving situation in Israel, easyJet has taken the decision to suspend its flights to Tel Aviv for the remainder of the summer season – until 27 October.

Customers who have booked flights on routes to and from Israel up to this date are offered options including a full refund.’

This came according to what the British company explained, in a statement issued today, which was no longer issued yesterday, Monday, and its cases in Israel will be suspended until April 21.

Source: Maan News Agency