Abu Dhabi Islamic Bank (ADIB) will become the first Emirati bank with a presence in Iraq when it opens a branch in Baghdad next month. The company plans to open other branches across Iraq. "We'll have a branch in every major business city," said Hussain Qaragholi, a senior vice president at ADIB and the company's head of Iraq business.
Construction of the first Baghdad branch is under way, and the Central Bank of Iraq has given ADIB a preliminary licence. "The next branches we're looking for is Basra, Erbil, Najaf, Karbala, and eventually Mosul," Mr Qaragholi said yesterday at an Iraqi Business Council conference in Abu Dhabi. Iraq's banking sector continues to be dominated by public entities such as Rafidain Bank and Rashid Bank, as they control 85 per cent of the transactions in the country, while private banks account for 15 per cent. There are 36 local banks in the country, according to the Central Bank website.
Several foreign banks - including Capital Bank of Jordan, HSBC, National Bank of Kuwait and Ahli United Bank of Bahrain - have already set up in Iraq, but they have entered through partnerships with local banks. In the past, foreign banks shied away from opening branches under their own names because of security concerns. ADIB is only the second foreign bank to enter the market by starting a branch from scratch rather than through a partnership.
The first foreign bank to open a branch in Iraq was Byblos Bank of Lebanon, said Wassim Jazrawy, the head of Al Karmal Stock Exchange, a brokerage company in Baghdad. ADIB's entry into the market was "a good and timely decision", Mr Jazrawy said. The financial sector accounts for 80 per cent of shares traded on the Iraq Stock Exchange. Iraq's banking sector suffered from years of isolation during the rule of Saddam Hussein and still lacks strong links with the outside world.
Mr Qaragholi, an Iraqi-American, said bankers in Baghdad thought they could run the sector alone after the US invasion in 2003, but now realised the benefits of opening to foreign participation. ADIB planned to invest in power generation and oil services, he said. The property and manufacturing sectors are potentially attractive to investors, but accurate and detailed feasibility studies would be required, Mr Qaragholi added.
Foreign banks are hoping to capitalise on economic growth driven by rising oil production in Iraq. ADIB shares rose 3.2 per cent to Dh2.84 yesterday on the Abu Dhabi Securities Exchange. "The financial sector in Iraq is one that has remained in the shadows against the global financial crisis," Mr Qaragholi said. halsayegh@thenational.ae
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
The specs
Engine: 2.0-litre 4-cyl turbo
Power: 247hp at 6,500rpm
Torque: 370Nm from 1,500-3,500rpm
Transmission: 10-speed auto
Fuel consumption: 7.8L/100km
Price: from Dh94,900
On sale: now
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
More on Quran memorisation:
Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
The five pillars of Islam
The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
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Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
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COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request