IBBC held its Member Forum on 30 April, including a geopolitical update from Jon Wilks, an introduction to the Iraqi National Bank by Mr Ayman Abu Dhaim, an introduction of Hoz Khaznadar, who has recently joined the Advisory Council, and a member discussion on how best to mitigate and navigate the downturn in the Iraqi economy resulting from the Iran war.

Jon Wilks noted that the USA and Iran are in a standoff, with both sides holding to their respective red lines. For Iran, this is an existential conflict, while the USA is maintaining pressure through the blockade of Hormuz to force movement on nuclear demands. He indicated that this situation could continue for several months as both sides test each other’s resolve.

Amar Shubar of Management Partners also pointed to a potential 6–12 month downturn in response to the economic squeeze, while noting that opportunities in new pipelines and distribution logistics may require fresh investment.

Mr Ayman Abu Dhaim outlined the steps the Iraqi National Bank is taking to mitigate risk, while expanding both its physical and digital presence in Iraq, with the aim of reaching one million customers by 2028 through what it terms a “phigital” strategy.

Hoz Khaznadar shared his experience of current work on pipelines and projects in Iraq and the wider region. He noted that project costs are rising rapidly and that sourcing materials from China is becoming more difficult, particularly in the solar sector. For the financial sector, he stressed the importance of reviewing credit lines, managing defaults, and preparing for a prolonged period of economic pressure. IBBC will hold an online session to examine how to manage force majeure in contracts.

Edward Oakden of IDBank emphasised the importance of maintaining close communication with suppliers and banks to find solutions and ensure transparency regarding business conditions.

Christophe Michels, Managing Director of IBBC, informed members of revised plans following the postponement of the Mansion House Conference. These include a Mansion House reception on 6 October, a member mini-conference and reception in Dubai on 8 June, and a series of online sessions across sectors including a Tech Forum on 4 June, with Maritime and Finance sessions to follow. A full Mansion House Conference is now scheduled for 29 April 2027. The Cumberland Lodge Retreat will take place on 7–9 October, with the seminar day on 8 October. A Baghdad conference is under consideration for November, subject to the formation of a new Iraqi Government and an improved regional situation.