Welcome to Dubai.

IBBC has been aware for many years of the important role that the UAE plays as a regional hub for business and trade through the MENA region and in particular as a regional base for companies and their families working in Iraq. The ease of doing business here, the major port of Jebal Ali and Dubai and Abu Dhabi airports with their world beating airlines and the large number of Free Zones where companies can base their off shore activities plus enterprising and caring leadership by generations of the leaders of the UAE, all have contributed to the global status that the UAE now enjoys.

I extend my warmest thanks to the UAE Authorities for their support in allowing and promoting this conference, which we hope will become a permanent feature in IBBC’s annual calendar of events. The Department of Tourism and Commerce Marketing here in Dubai have been especially supportive.

I also warmly welcome the record number of non-member delegates who are joining an IBBC event for the first time and I hope you will all use this opportunity to engage with existing members and the senior IBBC team represented here, to learn more about what we do and how we work with our members about promoting business in Iraq. For members, I do urge you to discover the products and services on offer from our new friends.

Welcome to Delegates from Iraq.

I wish to thank the Government of Iraq for its support of this conference and to extend a special welcome to HE Mr Kadhim Finjan AL Hamami, Minister of Transport. Mr Finjan a friend and supporter of IBBC. His genuine concern lies with the People of Iraq and the Basrawis in particular. Mr Finjan is a former high sea captain and I look forward to hearing from him, particularly with regards to the developments of the Faw Port project.  Unfortunately HE Mr Jabbar AH AL Luiebi, Minister of Oil, has sent his last minute apologies, urgent commitments emerged, which did not allow him to be with us after all. We all know how busy these gentlemen are and we are very fortunate to have one senior cabinet Minister with us today.

IBBC has long had a most productive relationship with the National Investment Commission of Iraq and with the Iraqi Chambers of Commerce and I warmly welcome their representatives here today and in doing so in particular I thank our long standing IBBC member and recently appointed Deputy Chairman Rasmi Al Jabri for all his work behind the scenes in facilitating the Iraqi delegation getting here today. I also want to thank our UAE Representative Mr Samer Al Omari who has worked relentlessly to make this conference a success.

Thank you to the UK Government.

Whilst IBBC is independent of UK Government we have very close ties with a whole range of Government Ministers, MPs and Departments to include the Foreign Office, the newly instituted Department of International Trade and the UK Export Finance.  With Brexit moving ahead the UK has to reach out to the world to enhance its trade and business relationships and IBBC is doing all it can to encourage more UK Government support for British companies interested in doing business in Iraq .

In recent years British companies have been hugely championed by the British Ambassador to Iraq, Mr Frank Baker OBE, who has worked tirelessly on their behalf. I am therefore very grateful indeed that Frank has been able to squeeze IBBC into his very busy schedule and we look forward very much indeed to getting an update from him shortly.

Sponsors and Speakers

IBBC has always been generously supported by its members at major events and this conference is no exception.

We are enormously grateful to our member the International Islamic Bank in particular for being today’s principal sponsor. The International Islamic Bank has only recently been established as a new private bank in Iraq and I am confident that it will flourish and prosper to become a leading bank in Iraq and beyond. I also thank Weir Group, SKA International and Gulftainer as members for their support and sponsorship today, and a non-member The Iraq Middle Market Development Foundation who will be telling us about their work in financing smaller private enterprise schemes in Iraq.

Without the support of our sponsors and the good will and backing of all of our members it would not be possible to hold this conference today.

I also thank the IMF and World Finance Corporation and through it the World Bank for supporting this conference and substantially contributing to its agenda.

All of our speakers are very busy people and I am enormously grateful to them all for supporting us today and I know the revised date will have meant some diary changes for them. Thank you all for participating and for all the time you will have spent on preparing your presentations.

An update on IBBC

I have recently retired as Executive Chairman of Iraq Britain Business Council and have become President of the Organisation. I am very pleased that Mr Mohammed Charchafchi has taken on the chairmanship at the helm of IBBC. In the same time Christophe Michels, who supported Mr Charchafchi and myself in setting up IBBC as a non for profit company in the UK and an NGO in Iraq in 2009 has become Managing Director.

If I may I would like to update you on IBBC and its activities since the Spring Conference in London.

