IBC Signs MOU with The Royal Jordanian Airlines To Provide Exclusive Discounts and Privileges To IBC Members

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The Iraqi Business Council signed a Memorandum of Understanding with the Royal Jordanian Airlines to provide exclusive discounts and privileges to IBC members as a new step aiming to enhance economic cooperation and provide the best services to IBC members.  IBC announced the signing of this important MOU with the Royal Jordanian Airlines on Monday October 7th, 2024, at IBC offices in Amman.

IBC Chairman, Dr. Majid Sadi, and Head of the Royal Jordanian Commercial Sector, Mr. Kareem Makhlouf, signed the agreement in the presence of IBC Deputy Chairman & Secretary-General, Dr. Saad Naji, IBC’s CEO Mrs. Abeer Al-Naib and a number of IBC members and Royal Jordanian Airlines employees.

On this occasion, Dr. Sadi expressed IBC pride in this partnership, stressing IBC constant keenness on serving its members and provide he facilities that support their commercial activities.

For his part, Mr. Makhlouf expressed his pleasure in this partnership, stressing its importance, especially since the Iraqi Business Council includes major companies operating in Iraq and Jordan as members.

This agreement aims to provide exclusive discounts to IBC members, employees of IBC member companies and IBC employees on air tickets fares with the Royal Jordanian Airlines, on all segments of the Royal Jordanian Airlines network around the world, and its economy and business classes.  The agreement further includes a set of privileges and facilities that will enhance a unique travel experience for the members.

Meeting between The Iraqi Business Council – Jordan, and Jordan Free & Development Zones Group Company to Discuss Investment Opportunities

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A bilateral investment meeting was held on Tuesday August 6th 2024 at IBC offices attended by IBC Deputy Chairman & Secretary-General, Dr. Saad Naji, IBC Board member, Engineer Mekki Al-Faiz, and IBC members; Mr. Ahmad Al-Amili, and Mr. Aqeel Hadi, And IBC’s CEO Mrs. Abeer Al-Naib  On the side of Jordan Free & Development Zones Group Company the meeting was attended by the Chairman’s Advisor, Mr. Muhammad Al-Wakid, the Director General of the Free Zones, Mr. Abdul Hamid Al-Gharaibeh, the Director General of the Development Zones, Mr. Yousif Arafat, the Director of Investors’ Services, Engineer Jafar Al-Qudaa, and the Director of Marketing and Communications, Mrs. Noor Al-Sharif.

The meeting began with a welcome speech delivered by Dr. Saad Naji, who expressed his thanks and appreciation to the present guests, lauding their keenness on boosting cooperation with the Iraqi Business Council.  The meeting discussed a number of issues relating to investment in Jordan, as well as eliminating obstacles that stand in the way of investors, amending investment regulations to ensure attracting new investments and strengthening the existing ones.  The members also discussed the mechanisms that attract investors; such as the facilities provided for granting long-term residency permits and employment of investors’ children.  IBC Director General presented a comprehensive overview on the Council’s distinguished activities and investments of IBC member companies to affirm the Council’s vital role appertaining to boosting investment and economic cooperation between the two countries.

For his part, Mr. Abdul Hamid Al-Gharaibeh talked about the investment opportunities available in the Free Zones, especially in Queen Alia International Airport, pointing out the incentives, exemptions and competitive benefits provided to investors.  Mr. Al-Gharaibeh further proposed the arrangement of a field visit to IBC members to visit Queen Alia International Airport Free Zone.

Also, Mr. Yousif Arafat gave an overview on the investment opportunities available in the Development Zones; such as Ajloun Development Zone (the Cable Car Resort) and the Dead Sea Zone, stressing the importance of exploiting these opportunities to further enhance economic cooperation between the two sides.

At the close of the meeting, the two sides agreed to expand the horizons of cooperation, continuous communication and to periodically provide IBC with a list covering available investment opportunities and coordinate bilateral meetings with the investors interested in the Free and Development Zones.

IBC Delegation Meets with The New Jordanian Ministerial Economic Team To Enhance Economic Cooperation

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Chairman of the Iraqi Business Council, Dr. Majid Saedi, IBC Deputy Chairman & Secretary-General, Dr. Saad Naji, IBC Board member, Engineer Mekki Al-Faiz, and IBC members; Mr. Ahmed Al-Amili, Mr. Aqeel Hadi, Ms. Nisreen Al-Otaibi and IBC CEO, Mrs. Abeer Al-Naib met on Wednesday October 2nd, 2024, with the new Ministerial Economic team at the Jordanian Prime Ministry.

The Jordanian Ministerial delegation was headed by His Excellency the state minister for Economic Affairs, Mr. Muhannad Shehadeh, His Excellency the Minister of Investment, Mr. Muthanna Al-Gharaibeh, and Her Excellency the Minister of Transport, Engineer Wissam Al-Tahtemouni.

