American chamber of commerce In Iraq

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  • 19 Jul 2019 7:41 PM | Anonymous

    STOCKHOLM, Sweden and BAGHDAD, Iraq, July 19, 2019 (GLOBE NEWSWIRE) -- zNasdaq Inc. (Nasdaq: NDAQ) and the Iraq Stock Exchange (ISX) have signed a new agreement to extend their market technology relationship. As part of the agreement, Nasdaq will continue providing ISX with matching engine and central securities depository (CSD) technology. This new agreement marks the next chapter of a technology partnership between Nasdaq and ISX which originated in 2007.

    “We are pleased to build on our successful partnership with Nasdaq,” said Taha A. Abdulsalam, CEO, Iraq Stock Exchange. “Using Nasdaq’s market technology is a clear indication to investors, regulators and other exchanges that Iraq will bolster its efforts into becoming an important financial center for regional and global businesses.”

    ”By upgrading to the latest Nasdaq technology, ISX will be joining a community of exchanges deploying high-end, multi-asset trading technology that complies with international standards,” said Michèle Carlsson, Managing Director, Nasdaq in the Middle East and Africa. “We look forward to supporting ISX as they continue evolving and innovating their marketplace.”

    Nasdaq’s market technology powers more than 250 of the world’s market infrastructure organizations and market participants, including broker-dealers, exchanges, clearinghouses, central securities depositories and regulators, in over 50 countries with end-to-end, mission-critical technology solutions.

    About Nasdaq
    Nasdaq (Nasdaq: NDAQ) is a leading global provider of trading, clearing, exchange technology, listing, information and public company services. Through its diverse portfolio of solutions, Nasdaq enables customers to plan, optimize and execute their business vision with confidence, using proven technologies that provide transparency and insight for navigating today's global capital markets. As the creator of the world's first electronic stock market, its technology powers more than 100 marketplaces in 50 countries, and 1 in 10 of the world's securities transactions. Nasdaq is home to approximately 4,000 total listings with a market value of approximately $15 trillion. To learn more, visit: http://business.nasdaq.com.

    About Iraq Stock Exchange
    Iraq stock exchange (ISX) was established according to law 74 on April 18, 2004 and began trading on June 24, 2004. ISX held its 1st session on June 24th 2004 using manual trading, written auction on white boards. To enable companies to trade electronically, Electronic trading was introduced to the market for the first time in the history of Iraq by using Nasdaq’s platform in April 2009. The White boards have since been replaced by Electronic trading workstations. ISX operates 5 trading sessions on Sunday, to Thursday every week. According to the regulation rules, ISX tasks include: regulating, controlling, disclosing, and launching continuous trading on listed companies’ shares, in addition to controlling both trading operations and activities of Brokerage Companies financial solvency.

    For Media Inquiries, please contact:

    Nasdaq
    Yan-yan Tong
    yan-yan.tong@nasdaq.com 
    Desk: +46 (0)8-4056683
    Mobile: +46 (0)73-4496683 

    NDAQG

  • 10 Jul 2019 7:09 PM | Anonymous

    GE Power continues to support Iraq in meeting its goals to strengthen the country's energy ecosystem

    Iraqi Ministry of Electricity and GE keep delivering additional power

    Press Release

    Baghdad: Working with the Iraqi Ministry of Electricity (MOE) under the guidance of the Prime Minister, H.E. Dr. Adel Abdul Mahdi and the patronage of the Minister of Electricity, H.E. Dr. Luay al-Khateeb, GE Power continues to support Iraq in meeting its goals to strengthen the country’s energy ecosystem.

    Speaking at the “Powering Iraq Conference” held in Baghdad on July 10, 2019, Joseph Anis, President & CEO of GE’s Gas Power Systems & Power Services businesses in the Middle East, North Africa and South Asia discussed the challenges still facing Iraq’s power sector and highlighted various solutions GE could provide to address them. These include integrated gas to power projects equipped with GE’s HA turbines, which have already delivered two world records for combined cycle efficiency and can help Iraq produce up to 3,300 MW of power by utilizing gas that is currently flared. Another priority is the conversion of simple cycle power plants to combined cycle to help Iraq generate up to 4,000 MW of additional power using the same amount of fuel. Iraq also needs to further strengthen its transmission and distribution system and GE is already helping to do so by setting up new substations and overhead lines. Furthermore, the company can help Iraq unlock financing through its global network of international financial institutions, export credit agencies and others and has in fact already facilitated the Iraqi Ministry of Finance to unlock up to $2 billion of funding for energy sector projects. 

    “At GE, we take the responsibility of addressing Iraq’s energy needs seriously and are committed to keep supporting the government, as well as our other customers and partners in the country to power Iraq forward,” said Joseph Anis. “The successful execution of our projects with the Ministry of Electricity is a reflection of both our industry-leading solutions and the hard work of hundreds of GE Iraq employees who are not just promising change but delivering it every day across the country, from Zakho to Basra.”

    Most recently, the MOE and GE replaced a damaged generator at Amara Power Plant, enabling the restoration of another 125 MW of power to the national grid to help meet electricity demand in summer 2019 and beyond. GE’s scope of work included removal and storage of the old generator; inspection of auxiliary systems; and the transportation, installation and commissioning of the new generator. The project was successfully completed ahead of schedule in the short span of less than three months after contract signature, without any safety incidents. Furthermore, over 30 MOE officials were trained on EHS requirements and principles, enabling them to work more safely at the site in the future.

