Iraq Economic News and Points To Ponder Tuesday Morning 9-21-26
Government Spokesman: Iraq Is Keen To Develop Its Partnership With Washington
Money and business Economy News – Baghdad Government spokesman Haider al-Aboudi said on Tuesday that Prime Minister Ali al-Zaidi will present Iraq's vision on the security of the region and its economy to the United Nations, pointing to the keenness of Iraq and the United States to develop the partnership between the two countries and raise it to a distinctive strategic level.
Al-Aboudi said in a press statement that "the delegation of the Republic of Iraq headed by Prime Minister Ali Faleh Al-Zaidi arrived in New York, and began the work of his visit in preparation for participation in the opening and work of the eighty-first session of the United Nations General Assembly."
He added that "the delegation began its work by meeting with the US Secretary of State, where the two sides discussed the level of joint cooperation between the two countries and ways to develop the partnership," noting that "the US Secretary of State stressed Washington's keenness to sustain the relationship with Baghdad and raise it to a distinctive strategic level."
He pointed out that "the Prime Minister stressed the importance of bridging this relationship through economic and investment partnerships, and attracting American companies to develop the oil industry, in addition to the implementation of a number of important projects."
Al-Aboudi pointed out that "the talks also dealt with the developments of the region and its repercussions and the impact of events on their economies," stressing that "Iraq is keen to find sustainable diplomatic solutions that contribute to securing the supply of energy and crude oil supply chains to global markets."
He explained that "Iraq is one of the most important countries feeding the world market with crude oil, and that the government aspires, according to its vision and program, to raise Iraq's daily production of crude oil to 10 million barrels by 2030."
He added that "the schedule of the visit also included the reception of the Lebanese Prime Minister at the residence of the Prime Minister, as well as the meeting of the Secretary-General of the League of Arab States," noting that "the Iraqi delegation headed by the Prime Minister will go tomorrow to the headquarters of the General Assembly of the United Nations to participate in the launch of the work of the eighty-first session, as well as meetings with the Secretary-General of the United Nations and a number of heads of government and leaders of state and international officials."
He stressed that "Iraq will participate in the work of the General Assembly with its vision and mission to the world, especially with regard to the developments of the region and its security and economic conditions."
Al-Aboudi explained that "the visit also comes within the framework of completing what was achieved during the visit of the Prime Minister to Washington in mid-July, which witnessed the establishment of a new identity for the relationship between the two countries, especially with the approach of Iraq to the date of September 30, set for the end of the presence of the international coalition forces."
"Iraq is moving to the relationship with the United States from the security side to sustainable economic relations," he said.
https://www.economy-news.net/content.php?id=74204
Parliamentary economy discusses the amendment of the Industrial Cities Law
Money and business Economy News – Baghdad The Parliamentary Committee on Economy, Industry and Trade discussed on Tuesday the draft law to amend the Industrial Cities Law, in preparation for the completion of its final version and put it to a vote in the coming period.
A statement by the Information Department of the House of Representatives said that the committee held a meeting under the chairmanship of the President of the age, MP Omar Mohammed Mohammed Karim, in the presence of its members, in addition to the representative of the Union of Industrialists, the President of the Industrial Cities and Free Zones Authority and a number of legal representatives and the beneficiary sectoral bodies.
The statement added that the meeting witnessed hearing the views and suggestions of the members of the committee and representatives of the concerned authorities on the amendment articles, thus contributing to reaching a final legal formula that takes into account the requirements of the industrial sector and the development of the environment of industrial cities.
He pointed out that the committee is working to complete the discussion of observations and proposals in preparation for the submission of the draft law in its final form and vote on it in the coming period.
https://www.economy-news.net/content.php?id=74217
Parliamentary investment discusses the repercussions of the withdrawal of Hanwa from the Basmaya project and demands the protection of the rights of citizens
Money and business Economy News – Baghdad The Parliamentary Investment and Development Committee discussed on Tuesday the repercussions of the announcement of the Korean company Hanwa withdrawal from the Basmaya residential project and the completion of its work, amid demands to develop urgent solutions to ensure the continuation of the project and protect the rights of citizens.
