Shafaaq News reports that the Central Bank of Iraq (CBI) has announced its intention to privatize the two largest banks in the country. It quotes CBI Governor Ali al-Alaq as saying: "The bank's management is moving to privatize al-Rafidain and al-Rasheed Banks or participate with the private sector ... the move is being coordinated with […]
By John Lee. The Chairman of Genel Energy has said that the KRG will begin exporting natural gas to Turkey within two or three years. Tony Hayward (pictured) told the Atlantic Council conference in Istanbul that 20 billion cubic metres will hit the Turkish market by 2020, with KRG Natural Resources Minister Ashti Hawrami saying […]
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 Iraqi government faces a huge budget deficit and is having difficulty running the country’s economic activities because of plummeting oil prices, the heavy burden of the war against the Islamic State and rampant […]
From Al Jazeera. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. The UN is warning that Iraq's ancient heritage could be lost forever. Thousands of artefacts have been looted and destroyed by the Islamic State of Iraq and the Levant (ISIL) group. Many were […]
Forces fighting the Islamic State of Iraq and the Levant continue to make progress in Iraq and Syria, the Operation Inherent Resolve spokesman said today. "We're starting to see changes in the way ISIL operates every day on the ground here. That doesn’t mean this is over. We're a long way from over," Army Col. […]
U.S. and coalition military forces have continued to attack Islamic State of Iraq and the Levant terrorists in Syria and Iraq, Combined Joint Task Force Operation Inherent Resolve officials reported today. Officials reported details of the latest strikes, noting that assessments of results are based on initial reports. Strikes in Syria Attack, fighter and remotely […]
By Robert Tollast. The following opinions are the author's only, and do not necessarily represent the views of Iraq Business News. Despite the grim headlines, the main challenge for doing business in many parts of Iraq is not really security, it is still bureaucracy and a lack of clarity regarding who is responsible for different […]
The Chairman of Iraq’s National Investment Commission (NIC), Dr. Sami Al-Araji, has signed the Convention on the Settlement of Investment Disputes between States and Nationals of Other States (the ICSID Convention). Iraq has become the 160th country to sign the Convention and the 152nd country to become a member of the International Centre Settlement of […]
In a ceremony attended by Japanese new Ambassador to Iraq, Mr. Fumio Iwai, KRG Prime Minister Nechirvan Barzani inaugurated the 36 megawatt hydropower project near Deralok town in Duhok Governorate. The project is funded by the Japan International Cooperation Agency (JICA) within the framework of Japan’s loan to Iraq. Earlier last week, Prime Minister Barzani […]
The UK's High Court has ordered the Kurdistan Regional Government (KRG) to pay a consortium led by Dana Gas $100 million within 14 days. In a statement, the KRG's Ministry of Natural Resources said: “The Court’s decision does not relate to the substantive merits of the claims and counterclaims in the on-going arbitration between the […]
By Simon Kent. The Iraqi Civil Aviation Authority has suspended flights from Baghdad to Sulaymaniyah and Erbil in the Kurdish region of Iraq (KRI) for two days, effective from today. The move follows concern that Russian jets and cruise missiles pass though that airspace from the Caspian Sea region, to targets in Syria. It is […]
By Simon Kent. Japan will extend a loan worth "billions" of Yen to construct a water treatment facility in Samawah, southern Iraq. According to the Japan Today, the southern city of 300,000 people currently lacks adequate treatment facilities. Between 2003-04 a contingent of Japanese troops were stationed in the city, and the new loan represents […]
