From IDG Security: How Do Local Regulations Affect Foreign and Local Businesses Differently in Iraq? Iraq presents a unique and complex environment for businesses, with its blend of immense economic opportunities and intricate regulatory challenges. For foreign investors, understanding how local regulations impact both foreign and local businesses is crucial to navigating this dynamic market. […]
By John Lee. The International Monetary Fund (IMF) has said that Iraq's economy is facing considerable headwinds, with non-oil sector growth slowing from 13.8 percent in 2023 to an estimated 2.5 percent in 2024, impacted by reduced public investment, a weaker trade balance, and financing constraints that led to the accumulation of arrears. Real GDP […]
By John Lee. Prime Minister Mohammed Shia Al-Sudani has laid the foundation stone for the expansion of the Najaf [Al-Ashraf] refinery, a strategic project that will increase refining capacity by 70,000 barrels per day. The ceremony, held on Wednesday, marks the start of execution works for the project, which forms part of the government's broader […]
By John Lee. The Ministry of Transport has released air traffic statistics for June, highlighting a notable increase in civil aviation activity across Iraq's airports. According to the General Company for Air Navigation Services, Baghdad International Airport (BIAP) recorded the highest volume of arriving and departing flights. In total, 10,812 transit flights crossed Iraqi airspace […]
By John Lee. The Ministry of Construction, Housing and Municipalities has announced the completion of the Najaf Wastewater Treatment Plant project, supervised by its General Directorate of Sewerage. Constructed on a 100-dunum site, the facility has a design capacity of 100,000 cubic metres per day. It is expected to significantly reduce pollution levels in the […]
By John Lee. The Executive Board of the International Monetary Fund (IMF) issued a statement on Wednesday (9th July) following the conclusion of its Article IV consultation with Iraq. It projects an average exchange rate (dinar per US$) in each of 2025 and 2026 of 1300, the same as for 2024, adding: "The CBI [Central […]
By John Lee. Iraq's Ministry of Transport has announced details of its project to develop Baghdad International Airport (BIAP) through a public-private partnership (PPP), in cooperation with the International Finance Corporation (IFC), a member of the World Bank Group. In response to fiscal pressures and the government's strategy to diversify funding sources, Iraq signed a […]
By John Lee. The National Investment Commission (NIC) has announced two 15-year investment opportunities for the management and maintenance of Bismayah Residential City, under the provisions of Investment Law No. 13 of 2006 (as amended). Each opportunity covers one of the city's residential blocks, with companies permitted to apply for one or both. The selected […]
By John Lee. France's Vallourec has secured two contracts to supply Oil Country Tubular Goods (OCTG) to support the drilling operations of China National Offshore Oil Corporation (CNOOC) and PetroChina in Iraq. According to a statement from the company, these contracts carry potential revenue of over $130 million [IQD 170 billion]. The contracts cover the […]
By John Lee. Iraq's Climate Investment Plan (CIP) marks a turning point in the nation's ambition to tackle climate change impacts and drive economic diversification by strategically integrating climate change considerations into future investments, according to a statement from the United Nations Development Programme (UNDP). It continues: "This marks a turning point in the nation's […]
By John Lee. Iraq's Ministry of Oil has started work to expand the Diwaniya Refinery by adding a new 70,000-barrel-per-day (bpd) processing unit, bringing the refinery's total capacity to 90,000 bpd. Minister of Oil, Eng. Hayan Abdul Ghani, confirmed the Ministry's commitment to enhancing production at Iraqi refineries, with a focus on achieving self-sufficiency in […]
By John Lee. The eight OPEC+ countries, including Iraq, have reaffirmed their coordinated approach to oil market stability and announced a collective production adjustment for August 2025. In a virtual meeting held on 5 July, the group cited healthy market fundamentals and a stable global economic outlook as the basis for a 548,000 barrels per […]
