Latest news with #NationalMobileTelecommunicationsCompany
Zawya
02-05-2025
- Business
- Zawya
Qatar: Ooredoo's profits up 5% in Q1-25
Qatar - National Mobile Telecommunications Company (Ooredoo) achieved profits attributable to the owners amounting to QAR 960 million in the first quarter (Q1) of 2025, up 5% from QAR 913 million in Q1-24. Total revenues stood at QAR 5.85 billion as of 31 March 2025, compared to QAR 5.86 billion, according to the financial results. Earnings per share (EPS) went up year-on-year (YoY) to QAR 0.30 in Q1-25 from QAR 0.29. The group reported total assets amounting to QAR 61.13 billion at the end of March 2025, versus QAR 60.94 billion as of 31 December 2024. Aziz Aluthman Fakhroo, CEO of Ooredoo, said: 'Ooredoo Group began the year on a strong note underpinned by sustained operational momentum across our markets with a focus on efficiencies and execution of key strategic initiatives.' Fakhroo added: 'Excluding the impact of the Myanmar exit, Revenue increased by 3% YoY to QAR 5.80 billion and EBITDA grew by 2% to QAR 2.50 billion. EBITDA margin was maintained at 43%. The group's performance during the quarter was bolstered by strong growth in Kuwait, Algeria, and Iraq.' Source: Mubasher
Khaleej Times
10-04-2025
- Business
- Khaleej Times
Rabee Securities achieves 1.6% growth in Iraq Stock Exchange index amid regional market volatility
Rabee Securities, Iraq's leading financial services firm, reported a 1.6% growth in the Rabee Securities Iraq Stock Exchange Index for March 2025. This performance emerges as a standout achievement during a period where regional markets experienced varied economic pressures. While major markets in the region recorded declines, Iraq's financial sector demonstrated resilience and strategic adaptability. The RSISX Total Return Index reported an even stronger growth rate of 2.0%, driven by effective dividend management, strong investor engagement, and a steady flow of capital into key sectors. The broader regional landscape continues to navigate complex global economic conditions. Despite these challenges, Iraq's financial markets have shown robust performance and continued growth. Excluding cross transactions, monthly trading volume increased by 31% to $26.9 million. According to Tugba Tan Karakaya, Equity Analyst at Rabee Securities, the consistent growth in trading volume underscores Iraq's ability to attract and retain investor interest. 'The continued momentum in trading activity reflects a resilient investor base that recognises the potential within Iraq's financial markets. We are seeing substantial engagement across key sectors, with the banking sector particularly demonstrating strong performance and investor interest.' Strategic economic initiatives during March further highlighted Iraq's capacity to strengthen its economic foundations. The establishment of the National Mobile Telecommunications Company (NMTC) in partnership with Vodafone Group to develop the country's 5G network exemplifies a forward-looking vision aimed at enhancing infrastructure and revenue generation. Additionally, the $25 billion agreement with BP to develop four oilfields in Kirkuk, aiming to increase oil output by 450,000 barrels per day and elevate natural gas production to at least 400 million cubic metres annually, is expected to provide a substantial boost to the nation's economic landscape. The Central Bank of Iraq's partnership with Emirates Islamic Bank to enhance cooperation in Islamic banking is another critical step in diversifying Iraq's financial ecosystem. By expanding correspondent accounts and enabling Iraqi customers to invest in Islamic sukuks, this collaboration aims to broaden investment opportunities and foster greater financial inclusion. Rabee Securities' consistent performance against a challenging regional backdrop highlights Iraq's resilience, adaptability, and forward-thinking approach. As markets across the region continue to navigate complex conditions, Rabee Securities remains committed to delivering critical insights and strategic guidance to investors seeking sustainable growth.
