Latest news with #IBBC
Iraq Business
3 hours ago
- Business
- Iraq Business
Iraqi Private Sector Faces Four Key Challenges, Says Professor
By John Lee. The Iraqi private sector confronts significant obstacles that must be addressed to unlock the country's economic potential, according to Professor Frank Gunter of Lehigh University, speaking at the Iraq Britain Business Council (IBBC) Spring Conference in London recently. Professor Gunter identified four critical challenges hampering private enterprise development in Iraq: Finance: Iraqi businesses struggle to access basic financial services including cross-country bill payments and funding. "The first source of funds is family, not a bank, not a loan, not a venture capitalist," Professor Gunter noted, emphasising that this reliance on family financing must change for sustainable growth. Education: The country faces challenges in both quantity and quality of education. Iraq had been making progress in reducing illiteracy until ISIS disrupted educational systems between 2014 and 2017, forcing many out of schools and creating refugee populations. The professor stressed the need to eliminate illiteracy, particularly among older workers, whilst improving educational quality to meet private sector demands for engineers and scientifically-trained personnel rather than bureaucrats. Infrastructure: Basic infrastructure remains deficient, with Iraq lacking reliable 24-hour electricity despite two decades of substantial investment spending. Regulatory Environment: This emerged as perhaps the most damaging constraint. Professor Gunter cited a recent World Bank study examining 50 countries, which found Iraq ranking last among 16 nations with similar economic development levels for regulatory quality. Even when compared to all 50 countries studied-including those with lower development levels and nations experiencing civil wars-Iraq ranked 45th. The findings suggest substantial reform will be required across multiple sectors to create a conducive environment for private enterprise in Iraq.
Iraq Business
a day ago
- Business
- Iraq Business
Video: IBBC Tech Forum on AI
By John Lee. The Iraq Britain Business Council (IBBC) hosted a very informative Tech Forum on the topic of "How Tech and AI can benefit services and entrepreneurs in Iraq and internationally'", as part of its Spring Conference in London last week. The session was chaired by Ashley Goodall, and speakers included: William Page, Daniel Sawko, ShipShape Raman Salihi, SoftCell Professor Frank Gunter, Lehigh University James Wallman, World Experience Organisation Please click below to view the full webinar: (Source: IBBC)
Iraq Business
05-06-2025
- Business
- Iraq Business
IBBC Holds Successful Spring Conference at the Mansion House
From the Iraq Britain Business Council (IBBC): IBBC Holds Successful Spring Conference at the Mansion House IBBC hosted over 250 members, businesses and government officials for its 13th Mansion House conference on 2-3 June. IBBC President Baroness Nicholson welcomed the delegates, in particular the Ministers and official government guests from Iraq, led by Deputy Prime Minister and Minister of Oil H.E. Hayan Abdul Ghani Al Sawad, and H.E. Mohammed Al Darraji, the Prime Minister's representative. H.E. Hayan Abdul Ghani Al Sawad, Deputy Prime Minister and Minister of Oil From the UK side, Mr Tim Reid, CEO of UK Export Finance, and Sir Nicholas Lyons, the Lord Mayor's representative, attended. Lord Howell delivered an insightful speech on global challenges, democracy, and future strategy, while Lord Green spoke at the reception the previous evening. Mr Mohammed Al Asaadi of Hammurabi Law and IBBC Member Representative in Iraq, and Mr Sardar Bebany, Chairman of Sardar Group and IBBC Executive Committee Member, also addressed the gathering. Christophe Michels, Managing Director of IBBC, chaired the conference. H.E. Mohammed Al Darraji, the Prime Minister's representative We are grateful to our sponsors: Sardar Group, EMAAL, Hogan Lovells, Trade Bank of Iraq, Al Zaman Group, Al Rida Investments, and 1001 Media and travel partner - London Sky. Throughout the day, panels addressed a broad range of topics including geopolitics, finance, investment, banking reform, energy, growth and diversification, and heritage. Roundtables were held on education, the women's group, finance, and the tech forum. The special Rasmi Al Jabri Award was presented to Ismail, founder of Al Busttan, a