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 Black September For The Iraqi Telecom

  The opinions expressed in this commentary are solely those of the author


Black September For The Iraqi Telecom ‎ 2.10.2012 
By Mrs. Benaw Izzat, Erbil
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October 2, 2012

ERBIL-Hewlêr, Kurdistan region 'Iraq', — On the 12-14 November will be held the CWC Group’s Iraq Telecoms 2012 Conference in Istanbul. Nawar Abdulhadi, Conference Project Manager for CWC stated: "The focus across the two days will be creating and promoting an attractive investment climate and Iraq’s new measures to drive growth in the industry through clarity on regulations and incentivising companies.”

This is going to be quite a challenge considering the recent events in the telecom sectors:

• Morgan Stanley does not want to be the book runner for Asiacell IPO’s anymore, leaving HSBC and Rabee securities in charge of providing a “domestic orientation of the IPO”. Hard to say if the killing of an Asiacell employee near Sina’a area on August 14th scarred the foreign investors but it could be a sensitive issue for the compliance management of the bank after the two others incidents which occurred earlier this year.

•  Zain got its bank accounts frozen on September 6th by the regulator as it did not pay the fine of $262 million since February 2011 for putting 5 million SIM cards in the local market without permission.

•  The contract signed by the Ministry of Communications with Newroztel was cancelled by Premier Nouri al Maliki without much explanation despite his telecom minister resignation. But Huawei quickly signed a fiber optic contract with the new minister H.E. Torhan Mudher Hassan Al-Mufti.

•  Nothing specific on Korek side but the parent company France Telecom reached a ten years lowest level on October 1st in the French stock market and analysts are anticipating bad news on October 25th while the company should announce a lower dividend policy.

We just have to wish H.E. TorhanMudher Hassan AL-Mufti some better news in October, other way it is going to be rough to convince the audience of the” attractive investment climate” in November.

By Mrs. Benaw Izzat -

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The opinions expressed in this commentary are solely those of the author


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