    Musaab al-Mudarris, Director of the Media Department of the Iraqi Ministry of Electricity said, “We are delighted to work with international experts who have demonstrated a clear commitment and capacity to strengthen Iraq’s electricity infrastructure. GE Power has been a long-term partner to Iraq over the years, and the fast-track completion of the Amara project is another example of our successful collaborations. Each additional megawatt of electricity generated in Iraq can help to power up to a thousand homes and by continuing our efforts to keep adding more power to the grid, we can drive real progress for the Iraqi people.”

    Looking ahead, the MOE and GE are working to deliver the Salman Pak, Ammari and Baladiyat 132 kilovolt (kV) substations this summer to help the city of Baghdad receive more stable electricity by evacuating and distributing power through the national gird. Another 11 substations spread across the provinces of Ninawa, Salah Al Din, Al Anbar, Karbala, Baghdad, Qadisiyyah and Basra are currently scheduled for delivery between 2020 – 2021.

    GE is also helping Iraq to operate its heavy fuel oil (HFO) based power generation assets more efficiently. For example, about 25 percent of the country’s installed capacity is fueled by HFO at present. However, less than a quarter of this existing fleet is operational due to limitations in maintenance, deterioration over time and damages from conflict. There is a significant potential for additional capacity by using upgrades and new equipment. As a leading global provider of steam power solutions for both building new power plants and providing services to existing ones, GE can help the MOE better utilize these assets.

    GE has up to 300 employees across Iraq, most of them local Iraqis and the company has supported the development of critical infrastructure across the country for over 50 years. Since 2011 alone, GE Power has helped to bring 14,000 MW of electricity online across Iraq, including in the Kurdistan Region of Iraq. Today, GE technologies supply up to 55 percent of Iraq’s power, 4,000 GE Healthcare technologies are deployed across Iraq and GE and joint venture engines equip up to 90 percent of Iraqi Airways’ aircraft.

    -Ends-

    Join the conversation at our GE Hewar blog: http://middleeast.geblogs.com/ 

    About GE:
    GE (NYSE:GE) drives the world forward by tackling its biggest challenges. By combining world-class engineering with software and analytics, GE helps the world work more efficiently, reliably, and safely. For more than 125 years, GE has invented the future of industry, and today it leads new paradigms in additive manufacturing, materials science, and data analytics. GE people are global, diverse and dedicated, operating with the highest integrity and passion to fulfill GE’s mission and deliver for our customers. www.ge.com 

    About GE Power:
    GE Power is a world energy leader providing equipment, solutions and services across the energy value chain from generation to consumption. Operating in more than 180 countries, our technology produces a third of the world’s electricity, equips 90 percent of power transmission utilities worldwide, and our software manages more than forty percent of the world’s energy. Through relentless innovation and continuous partnership with our customers, we are developing the energy technologies of the future and improving the power networks we depend on today. For more information please visit www.ge.com/power , and follow GE Power on Twitter and on LinkedIn.

    For more information:
    Duraid Adnan
    Communications Manager, GE Iraq & Levant
    duraid.adnan@ge.com


    Abeer Masood
    Senior Communications Manager, GE Power MENASA
    abeer.masood@ge.com
    Kelly Home | Nivine William
    ASDA’A BCW; +9714 4507 600
    kelly.home@bcw-global.com
    nivine.william@bcw-global.com 

  • 5 Jul 2019 6:54 PM | Anonymous

    AmCham Iraq congratulates the people and the government of Iraq on the inclusion of Babylon as a UNESCO World Heritage Site. This is a great recognition for Babylon’s rich human history, architectural treasures, and sublimity.

    No alternative text description for this image

    In addition to the great national pride and prestige, listing Babylon as a UNESCO World Heritage Site gives the city the highest-level endorsement for tourism. Once a site is listed as World Heritage, it becomes a travel destination to world travelers hence it revives the tourism industry of the country and in turn increases employment opportunities. 

    More info about Babylon here

  • 29 Apr 2019 12:45 PM | Anonymous

    BHC Law, the leading Law Firm in Baghdad is pleased to provide AmCham Iraq's members as well as its friends and partners with the following news.

    The Government of Iraq has amended certain elements of the requirements/laws regarding a number of different issues such as taxation, regulations for certain professions as well as advice and instructions for companies which are currently not (yet) in compliance with certain laws/regulations:

    1. The Board of Financial Reports Preparation and Audit issued a notification that no financial reports will be approved or certified unless the company has properly prepared its commercial records (bookkeeping records) as per Instruction No.2 of 1985 “Commercial Records Compliance Instructions for Income tax purposes". Consultations with your legal advisor regarding your annual bookkeeping certification are recommended.
    2. Instructions No.1 of 2019 and No. 2 of 2019 have been testified by the Iraqi MoLSA. Instruction No.1 defines the professions considered dangerous and exhausting under Labor Law No. 37 of 2015. These professions have special treatment in the Labor Law including but not limited to the maximum working hours allowed and the annual paid leaves entitlement. Instruction No. 2 of 2019 defines the overtime-exempt professions as per the Labor Law provisions. These two instructions are very important to review and understand and update your company employee handbook to avoid Labor law violation.
    3. The Minister of Labor effected his authority granted to him per Labor Law No. 37 of 2015 with regards to issuing a warning to employers who are in possible violation of the Labor Law instead of referring the employer directly to the Labor Court. This warning will grant employers in violation of the Labor Law up to 10 days to remove the violation and gain compliance with the Law. This is especially beneficial if your company has not obtained the required work permits for its foreign employees. Consult with your legal adviser.

    We would urgently advise all AmCham members, friends and partners to look into these issues and consult with their respective legal advisers to ensure that the compliance with local laws and regulations is upheld.

    Please feel free to get in touch with BHC Law at any time under Phone: +964 (780) 220-0700 email: info@bhc.iq if you would like to get further information about these important issues.


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