The committee stated that it hosted, under the chairmanship of the President of the age, MP Nahida Al-Daini, and in the presence of the majority of its members, representatives of the National Investment Commission and the relevant authorities, along with representatives of the Korean Hanwa Company implementing the project.
The meeting discussed the reasons for the decision to withdraw and its repercussions, especially with regard to financial dues and contractual obligations between the parties, and the mechanisms of continued work in the city of Basmaya, as well as the fate of the remaining housing units, services and infrastructure associated with the project.
The participants also discussed the repercussions of the possible withdrawal on the contracted citizens and the residents of the city, and the need to ensure the continuation of basic services and that the rights of citizens are not affected by financial or contractual differences between the concerned authorities and the executing company.
The committee stressed that the Basmaya project represents an important residential and national file, and that the concerned authorities must reach urgent and deliberate solutions that preserve the rights of the state, the citizen and the company, and prevent the suspension of the project or disruption of services.
She stressed the need to provide clear answers on the reasons for the contractual relationship reaching this stage, the size of mutual obligations and entitlements, and the government steps taken to address the crisis, as well as the determination of the legal and administrative responsibilities of each party.
At the end of the hosting, the committee confirmed its continuation in following up the file of the city of Basmaya and exercising its supervisory role, in order to address the problems, ensure the completion of the project and protect the rights of citizens https://www.economy-news.net/content.php?id=74216
Oura: From A Small Project In Finland To A $15.6 Billion Offering
Money and business Economy News - Follow-up Oura began the promotional round of its U.S. IPO, targeting a fully diluted valuation of $15.62 billion, a move that represents an important test for investor appetite for consumer technology companies after a faint start to the IPO season in the fall.
The move came at a time when financial markets have been cautious in recent weeks, due to the uncertainty surrounding the artificial intelligence boom, rising bond yields, and changing expectations of U.S. interest rates.
The company, along with a number of its existing shareholders, has sought to raise up to $2.2 billion by selling 50 million shares within a price range of $40 to $44 per share.
Samuel Kerr, head of global equity capital markets, said Aura’s offering was the “first real test” of U.S. investor appetite after a slowdown in IPO activity in September and recent market volatility, adding that the success of the offering could encourage other companies to proceed with their listings, while poor performance could raise concerns about investor sentiment.
U.S. pharmaceutical company Eli Lilly has expressed interest in buying up to $100 million worth of shares in the offering, while investment firm Dragoneer has expressed a desire to buy shares worth up to $300 million.
Bet on the market for wearable health devices
Smart rings have benefited from growing demand for personal health monitoring tools, as they represent a smaller alternative to smartwatches and fitness trackers, while providing continuous monitoring of health indicators and longer battery life.
Oura contributed to the deployment of this category of devices through its smart ring, which is able to track indicators including heart health, physical activity and sleep patterns.
The offering documents revealed that the company sold 3.6 million rings during the 12 months ending June 30, while its revenues during the nine months ending on the same date jumped by 74% year-on-year to $1.21 billion.
The company expects to end its fiscal year 2026 by 5.7 million paid members, representing a growth of 96% compared to the previous year.
Cat Liu, vice president of IPOX, said: “One of the most important elements of Aura’s power is the ease of use of its products and modern design, bringing it closer to the daily lifestyle compared to some wearable devices that mainly target professional athletes.
She added that the targeted assessment reflects investors’ bet on the company’s continued strong growth and increased contribution of higher-profit recurrent revenues.
Finland to Wall Street
Oura was founded in Finland more than a decade ago and has been valued at about $11 billion during a special funding round last year.
Goldman Sachs, Morgan Stanley and JPMorgan took over the offering, while the company is expected to set the final price of the IPO and start trading its shares on the Nasdaq next week under the symbol OURA