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Albaraka Türk to Open Branch in Erbil

Emerging from the global financial crisis unscathed, several Turkish banks plan to expand into neighbouring countries. Following Ziraat Bankas‎, Bankas‎ and Kuveyt Türk, leading Turkish bank Albaraka Türk is also planning to open a branch in Erbil, northern Iraq, Fahrettin Yah‏i, the general manager of the bank, said yesterday. The growing business volume between Turkey […]

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IOCs and Iraq’s Peculiarities

By Tariq Abdell, Founder & Chairman, Mesopotamia Insight. The opinions expressed here are those of the author, and do not necessarily reflect the views of Iraq Business News. Recent oil conferences in Baghdad and Basrah, hosted respectively by the oil ministry and the USG, underscored the International oil companies (IOCs) poor situational awareness, strategic foresight, […]

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Evolutionary Solution to Hire Talent in Iraq

Asiacell Communications LLC becomes first Iraqi company to implement a full-fledged enterprise e-recruitment solution to attract, engage and hire exceptional telecom professionals. “Recruiting exceptional talent is a challenge globally. The challenge is even bigger when you are trying to hire quality people in Iraq, especially expatriates. We have to compete with telecom companies worldwide for […]

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Iraq Signs Electricity Deal with French Firm Alstom

French energy infrastructure firm Alstom signed a memorandum of understanding with Iraq on Wednesday to build a power plant in southern Iraq, which is suffering a severe electricity shortfall. According to a report from AFP, Alstom is also set to renovate an existing power plant in the city of Najaf that it built 35 years […]

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Freedom of Speech in Iraq

The planned second session of the new Iraqi parliament was due to be held on Tuesday, but considering the lack of progress in forming the next government, few were surprised when it was postponed. “We are postponing the session until further notice because the political entities failed to reach any agreement”, said Fuad Massum, who […]

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Eni to Award Oilfield Drilling Contracts

Italian oil major Eni is expected to award a tender to drill more than 100 new oil wells at its Zubair oil field in southern Iraq in August, according to a report from Dow Jones. “We received the bids and we are in the process of assessing them,” an executive told the news agency. Several […]

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Iraqi Inflation Continues to Fall

A senior official in the Iraqi Central Bank said that inflation in Iraq continuedto fall in June and reached 2.7%, compared with 3% in May. The Central Bank of Iraq slashed its base rate by 100 basis points to six per cent in April in reaction to subdued inflation, though the interest rate is considered […]

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The Best Place in the World for Oil

At Monday’s AGM of Petrel Resources (LON:PET), the Dublin-based oil exploration company, managing director David Horgan told investors that Iraq is “the best place in the world for oil”. “Petrel has raised a total of US$15 million or £10 million from 1994 to date … It has operated continually in Iraq since 1999 and has […]

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Diamonds in Demand in Kurdistan

A source at the directorate of jewelry quality control in Erbil told AKnews on Sunday that 19 Kg of diamonds have been imported into the Kurdistan Region so far this year. A diamond dealer confirms that demand for diamonds has grown in the Region in recent months. “We check diamonds and other jewelry imported into […]

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