Iraq will decrease its deficit to 8 percent over the next three years from 18 percent, the finance minister said on Wednesday, and envisioned a substantial increase in investment as a percentage of the budget.
Iraq Business News brings you the latest news of investments in Iraq, highlighting the many opportunities that exist.
Iraq’s government has ordered 500 Scania trucks, which are being assembled locally by the Iraqi state automotive company. Scania has also delivered about 30 trucks to private buyers since reentering the country at the end of last year.
Last month, on the occasion of Rafidain Bank’s 69th anniversary celebration, the chairman reported that the bank was looking forward to implementing its new IT system “as soon as possible.” The system, which includes the Mysis products “Bankmaster” and “Branchpower,” is supposed to increase efficiency and reduce operational risk by bringing together information throughout the […]
On March 10, the Central Bank of Iraq (CBI) announced that the privately-owned Iraqi banks will be required to increase capital to ID 250 bn (USD 213 mn) over the next three years. Each bank will have to reach an initial capital target of ID 100 bn by the end of the first year and […]
By Mark DeWeaver Iraq faces a big downside risk from the European sovereign debt crisis—perhaps an even bigger risk than that of renewed sectarian violence. While Iraq’s limited financial links to the outside world make it immune to contagion through the banking sector, sustained debt deflation in Europe would result in a big drop in […]
The sovereign debt crisis in Europe could be bad news for the Iraqi economy if it leads to a sustained bear market in oil. But a more likely outcome is that the crisis will cause central banks to continue their ultra-loose monetary policy, thereby benefiting Iraq by keeping oil prices high. Our new expert Blogger, […]
Hundreds of Turkish firms have flocked to the semi-independent Kurdish enclave in northern Iraq, benefiting from a newly issued law easing curbs on foreign investments. Latest figures by the Kurdistan Investment Commission show that more than half of the foreign firms in the enclave are Turkish. In a statement, the commission said there were 620 […]
Dubai UAE developers and companies are considering investments worth $70 billion (Dh257 billion) throughout Iraq, according to a top Iraqi official.
MerchantBridge, a direct investment and private equity company focused on Middle East investments, has now invested and managed in excess of US$1.5 billion in debt and equity in Iraq.
According to a report from Aswat Al Iraq, Emirati businessmen said that there are promising investment opportunities in Kurdistan region, mainly in tourism, real estate, oil and agriculture sectors. A total of 41 Emirati businessmen and economic figures took part in the trade forum held in Erbil, with the participation of Prime Minister of Kurdistan […]
Iraq’s Transport Minister Amer Abduljabbar received on Thursday a delegation from the U.S. embassy, with whom he discussed fostering air traffic.
In a high-rise apartment building in Minnesota’s capital city, two 23-year-old men check on a couple dozen properties they’ve listed for sale in Iraq – Half a world away, their colleague, also 23, is already on the move in Baghdad: Showing houses and appraising properties as he navigates around concrete blast walls and police checkpoints.