Investment Opportunity in Glass Production

The State Company for Glass and Refractories Industry (SCG&R) [State Company for Glass and Ceramic Industries (SCGCI)], part of Iraq’s Ministry of Industry and Minerals (MIM), has announced an investment opportunity, sharing in management and production, according to investment Iraqi Law (No.22 of 1997 article 15 /III ) to moderate, increasing capacities, and improve quality for […]

IMF Revises Down GDP Forecast

By John Lee. The International Monetary Fund (IMF) has revised down its forecast GDP growth for Iraq from 0.5 per cent to a contraction of 3.1 per cent this year, due to the oil production cuts agreed within OPEC. Forecasts for 2018 and 2019 are 2.6 percent and 1.6 percent growth respectively. Consumer price inflation […]

Scaling up Humanitarian Response to Growing Needs

As fighting continues in west Mosul, humanitarian partners continue to respond to rising displacement and provide basic assistance to families in newly accessible areas, where conditions allow. Where access inside west Mosul city allows humanitarian partners to reach civilians, displaced families are provided with ready-to-eat food rations. Resident or returning families in the area are […]

Turkey contributes $750,000 to Stabilization in Mosul

The Government of Turkey has contributed US$750,000 to the UNDP’s Funding Facility for Stabilization (FFS), which finances fast-track initiatives in areas liberated from the Islamic State of Iraq and the Levant (ISIL). Based on priorities identified by the Government of Iraq and local authorities, FFS helps quickly repair public infrastructure, provides grants to small businesses, […]

Currency Auction Results, 19th Apr

By John Lee. The Central Bank of Iraq (CBI) has reported that 37 banks and 11 remittance companies took part in its currency auction on Wednesday. A total of $150,265,363 sold at a price of 1184 Iraqi Dinars (IQD) per dollar. (Source: Central Bank of Iraq)

Basra Oil Jetty Resumes Operations

By John Lee. Basra oil terminal, which was damaged by a tanker collision last month, is reported to have been successfully repaired on Sunday. Officials at the South Oil Company (SOC) told Reuters that a one-million-barrel tanker was loading light crude at the terminal on Monday. Total crude oil exports had not been affected by […]

Interview: Hundreds of Thousands still Trapped in Mosul

It’s been six months since the offensive on IS in Mosul and it’s believed up to 400 hundred thousand people remain trapped in the city with limited access to essentials such as food, water and medicines. For those who manage to get out, refugee camps set up near the besieged city are also struggling to […]

Counter-ISIS Strikes Continue in Syria, Iraq

U.S. and coalition military forces continued to attack the Islamic State of Iraq and Syria yesterday, conducting 23 strikes consisting of 75 engagements, Combined Joint Task Force Operation Inherent Resolve officials reported today. Officials reported details of yesterday’s strikes, noting that assessments of results are based on initial reports. Strikes in Syria In Syria, coalition […]

Video: Fears that IS could Regroup in Kirkuk

From Al Jazeera. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. It has been six months since Iraqi forces launched an offensive to retake the city of Mosul from the Islamic State of Iraq and the Levant (ISIL). The army is surrounding the old […]

Currency Auction Results, 18th Apr

By John Lee. The Central Bank of Iraq (CBI) has reported that 37 banks and 11 remittance companies took part in its currency auction on Tuesday. A total of $150,105,797 sold at a price of 1184 Iraqi Dinars (IQD) per dollar. (Source: Central Bank of Iraq)

Spartan College wins $1bn Iraq Training Deal

The US State Department has approved a possible Foreign Military Sale to the Republic of Iraq for pilot and maintenance training, contractor logistical support (CLS) for trainer aircraft, and base support. The estimated cost is $1.06 billion. The Defense Security Cooperation Agency (DSCA) delivered the required certification notifying Congress of this possible sale on April […]