Startups in Iraq “to Multiply Rapidly”


Top Mountain LLC hosted the first annual Business Canvas Erbil conference which was attended by 120 participants and took place in the Dedeman hotel.

The conference was funded by the European Union and German Federal Ministry for Economic Cooperation and Development through GIZ.

The event was also sponsored by GroFin Iraq, a financing organization that provides loans of up to $2 million to SMEs in Iraq.

The goal of the conference was to inform the audience about the future of economic development in the Kurdistan Region and promote the services of Top Mountain Business Incubator.

Throughout the conference, speakers and panelists reviewed the challenges and opportunities related to the job market and entrepreneurship.

During his presentation on the future of the startup ecosystem in Iraq, one of the Co-founders of Top Mountain explained that within the next few years startups in Iraq will begin to rapidly multiply and grow as financing and technical skills become more widely available.

This predication is based on the rapid growth in startups that has occurred throughout the MENA region over the last 3 years. Some of the key conclusions reached by panelist and speakers are that companies in Iraq must expand their internship programs to help train the next generation of skilled workers.

Panelists also noted that lack of access to finance is the most critical challenge to SME growth. Despite the challenges facing businesses in Iraq, most of the attendees and panelists remain optimistic and anticipate a bright future for Iraq’s economy.

(Source: Top Mountain LLC)


Abdul-Mahdi to an American senator: Our forces have become more powerful and pursuing a hustler in the desert

Editorial Date: 2019/4/25 23:50

BAGHDAD (Reuters) – Prime Minister Adel Abdulmahdi received in his official office today a US Senate delegation headed by Senator Matt Romney, which includes Sen. Chris Murphy, a Democratic senator and a member of the Foreign Relations Committee.

“The situation in Iraq has improved and our relations with the surrounding countries have developed a lot and Iraq is a unified element and a point of attraction and convergence. Our priorities focus on establishing security and stability, strengthening the economy and improving the services and infrastructure that were destroyed during the years of wars that the Iraqi people lived and planned,” he said. Is continuing to encourage the private sector, industries and production and not just consumption and import. ”

“The Iraqi forces have become stronger and more capable than before and continue to pursue the remnants of Daas in the desert and remote areas.”

“The United States is an important country and we have a strategic framework agreement and we look forward to the contribution of its companies to building and rebuilding Iraq and supporting the Iraqi economy,” he said.

“I am pleased to see Iraq with this security stability, economic growth and normal life in the cities, which are very different from what they were, and the Iraqis have great opportunities to work and build under the unity of Iraqis and to reject differences, stabilize the situation and improve external relations,” he said.

While Senator Chris Murphy said that economic opportunities are increasing in the face of stability, and that US companies are ready to participate in the efforts to build and strengthen the economy. ”

The meeting discussed relations between the two countries and reviewed the developments of the situation and the improvement of the security situation in Iraq and the vision of the future government for various political and economic issues.

Barzani to a delegation from the US Congress: Kurdistan Region is ready to face any terrorist threat

Twilight News

one hour ago

The President of the Kurdistan Regional Government, Nechirvan Barzani, during a meeting with a delegation from the US Congress, on Thursday, the desire of the Kurdistan Region to further strengthen its relations with the United States of America, and thanked him for US assistance to the region during a war, and expressed readiness to face any terrorist threat.

In a statement to the presidency of the Kurdistan Regional Government responded to the twilight News, Barzani discussed with a delegation from the US Congress the political and security situation in the region in general, and the conditions of the displaced to escape the oppression of terrorism, and relations with the United States of Kurdistan.

The delegation expressed its support for the Kurdistan Region, praised the progress witnessed by the Kurdistan Region, and highly valued the tournaments of the Kurdistan Regional Government and Peshmerga in a confrontational confrontation, sheltering and protecting a large number of displaced people and refugees.

The statement added that during a meeting held Thursday evening in Erbil and attended by Deputy Prime Minister of Kurdistan Region, Qubad Talabani, US Consul General in the Kurdistan Region and Steve Vagan, Barzani stressed the desire of the Kurdistan Region to further strengthen relations with the United States of America, The American aid to the Kurdistan Region during a war, and the readiness of the Kurdistan Region to face any terrorist threat, pointing to the need for coordination and cooperation between Erbil and Baghdad and the International Alliance in this regard.

