Al Marafaa joins IBBC
By John Lee.
The Iraq Britain Business Council (IBBC) has announced that Basra-based Al Marafaa has joined IBBC as a member.
According to a statement, the company specialises in delivering advanced Information and Communication Technology (ICT) solutions tailored to the unique needs of the international oil and gas industry in Basra, Iraq. It says leading companies like BP, Shell, ENI, KEC, and Total place their trust in Al Marafaa to provide their highly critical internet connectivity, secure their facilities and/or networks, and deliver highly time-sensitive basecamps overseas to them.
Al-Marafaa also agreed a strategic research and development partnership with Iraq's Southern Technical University, where collaboration will focus on specific areas of research, including artificial intelligence, cybersecurity, data analytics. Al Marafaa will also train and hire young engineers in their final year to work in the company.
Christophe Michels, MD of IBBC said:
"We are delighted to welcome Al Marafaa to our membership as they bring strong ITC expertise to the members and Iraq. They will be able to contribute to our education and skills group, as well as the Tech Forum and Energy group. It's interesting to note the growing technology capability of Iraqi companies among our members, which is a strong indicator of modern technical expertise developing within Iraq."
Ridha A. Almosawi, General Manager of Al Marafaa said:
"Al Marafaa has been working with many of IBBC's members, so we are delighted to be joining as a member among friends and to extend our network capabilities to new sectors and clients in Iraq."
(Source: IBBC)
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Iraqi News
26 minutes ago
- Iraqi News
Baghdad completes projects to ease traffic congestion
Baghdad ( – As part of the government's agenda to ease the traffic congestion in the Iraqi capital, Baghdad, Prime Minister Mohammed Shia Al-Sudani inaugurated on Saturday two elevated U-turns on 14th of July Street in the Karkh district in western Baghdad. According to a statement released by the Prime Minister's Office (PMO), Al-Sudani praised the executing company's work and thanked the residents in Baghdad for their tolerance during the project's execution. Al-Sudani noted that this project is one of 16 initiatives launched by the Ministry of Construction and Housing to ease traffic congestion in the capital, 11 of which have been completed so far. The prime minister emphasized that the government is prioritizing service projects nationwide. He highlighted that stalled projects are being completed, while new initiatives in infrastructure, sanitation, potable water, housing, and urban development are underway. The new elevated U-turns will facilitate traffic flow in different neighborhoods in Baghdad, including Adhamiyah, Mansour, Alawi, and Aden Square.
Shafaq News
2 hours ago
- Shafaq News
Out of reach: Iraq's mortgage loans deepen housing crisis
Shafaq News - Baghdad Despite Iraq's persistent housing crisis, many citizens continue to find mortgage loans inaccessible due to what experts describe as overly restrictive lending terms. High interest rates, excessive guarantor requirements, and severe repayment penalties have turned what should be a tool for alleviating the crisis into a burden for much of the population, particularly those with low or moderate incomes. Mortgage loans provided by Iraqi banks bear similarities to those of the Housing Fund but with harsher financial implications. "The Fund helps cover a portion of the increasing housing demand by offering interest-free loans to citizens," Nabil al-Saffar, spokesperson for the Ministry of Construction, Housing, Municipalities and Public Works, told Shafaq News. Each year, it issues between 16,000 and 20,000 loans, depending on the number of applicants and available funds. Distribution is determined by population size and poverty rates in each province, and the fund operates on a self-financing, revolving model. Bank Loans: A Burden, Not a Bridge Still, many citizens report difficulties in accessing these government-supported loans, forcing them to consider bank loans despite their heavy costs. Umm Hussein, one applicant who sought a 50 million dinar ($35,348.11) mortgage from a state bank, disclosed to Shafaq News that she would need to repay 75 million dinars ($53,029.34), with a monthly installment of 635,000 dinars ($448.91). The problem is not limited to high interest. Banks also require two guarantors, a condition that excludes many Iraqis without personal connections or high government ranks. Real estate expert Abdul Salam Hassan Hussein observed that these loans cost 76 million dinars on a 50 million principal, with further increases if payments are delayed. Such conditions, he argued in an interview with our agency, make the loans unattainable for ordinary citizens, noting that housing projects are often priced out of reach, particularly when managed by politically affiliated groups. Inflation Control vs. Housing Access The Central Bank (CBI)'s approach to controlling inflation through high interest rates has compounded the issue. Economist Ahmed Eid noted that borrowing costs reduce the ability of most Iraqis to purchase homes. "For citizens with limited income, home loans become a burden rather than a solution," he explained. The result is a stagnant housing market, especially in projects targeting lower-income segments. Current government estimates indicate that Iraq needs around 200,000 new housing units annually, with a deficit exceeding 2.5 million units. Yet the financial tools in place are not designed to meet that demand. 'Resources are poorly distributed and sometimes redirected to groups with political or militia affiliations,' Eid warned. 'In many cases, loans are misused for non-housing purposes, undermining their developmental intent.' To resolve the crisis, the economist emphasized the importance of synchronizing financial policies with citizens' actual purchasing power. He recommended designing income-based loan programs and stimulating investment in affordable housing. 'Without a clear link between loan terms, income levels, and housing demand, the crisis is unlikely to ease.' New Cities, New Hope Speculation in the real estate market has further distorted prices. Al-Saffar pointed out that brokers and individuals now engage in black market trading of housing units, fueling artificial price inflation. "We cannot curb manipulation unless we inject a large number of units into the market," he asserted. He believes increasing supply will lead to gradual price reductions. As part of a broader strategy, the Ministry of Construction launched new residential cities in cooperation with banks. In these developments, 20% of units will be allocated to the state and distributed to 21 eligible categories. These include public servants, military retirees, families of martyrs, and social welfare beneficiaries. Al-Saffar clarified that the policy prohibits free land grants to investors; instead, a portion of the developed units must be returned to the state. Under the first phase of this initiative, 12,000 housing units from Baghdad's Al-Ward City (Madinat Al Ward) and 10,000 from al-Jawahiri City (Madinat al-Jawahiri) will be transferred to the government. Additional phases are expected to deliver more units for eligible groups. Beyond Buildings: Iraq's Housing Reform Iraq's housing challenge is also shaped by systemic financial barriers, speculation, and unequal policy implementation. Solving this requires more than construction— Eid said that it demands a financial system that supports inclusion, ensures fair distribution, and operates transparently. 'Without such reforms, mortgage loans will remain inaccessible, and the crisis will persist.'
Shafaq News
4 hours ago
- Shafaq News
Gold prices hold ground in Baghdad and Erbil markets
Shafaq News – Baghdad/Erbil On Sunday, gold prices stabilized in Baghdad's and Erbil's markets. According to a Shafaq News survey, Baghdad's wholesale markets on Al-Nahr Street registered a selling price per mithqal (approximately five grams) for 21-carat Gulf, Turkish, and European gold of 652,000 IQD, with a buying price of 648,000 IQD. The selling price for one mithqal of 21-carat Iraqi gold was 622,000 IQD, with a buying price of 618,000 IQD. In Baghdad's jewelry shops, the selling price for 21-carat Gulf gold ranged between 655,000 and 666,000 IQD, while the selling price for 21-carat Iraqi gold ranged between 625,000 and 635,000 IQD.