close friend of Rasmi and a founding figure of IBBC in Iraq. The award recognises exemplary Anglo-Iraqi collaboration and business growth. Mr Ismael Shakir, Managing Director, Al Busttan receiving Rasmi Al Jabri Award Christophe Michels closed the conference by thanking delegates and announcing the next IBBC conference will take place in Basra on 4 December. Conference Themes The conference panels addressed key issues and opportunities, with an overall tone that was optimistic and forward-looking, reflecting Iraq's growing political and economic stability, and a renewed sense of prosperity and diplomatic engagement. H.E. Minister Al Sawad outlined significant progress: from gas capture and electricity generation to fertiliser and chemical production. He noted contracts with BP for integrated production in Kirkuk, and with Total for energy and water systems in Basra. A carbon reduction company is being established to monitor emissions. There is also a focus on replacing sweet water with desalinated water in Basra, and boosting local production to reduce imports. H.E. Mr Al Darraji reaffirmed Iraq's balanced regional role, commitment to stability, democratic governance, reduction of armed non-state actors, and a stable exchange rate. The Government is pushing to diversify the economy beyond energy, launching carbon bonds, and attracting FDI with sovereign guarantees. Iraq's economy is healthy, with a GDP-to-debt ratio of just 10%, improved laws for foreign investors, and new contracts, such as a £1.1bn sewage deal with the UK. The diaspora in the UK is encouraged to invest in Iraq. Tim Reid, CEO of UKEF, highlighted the UK's support, with £8bn available in 2024 from a total budget of £80bn. He underlined UKEF's role in enabling certainty for UK companies and their partners. Projects in Iraq include stormwater and sanitation for 20,000 people, and £100m invested in British fire trucks to improve urban safety. Ms Zara Murad Griffiss shared her ambition to represent Iraq in dressage at the 2028 Los Angeles Olympics. To qualify, she needs to raise £1m. IBBC is proud to support one of the few Iraqi women aiming to compete at this level. Ms Zara Murad Griffiss, International Equestrian Mr Bebany of Sardar Group explained that their operations are anchored around Toyota and JLR, employing over 4,000 staff, and emphasised the company's investment in staff development. Mr Al Asaadi of Sama Hammurabi Law expressed honour in representing IBBC members, pledging continued legal and institutional support for business. Lord Howell, drawing on his recent book The Edge of Anarchy, delivered a powerful analysis of geopolitical risks, urging renewed national resilience and civic preparedness. He called for strategic reinvention, greater public engagement, financial literacy, and a strengthened parliamentary system-suggesting compulsory voting and proposing Iraq join the Commonwealth. Keynote Address: The Rt Hon Lord Howell of Guildford Geopolitics Panel Chaired by Jon Wilks, the panel included Dr Lina Khatib (Harvard), who noted Iraq's positive regional engagement and a shift towards Arab-led leadership. Prof Gareth Stansfield (Exeter University) and David Hunt (FCDO) added depth on regional dynamics and Iraq's evolving role. Energy Panel Zaid Elyaseri (BP Iraq) spoke of increased investment in Kirkuk and Rumaila, integrating oil, gas, and water for more sustainable operations, with 94% local staffing. Dunia Chalabi (Total) described Total's integrated Basra system using solar power, desalinated water, and gas capture. Sultan Al Maliki (BGC) detailed LPG exports, local energy generation, and community support via the AMAR Foundation. Sara Akbar (Oilserve) argued for closer Iraq-Kuwait cooperation and pointed to regulatory hurdles for domestic companies. Session 1: Energy Dr Luay Al Khatteeb, chairing the session, noted that subsidies distort energy usage and that crypto mining is adding pressure to electricity demand. Diversification and Growth Prof Frank Gunter noted that while oil accounts for 90% of revenue, it provides only 2% of jobs. With youth underemployment at 80%, the private sector, improved banking, and credit access are critical. Steve Alexander (Sardar) called for simplified procurement, better credit access, and talent development. Mohsen Khairaldin Garcia (1001) highlighted IP theft as a barrier to Iraq's creative economy. Abir Burhan (Al Burhan) discussed the growing need for high-quality housing. Dr