The two sides discussed means to enhance economic cooperation, facilitate the business of Iraqi investors in Jordan, as well as find solutions to the challenges of trade exchange, sustainability of investment projects, propose the establishment of Investment Guarantee Funds and expand the electricity network between Iraq and Jordan.  Also, the two sides stressed the importance of organizing periodic conferences and meetings between the private sectors in both countries.  The participants also stressed the need for stable legislations and instructions regulating investment to ensure a stable and attractive investment environment.

Proceedings of the Second Session on Investment Opportunities in Iraq In the “Economic Forum for Financial, Industrial & Commercial Partnerships between Iraq, Jordan & the Region”, held in the Dead Sea – the Hashemite Kingdom of Jordan

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Economic Forum for Financial, Industrial & Commercial Partnerships

Between Iraq, Jordan & the Region

Sunday May 5th 2024

Second Session

 

Below is the press release of the proceedings of the Second Session of the “Economic Forum for Financial, Industrial and Commercial Partnerships between Iraq, Jordan and the Region”, which was held in the Dead Sea area – the Hashemite Kingdom of Jordan.  The Session was chaired by the Vice President and Secretary-General of the Iraqi Business Council, Dr. Saad Naji, and addressed the main investment opportunities in Iraq.

A number of speakers participated in this Session including; the Director General of Planning & Studies Department in the Iraqi Ministry of Electricity, Mr. Ammar Muhammad Kadhim, Chairman of the Board of Commissioners of the Media & Telecommunications in Iraq, Engineer Bassam Salim Hussein, Board member of the Iraqi Business Council and Head of “Energy World” Group, Consulting Engineer Mekki Al-Faez, Chairman of INTAJ Society for Information and Communications Technology, Mr. Amjad Sweiss and the Deputy Director General of Jordan – Kuwait Bank, Mr. Zuhdi Al-Jayousi.

Economic Forum for Financial, Industrial & Commercial Partnerships Between Iraq, Jordan & the Region – First Session

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Economic Forum for Financial, Industrial & Commercial Partnerships

Between Iraq, Jordan & the Region

Sunday May 5th 2024

 

First Session

 

Source: Jordan News Agency “Petra”

 

A specialized session discussed the investment opportunities available in Jordan and Iraq in different economic sectors, especially in the fields of mining and industry.

 

The session, which was held on the sidelines of the activities of the  “Economic Forum for Financial, Industrial and Commercial Partnerships between Iraq, Jordan & Region Countries”, was attended by the Minister of Investment, Mrs. Koloud Al-Saqqaf, the Iraqi Minister of Industry & Minerals, Mr. Khalid Battal, and Head of the Presidency Office of the Republic of Iraq, Dr. Kamil Al-Duleimi.   The President of the Iraqi Business Council, Dr. Majid Sadi, steered the Session.

 

Minister Al-Saqqaf said that the investment opportunities that were launched on the Invest in Jordan Platform “Invest.jo” are consistent with the economic modernization vision, where investors may learn about the opportunities available by accessing the platform and acquaint themselves with (36) investment opportunities of (1.4) Billion Dinars investment volume and (17) sector files, as well as investment opportunities in the partnership projects between the two sectors.

 

Regarding the importance of establishing investment funds, Minister Al-Saqqaf pointed out that the Investment Environment Law permitted the establishment of investment funds, and that the government, through the Ministry of Investment, provided full support for the establishment of such funds as they contribute to simulating the capitals of investment institutions and attracting them with investment opportunities in various economic sectors of attractive priorities of high competitiveness, especially in the mining, infrastructure and tourism sectors.

 

The Minister pointed out that the first investment fund was established in the Kingdom as the largest Jordanian investment fund in terms of authorized capital amounting to (275) Million Dinars fully owned by Jordanian banks.

 

Minister Al-Saqqaf reviewed the most important features of the Investment Environment and incentives granted to investment projects in and outside the development zones, in addition to the Partnership Law between the public and private sectors and its contribution as to maximizing partnership between the two sectors.

 

For his part, Minister Battal said that his country has prepared a clear vision for the industrial sector, especially the strategic vision, that the state adopts for the development and growth of this sector, indicating that work is underway to finalize the technical matters relating to the implementation of the joint economic zone between the two countries.

 

Minister Battal added that “we face challenges in providing work opportunities for Iraqis, therefore, there are procedures pertaining to regulating a labor market with regard to expatriate workers”, indicating that there are new arrangements and certain mechanism between Jordan and Iraq concerning granting visas to Jordanians desirous to visit Iraq.

 

Minister Bettal pointed out that the Ministry promoted (90) work opportunities in various industrial sectors, and that his country welcomes foreign investments, noting that the Ministry has named 2024 as “the year of mining”.

 

Minister Battal also pointed out that Iraqi has started re-operation of the Iron & Steel Factory through partnership with a Turkish company, with an investment volume of (15) Million Dollars for its second stage.

 

In turn, the Head of the Presidency Office of the Republic of Iraq, Dr. Kamil Al-Duleimi, spoke about the visit of the Iraqi President, Mr. Abdul Latif Rashid, to the Kingdom, describing it as coming at an important time considering the political developments in the region.

 

Mr. Al-Duleimi said that the visit was successful as it addressed several political and economic matters on the following step as to activating the commonalities between the two countries, noting that the Iraqi President and the Prime Minister agreed to have a clear vision concerning issues that enhance Iraqi’s relations with Jordan.

