By John Lee. National Investment Commission (NIC) Chairman Dr. Sami Al-Araji and Iraqi Permanent Representative in the UN, Ambassador Muhammad Ali Al- Hakeem, met recently with the Italian Deputy foreign Minister, Mr. Vincenzo Amendola, at the Italian Representation Headquarter in the UN. During the meeting the two sides discussed bilateral relations and the Italian efforts […]
By John Lee. Iraqi oil minister Jabar Ali al-Luaibi [Allibi] has announced an increase of 10 billion barrels in Iraq's oil reserves, bringing its total proven reserves to 153 billion barrels. He said the increase comes from seven oil fields in central and southern Iraq, but did not name the fields in question. Iraq will ask […]
By John Lee. US Defense Secretary Jim Mattis has promised that the Trump administration will not try to take Iraq’s oil. On Monday, during his first trip to Iraq as Pentagon chief, he told reporters: “All of us in America have generally paid for our gas and oil all along, and I am sure we […]
By John Lee. Kuwait-based telecommunications group Zain has said that revenues at its Iraqi unit fell by 11 percent in 2016. In its full-year results, the company blamed "exceptional circumstances" with revenues for the full-year reaching USD 1.1 billion, and EBITDA reaching USD 394 million, down 18 percent, with a net loss of USD 5 […]
The military operations to retake Mosul from the Islamic State of Iraq and the Levant (ISIL) resumed on 19 February. Iraqi Security Forces are moving towards the city from the south-west, through lightly-populated areas. To date, some 160,000 of the almost 217,000 people who have fled hostilities since 17 October are living in displacement, while […]
By John Lee. Iraqi Prime Minister Dr. Haider Al-Abadi has expressed his thanks for the international support his country has received in its fight against the Islamic State group (IS, ISIS, ISIL, Daesh). Speaking at the Munich Security Conference, he said: "On behalf of the Iraqi people, I extend my sincere thanks to your countries […]
From Al Jazeera. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. The UN says it is now a race against the clock to prepare for the displacement of civilians as Iraqi troops begin an offensive on western Mosul. There are about 750,000 people trapped […]
The government of Iraq and Iraqi security forces announced today the commencement of operations to liberate western Mosul from Islamic State of Iraq and Syria terrorists, Combined Joint Task Force Operation Inherent Resolve officials reported. In a release, officials said the battle for the complete liberation of Mosul cannot come soon enough for the hundreds […]
U.S. and coalition military forces continued to attack the Islamic State of Iraq and Syria yesterday, 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 Coalition military forces conducted 26 strikes consisting of 28 engagements […]
GardaWorld, a global leader in comprehensive security and risk management, has made its weekly security report available to Iraq Business News readers. Prepared by GardaWorld's Risk Analysis Team in Iraq, this essential report includes short- and medium-term outlooks on the security situation, reports and commentary on recent significant events, and a detailed overview of developments […]
By John Lee. Iranian Industry Minister Mohammad Reza Nematzadeh (pictured) and his Iraqi counterpart Mohammad Shiya al-Sudani have reportedly agreed on designing and building "industrial townships" in some Iraqi provinces. According to IRNA, Nematzadeh said that there a total of 750 industrial townships where over 40,000 industrial and producing units are active, adding, “we are […]
According to a report released by London-based International Centre for the Study of Radicalization (ICSR) and accounting group Ernst & Young, the Islamic State organisation (IS, ISIS, ISIL, Daesh) is in deep financial trouble. In an interview, ICSR director Peter Neumann stated out that the report clearly shows that while IS used to be the […]
