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A delegation of the Iraqi Ahli Bank and Capital Bank Group; including the Managing Director, Mr. Ayman Abu Deheem, Executive Vice President, Mr. Nadeem Abwat, Head of Private Banking Services & Wealth Management, Mrs. Reema Shaban, Head of Private Investments, Mr. Raad Hijazin and Portfolio Manager of the Asset Management Department, Mr. Raed Al-Moumeny met on Sunday February 26th 2023 at IBC head offices with IBC’s Vice President and Secretary General, Dr. Saad Naji and IBC members; Mr. Ahmed Al-Amili, Dr. Faris Al-Safi, Mr. Abdul Rahman Abu Tair, Mrs. Niran Al-Hakim, Mr. Dargham Al-Boulani, representatives of IBC member companies and IBC Director General Mrs. Abeer Al-Naib.

Dr. Saad Naji welcomed the guests and gave a brief overview of the Iraqi Business Council and its role in strengthening economic cooperation. Further, IBC members presented an overview on their companies and sectors. For his part, the Executive Vice President, Mr. Nadeem Abwat, expressed keenness of the Capital Bank Group and the Iraqi Ahli Bank to provide banking services and facilities to IBC members, reviewing the Group’s achievements such as increasing the customer base, capital and number of branches, totalling to 24 branches, with the 11 branches under construction. The Iraqi Ahli Bank, where Capital Bank Group owns a share of 62%, obtained a licence to open a branch in the Kingdom of Saudi Arabia. During the meeting, Mr. Saad Naji and IBC members discussed a number of obstacles facing the financial sector in Iraq including; procedures of financial remittances for sold residential and commercial properties issued from Iraq to Jordan, delayed receipt of financial remittances by beneficiaries issued by the platform of the Iraqi Central Bank according to the resolutions of the Iraqi Prime Ministry recently applied. The Managing Director, Mr. Ayman Abu Duhaim, expressed readiness of the Iraqi Ahli Bank to facilitate procedures of remittances issued to beneficiaries outside Iraq, opening of letters of credit and letters of guarantee. Mr. Abu Duhaim also expressed readiness of Capital Bank Group to open accounts for Iraqi companies and branches of foreign companies in Jordan Capital Bank. During the meeting, the members proposed facilitating credits (Back to Back L/C), facilitating Letters of Credit to obtain financial facilities in order to speed the process of remittances. Representatives of Capital Investments Company, the investment arm of the Capital Bank Group, talked about the Company’s services in managing the assets, financial brokerage and advisory for companies, in addition to the Company’s readiness to provide innovative financial solutions for all investment activities. At the end of the meeting, the two sides exchanged thanks for organizing the meeting.

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News release on the meeting held on Monday February 6th, 2023, at the headquarters of the Jordanian Parliament, which was published in a number of official dailies and electronic news websites.

The meeting was attended of IBC’s President, Dr. Majid Al-Sadi, IBC’s Vice President and Secretary-General, Dr. Saad Naji, IBC Board members; Mr. Mekki Al-Faiz, Dr. Osama Al-Quraishi, IBC CEO Mrs. Abeer Al-Naib, Speaker of the Jordanian Parliament, Mr. Ahmed Al-Safadi and Head of the Coordinating Committee, Representative Dr. Kheir Abu Saelik.

– وكالة بترا الاردنية للأنباء
– انباء الوطن
– هوا الاردن الاخبارية

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At the invitation of “Int@j Association” for Communications and information Technology, Board member of the Iraqi Business Council, Mr. Mekki Al-Faiz, and IBC Director General participated in the Information & Communications Forum for the Middle East and North Africa (MENA ICT), which was opened on Wednesday November 16th 2022 by the Jordanian Prime Minister Dr. Bishr Al-Khasawneh, on behalf of His Majesty King Abdullah II, at King Al-Hussein Bin Talal Convention Centre in the Dead Sea with the presence of 2,000 participants including officials, experts and specialists in the public and private sectors, who represent 40 states.

The Forum, in its 9th edition, is being held after the end of Covid-19 pandemic, where Int@j Association for Information & Communications Technology has worked since its establishment on organizing and holding this Forum every two years.

The Forum is held in partnership with the Ministry of Digital Economy & Entrepreneurship, the strategic partner the Central Bank and the investment partner the Jordanian Ministry of Investment with the participation of 77 representatives of 50 investment funds in the region.

The idea of establishing the Iraqi Business Council is based on the common desire generated by a number of elites. Those who are Iraqi investors and businessmen on the territory of the Hashemite Kingdom of Jordan unanimous in the importance of creating economic reference for them, as well as for those who wish to join them in order to maximize Iraq’s investment in Jordan, as well as to contribute actively to Iraq’s construction and reconstruction.

