Latest news with #Al-Obaidi
Iraqi News
3 days ago
- Business
- Iraqi News
Iraqi banking analysis reveals troubling lending ratios
Baghdad ( – A recent analysis of Iraq's 2025 banking data by economic expert Manar Al-Obaidi has exposed a significant disparity in lending practices, particularly among the nation's smaller financial institutions. The report, which is stirring debate within financial circles, raises serious questions about the oversight and effectiveness of the Central Bank of Iraq's loan initiative. The analysis categorizes Iraqi banks into three distinct groups based on their credit-to-deposit ratios. Large banks, with assets exceeding one trillion Iraqi dinars, maintain a stable ratio of 46%, which is well within international safety standards. However, for medium-sized banks (with assets between 500 billion and one trillion dinars), this ratio jumps to 109%. The most alarming figures come from small banks (with assets below 500 billion dinars), where the ratio soars to an astonishing 400%, meaning their loan portfolios are four times the size of their deposits. To illustrate this disparity, Al-Obaidi's analysis cites specific examples. One small bank with just 2.2 billion dinars in deposits extended loans valued at 440 billion dinars. Another had deposits of only three billion dinars while managing a credit portfolio exceeding 136 billion dinars. The majority of these loans were sourced from the Central Bank's 13.5 trillion dinar initiative for small and medium-sized enterprises. This trend is prompting critical questions: How were institutions with such a limited deposit base and questionable creditworthiness enabled to manage these massive sums? What is the nature of the projects being funded, and what is their actual impact on Iraq's economy and GDP? Al-Obaidi's analysis suggests that while the initiative has been in place for over two years, the loan-granting mechanism needs a comprehensive review. He also calls for a re-evaluation of banks based on deposits and client base, as well as more rigorous oversight of the small banks that appear to have found a massive opportunity for financial maneuvering without clear standards or accountability. The analysis concludes with the central and most pressing question: Who are the real beneficiaries of these loans, and did the initiative truly achieve the economic goals for which it was launched?
Libya Review
07-07-2025
- General
- Libya Review
Libyan Army Rescues 37 Migrants
The Libyan National Army has rescued 37 Bangladeshi migrants found aboard a dilapidated boat approximately 195 miles northwest of Benghazi in the early hours of Monday, according to military officials. Colonel Khalifa Al-Obaidi, Director of the Media Office for the Libyan Army's General Command, told Russia's RIA Novosti news agency that the migrants were attempting to reach Europe when they were intercepted at sea by the Libyan Armed Forces' Coast Guard unit. The boat was reportedly in poor condition and at risk of capsizing when the rescue operation was carried out. The migrants were safely brought ashore and immediately transferred to the official detention centres run by the Department for Combating Illegal Migration. 'All migrants were handed over to the competent authorities, and have been provided with food, medical care, and shelter,' Colonel Al-Obaidi stated. The rescue highlights ongoing efforts by Libyan authorities to control irregular migration across the Mediterranean, as Libya remains a key departure point for migrants seeking to reach European shores, often aboard overcrowded and unsafe vessels. International organisations, including the International Organization for Migration (IOM) and the United Nations High Commissioner for Refugees (UNHCR), have repeatedly expressed concern over the treatment of migrants in Libya and called for long-term solutions to address the humanitarian and security challenges posed by irregular migration. Libya's eastern-based authorities have continued to work closely with local and international bodies in processing intercepted migrants and facilitating voluntary repatriation when possible. Tags: BangladeshlibyaLibyan armymigration
Shafaq News
05-07-2025
- Business
- Shafaq News
Iraq's hidden workforce: The rise of waste picking
Shafaq News – Baghdad The informal profession of waste picking has become a critical lifeline for tens of thousands of young people and women across Iraq, according to Manar Al-Obaidi, head of the Iraq Future Foundation. In a statement, Al-Obaidi described the growing reliance on waste picking as both a social and economic phenomenon that is unfolding largely unnoticed by the state. 'Today, waste picking has become a last resort for tens of thousands of youth and women who lack access to formal employment and possess neither academic qualifications nor vocational skills,' Al-Obaidi wrote. 'It is no longer a random activity. It is a structured, expanding phenomenon operating quietly through Iraq's cities and alleys, overlooked by both government and society.' Despite its marginalization, Al-Obaidi emphasized the vital role waste pickers play in the national economy, particularly in the recycling sector, pointing out to rising imports by countries such as Turkiye, Iran, China, the UAE, and Saudi Arabia of recyclable materials originating in Iraq — including paper, aluminum, iron, and wood waste. Each category of recyclable material, he explained, creates a supply chain capable of generating at least 20,000 direct and indirect jobs, making waste picking one of the largest informal job generators in the country amid a lack of viable alternatives. This trend is intensifying at a time of deepening economic pressure. According to forecasts by Statista, Iraq's unemployment rate reached 18.22% in 2025, with a labor force of approximately 12.42 million people and a total population projected at 47.02 million. The combination of limited formal employment opportunities, rapid population growth, and weak vocational training systems has left many Iraqis with few options beyond informal work. Al-Obaidi noted that waste picking has thus become the only option for many, leading to increased competition in the sector. However, he warned that the industry operates entirely outside state oversight, and in some areas is controlled by organized networks that divide territories based on the type of recyclable material and impose fees or extortions on workers. 'This reflects the presence of a parallel informal economy that lacks both regulation and fairness,' he said. With domestic consumption rising and waste generation increasing, Al-Obaidi projected that Iraq's industrial and manufacturing sectors will increasingly depend on raw materials sourced from this growing activity. Yet despite this growing reliance, he criticized the absence of a clear government strategy to track where these materials go, how much they are worth, and who profits from their export. 'Why,' he asked, 'are they not reprocessed domestically to generate local added value?' Al-Obaidi also stressed that the goal is not to burden waste pickers with bureaucratic regulation, but to compel the state to recognize that this profession has become, for thousands of Iraqis, the only remaining way to earn a living. 'These are forgotten citizens, deprived of education and training, who found no path forward but to collect recyclables and sell them to meet their most basic needs.'
