Iraq's National Investment Commission (NIC) decided to reduce the down payment required to buy housing units at the new Bismayah development. NIC Chairman Dr. Sami al-Araji said that following requests from the public, the down payment would be reduced from 25 percent to 10 percent. He added that work at Bismaya, the biggest housing project […]
This article was originally published by Niqash. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Erbil’s Big Challenge: Tourists vs. Locals in Fight for Facilities This year the northern Iraqi Kurdish city of Erbil must live up to its hard won title, Capital of […]
By Ali Mamouri for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. The Anbar military operations took place under tense and sectarian circumstances. The Iraqi people have become divided regionally, ideologically and politically. Many groups raised their voices to criticize Iraq’s Ayatollah Ali […]
Oil exports from southern Iraq increased by almost 300,000 bpd in the first two weeks of this year, compared to the December average, according to a report from Reuters. Exports averaged 2.35 million bpd in the first 15 days of January, up from 2.08 million bpd in December. Although this is seen as a sign […]
Kurdish ministers have reportedly walked out of a cabinet session in protest at the country’s draft 2014 budget. Reuters reports that the draft budget requires the Kurds to export 400,000 bpd, well above the region’s current export capacity, and says Baghdad will deduct any shortfall from the 17 percent share of state revenues to which […]
Due to recent heightened security threats to Baghdad and the surrounding areas, the U.S. Embassy Annex Prosperity checkpoint will be closed through Sunday, January 19, 2014. The U.S. Embassy advises American citizens to avoid the area around this public access entrance during this period. The Embassy is closed for business on Friday and Saturday and […]
From Al Jazeera. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. Al Jazeera talks to Juan Cole, professor of history at the University of Michigan about the resurgence of violence in Iraq. Cole said the latest violence is one of the unintended consequence of […]
From Reuters. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. The day after one of Iraq's bloodiest days in months, Baghdad residents return to their business, grimly aware that death can strike anywhere, any time. Mana Rabiee reports for Reuters:
The tragedy of sectarian violence continues in Iraq, but the country still presses ahead with its development, and foreign companies continue to seize opportunities to contribute to the country’s growth and prosperity. This week in our newsletter, we have details of a Russian company's first oil output at an Iraqi oilfield, a Danish company exploring […]
The Kurdistan Regional Government has approved Maersk Oil’s acquisition of a 40% non-operating interest in the Piramagrun and Qala Dze Production Sharing Contracts from Repsol Oriente Medio S.A. Repsol will continue to operate exploration activities and also hold a 40% interest. The Kurdistan Regional Government will hold the remaining 20% share of each block. The […]
The state-run Turkey Petroleum Co. (TPAO) has discovered oil in the Sirnak province, near the southern border with Iraq and Iran. According to a report from UPI, the company's regional director, Gokhan Akin, said: "The oil at the well is at the value of the neighboring country's [Iraq] oil but the test studies for the […]
The deputy head of the Iraqi businessmen’s association, Tariq Saleh, has said that around 600 major projects worth $189 billion are frozen in Iraq due to the government’s failure to enforce a funds management law. He told Al Mada: "[The projects] have simply been stalled or suspended because of the government’s failure to enforce laws […]
