A qualitative leap in “financial incentives” at Iraqi ports

The General Company for Ports of Iraq announced on Wednesday an unprecedented increase in financial incentives allocated to its employees after achieving record operational and revenue results during the first quarter of 2025.

Abbas Ali Hussein, the company’s director of internal audit and control, told Shafaq News Agency, “The financial incentive allocated to each employee has witnessed a significant leap compared to 2020,” noting that “the value of one point, which ranged between 6,000 and 7,000 dinars five years ago, has now increased to between 20,000 and 23,000 dinars.”

He explained that “this development is a direct result of the significant growth in revenues and reflects senior management’s appreciation for the efforts made by employees across the company’s various departments.” He noted that “the new incentive system is based on linking individual performance with corporate returns, which motivates improvements to the work environment, fosters a culture of achievement, and enhances productivity.”

Hussein added, “Iraqi ports are moving steadily toward modernization and development by implementing infrastructure projects and upgrading electronic systems and logistics services in line with international standards adopted in the maritime transport sector.”

The General Company for Iraqi Ports announced last Monday that the Khor al-Zubair oil port will receive 207 oil tankers during the first quarter of 2025.

Shafaq.com

Iraq welcomes Trump’s visit to Saudi Arabia and considers the Riyadh and Baghdad summits complementary.

Foreign Minister Fuad Hussein affirmed on Wednesday that Iraq welcomes US President Donald Trump’s visit to Saudi Arabia. While announcing that Iraq will chair three Arab summits, he pointed to “tremendous” efforts being made to organize the Baghdad Development Summit.

“We are pleased with Trump’s visit to the region and the understandings reached, and we are also pleased with the lifting of sanctions on the Syrian people,” Hussein said during a press conference attended by a Shafaq News Agency correspondent.

Regarding the Baghdad Development Summit, Hussein explained, “Today we will highlight the tremendous work undertaken by the Higher Committee charged with preparing for the Arab Summit, with the participation of numerous Iraqi government departments.”

He added, “The participation of leaders and officials in these exceptional circumstances the region is experiencing demonstrates the unity of Arab leaders in our current situation and their support for Baghdad’s investment renaissance.”

He added, “Twenty Arab organizations and federations will participate in the summit, in addition to international organizations represented by the Secretary-General of the United Nations, the Secretary-General of the Organization of Islamic Cooperation, the President of the African Union, and a representative of the European Union. The guest of honor will be Spanish Prime Minister Pedro Sanchez.”

He continued, “There are also more than 250 Arab and foreign journalist guests and dozens of Arab and foreign figures in Baghdad.”

Hussein affirmed, “Baghdad has focused its efforts on supporting the Arab Summit and providing full support, holding 16 meetings of the Supreme Administrative Committee. Iraq is proud to have hosted three summits: the 34th Arab League Summit, which Bahrain was honored to host last year, and now Iraq is honored to host it in Baghdad.”

He added, “The second summit of the fifth session of the Economic and Social Development Summit, which is held every four years, and we will be honored to chair it from the State of Lebanon.” He added, “The third summit is at the leaders’ level, and Iraq will assume the presidency of the three summits. Iraq is now the president of the Arab Summit for next year.”

Regarding the Baghdad Development Summit, Hussein explained, “There will be two sessions next Saturday. The first will begin in the morning for the Arab League Council session, and the second will be in the afternoon for the fifth development summit.”

He added, “The two summits will issue the Baghdad Declaration, which includes the joint Arab position on economic, social, and development interests, and focuses on the regional challenges facing the region, most notably an immediate ceasefire in Gaza and the opening of crossings for humanitarian aid. The countries have presented their views on the items under discussion.”

Hussein announced, “It is hoped that political initiatives will be put forward to establish the Arab Center for Combating Terrorism and the Arab Center for Regional Crime.”

Shafaq.com

Al-Sudani: Iraq is an oil and industrial country that has the potential to export products to the region.

Prime Minister Mohammed Shia al-Sudani described Iraq on Wednesday as an “industrial country,” not just an oil country, and that it can meet the needs of the local market and countries in the region.

This came in a speech delivered via video link during the inauguration of the steel plant at the General Company for Iron and Steel in Basra Governorate, with a capacity of 600,000 tons annually. He also launched the implementation work for the industrial city in Al-Zubair District, and the Basra Chlorine and Caustic Soda Production Plant Project.

Al-Sudani said in his speech, “Iraq, in addition to being an oil-producing country, is an industrial country that possesses all the ingredients for the emergence of a national industry that meets the needs of the local market. We have qualified to become a country that exports products to the rest of the countries in the region.”

