Chairman of the Iraqi Business Council Meets With the Prime Minister of Kurdistan Government Mr. Masrour Barazani To Discuss Role of the Private Sector in Development in the Region

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In a special visit to Kurdistan Region, Chairman of the Iraqi Business Council, Dr. Majid Saedi, met on Sunday March 17th 2024 with the Prime Minister of Kurdistan region government, Mr. Masrour Barazani.  During the meeting the two sides discussed the role of the private sector in the development process in Kurdistan.  Mr. Barazani urged Iraqi businessmen in Jordan and Arab business to contribute to the government projects in the region, especially clean energy, petrochemicals, banking, and reconstruction projects.  Dr. Saedi handed a direct invitation to the Prime Minister to attend the “Economic Forum for Financial, Industrial and Trade Partnerships” scheduled to be held on May 5th and 6th 2024 at King Hussein Bin Talal Convention Centre in the Dead Sea organized by the Iraqi Business Centre to promote cooperation and strategic partnerships among the participants in several important and vital sectors.

Meeting with the Regional Director of the International Financing Corporation (IFC) of the World Bank Group on Wednesday February 14th 2024 At IBC Offices

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On Wednesday 14th 2024 the Regional Director of the International Finance Corporation (IFC) of the World Bank Group, Mr. Khawaja Aftab, met with IBC Chairman, Dr. Majid Sadi, IBC Deputy Chairman and Secretary-General, Dr. Saad Naji, IBC Board member, Engineer Mekki A-Faiz and IBC Director General, in the presence of the Jordanian Official at the Institution, Mrs. Dima Al-Hayyari, at IBC offices.

 

During the meeting, Dr. Sadi welcomed the guests and reviewed several strategic projects that can be implemented in Iraq with funding of the International Financing Corporation, especially in the transportation sector, and expressed readiness of the Iraqi Business Council to cooperate with the Finance Corporation to develop the role of the private sector and enhance partnerships with the public sector.

 

For his part, Mr. Khawaja Aftab talked about the Rehabilitation of Baghdad international Airport Project and the agreement concluded by the International Finance Corporation with the Iraqi government, which stipulates the provision of an integrated investment portfolio that includes the manner in which the Airport is expanded, financed, operated and maintained.

 

The agreement further includes raising the efficiency of the Airport, its facilities, and its safety factors to comply with the world international standards for airports.  Mr. Aftab answered the query raised by Dr. Saad Naji on the time required by the Finance Corporation to make the decision to finance the investment projects, saying that the Corporation has developed a new system, in which the work period does not take more than 60 days after providing the Corporation with all documents required by the investor.  It was also agreed to hold an Economic Symposium for the International Financing Corporation, sponsored and organized by IBC, for the investors interested in working with the Corporation on investment projects in Iraq.

IBC Members Meet with Aqaba Port Containers Company & Aqaba Logistics Village

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Members of the Iraqi Business Council including IBC Deputy Chairman & Secretary-General, Dr. Saad Naji, Mr. Ahmad Al-Amili, Mr. Muhammad Shanshal and IBC Director General met on Thursday December 7th 2023 with the delegation of Aqaba Port Containers Company represented by its Director General, Mr. Ehab Rawashdeh, Mr. Khattab Al-Maani (Commercial Division), Aqaba Logistics Village represented by its Director General, Mr. Hakam Abu Al-Filat, and Commercial Director, Mr. Yazan Al-Jalamdeh at IBC offices / 3rd floor.

 

During the meeting, Dr. Saad Naji welcomed the guests and reviewed the economic program of the Iraqi Business Council and its activities, which are held to enhance cooperation between Iraq and Jordan.  In his speech, Dr. Naji affirmed the importance of the Port of Aqaba in the transit trade to Iraq, and the need to provide facilities to Iraqi traders and encourage them to export through the Port.  IBC members also stressed the need to address issues relating to customs tariff, tax exemptions during export and re-export through the Port of Aqaba.  For his part, the Director General, Mr. Hakam Abu Al-Filat, confirmed readiness of Aqaba Port Containers Company and Aqaba Logistics Village to provide the best services to traders to increase export and transit trade to Iraq through the Port of Aqaba as it was in 2014, which amounted to 30%, while today it constitutes less than 1%.  Agreement was reached to hold periodic meetings between the two sides to improve the quality of services rendered by Aqaba Port Containers Company and Aqaba Logistics Village.