Barzani then presented an overview of the improvement of the economic situation of the region and overcome the crisis of previous years, calling on friendly countries to invest their capital in the Kurdistan Region, and to help the territorial government in the reforms initiated in various fields.

Talks on reconstruction of war-affected areas, repatriation of displaced persons, relations and talks between Erbil and Baghdad and resolution of their problems through dialogue were discussed at another part of the meeting.

The anger: Iraq has enough energy to meet the needs of consumers

Minister of Oil Thamer Ghadhban energy

Economy News Baghdad

Oil Minister Thamir al-Ghadhban said on Thursday that Iraq could increase its oil production to six million bpd if necessary, but was committed to OPEC-led production cuts and would not take unilateral action to boost supply.

He added that there was no acute oil shortage at the moment, but Iraq will continue to monitor the market to assess the need for additional quantities during the next OPEC meeting.

The United States on Monday decided not to renew the exceptions granted last year to sanctions against Iran for some crude buyers from Tehran, taking a tougher stance than expected and sparking a surge in oil prices for supply shortages

Association of Iraqi private banks to hold a workshop of the banking system and enhance financial coverage


Economy News _ Baghdad

The Association of Iraqi Private Banks, in cooperation with the Central Bank and the Joint Efforts Group, held a workshop on Thursday entitled “The Banking System and Enhancing Financial Inclusion”, with the participation of a number of government and private banks and electronic payment companies.
The meeting was attended by Deputy Governor of the Central Bank Munther Al-Shaikhli and a number of general managers in the bank and the director of management and training in the Association of Iraqi private banks Ahmed al-Hashemi and the adviser of the Association Samir Nusairi and representatives of banks operating in the country and the Executive Director of the Department of Financial Stability in the Central Bank of Jordan Mohammed al-Amayrah.
“Financial inclusion is a key pillar in the process of sustainable economic and social development through the creation of real opportunities for the members of the society in different segments of the youth, women and others to access financial services in a small way,” said Munther Sheikli, deputy governor of the Central Bank of Egypt. “The central bank seeks to support financial coverage through the implementation of small and medium-sized enterprises, integration with the international community and cooperation with Arab organizations, Which are working within the framework of financial coverage, including the Arab Monetary Fund and their strategic partners from the World Bank, the German Agency for Development and the Global Alliance for Financial Inclusion through participation in the regional team for financial inclusion. ”
He added: “Today we start our activities through the establishment of this workshop, which focuses on the concepts and strategies of financial inclusion and the role of the Central Bank and the financial and banking sector to enhance financial coverage and shed light on the experiences of Arab countries and implementation of the strategy of financial inclusion.”
For his part, the Executive Director of the Financial Stability Department at the Central Bank of Jordan, Mohammed Al-Amayra, the experience of the Bank of Jordan in launching the strategy of financial coverage for the year 2017 and its success, and benefit from and applied in Iraq by banks operating in the country.

During the workshop, the Executive Director of the Financial Stability Department at the Central Bank of Jordan, Mohammad Al-Amayra, was honored by the Director General of Payments Department at the Central Bank of Iraq, Suha Abdul Karim.

Financial Inclusion Week

Aspect of effectiveness


Economy News _ Baghdad

The activities of the first day of the week of financial coverage, Thursday, under the supervision of the Central Bank and the Association of Iraqi private banks, on the land of the Faculty of Management and Economics at the University of Baghdad, with the participation of 30 private banks and government and a number of financial transfer companies.

The events witnessed the provision of services free of charge to the students of the college and introduce them to the banking services they offer to citizens, distributing electronic payment cards to students and opening accounts for free for students and distributing a number of gifts.

The number of banks participating in the events 30 banks and electronic payment companies, namely Rafidain and Rashid and the Iraqi Bank for Trade TBI and the Iraqi National and International Development and Zain Iraq and Ashur International and the Arab East and Islamic guidance and Islamic trust and the Union and the Middle East and the Islamic south and Nur Iraq, Byblos, Ansari, Orr, Co-operation, Al-Rajah, Commercial, Jihan, Al-Iqbal Al-Islami, Mansour, Bank of the Mediterranean and Arab Islamic, Zain Cash, Smart Card, Amwal, Arab and Asia Hawala.

