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Saudi Cafe Chain Opens First Branch in Iraq
Saudi Arabia cafe chain Kyan Café has opened its first branch in Iraq.
The outlet in Basra will initially open from 2:00pm until midnight, but has plans to extend this to 24 hours.
It is Kyan’s 356th store worldwide. link
Article 140 is close to resolving the transactions of deportees and arrivals in Kirkuk
The Article 140 Committee in Kirkuk announced on Monday that there are approximately 2,500 deportees and 2,000 expatriates whose financial dues allocated by Baghdad are being disbursed by the committee, while it confirmed that the government is paying attention to resolving these files by allocating a budget estimated at about 100 billion annually to pay these special dues.
The director of the Article 140 Committee in Kirkuk, Hardi Khader, told Shafak News Agency, “The committee was able to complete 2,969 exchange transactions for expatriates and 1,699 exchange transactions for Kurdish deportees during the years 2023 and 2024. There are transactions ready for disbursement, about 5,728 for deportees and 3,931 transactions for expatriates, and these transactions are updated.”
Khader added, “The Supreme Committee for Article 140 in Baghdad is the one that allocates the budget and allocates the amounts for the bonds by it, where an amount of 100 billion is allocated annually to cover the disbursement of compensation to the displaced Kurds and Arabs arriving in Kirkuk.”
He added that “the committee is working to facilitate the work of the deported Kurdish and Arab visitors who meet the conditions, and the transaction is submitted to the general headquarters to disburse their financial dues through cheques organized for that purpose.”
Article 140 stipulates the cancellation of the demographic change policies pursued by S----m Hussein’s regime in the disputed areas in favor of the Arabs at the expense of the Kurds, and then a census of the population before the final step, which is to hold a referendum in which the population determines whether they wish to join the Kurdistan Region or remain under the administration of Baghdad.
The implementation stages of the article were scheduled to be completed by the end of 2007, but security and political problems prevented this .
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In 2019, the Federal Supreme Court ruled that Article 140 of the Iraqi Constitution would remain in effect, stressing that this would continue until its requirements were implemented and the purpose of its legislation was achieved link
Signing a memorandum of understanding to establish Iraqi companies with joint capital with the Emirates
Financial cooperation between Baghdad and Abu Dhabi
Prime Minister Mohammed Shia Al-Sudani sponsored, today, Monday, the signing of a memorandum of understanding between the Iraqi Securities Commission and the Abu Dhabi Securities Market, to enhance cooperation and financial services. In light of the memorandum, Emirati investments will be encouraged in establishing Iraqi companies with Emirati-Iraqi capital, and research into trading them in both markets.
Al-Sudani’s office in a statement:
Prime Minister Mohammed Shia Al-Sudani received today, Monday, the CEO of the Abu Dhabi Securities Market, Mr. Abdullah Salem Al-Nuaimi.
During the meeting, ways of joint cooperation in the field of exchanging expertise and developing mechanisms for expanding private sector activities to achieve economic growth were discussed.
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The Prime Minister sponsored the signing ceremony of a memorandum of understanding between the Securities and Exchange Commission and the Abu Dhabi Securities Market. The agreement was signed on the Iraqi side by the Chairman of the Securities and Exchange Commission, Mr. Faisal Wissam Al-Haims, and on the Emirati side by Mr. Abdullah Al-Naimi.
The MoU includes axes of cooperation in several areas, the most important of which are enhancing and developing the monitoring of daily trading in the market, and brokerage firms, cooperation in the field of dual listing conditions and mechanisms, and in developing and using technological applications and applications and mechanisms for subscriptions and initial listings, as well as in the field of cases of suspending trading on shares and timings for re-trading, and the requirements for licensing REIT funds.
The memorandum also included the exchange of expertise in the field of training, especially the activities of supervision and information technology, trading and clearing, digital transformation and financial analysis, depositing, managing funds and portfolios and supervising them, cooperation in the field of Islamic bonds and sukuk, depositing, settlement and independent financial services, and the requirements and mechanism for opening accounts for foreign investors from outside the country.
In light of the memorandum, Emirati investments will be encouraged in establishing Iraqi companies with Emirati-Iraqi capital, and their trading in both markets will be explored. link
Source: Dinar Recaps
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