IBC Holds Its Seventeenth Ordinary General Assembly Meeting

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We would advise you that quorum has been reached in the Seventeenth Ordinary General Assembly meeting, which was held at 1:00 pm Monday November 6th 2023 on IBC Hall – Swefiya – 1st floor.

The meeting was attended in person or counsel by more than half of IBC members.  During the meeting, the financial statements for 2022, annual report and membership status were discussed, and the articles listed on the meeting agenda were unanimously approved.

On this occasion, I personally, and on behalf of members of the Council Board, would extend my sincere thanks to our members who participated in the Seventeenth Ordinary General Assembly Meeting who attended in person or by sending their authorizations, wishing them

success and prosperity.

The Iraqi Trade Minister, Mr. Atheer Al-Ghurairi, Meets with IBC Members

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IBC Deputy Chairman & Secretary-General, Dr. Saad Naji, and a number of IBC members including; Board member Engineer Mekki Al-Faiz, and members; Mr. Ahmad Al-Amili, Mr. Aqeel Al-Hadi, Mr. Muhammad Shanshal, Mr. Maytham Al-Bolani, in addition to IBC Director General, met on Wednesday October 18th 2023 with HE the Iraqi Trade Minister, Mr. Atheer Al-Ghurairi, at Amman Fairmont Hotel, in the presence the Iraqi Trade Attaché, Mr. Nabil Al-Karbouli, and the Iraqi Embassy Advisor, Mr. Muhannad Al-Azzawi.

At the beginning of the meeting, Dr. Saad Naji welcomed the Iraqi Minister of Trade and guests, reviewing the role of the Iraqi Business Council in Jordan in supporting investors, facilitating their businesses, and encouraging investment in Iraq.  He also highlighted several obstacles facing investors and businessmen in Iraq including the slow procedures pertaining to the registration of companies and granting entry visas to Iraq to experts and personnel of companies working in Iraq.

The present members also discussed the Product Protection Law and the list of products covered by this Law, which negatively impacted the economic activity practice in the Iraqi market, as well as the slow registration process of lands designated for investment.

For his part, the Iraqi Trade Minister, Mr. Atheel Al-Ghurairi, welcomed IBC members, expressing his readiness to address all obstacles encountering the  investor, whether in the industrial or other sectors, communicate their observations to the Prime Minister’s office directly, and coordinate with all ministries to overcome these obstacles.

Mr. Al-Ghurairi responded to the remarks of IBC members pertaining to companies’ registration, elaborating that registration procedures presently take less than 20 days to finalize.  Mr. Al-Ghurairi communicated with the Director General of Companies Registration Department in Iraq, who confirmed that swift and easy companies’ registration procedures are currently being adopted in Iraq, and that companies registration will be performed electronically in the near future. whereas an investor or businessman will be able to visit the website to register a company and acquaint himself with the required procedures.

The Minister also communicated with the President of the Investment National Authority, Dr. Haider Mekkiya, and presented his recommendations concerning facilitating and accelerating procedures pertaining to the registration of lands designated for investment ensuring healthy business environment for the investor.

During the meeting, Mr. Al-Ghurairi promised to facilitate granting visas to investors,  businessmen and companies’ personnel, calling on IBC to provide any comments that would enhance business and investment in Iraq.

At the end of the meeting the two sides exchanged thanks on organizing the meeting.

