Amara Dam Finished

The Iraqi Water Resources Ministry has completed the Amara dam project in Missan province. “The project is important because it controls and distributes the Tigris River water throughout the province,” the Ministry said in a release on Thursday received by Aswat al-Iraq news agency. (Aswat Al Iraq)

Iraq to Import 3 Million Tons of Wheat

Iraq’s Cereals Council said today that Iraq is expected to buy 3 million tons of wheat this year, the same quantity it exported last year. Iraq will also import about a bit more that 1 million ton of rice this year, i.e. a small increase comparing with 2009 exports. Iraq is diversifying its wheat provider […]

KBR Posts 4th-quarter Decline As Work Winds Down

Engineering and construction company KBR Inc. said Thursday that its fourth-quarter earnings fell 17 percent as U.S. military work in Iraq declined and some contract fees were reversed, and it trimmed the low end of its full-year outlook. Profit for the fourth quarter slid to $73 million or 45 cents a share, from $88 million, […]

Confectionery Group Sets Dh100m Sales Target

HMBS Group, one of the largest business conglomerates in Iraq, plans to increase sales of its confectionery products by expanding its distribution network to 32 countries this year, a top company executive said. The group has invested Dh220 million to set up a modern confectionery plant in Jebel Ali as a part of a Dh370-million […]

Credit Fundamentals of Mideast Resilient: Moody’s

There were no downgrades in any sovereign ratings in the Middle East in 2009 by Moody’s, which indicates the comparative resilience of the region’s credit fundamentals and the sovereign ratings should “stay the course” this year, Moody’s said in its first annual “Middle East Sovereign Outlook” report. According to the rating agency, 2010 should be […]

Iraq Sees ’10 Oil Output Up 0.25 Million B/D on Basra Deals

Iraq’s crude oil production could increase by more than 250,000 barrels a day by the end of this year as some oil deals recently signed with international oil companies to develop giant Iraqi oil fields have become effective, the head of the country’s largest oil firm, the South Oil Co., said Thursday. BP PLC (BP) […]

Oil Deals between Iraq and Global Majors

Iraq has signed a raft of deals with foreign oil companies that could take its crude output capacity up to 12 million barrels per day, rivaling top producer Saudi Arabia. There are still hurdles in the way, not least a March 7 parliamentary election that could usher in a new government inclined to try to […]

IMF and World Bank Plug Short-term Funding Gap

The International Monetary Fund (IMF) today approved a two-year support program for Iraq, amounting to about US$3.64 billion, to cover the country’s balance of payments needs. The Board’s approval makes approximately US$455 million immediately available to the Iraqi authorities. According to IMF’s Mr. Takatoshi Kato: “Iraq has made substantial progress in rebuilding its economy and […]

Dewan Wins Baghdad Design Contest

After months of study, registration and design work, Dewan Architects and Engineers, one of the region’s leading architectural and engineering consulting firms, have done it. They submitted the winning design for the contest organized by Baghdad Municipality. In the grand final Dewan were declared the winners and were presented with their award by the Iraqi […]

$67m for Roads in Baghdad

A total of 80 billion Iraqi dinars (ID), about US $67m, has been allocated to improve the roads in the capital Baghdad, the local municipality said on Tuesday. The money will be used to pave the main streets and highways in the capital, change traffic lights in central Baghdad and to continue construction work on […]

Vegetarian Oil Company Increases Production

The state-run Vegetarian Oils Company has achieved a 25 percent increase in its production in January 2010, compared to the previous month, the Iraqi Ministry of Industry and Minerals said on Tuesday. According to a statement received by Aswat al-Iraq news agency, “The Company’s sales reached 4.09 billion Iraqi dinars (ID) in January 2010, 31 […]

French Ambassador Reveals His Country’s Plans to Fund Service Projects in Iraq

French ambassador in Baghdad, Boris Bwalun, revealed on Monday his country’s plans to finance projects in sectors of energy, water, agriculture and transport; to facilitate the establishment of infrastructure in Iraq. The ambassador said in a press conference in Baghdad said that “the French Development Agency signed in November 2009 an official agreement for her […]