Ali Altaiee (Iraq 24 / EMAAL) announced Iraq's first business summit and called for SME support and legal harmonisation across ministries. Session 2: Growth and Diversification Banking and Finance Chaired by Ardil Salem (Hogan Lovells), the banking reform panel included Ezzeldin Yousef (Central Bank), Dr Salahuddin Al Hadeethi (Ministry of Finance), and Dr Salih Salman (PM's advisor). Mr Salem also chaired the financing panel with contributions from Ali Al Awad (Al Rida Investments), Raed Hanna (Mutal Finance), Joseph Chakra (UKEF), Bilal Al Sugheyer (IFC), and Taiseer Mohammed (Trade Bank of Iraq). Session 3: Banking Reform and Change Education and Heritage The Education roundtable drew strong interest. Chaired by Prof Dr Kossay Al Ahmady, the Iraqi cultural attaché, and Prof Mohammed Al Uzri, the session covered scholarships and training, with contributions from Oxford (Somerville College, Life Sciences, Islamic Centre), Newcastle, Liverpool, Exeter and others. The Women's Group, led by Ghadeer Haider, discussed women's leadership in business. Women's Group roundtable discussion The Heritage Panel, chaired by Prof Al Uzri, heard from Dr William Deadman (Durham), Richard Wilding (RGS), Dr Mary Shepperson (BISI), and Dr Rosalind Haddon and Maysoon Al Damluji, on urgent efforts to document and protect Iraq's historic structures. A campaign to raise awareness among Iraqis of their heritage was proposed. Mr Richard Wilding, Royal Geographical Society speaking during Heritage Session 1 Christophe Michels closed the event by thanking all sponsors and staff and confirmed that the next IBBC conference will be held in Basra on 4 December.
Iraq Business
05-06-2025
- Business
- Iraq Business
Rasmi Al Jabri Award presented to Ismail Shakir
By Padraig O'Hannelly. The Iraq Britain Business Council (IBBC) has awarded this year's Rasmi Al Jabri Annual Award for Excellence to to Ismail Shakir, founder of Al Busttan Group, a close friend of Rasmi and a founding figure of IBBC in Iraq. Al Busttan provides a full range of supporting services designed specifically for the oil and gas industry in Iraq, from life support, security and maintenance, to construction and drilling. Baroness Nicholson presented the 'Infinity Medallion' to Ms Hasan at the IBBC's Spring Conference in London's Mansion house on Tuesday, in the presence of Rasmi Al Jabri's nephew. The award was established in honour of Rasmi al Jabri, who died in 2020, and who worked tirelessly for many years to support Iraqi businesses and foster Anglo-Iraqi relations as an IBBC Board Member, Deputy Chairman and Member Representative in Iraq. Open to all Iraqi-owned enterprises operating in Iraq, the award recognises excellence in performance and governance, and in the promotion of business partnerships between Iraqi and British companies. Previous winners of the award have included Al Burhan Group, Sardar Group, AAA Holding Group and Al Hadeel Al Hasan Law (HHL). The medallion was designed by Charles Walker of Zaha Hadid Architects (ZHA).
Iraqi News
04-06-2025
- Business
- Iraqi News
Iraq to achieve self-sufficiency in refined fuels by year-end, Oil Minister tells IBBC
London ( – Iraq will stop importing refined white products (like gasoline and diesel) and achieve self-sufficiency by the end of 2025, potentially exporting surplus, Oil Minister Hayyan Abdul Ghani Al-Sawad announced Wednesday (June 4, 2025). Speaking at the Iraq Britain Business Council (IBBC) conference in London, he detailed significant energy sector advancements. This milestone is driven by increased domestic refining capacity, including the Karbala refinery and expansions in Basra and northern Iraq, boosting output by 360,000 bpd. Al-Sawad also highlighted major strides in associated gas investment, with utilization rising from 53% to over 70% through projects like Basra Gas and Halfaya, and upcoming developments in Akkas and Mansouriya fields offering international partnership opportunities. The Minister showcased the comprehensive TotalEnergies integrated project (oil, gas, solar, water injection) and progress on a major pipeline parallel to the Development Road. He emphasized Iraq's reform programs under PM Al Sudani aim to maximize resource value and foster partnerships. 'Iraq is opening up to the world with a partnership-based approach,' Al-Sawad stated, inviting quality contributions from British firms in conventional and renewable energy, citing an existing BP deal in Kirkuk.
