The Multilateral Investment Guarantee Agency (MIGA), the political risk insurance arm of the World Bank Group, today underscored its commitment to supporting investment into Iraq with an announcement of its first contract of guarantee for the country. The guarantee of $5 million backs a Turkish investment into a Baghdad plant that manufactures polyethylene terephthalate (PET) […]
The deputy chairman of Basra's local council, Ahmad al-Sulieti, met representatives of the Jordanian al-Barq company to discuss the possibility implementing projects in the energy sector, according to a statement of his office reported by Aswat al-Iraq. (Source: Aswat al-Iraq)
Oil Minister Hussein al-Shahristani has signed a Memorandum of Understanding on strategic cooperation in oil and gas field with his Syrian counterpart Sufian Allaw, according to Syrian news agency (SANA). “In the presence of Prime Minister Nouri al-Maliki and his Syrian counterpart, Naji Otri, a Memorandum of Understanding on strategic cooperation in the field of […]
An Iraqi official said on Thursday that some $18 billion [21 trillion Iraqi dinar] will be reduced from Iraq's proposed budget for next year. Speaking to AKnews, Fadhil Nabi, the deputy for the Iraqi finance minister said that the requested budget for 2011 amounts to over $87 billion but the income of the country falls […]
By Anthony J Permal, Online Communications Manager, IQPC Lafarge, the world’s biggest cement contractor, maintains a presence in Iraq because of its booming housing development market, yet other companies shy away from taking a piece of the multi-billion dollar construction pie. Sigma Paints, the coatings leader, sponsors investment meetings in order to partner with attending […]
Federal authorities say a U.S. Army engineer took hundreds of thousands of dollars in bribes for funneling Iraq reconstruction contracts to friends, building a $1.1 million mansion with the proceeds. John Alfy Salama Markus, 38, was arrested at his home on Wednesday and charged in New Jersey with money laundering and conspiracy to commit bribery […]
The foundation stone for a project to build 1,000 housing units for the Political Prisoners Association in Basra for was laid on Thursday, according to the PPA chief. “The implementation of this project in Basra mirrors the central government’s care for political prisoners and recognises their sacrifices under the former regime,” Jassem Muhammad Jaafar said […]
Kurdistan Region Presidency Chief of Staff, Fuad Hussein, said in a statement that the Kurdistan Region Presidency would not accept any more postponements to a national census. He affirmed that one must be held by the end of 2010. The Kurdistan Regional Government has already shown remarkable patience in waiting for the constitutionally-mandated census to […]
National Overview The total number of officially reported hostile incidents increased nationally by eight to 123. Baghdad again accounted for the largest proportion of incidents with hostile activity largely characterised by assassinations of Iraqi Security Forces and Government of Iraq personnel rather than indiscriminate attacks. With the government formation process finally starting to gain momentum […]
When many people think of Iraq, they think only of wars, decades of high inflation, blistering sun, and power cuts, but the people clinging to this outdated and narrow image of the country will not be the winners in the new Iraq. As regular readers of Iraq Business News will be aware, there's an increasing […]
Gen. Jeffrey Buchanan, spokesman of the U.S. military in Iraq, says that Washington agrees on supply Iraq with F-16 military aircraft, shortly after the US's full withdrawal from the country by the end of December 2011. The General told AKnews that the abilities and skills of the Iraqi air forces have improved, and they will […]
Russia’s Lukoil aims to produce 120,000 barrels of oil a day at Iraq’s field by the end of 2012, and is seeking customers for the fuel in Asia, according to a report from BusinessWeek. The Moscow-based company plans to begin selling crude from the field in 2013, Paul Hawkins, director of supply and trading […]