The idea of establishing the Iraqi Business Council was well-founded and blessed by the Government of the Hashemite Kingdom of Jordan. Accordingly, the approval of the competent Jordanian authorities was commended for launching the Iraqi Business Council in Jordan.

IBC Deputy Chairman & Secretary-General, Dr. Saad Naji, and IBC Board members; Mr. Ahmad Ismael Saleh, Mr. Ahmad Al-Amili, Mr. Muhammad Shanshal and Dr. Bashar Abdul Rahman, and representatives of (Alam Al-Taqa) “Energy World” Company Mr. Ghaith Al-Rawi and Mr. Bakir Al-Juburi, representatives of Isnad Company, Mr. Ahmad Rashid Dabdoub and Mr. Yazan Masa, and representatives of the Investment Bank; Mrs. Niveen Abu Sinneh and Mrs. Rasha Abu Saleem, in addition to IBC CEO and staff participated in the Jordanian Investment Forum with Iraq’s Kurdistan Region which was held on October 1st 2022 at the Landmark Hotel – Amman. In his speech in the Forum, Dr. Saad Naji gave a review on the establishment of the Iraqi Business Council in 2006, which is considered a forum for businessmen to exchange commercial opinions, ideas, information and provision of job opportunities through trade and social missions and introduction of investment opportunities existing in Jordan and Iraq, clarifying that IBC includes most of the Iraqi companies investing in the Kingdom.

Dr. Naji further added that the estimated value of Iraqi investment volume in Jordan amounts to 23.4 billion JOD distributed on various economic sectors, indicating that this investment does not include the Iraqi deposits in Jordanian banks.

He pointed out that the investment sectors where Iraqi businessmen invest in Jordan are distributed on lands and real estate sector with the value of 7.3 billion JOD, the industrial sector 4 billion JOD, tourism sector 5 billion JOD and the banking sector, exchange companies and Amman Stock Market 3 billion JOD.

According to the study presented by Dr. Saad Naji, Iraqi investments in Jordan are also distributed on the education and health sectors with the value of one billion JOD, transit trading companies and the head offices maintained by Iraqi companies operating in Iraq with business volume of 3 billion JOD and the fixed deposits in the Jordanian banks for purposes of obtainment of annual residence permits amounts to 100 million JOD.

The visiting delegation from Kurdistan Region included the Head of Cabinet, Dr. Omeed Othman, Head of Kurdistan Region Investment Commission, Dr. Muhammad Shukri, Head of Kurdistan Region Investors Federation, Mr. Ahmed Rikani, Head of Kurdistan Investors Federation – Sulaymaniyah Branch, Mr. Yassin Rashid, and a group of businessmen from major companies in Kurdistan.

From the Jordanian sides, the Forum was attended by Head of the Jordanian Businessmen Association, PM Hamdi Al-Tabbaa, a number of the Association’s members, Jordanian Investment Minister, Engineer Khairi Amr, and Jordanian Consul-General in Erbil, Mr. Fuad Al-Majali.

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At the invitation extended by the Assistant of the Secretary-General and Chief Executive Officer of the United Nations Global Compact, Mrs. Sanda Ogambo, IBC Deputy Chairman & Secretary General, Dr. Saad Naji, and the Director General of the Private Sector Forum (United Business 2020), held by the United Nations Global Compact in presence and via video communication technology in New York – USA, participated on September 19th-21st 2022 in the Private Sector Forum (United Business 2020).

The event brought together Heads of States and governments, CEOs, corporate sustainability experts, business leaders, Heads of UN Agencies and civil society organizations led by the UN Secretary-General, Mr. Antonio Guterres, and the Assistant Secretary-General and CEO of the UN Global compact, Mrs. Sanda Ogambo.

The Private Sector Forum (United Business 2020)

The Private Sector Forum (United Business 2020) included a discussion on the assessment of the world state and addressing gaps as to progress and realization of business ambitions on the sustainable development goals.

The Forum sessions included a session on the renewable energy, financing mechanism for transition to renewable energy, the role of young professionals in stimulating innovation in order to achieve the goals of sustainable development and the role of business community in protecting the environment.

During his intervention in the Forum, Dr. Saad Naji talked about the importance of supporting the energy-poor countries, such as Iraq, whose lack of energy resulted from the mismanagement of resources, and Lebanon, which lacks resources to achieve energy sufficiency. Also, steps for financing economies to be fairer and more inclusive, were also discussed.

It is noteworthy that the Iraqi Business Council in Jordan was one of the first organizations that joined the UN Global Compact and worked on applying and implementing the ten principles of the Agreement in all its procedures and adopted sustainable development and social responsibility.

Read also:

• IBC Joins the “Global Principles for Empowerment of Women” Initiative Launch by the UN Global Compact and the United Nation Commission for Women
•  The Iraqi Business Council Signs a Memorandum of Understanding With the Jordanian Businessmen Association at IBC Offices