IBC Deputy Chairman & Secretary-General Meets with the President of Jordan & Amman Industry Chambers to Discuss Means of Enhancing Economic Cooperation

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IBC Deputy Chairman & Secretary-General, Dr. Saad Naji, met on Thursday October 12th 2023 with the President of Jordan and Amman Chambers of Industry, Engineer Fathi Al-Jaghbir, and a number of the Chambers’ members at the offices of the Chamber of Industry.  During the meeting, means of enhancing economic cooperation were discussed, as well as obstacles facing the Jordanian industrial companies involved in export and investment in Iraq.  During the meeting, new investment opportunities available in the Iraqi markets, as well as success stories realized by several Jordanian investors in several sectors were discussed.  The participants also discussed holding an economic meeting to promote networking between the economic sectors in Iraqi and Jordan, and benefiting from the available trade, industrial and investment opportunities, and enhancing the economic integration between Jordan and Iraq.  The meeting was attended by HE Muthanna Al-Gharaibeh, the Director General of Jordanian Banks Association – Mr. Mahir Al-Mahrooq and IBC Director General.

IBC Deputy Chairman & Members Participate in the First Jordanian – Iraqi Banking Meeting Held in the Banking Association

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IBC Deputy Chairman & Secretary-General, Dr. Saad Naji, and IBC members participated on Sunday October 1st 2023 in the First Jordanian – Iraqi Banking meeting, which was held under the patronage of the Governor of the Central Bank of Jordan, Dr. Adel Sharkas, and the Governor of the Central Bank of Iraq, Mr. Ali Muhsin Al-Allaq, in the offices of the Jordanian Banks Association in Amman.  The Minister of Industry and Trade, HE Yosuf Al-Shemali, Minister of Digital Economy & Entrepreneurship, HE Ahmad Al-Hanahdeh, Minister of Investment and HE Mrs. Khuloud Al-Saqqaf, participated in the meeting, in addition to the Jordanian Ambassador to Iraq, Mr. Muntasir Al-Okla, Head of the Jordanian Banks Association, Mr. Basim Khalil Al-Salim, Head of the Private Iraqi Banks Association, Mr. Wadie Al-Handal, and a number of Chairmen of Banks, Unions, and Trade Chambers in Jordan and Iraq.  On the sidelines of the meeting, the Jordanian Banks Association signed a memorandum of understanding with its counterpart; the Iraqi Private Banks Association, to enhance cooperation between the two entities in a way to serve interests of the two banking sectors in both countries.  The meeting was attended by IBC Deputy Chairman & Secretary-General, Dr. Saad Naji, and IBC members; Mr. Turkey Al-Qaisi, Mr. Atheer Al-Qadi, Mr. Ghaith Al-Bayaideh, Mrs. Niran Al-Hakim and IBC Director General.

IBC Deputy Chairman & Secretary-General & IBC Members Participate in a Conference on Promoting Direct Foreign Investment in Jordan & Iraq

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At the invitation of the Regional Manager of the International Finance Corporation (IFC), Mr. Aftab Ahmad, and the Deputy Chairman of the Multilateral Investment Guarantee Agency (MIGA), Mr. Ethiopian Tafara, of the World Bank Group, IBC Deputy Chairman & Secretary-General and IBC members participated Monday September 11th 2023 in the Conference on Promoting Direct Foreign Investment in Jordan and Iraq, which was held at Amman Four Seasons Hotel.  On the Jordanian Government side, the Conference was attended by; H.E Minister of Planning & International Cooperation, Mrs. Zena Touqan and H.E Minister of Investment, Mrs. Khuloud Al-Saqqaf, and on the Iraqi side, H.E Advisor of the Iraq Prime Minister for Investment Affairs, Mr. Muhammad Al-Najjar, the Director General of the Department of Investments & Foreign Transfers in the Central Bank of Iraq, Dr. Mazin Sabah Ahmad, and a number of officials in Iraqi and Jordanian Ministries.  Also, the Conference was attended by a large number of CEOs and representatives of international bodies and institutions and United Nations Agencies concerned in economic affairs in Jordan and Iraq.

