Iraq Economic News And Points To Ponder Wednesday Evening 5-14-25

Iraq Welcomes Trump's Visit To Saudi Arabia And Considers The Riyadh And Baghdad Summits Complementary

Money and Business  Economy News – Baghdad  Foreign Minister Fuad Hussein affirmed on Wednesday that Iraq welcomes US President Donald Trump's visit to Saudi Arabia. While announcing that Iraq will chair three Arab summits, he noted "tremendous" efforts to organize the Baghdad Development Summit.

"We are pleased with Trump's visit to the region and the understandings reached, and we are also pleased with the lifting of sanctions on the Syrian people," Hussein said during a press conference monitored by Al-Eqtisad News.

Regarding the Baghdad Development Summit, Hussein explained, "Today we will highlight the tremendous work undertaken by the Higher Committee charged with preparing for the Arab Summit, with the participation of numerous Iraqi government departments."

He added, "The participation of leaders and officials in these exceptional circumstances the region is experiencing demonstrates the unity of Arab leaders in our current situation and their support for Baghdad's investment renaissance."

He added, "Twenty Arab organizations and federations will participate in the summit, in addition to international organizations represented by the Secretary-General of the United Nations, the Secretary-General of the Organization of Islamic Cooperation, the President of the African Union, and a representative of the European Union. The guest of honor will be Spanish Prime Minister Pedro Sanchez."

He continued, "There are also more than 250 Arab and foreign journalist guests and dozens of Arab and foreign figures in Baghdad."

Hussein affirmed, "Baghdad has focused its efforts on supporting the Arab Summit and providing full support, holding 16 meetings of the Supreme Administrative Committee. Iraq is proud to have hosted three summits: the 34th Arab League Summit, which Bahrain was honored to host last year, and now Iraq is honored to host it in Baghdad."

He added, "The second summit of the fifth session of the Economic and Social Development Summit, which is held every four years, and we will be honored to chair it from the State of Lebanon." He added, "The third summit is at the leaders' level, and Iraq will assume the presidency of the three summits. Iraq is now the president of the Arab Summit for next year."

Regarding the Baghdad Development Summit, Hussein explained, "There will be two sessions next Saturday. The first will begin in the morning for the Arab League Council session, and the second will be in the afternoon for the fifth development summit."

He added, "The two summits will issue the Baghdad Declaration, which includes the joint Arab position on economic, social, and development interests, and focuses on the regional challenges facing the region, most notably an immediate ceasefire in Gaza and the opening of crossings for humanitarian aid. The countries have presented their views on the items under discussion." 

Hussein announced, "It is hoped that political initiatives will be put forward to establish the Arab Center for Combating Terrorism and the Arab Center for Regional Crime." https://economy-news.net/content.php?id=55457

The Ministry Of Planning And The World Bank Are Conducting A Joint Review Of The Iraq Reform And Reconstruction Fund Program

Wednesday, May 14, 2025| Economic Number of readings: 19  Baghdad / NINA / The Ministry of Planning held a joint meeting today, Wednesday, with the World Bank representative, in the presence of governmental agencies represented by the Ministries of Environment, Labor, Social Affairs and Agriculture, to discuss the outcomes of the review meetings held during the past two months, which include the files of the three main projects, funded by the Iraq Reform, Recovery and Reconstruction Fund.

The Director General of the International Cooperation Department, Saher Abdul-Kazem Mahdi, stated that the projects include the project to support improving farm management for the Ministry of Agriculture, the pollutant management project for the Ministry of Environment, and the pilot program project for economic models in Dhi Qar Governorate for the Ministry of Labor.

During the meeting, the delayed files in completing the procedures for signing grant agreements between the three governmental agencies and the World Bank were discussed. /End https://ninanews.com/Website/News/Details?key=1226884

Towards Global Transformation... Rafidain Bank Begins Updating Its Legal Framework

Wednesday, May 14, 2025 | Economic Number of readings: 155  Baghdad / NINA / Rafidain Bank announced the commencement of contracting procedures with Hogan Lovells, one of the most prominent international law firms based in the United Kingdom, with the aim of reviewing and updating the bank's internal legal structure in line with the highest international banking standards and international legislation applicable in advanced financial markets.

A statement by the bank said: "This decision comes within the framework of a clear vision adopted by the bank to raise the level of legal governance and enhance its institutional readiness, as part of a well-thought-out professional path towards internationalization and transformation into a modern banking institution characterized by efficiency, compliance, and transparency."

The announcement came after an expanded official meeting that brought together the bank's management and a delegation from Hogan Lovells, during which the areas of technical cooperation and the stages of implementing the future legal development plan were discussed.

Rafidain Bank affirmed: "This step represents a strategic turning point in its journey, as it paves the way for expanding the bank's international dealings and enhancing confidence in its operational capabilities on the regional and global arenas. It also aims to create a legal and operational environment characterized by credibility and discipline, thus opening the door wide to attracting foreign investments and establishing strategic banking partnerships with major international financial institutions."

He explained: "Rafidain Bank's openness to global expertise and its adoption of an institutional modernization approach in accordance with approved best practices reflect its insistence on consolidating its position as a leading bank, not only at the level of Iraq, but also on the regional and international financing map." /End  https://ninanews.com/Website/News/Details?key=1226748

Al-Sudani: The Reconstruction And Development Process Continues In Iraq

Wednesday, May 14, 2025, ++| Economic Number of reads: 183   Baghdad / NINA / Prime Minister Mohammed Shia Al-Sudani stressed: "The reconstruction and development process is ongoing in Iraq."

Al-Sudani said in a speech during the inauguration and launch of work on three industrial projects in Basra: "These projects confirm that Basra is the economic capital of Iraq and will be an important opportunity for the people of the province to provide job opportunities."

He added: "The projects are planned to be completed with the highest specifications and will be a golden opportunity for engineers and technicians to gain experience."

He announced the launch of executive work for the largest industrial city on the development path in Basra, noting: "The industrial city project has undergone extensive discussions."

The Prime Minister continued: "The contract for the projects will provide fifty percent of local job opportunities," indicating: "The Basra chlorine and caustic soda production plant project will provide about 500 job opportunities."

He pointed out: "Basra is the economic capital of Iraq and contains the most important projects in various sectors," indicating: "The industrial city in Basra has a seafront of approximately 500 meters on Khor Al-Zubair." / End   https://ninanews.com/Website/News/Details?key=1226854

Weekly Trading Indicators For The Iraq Stock Exchange

Wednesday, May 14, 2025, 4:13 PM | Economics Number of readings: 67  Baghdad / NINA / The Iraq Stock Exchange organized four trading sessions during the second week of May 2025 from Sunday 05/11/2025 to Wednesday 05/14/2025:

1. The number of shares traded during this week amounted to more than (2) billion shares.
2. The value of shares traded this week amounted to more than (6) billion dinars.

3. The ISX60 market trading index closed for the first session of the week at (1026.81) points, while the index closed at the end of the week at (1014.84) ​​points, achieving a decrease of (1.18%) compared to its closing at the beginning of the session.

 The ISX15 market trading index closed for the first session of the week at (1131.80) points, while the index closed at the end of the week at (1120.87) points, achieving a decrease of (0.98%) compared to its closing at the beginning of the session.

4. During the week, (3033) buy and sell contracts were executed on the shares of companies listed on the market./End   https://ninanews.com/Website/News/Details?key=1226860

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