Hidden behind the constant news flow of suicide bombings, sectarian violence and other atrocities in Iraq, something quite extraordinary occurred recently in the ancient city of Baghdad that may have been ignored by much of the global media. IQan Iraqi mobile phone operator.
Iraq Stock Exchange goes electronic - ABC News
Shwan Ibrahim Taha, chairman of Rabee Securities, the Baghdad brokerage that exclusively organized the Asiacell offering, told the Wall Street Journal that demand slightly exceeded the number of shares available.
Established inAsiacell has more than 10 million subscribers and is controlled by Qatar Telecom DSM: QTELwhich owned a 54 percent stake just prior to the IPO. The Journal noted that Qtel had earlier stated its intention to increase its ownership in Asiacell to 60 percent. A profitable company, Asiacell is one of three mobile operators in Iraq — the others, Zain Iraq, a subsidiary of the Zain Group, and Korek Telecom, an affiliate of France Telecom S.
FTEhave yet to go public. While the oil sector dominates the Iraqi economy which still attract the bulk of foreign investmentsbanking and finance securities dominate the exchange.
Self-regulated, but under the supervision of the independent Iraq Securities Commission, the ISX also comprises companies engaged in insurance, retail, construction, beverage and retail. Hence, as oil largely supports the Iraqi economy, underneath a diverse array of other sectors are poised for growth. Indeed, sectarian violence, still a plague in Iraq, has plunged by some 90 percent since the peak years of killings in Inflation the total money makeover audiobook free Iraq is moderate at 5 percent -- extremely low for an unstable emerging or frontier market.
Investing in the Iraq Breakup: 3 Stocks to Benefit -- The Motley Fool
As a result of rising oil income, Greer points out, consumer spending has returned, citing that in General Motors NYSE: Still, with dozens of people killed in terror attacks every month, compounded by the endless intrigues surrounding Prime Minister Nouri vogon forex ea download and his Sunni and Kurdish enemies, foreign investors are likely to be turned off by Iraq as an investment target.
No foreign investors come to Iraq thinking they are investing in Switzerland, and for Iraqis themselves, these bombings are becoming daily occurrences. Taha al-Rubaye, the chief executive officer of the stock exchange, said he hopes the successful Asiacell IPO leads the government to enact more policies to encourage further foreign investment and diversify the Iraqi market review forex kiss strategy from an ove-dependence on oil.
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Iraq Stock Exchange - Wikipedia
Sanjay Motwani, president and portfolio manager for Sansar Capital, investing in iraqi stock exchange manages one of the largest equity funds in Iraq, the Frontier Fund, believes Iraqi stocks are poised for extraordinary growth. Motwani commented that sometimes the best investment opportunities present themselves unexpectedly during periods of fear, stress and uncertainty. Noting that Chicago has a higher homicide rate than Iraq, Motwani said that if Iraq were not on the news every day for bomb blasts, Iraqi stocks would command a much higher multiple given the underlying immense growth opportunities.
Hence, when there are sectarian conflicts, they do not necessarily flare up and spread. Reuters Investors are seen at the Iraq Stock Exchange during trading hours in Baghdad Photo: It was, in fact, the biggest IPO in the Middle East in five years.
Managing director and company founder Faruk M. Rasool is also a key shareholder in Asiacell. Investment opportunities like Iraq will not stay undiscovered forever, Motwani warned.
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