We currently have fifty five members and though we have lost a number of smaller members over the last six months as they reduced their business activities in Iraq we have recently been pleased to admit to membership five new companies of the highest standing in the region. They are Dar Al –Handasah Shair and Partners, GE, Khudairi Group, Marubeni – Itochu Tubulars PLC and Petronas. They are all most welcome. Pell Frischmann a well known UK architectural and engineering practice has submitted its application for Membership just prior to our departure to Dubai, and I expect more British, Iraqi and International Companies to become part of the Council in coming months.

Two weeks ago IBBC in company with the Amar Foundation moved to new offices on the fourteenth floor of the Westminster Tower Office Building at No 3 Albert Embankment. We have wonderful views across the River Thames to the Houses of Parliament and you are most welcome to visit us there.

From September 17^th to 20^th IBBC hosted a delegation of twenty four of its members and high level meetings were held with Ministers and Senior Government officials. Mr Frank Baker and IBBC were generously entertained with dinners hosted by our members the International Islamic Bank and Harlow International, where members were able to meet with other guests from the business and diplomatic communities.

On 12th October IBBC were invited by the FCO to join a Joint UK Iraqi Trade Council Meeting at Lancaster House and in the afternoon members attended a meeting hosted my Dr Sami Araji, Chairman of the National Investment Commission and other leading Iraqi businessmen.

In my role as the Prime Minister’s Trade Envoy to Iraq I have of course also met with many incoming Iraqi visitors to the UK and I am constantly in touch with senior UK Ministers advising on and promoting trade and business with Iraq.

IBBC and education

For the past four years we have been developing an increasing role for the IBBC in educational development, since everyone says, quite rightly, that without more and better education at all levels, then there can be little fundamental progress in Iraq.

We are very pleased that Christina Slade, Vice-Chancellor of one of our newer but most innovative universities, Bath Spa, has agreed to take the chair of this initiative from next month.  We have recruited some university members of the organisation and have fostered links between educational institutions in the UK and Iraq.  Our boldest hope is to see a new university established in Iraq, rather along the lines of the British University in Dubai, which will offer quality assured degrees which are validated in both countries.

Meanwhile we have launched several projects: for example, Women in Business, to encourage more opportunities for Iraqi women to achieve high things in industry and management; a mentoring scheme for Iraqi students in Britain who will be returning to their own country, benefiting from the experience of a brief attachment to a British company; more and better English language instruction for Iraqi business people; celebrating and helping conserve Iraqi culture and heritage.

IBBC’s commitment to education and apprentice training is now well known. We have a lot of work to do but we have made a strong start.

The Conference Agenda,

Today we are going to have the benefit of listening to political and business leaders bringing us up to date across four vital sectors in the Iraq Economy, namely Oil and Gas, Power Generation and Electricity Supply, Finance, and the Private Sector.

We believe that progress is now being made with regard to the political and economic development of Iraq under the inclusive leadership of Prime Minister Abadi who we give our utmost support to. Oil prices have been recovering slowly and the recent OPEC agreement should make this sustainable which will allow more investment in infrastructure required to increase oil and gas production and electricity supply and transmission, all vital to the prosperity of the country.

By chance the IBBC Oil and Gas Sector Table, representing many companies active in the Iraq oil and gas industry met in London a few days ago. Whilst all present had to admit to very tough trading and operating conditions in 2016, without exception everyone present was optimistic for 2017.  Payments are being made to the IOC’s and in turn they are able to pay their subcontractors. New infrastructure projects are being identified and put out to tender and the view was that the OPEC agreement would not discourage Iraq from building its capacity to increase production and export capacity.

The Country has also received significant financial support from individual countries including the UK, which has allocated funds to projects in Iraq.

The scourge of extremism which has blighted the country in very recent years is in retreat which should in itself free up resources and allow for an environment where foreign companies will be willing to travel to and invest in Iraq for the benefit of its people.

I envisage that by the time we have our Spring conference on 3 April at the Mansion House in London many of the projects that will be discussed today will be on their way and that the optimism that we witness today will have grown to a feeling of confidence.

Conclusion,

Once again I thank all those people who have made today possible. I am very much looking forward myself to hearing what our distinguished speakers have to say and I look forward to speaking with as many of you as possible during the conference breaks and the reception tonight.