Shafaq.com

The Emir of Kuwait to Trump: We will not forget your stance with us in responding to the Iraqi aggression.

On Wednesday, the Emir of Kuwait, Meshal Al-Ahmad Al-Jaber Al-Sabah, praised the US support for his country during the Iraqi invasion in 1990, addressing Trump, saying, “We will not forget your position.”

During a speech he delivered at the Gulf-US summit held in the Saudi capital, Riyadh, Al-Sabah affirmed his country’s support for international efforts to ensure the security and protection of Syria. He also called for an end to foreign interference in Syria’s internal affairs.

Al-Sabah also proposed “establishing a Gulf-American forum for cultural and educational dialogue with the aim of supporting academic exchange programs between the United States and the Gulf Cooperation Council countries,” praising US President Donald Trump’s decision to “lift sanctions on Syria.”

He expressed his hope that this summit would be the beginning of an end to the region’s concerns, also stressing “the necessity of establishing a Palestinian state based on the Arab Peace Initiative.”

Al-Sabah addressed Trump, saying, “We will never forget your support in responding to the brutal Iraqi aggression in 1990,” praising the American support provided to his country over the decades.

On Wednesday, Saudi Crown Prince Mohammed Salman opened the Gulf-US summit in the Saudi capital, Riyadh, which discussed key regional issues.

The summit opened following a virtual quadrilateral meeting between Turkish President Recep Tayyip Erdoğan, his US counterpart Donald Trump, Saudi Crown Prince Mohammed bin Salman, and Syrian President Ahmed al-Sharaa.

Shafaq.com

Al-Maliki: We hope Arab leaders will pay attention to what will be presented at the Baghdad summit.

On Wednesday, the head of the State of Law Coalition, Nouri al-Maliki, addressed a request to the Arab leaders participating in the Arab Summit, stressing that holding the summit more than once in Iraq proves that the country wants to contribute to addressing the “nation’s affairs.”

In a speech he delivered on the occasion of the Arab Summit in Baghdad, as reported by Shafaq News Agency, Maliki said, “Holding the Arab Summit in Baghdad once again proves that Iraq is a true and genuine partner with Arab leaders in confronting challenges.”

He added that “holding the Arab Summit in Baghdad is evidence of Iraq’s commitment to its role and obligations,” noting that “the Arab world is experiencing internal and external challenges because it is an essential and vital part of the region and the world.”

He continued, ” The challenges facing the region require a summit like this, where Arab leaders meet in their second homeland, Iraq, to ​​confront developments and challenges.” He emphasized that “Iraq’s hosting of the Arab Summit more than once proves that Iraq wants to contribute to addressing the nation’s affairs and interact with them.”

He pointed out that ” we hope that the Arab countries participating in the summit will unite to confront the challenges, away from problems and disagreements ,” adding, ” We hope that our Arab leaders will pay attention to the demands that will be presented at the Arab summit.”

He added, ” There must be meetings of the ministers of foreign affairs, reconstruction, and economy, so that the summit can bear important fruits that shape the wills of the countries.” He continued, “We hope that the summit will be successful and effective, establishing a stage of communication and integration to confront the challenges facing all.”

Shafaq.com

Over a billion dinars in exchange rate difference.. Kurdistan pilgrims receive $2,000 at subsidized rate

The General Authority for Hajj and Umrah in the Kurdistan Region announced on Wednesday the start of disbursing $2,000 to each pilgrim at an exchange rate of 132,000 Iraqi dinars per $100, through visiting Cihan Bank branches.

The authority explained, in a statement received by Shafaq News Agency, that this amount in dollars was transferred by the Federal Central Bank to Cihan Bank and will be exchanged at the official approved rate, with each pilgrim being given 20 $100 bills.

She explained that this mechanism allows each pilgrim to benefit from a difference of more than 200,000 dinars compared to the market price. She noted that the number of pilgrims this year reached 5,136, meaning that the total benefit would exceed one billion Iraqi dinars if all of them exchanged this amount.

The authority confirmed that Cihan Bank has been provided with all necessary information. Each pilgrim is required to visit the bank in person with their passport and Hajj visa, as no one else is permitted to receive the amount on their behalf.

She noted that Cihan Bank branches in Erbil and Sulaymaniyah will provide the service, while pilgrims from Dohuk Governorate must visit the bank’s branches in Erbil for this purpose.

The Authority concluded its statement by noting that the review will be available during three periods daily: morning from 9 am to 12 pm, evening from 3 pm to 5 pm, and night from 7 pm to 10:30 pm.

Shafaq.com

Al-Awadi: A significant number of Arab leaders, kings, and presidents have officially confirmed their attendance at the summit.