The banks participating in the event explained to the students the importance of the bank in developing the economy, supporting the projects established by the students after graduating, as well as how to open bank accounts and use electronic payment tools.

Abdul Mahdi is visiting Germany

Slider 25/04/2019 98

A political source revealed that Prime Minister Adel Abdul Mahdi, intends to visit Germany soon.

Abdul Mahdi will travel to Germany on Monday for an official visit, during which he will meet Chancellor Angela Merkel and senior German officials to discuss bilateral relations and promote economic and trade cooperation, the source told Agence France-Presse.

Abdul-Mahdi announced on April 17 that he planned to visit France and Germany before the month of Ramadan, which falls on the first week of next May.

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Fouad Hussein as Chairman of the Board of Governors of the Arab Bank

Twilight News

33 minutes ago

The Arab Bank for Economic Development (BADEA) Board of Governors announced on Thursday the election of Deputy Prime Minister and Minister of Finance Fuad Hussein as its next president.

The council said in a statement that the Iraqi Finance Minister Fuad Hussein will be president of the bank’s next session, which will be held in Morocco.

And Hussein, a Kurdi Vili, nominated for the current government headed by Adel Abdul Mahdi, representative of the Democratic Party of Kurdistan.


Halabousi discusses the contribution of US companies to work in Iraq

Release Date: 2019/4/25 21:20

(Baghdad: Al-Furat News) Speaker of the House of Representatives Mohammed Halboussi discussed on Thursday the contribution of US companies to work in Iraq, while receiving a delegation from the Senate Foreign Relations Committee.

“The delegation included Senator from the Republican Party of Utah, Senator Mt Romney, Senator of the Democratic Party of the State of Connecticut Senator Chris Murphy, and in the presence of the Charge d’affaires of the US Embassy in Iraq,” the media office of Halaboussi said in a statement received by Al-Furat News. Joy Hood “.

According to the statement, the meeting stressed the continuity of communication and the development of relations between Iraq and the United States in all areas, notably on the reconstruction and development and the return of displaced people to their cities. ”

The meeting discussed the” contribution of US companies to work in Iraq, and support the government; to implement its government program; Services for citizens in the areas of energy, housing, health and education, as well as the meeting discussed the continued support of security forces; to eliminate extremist thought. ”

Al-Habloussi stressed during the meeting “Iraq’s keenness to continue communication with the United States of America, and activate bilateral cooperation in the interest of the two friendly peoples.”

For his part, the visiting delegation was pleased with the new reality in Iraq after the elimination of terrorism, stressing that the United States and the US Senate, both Republican and Democratic seeks to be stable Iraq, and have strong relations with all friends and partners. is over

Expert: Iraq is about to make a major economic change on one condition

Editorial date: 2019/4/25 21:01

(Baghdad: Al-Furat News) Economic expert Safwan Qusay, that Iraq is about to change a large economy in the event of survival in the area of stability.

He said Qusay {for the Euphrates News} that “the current government is trying to be a stable area of Iraq and has recently become a breeding ground for foreign investment after the security of the security,” noting that “the real investment if not entered into the legitimacy will lose the opportunity available, and Iraq has a huge untapped energy on Level of all sectors “.

He added that “Iraq’s openness to the Arab system, especially that the power of this system has enormous financial capacity, there are more than 700 million dollars surplus in Saudi Arabia and the Gulf countries, an attempt to diversify the sources of funding to discuss various employment opportunities to absorb unemployment.”

“If the government succeeds in staying in the stability zone, we will see a significant change in the scope of projects,” Qusay said.

As for tribal conflicts and their impact on investment in Basra, the economist said: “Recently, we have seen the expression of the self in an illegal manner, the problems may be small and do not cause concern. Basra is the economic capital of Iraq,” adding that ” Especially if the province is affected by any stability reflected on investors may be withdrawn from investment. ”

“The current conflicts in Basra are not currently a concern for investment, which is supposed to put an end to such conflicts and avoid giving an inaccurate impression on the province and its people.”

“The way of thinking has changed by mobilizing savings through private and public banks, but this is not enough to assume direct investment with countries, especially in the regional environment,” he said. “Iraq is the axis of convergence of international interests. And the major countries seeking internal investment, and what we need to start we have to restore infrastructure through investment. ”