Zain to Focus on Gulf and Middle East

Kuwaiti telecoms firm Zain (ZAIN.KW), which is selling its African assets to India’s Bharti Airtel, will concentrate on the Gulf and Middle East region and is open to new investments, its chief executive said on Tuesday. On Feb 16, Zain said it would pocket up to $5 billion from the planned sale of its African […]

Etisalat Gets Its Claws into Korek

UAE-based Telco Emirates Telecommunications Corporation (Etisalat) is close to buying a majority stake in Iraqi operator Korek Telecom as it continues to look for expansion opportunities abroad, news agency Reuters reports, citing Etisalat’s Chairman Mohammad Omran. “Etisalat is almost near to finalizing a deal with Korek,” Omran revealed at a press conference, adding that the […]

Iranian Bank in Basra

The Iranian consul in Basrah province, on Monday, said there will soon be an Iranian bank in the province to develop trade between the two countries. According to Mohammad Reza, “the Islamic Republic is currently working to open a bank in the province of Basrah as a movement to develop trade and economic relations between […]

Playing Field for ID1bn

The Missan Oil Company has agreed to construct a playing field for its Sports Club at a total cost of 1 billion Iraqi dinars (ID), a club official said on Tuesday. “The playing field is designed to seat more than 2,000 persons,” the deputy director of the club’s administrative board, Saad Abd Ali, told Aswat […]

$4.4b Iraq’s Oil Revenues in January

The Iraqi Oil Ministry said on Tuesday that it achieved a revenues level of $4.416 billion through oil sales of 59.7 million barrels in Jan. 2010. It said that oil price was $73.97 per barrel. In Dec. 2009, the Ministry accomplished revenues of $4.449 billion through sales of 61.3 million barrels of oil at a […]

Ministry Demands Foreign Info

The Iraqi Oil Ministry demanded on Tuesday that foreign oil firms working in Iraq release all the information related to their production rates. “The information is necessary to achieve transparency,” the Ministry said in a release received by Aswat al-Iraq news agency. It said that the information should be released periodically (Aswat Al Iraq)

Prime Minister Inaugurates Projects for Water Desalination in Faw

Prime Minister Nuri al-Maliki opened a project for water desalination in Faw, south of Basra, during his recent visit to the governorate. Energy project is estimated at 800 cubic meters per hour, according to the governor of Basra Chiltag Abboud Mayah. He said that the project was funded by the Ministry of Municipalities and Public […]

Water Company Pays off Iraq Bribe Penalty

Water and gas supply and treatment company AVK Holding has paid a total of 1.2 million Danish crowns to the Public Prosecutor for Serious Economic Crime (SOK) for violations relating to the UN Oil-for-Food Program scandal, Copenhagen Post reported on 15 February. AVK reached a settlement with SOK over the violations, which included accusations of […]

Finance Ministry Releases Housing Loans to Workers of Mixed Sector

The Finance Ministry instructed the al-Rafideen and al-Rasheed banks to release loans and advances given to the workers of the mixed sector according to the adopted rules. “Finance Minister, Baqer al-Zubaidi, met on Monday (Feb. 22) with the members of the executive office of the National Union of Labor syndicates,” said a ministry’s statement received […]

Iraq Participates in Amman Conf. to Benefit from Experience in the Region

The Iraqi minister of housing and reconstruction on Monday said that Iraq’s participation in the meetings of the UN-HABITAT meetings in Amman aims to benefit from experience in the region. “A total of 150 representatives of the state-run housing sector in neighboring countries, in addition to the private sector, non-governmental organizations (NGOs), banks and UN […]

China is willing to Invest in Karbala

First Deputy Governor of Karbala, Abbas al-Musawi said that an investment Chinese delegation arrived in the city of Karbala for the observation of the economic and security situation in order to implement various projects. Musawi said for Al Sabah: The Chinese delegation showed keen interest during the discussions that took place in the province for […]