Government spokesman Bassem Al-Awadi announced: “A significant number of Arab leaders, kings, and presidents have officially confirmed their attendance at the upcoming Arab Summit through notifications sent to the Ministry of Foreign Affairs and the Prime Minister’s Office.”

Al-Awadi said in a statement to the official agency: “The Baghdad Summit is an embodiment of Iraq’s founding and active role in the Arab system, and its convening carries important implications, most notably the consolidation of political and security stability.”

He added, “The upcoming summit is expected to be one of the most mature Arab summits in terms of representation and quality of attendance.”

He pointed out that: “Iraq contributed, along with influential countries, such as Saudi Arabia and Egypt, to establishing this Arab system, which is based on holding a periodic summit that brings together Arab leaders every two years or more, to discuss fateful Arab decisions.” He explained that “holding the summit in Baghdad carries important implications, including consolidating political and security stability, highlighting the maturity of the Iraqi state and its ability to host Arab leaders and kings, and discussing fundamental Arab issues.”

Burathanews.com

Al-Sudani steps up preparations for the “important event” in Baghdad.

Prime Minister Mohammed Shia al-Sudani chaired a meeting on Tuesday to follow up on the final arrangements for the Arab Summit and the Economic and Development Summit, scheduled to be held in Baghdad next Saturday.

According to a statement issued by his office and received by Shafaq News Agency, Al-Sudani reviewed the security, administrative, and logistical plans for securing the summit during the meeting, in addition to reviewing the organizational and technical aspects to ensure a good reception and optimal organization of the conference’s activities.

The Prime Minister directed all state institutions and departments to intensify their work and coordination efforts, each within their respective jurisdictions, to ensure the success of the summit, stressing that this event represents an important milestone that reflects Iraq’s status and its pivotal and active role in the Arab and regional arenas.

Shafaq.com

The International Monetary Fund commends the Iraqi government’s significant progress in economic reform.

The International Monetary Fund (IMF) in Iraq commended the significant progress made by the Iraqi government in economic reform on Monday, expressing its readiness to increase coordination and joint action and provide necessary advice on enhancing non-oil revenues .

Al-Sudani’s office said in a statement received by Mail that “the latter received Monday, the head of the International Monetary Fund mission to Iraq, Jean-Guillaume Poulain, and the Fund’s resident representative in Iraq, Mohammed Jaber .”

According to the statement, Al-Sudani praised “the International Monetary Fund’s efforts to support Iraq and its financial and monetary institutions, thus restoring their vital role at the local and international levels, especially since the Fund is a key partner in Iraq’s efforts to reform the economy and enhance its stability.” He stressed that “the government’s achievements in the financial, banking, and economic fields represent positive steps toward achieving stability and sustainable development in the country .”

He pointed out “the importance of continued support from international partners for the government in intensifying efforts to mitigate the impact of the challenges facing the region, thus facilitating the implementation of steps aimed at diversifying and sustaining the economy, through the investment environment it has provided that has attracted major development projects .”

For his part, Polan commended the significant progress made by the Iraqi government in economic reform, through the development of the tax and customs system, expressing the IMF’s readiness to increase coordination and joint action, and to provide the necessary advice in areas of enhancing non-oil revenues .

Miliq.news

Sharp criticism of the performance of foreign banks in Iraq: remittance shops with no development plans

On Monday, the head of the Iraq Future Foundation, economic expert Manar al-Obaidi, criticized the performance of foreign banks operating in the country, noting that they are not much different from some local banks that were once called “remittance shops.”

Al-Obaidi explained in a statement received by Shafaq News Agency that money transfers outside Iraq have not been affected despite the decisions to ban some Iraqi banks, noting that the same routes and beneficiaries will continue.

In response to suggestions that the continued remittance flows were due to the weakness of Iraqi banks compared to the strength of foreign banks, Al-Obaidi pointed out that foreign banks do not offer development plans for poor and remote areas, but rather focus their activities on commercial areas for the sole purpose of remittances.

He explained that the combined credit portfolio of foreign banks does not equal 30% of the credit portfolio of Iraqi banks, given the absence of real financing programs for various sectors.

Al-Abidi accused some employees at these banks of bargaining to facilitate transfers, given the weak governance within their departments, with decisions by the managing director or chairman of the board controlling the submitted banking files.

He added that foreign banks do not provide real electronic applications that serve Iraqi citizens, nor have they contributed to any vital projects such as oil refineries or infrastructure.

Al-Abidi pointed out that these banks only have a connection to a US correspondent bank, warning that their activities revolve around generating profits from remittances alone. Once these remittances are closed, they close their branches and return to their home countries laden with profits.

Shafaq.com