Shafaq News
27-06-2025
- Business
- Shafaq News
Jordan's exports to Iraq: Strong growth in 2024
Shafaq News – Baghdad/Erbil/Amman Jordan's exports to Iraq rose sharply in 2024, increasing by 44% compared to the previous year, according to a new report by the Iraq Future Foundation for Economic Studies and Consulting. The report indicated that Jordan's trade advantage over Iraq widened considerably, as Iraqi exports to Jordan fell, resulting in a 64% rise in the trade imbalance favoring the Kingdom. The value of Jordanian exports to Iraq reached approximately $1.4 billion in 2024, up from $956 million in 2023. Fertilizers led the surge, jumping by 236% to $187 million, followed by cleaning products, which rose 18% to $186 million. Pharmaceutical exports also climbed 54% to $177 million. Jordan also expanded its exports of food products to Iraq. Fruit and vegetable shipments rose by 130% to $48 million, while meat exports more than doubled to $41 million, compared to $20 million in 2023. Meanwhile, Iraq's exports to Jordan fell by 5%, from $279 million in 2023 to $265 million in 2024. The decline was largely due to an 8% drop in oil and petroleum product exports — which make up about 90% of Iraq's total exports to Jordan — falling from $260 million to $239 million. Non-oil exports, though still a small portion of Iraq's outbound trade, showed mixed performance. Exports of carbonated beverages and juices increased from $943,000 in 2023 to $12 million in 2024. However, date exports declined 11% to $4.5 million. The foundation quoted its director, economic expert Manar Al-Obaidi, saying the resulting trade deficit reached $1.1 billion in 2024, up from $676 million the year before. Al-Obaidi warned that the deficit is likely to continue rising due to Iraq's growing reliance on Jordanian goods, citing simpler financial transaction procedures with Jordan compared to other countries facing political or logistical complications. He added that no serious measures have been taken by relevant Iraqi authorities to regulate bilateral trade or support the country's non-oil exports. 'There is still no incentive program to boost Iraqi exports or a strategy to strengthen Iraq's presence in the Jordanian market,' he said. Al-Obaidi stressed the importance of speeding up domestic industrial development, particularly in petrochemicals and fertilizer manufacturing. He also highlighted the opportunity to lessen import reliance by strengthening Iraq's pharmaceutical and cleaning product industries, urging Iraq's Ministry of Trade and other economic institutions to develop 'a national plan' to rebalance trade with partner countries.
Shafaq News
16-05-2025
- Business
- Shafaq News
Baghdad plans new resorts to ease tourism demand
Shafaq News/ Baghdad's authorities began developing new resorts to accommodate Baghdad's rapidly growing population, an Iraqi official revealed on Friday. The head of the Iraqi Tourism Syndicate Mohammed Ouda Al-Obaidi told Shafaq News that the Syndicate had submitted studies to relevant bodies proposing the establishment of four tourism cities—each equipped with a range of entertainment options. He indicated that the proposed tourism zones, located near Baghdad's entry points, offer ample space for recreational development and easy access from neighboring provinces. 'This will reduce outbound travel, and help preserve Iraq's foreign currency reserves.' Domestic tourism demand typically surges with the start of the summer break for educational institutions, underscoring the need for structured plans and services to accommodate families, especially in the capital, he said, noting that Baghdad families usually visit Al-Zawraa Park, the Tourist Island, Lake Habbaniyah, and some of the new resorts. Al-Obaidi further stressed that existing recreational facilities are insufficient, which often leads to overcrowding during holidays, calling for the construction of large-scale parks and tourism cities to absorb this rising demand. Effective management and coordination among relevant authorities are essential to meet growing tourism demand, he emphasized, adding that collaboration with media outlets is also crucial to highlight Iraq's natural, cultural, and historical attractions—an effort that could draw visitors from neighboring countries and revitalize the tourism sector.