Iraq Business
11-03-2025
- Business
- Iraq Business
5G: Iraq to establish National Mobile Telecommunications Company
By John Lee. Iraq's Council of Ministers has approved the establishment of the National Mobile Telecommunications Company (NMTC), which will operate Iraq's 5G national license in cooperation with UK's Vodafone Group. The initiative aims to develop the telecommunications sector, maximize revenues, and implement the government program. The new company will be a private limited entity under the Companies Law No. 21 of 1997 (as amended), with equal ownership by: Al-Salam General Company (Ministry of Communications) (Ministry of Communications) National Board of Pension / State Pension Fund / State Pension Fund Trade Bank of Iraq (TBI) Each entity will contribute one-third of the capital as a long-term investment. The Council of Ministers will oversee key corporate decisions, including shareholding amendments, public offerings, and strategic planning. The Minister of Communications has been assigned to supervise implementation and provide regular progress reports. (Source: PMO)
Iraqi News
11-03-2025
- Business
- Iraqi News
The Cabinet holds the 10th regular session, desicions included
The Cabinet held the 10th regular session chaired by PM Muhammed S. Al-Sudani on Tuesday as it included discussions on the latest developments in the country, the progress of the government program, and the review of agenda items, leading to key decisions. As part of efforts to develop the telecommunications sector, maximize revenues, and implement the government program, the Cabinet approved the establishment of the National Mobile Telecommunications Company, which will operate the 5G national license in cooperation with Vodafone Group, according to a statement by the PM's Media Office - received by the Iraqi News Agency - INA. In this regard, the Cabinet approved the following: 1. The participation of the following entities in establishing the National Mobile Telecommunications Company as a private limited company, following the Companies Law No. 21 of 1997 (as amended): • Ministry of Communications / Al-Salam General Company. • National Board of Pension / State Pension Fund. • Trade Bank of Iraq (TBI). 2. Each entity will contribute an equal one-third share of the company's capital as a long-term investment. 3. The participating government entities must obtain the Cabinet's approval for their nominated representatives to the General Assembly of the National Mobile Telecommunications Company. 4. The nominated representatives of these entities must seek Cabinet approval before making decisions on the following matters once appointed to the General Assembly: • Amending shareholders' equity in the company. • Determining future share allocations for public offering. • Major strategic decisions impacting the success of the national mobile license project. 5. The Minister of Communications will oversee the implementation of the national mobile license project and submit periodic progress reports to the Cabinet. Decisions on Infrastructure and Delayed Projects The Cabinet also reviewed the progress of infrastructure projects and the completion of stalled projects, issuing the following decisions: 1. Increasing the total cost and contingency amount for the rehabilitation of the road linking Imam Ali (AS) Bridge to the Shalamcheh Border Crossing in Basra Province. 2. Adding an electricity supply component to Al-Rifai Sewage Project in Dhi Qar Province, while also increasing the total cost and contingency amount for the main project. 3. Adding a new component to complete the Balad Water Project in Salah al-Din Province, increasing the total project cost and contingency. 4. Increasing the contingency allocation for the contract related to the construction of the Chaldean Patriarchate headquarters and its necessary provisions (First Contract Annex), as part of the Patriarchate headquarters construction project, and introducing a new component for furnishing the headquarters. 5. Adjusting the cost components for completing the Salah al-Din Thermal Power Plant (1260 MW) and reallocating the remaining funds from the rehabilitation and reconditioning component to support the management, training, operation, and development of the power plant. This adjustment will be implemented without additional charges to the Iraqi-Chinese framework agreement. 6. Increasing the total costs and contingency amounts for sanitation, sewage, and transmission line projects in the districts of Al-Salahiyya, Al-Shafi'iya, and Nafar in Al-Diwaniyah Province. The Cabinet approved procurement procedures in Salah al-Din Province following the budget law provisions, implementing projects through direct execution and the trust-based execution method. The session included amending the Cabinet's Decision No. 300 (2022) to include the following provision: • The Ministry of Finance will cover the interest costs on a loan granted by the Trade Bank of Iraq (TBI) to the Iraqi Football Association, additionally, all accrued interest owed by the association will be waived Foreign Affairs and Diplomatic Agreement. The Cabinet approved the Enforcement of the Memorandum of Understanding on mutual visa exemption for diplomatic passport holders between Iraq and Morocco. In addition to that, the Cabinet approved the Foreign Ministry's proposal to establish an Indian Consulate General in Najaf Province. The Cabinet approved the Air Services Agreement between Iraq and Jordan and Submitted it to the Council of Representatives for approval and ratification.