During the Conference, IBC presented a study prepared by IBC Deputy Chairman & Secretary General, Dr. Saad Naji, on the volume of Iraqi investment in Jordan, the first part of which discussed the volume and diversity of Iraqi investment in Jordan, while the second part of the study dealt with the obstacles and issues of concern facing the Iraqi investor in Jordan and the third part of the study highlighted the challenges encountering the Iraqi – Jordanian economic integration.  IBC members; Mr. Hadi Al-Bahrani and Mr. Faisal Al-Sadoun participated in the Conference first dialogue session, which was steered by the Regional Manager of the Multilateral Investment Guarantee Agency (MIGA), Mr. Aftab Ahmad, which discussed solutions to reduce risks for private sector investments in Iraq and Jordan, the economic reforms adopted by Jordan and Iraq to attract direct foreign investment, the challenges facing investors and the procedures adopted by the governments of the two countries to address such.

 

Attendees on IBC sides:

 

  • Deputy Chairman & Secretary-General, Dr.Saad Naji.
  • Board member, Mr. Khalil Al-Buniyya.
  • Board member, Mrs. Tamara Daghistani.
  • Member, Engineer Turkey Al-Qaisi.
  • Member, Mr. Hadi Al-Bahrani.
  • Member, Mr. Faisal Al-Sadoun.
  • Member, Mr. Ahmad Al-Amili.
  • Member, Mr. Aqeel Al-Hadi.
  • Member, Mr. Muhammad Shanshal.
  • Member, Mrs. Niran Al-Hakeem.
  • Member, Mr. Muhammad Turkey Al-Qaisi.
  • And a number of CEOs of IBC member companies, IBC CEO and staff.

IBC Hosts the Annual Ramadan Iftar Banquet – 2023

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In order to strengthen the ties of amity and affinity in the holy month of love and forgiveness, and under the title “Ramadan unites Us with Bonds of Love and Goodness”, the Iraqi Business Council hosted the annual Ramadan Iftar in HoQQabaz Restaurant at the golden Gate Mall – Um Utheinah for IBC members and their families.  The Iftar event was attended by the Head of Mission of the Iraqi Embassy in Jordan, Mr. Muneef Ali Hussein, along with several Diplomats, Advisors, Attachés and Heads of Departments of the Iraqi Embassy.  On IBC part, the Iftar was attended by IBC Chairman, Dr. Majid Saedi, IBC Deputy Chairman and Secretary-General, Dr. Saad Naji, IBC Deputy Chairman, Mr. Nazar Awji, IBC Board members; Mr. Khalil Al-Bunniya, Mr. Ahmed Al-Sarraf and Mrs. Tamara Al-Daghistani, IBC members and their families, IBC guests and a crowd of academics, artists and media figures.

 

During his welcome speech, Dr. Saedi talked about the efforts exerted by the Iraqi Business Council to enhance economic cooperation between Iraq and Jordan, develop several projects, encourage trade exchange between the two countries, especially after the major positive development in the political, strategic and economic relations between the two countries, which was quite evident during the Jordanian – Iraqi Investment Conference held in the Iraqi Capital; Baghdad last February in terms of the massive presence, participation and the number of agreements signed on the sidelines of the Conference activities.  IBC member, Mr. Yasir Al-Rawi, owner of HoQQAabaz Restaurant, Zain Telecom Company, the strategic partner of the Iraqi Business Council, contributed to sponsoring this event.  It is noteworthy that since beginning of IBC establishment in Jordan, the members have been keen on making the Council the nucleus of an economic, cultural and humanitarian project reflecting the spirit of the era while keeping pace with modernity and economic development.

Signing of A Memorandum of Understanding Between The Iraqi Business Council & The Innovation Dom for Consultancy & Training

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A Memorandum of Understanding was signed on Thursday March 30th 2023 in IBC offices between the Iraqi Business Council and the Innovation Dom for Consultancy and Training, a Jordanian institution concerned with sustainable development and provision of advisory and training services in several fields.  IBC Deputy Chairman and Secretary-General, Dr. Saad Naji, signed the MOU on behalf of IBC, and on behalf of the Innovation Dom for Consultancy & Training the MOU was signed by its CEO and Advisor, Mr. Rany Al-Omari.  The MOU aims at planning, coordinating and managing the training and advisory activities and participation of the two sides in joint activities.