 

He further pointed out that Iraq has set a clear vision based on providing services to citizens and improving the economic system to facilitate matters to investors and enable the private sector to implement the investment projects in various sectors, which value is estimated by (450) Billion Dollars.

 

 

IBC’s Vice President & Secretary-General Meets with the President of Egyptian Chemicals Export Council On Sunday June 2nd 2024 at IBC Offices

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On the sidelines of the activities of the trade mission of the Egyptian Chemicals Export Council in Jordan, the Vice President and Secretary-General of the Iraqi Business Council, Dr. Saad Naji, met on Sunday June 2nd 2024 at IBC offices with Engineer Khalid Abu Al-Makarem, President of the Egyptian Chemicals Export Council and Head of the visiting trade mission.

During the meeting, means of cooperation between the Iraqi Business Council and the Egyptian Chemicals Export Council were discussed.  Dr. Saad Naji reviewed the investment environment and economic situation in Iraq and the major role of the Iraqi private sector in developing the infrastructure in several important sectors including the housing projects and energy sector in Iraq.  For his part, Engineer Khalid Abu Al-Makarem expressed interest of the companies of the Egyptian Chemicals Export Council to enter the Iraqi market and establishment of trade relations with the companies of the Iraqi Business Council.  The two sides discussed issues relating to the Investment Law in Iraq, along with incentives, exemptions and income tax.

At the end of the meeting, it was agreed to enhance the trade cooperation opportunities between the two sides and networking companies of both sides.  Also, Engineer Abu Al-Makarem renewed his call for IBC companies to participate in the bilateral meetings with the Egyptian Chemicals Export Council, which will continue to take place until Wednesday June 5th 2024 at the Intercontinental Hotel – Amman.

The meeting was attended by IBC Director General Mrs. Abeer Al-Naib, the Egyptian Commercial Attaché, Mrs. Mona Abboud, and the CEO of the Egyptian Chemicals Export Council, Engineer Muhammad Majeed.

President of the Palestinian Maintenance Fund (PMF) & The Accompanying Delegation Visit IBC Offices

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HE President of the Palestinian Maintenance Fund (PMF), Attorney Fatima Al-Muwaqat, and the accompanying delegation visited the offices of the Iraqi Business Council – Jordan on Monday May 1st 2023 and were received by IBC’s Vice President & Secretary General, Dr. Saad Naji and IBC Advisor, Mr. Muhammad Jawad Al-Jubouri.  During the meeting, Mrs. Al-Muwaqat talked about programs of the PMF that aim to assist vulnerable women in Palestine.  She reviewed achievements of the institution in the field of defending women’s rights and providing legal and financial aid to marginalized categories of women.  She expressed readiness to present their pioneering experience to Iraq, since it was adopted by the representative of the United Nations as international role model.  For his part, Dr. Saad Naji expressed his support to this initiative and promised to approach the competent authorities to benefit from this experience.  Agreement was also reached to hold a workshop in Jordan to explain this initiative to parties in Iraq, Jordan and Palestine that are active in this field.  At the end of the meeting, the two parties exchanged thanks for organizing the meeting.

IBC’s Vice President & Secretary-General, Dr. Saad Naji, Meets with H.E the President of the Republic of Iraq Mr. Abdul Latif Rasheed

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On Monday April 15th 2024 IBC Deputy Chairman & Secretary-General, Dr. Saad Naji, met with His Excellency the President of the Republic of Iraq, Mr. Abdul Latif Rasheed, at the Four Seasons Hotel / Amman during the President meeting with members of the Iraqi community in Jordan.  Dr. Saad Naji extended an invitation to H.E the Iraqi President to attend the upcoming Economic Forum “Economic Forum for Financial, Industrial and Trade Partnerships between Iraq, Jordan & the Region”, which is organized by the Iraqi Business Council and scheduled to be held on May 5th and 6th 2024 in King Hussein Bin Talal Convention Centre in the Dead Sea.  H.E the Iraqi President promised to attend this significant economic event and also affirmed his keenness to support all economic activities that enhance the relationships between the two brotherly counties; Iraq and Jordan.  Dr. Saad Naji presented H.E the Iraqi President with his book titled “Marketing Strategies According to the Principles of the United Nations Global Business Compact” (UNGC).  The meeting was attended by H.E the Minister of Industry & Minerals, Dr. Khaled Bettal Najim, Head of the Presidential Office, Dr. Kamil Al-Duleimi, and the Chargé d’Affaires of the Embassy of the Republic of Iraq, Mr. Muneef Ali Hussein.  The meeting was also attended by IBC Director General and a large crowd of the Iraqi community in Jordan.  Jordan (PETRA) National News Agency and the Iraqi National News Agency (NINA) published a press release on the meeting.

President 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’s President, Dr. Majid Sadi, IBC’s Vice President and Secretary-General, Dr. Saad Naji, IBC Board member, Engineer Mekki A-Faiz and IBC Director General Mrs. Abeer Al-Naib, 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.