Trade Bank of Iraq (TBI) has put on hold plans to buy a commercial bank in Turkey because of the plunge in the Turkish lira, its chairman told Reuters.
The bank, owned by the Iraqi government and with assets of around $20 billion, is responsible for helping finance around 80 per cent of the trade finance business in Iraq. It is keen to expand its footprint in Turkey, Iraq's largest trading partner, Faisal Al Haimus said.
Turkey's currency has lost more than 40 per cent against the US dollar this year, fuelled by investors' anxiety over President Recep Erdogan's economic policies and, more recently, a diplomatic spat between Turkey and the United States. The lira rebounded on Wednesday after the central bank squeezed lira liquidity in the market, effectively pushing up rates and supporting the currency.
"Turkey is a very important market for Iraq and we want to study the situation before entering Turkey," he said. "The Turkish lira is not stable and we are watching to see if it stabilises before entering."
Mr Al Haimus said TBI's preferred entrance to Turkey was through an acquisition and TBI had been approached about buying a Turkish commercial bank. He did not name the bank. TBI's board was assessing the potential purchase, he said without elaborating.
"A commercial bank would act as Iraq's trading leg in Turkey and facilitate exports from Iraq to Turkey," he said, adding that trade between the two countries had reached around $6bn so far this year.
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TBI also plans to open a branch in Saudi Arabia after last month receiving approval to do this from the country's Council of Ministers.
"At this point in time trade [between Iraq and Saudi Arabia] is around $1bn and the aim is to double or triple that in two or three years," Mr Al Haimus said, adding that food and agricultural products and petrochemicals were among the areas primed for growth.
The bank also has a representative office in Abu Dhabi, which it plans to upgrade to an asset management business to provide investment opportunities in Iraq for high-net-worth individuals in the Arabian Gulf, Mr Al Haimus said.
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
Ovo's tips to find extra heat
- Open your curtains when it’s sunny
- Keep your oven open after cooking
- Have a cuddle with pets and loved ones to help stay cosy
- Eat ginger but avoid chilli as it makes you sweat
- Put on extra layers
- Do a few star jumps
- Avoid alcohol
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Started: December 2011
Co-founders: Elie Habib, Eddy Maroun
Based: Beirut and Dubai
Sector: Entertainment
Size: 85 employees
Stage: Series C
Investors: MEVP, du, Mobily, MBC, Samena Capital
What you as a drone operator need to know
A permit and licence is required to fly a drone legally in Dubai.
Sanad Academy is the United Arab Emirate’s first RPA (Remotely Piloted Aircraft) training and certification specialists endorsed by the Dubai Civil Aviation authority.
It is responsible to train, test and certify drone operators and drones in UAE with DCAA Endorsement.
“We are teaching people how to fly in accordance with the laws of the UAE,” said Ahmad Al Hamadi, a trainer at Sanad.
“We can show how the aircraft work and how they are operated. They are relatively easy to use, but they need responsible pilots.
“Pilots have to be mature. They are given a map of where they can and can’t fly in the UAE and we make these points clear in the lectures we give.
“You cannot fly a drone without registration under any circumstances.”
Larger drones are harder to fly, and have a different response to location control. There are no brakes in the air, so the larger drones have more power.
The Sanad Academy has a designated area to fly off the Al Ain Road near Skydive Dubai to show pilots how to fly responsibly.
“As UAS technology becomes mainstream, it is important to build wider awareness on how to integrate it into commerce and our personal lives,” said Major General Abdulla Khalifa Al Marri, Commander-in-Chief, Dubai Police.
“Operators must undergo proper training and certification to ensure safety and compliance.
“Dubai’s airspace will undoubtedly experience increased traffic as UAS innovations become commonplace, the Forum allows commercial users to learn of best practice applications to implement UAS safely and legally, while benefitting a whole range of industries.”
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