By John Lee. Kuwait's Al-Nasriyah Company has signed an agreement to build a new airport in Diwaniya. The $1.35-billion airport will be operated by the company under the 45-year contract. Following the signing ceremony, the Governor of Diwaniya, Ammar Al-Madani, said the airport will cover an area of seven dunams (roughly 17,500 sq. m.) in […]
Baroness Emma Nicholson of Winterbourne, UK Trade Envoy for Iraq and Iraq Britain Business Council’s (IBBC) Chairman, met Iraq’s new Prime Minister, Mr Haider al-Abadi, for wide-ranging talks during his visit to London this week. Mr al-Abadi was attending the Lancaster House coalition conference on the situation with Da’esh (Islamic State) but was keen to […]
By Patrick Schmidt. The Iraqi Deputy Prime Minister announced that Iraq would try to increase its oil production along with exports in order to compensate for low oil prices. Iraq has recently lost 50 percent of its revenue due to the slump in world crude prices. The country aims to boost production with the Kurdistan […]
By John Lee. Iranian vehicle maker Iran Khodro (IKCO) has announced that it has expanded its after-sale services in Iraq. During a visit by Karbala's Governor General, Aqil Al Tarihi, to the company's factory, Managing Director Hashem Yekke-Zare'a said: "In order to increase its market share ... [Iran Khodro] has diversified its export products to […]
By Mushreq Abbas for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Just like any Middle Eastern leader, Islamic State (IS) leader Abu Bakr al-Baghdadi (Ibrahim al-Badri) relies upon his relatives to guarantee his own security. However, ever since his spectacular appearance in the Mosul mosque in […]
By Patrick Schmidt. Last month, the Islamic State (IS) posted a tender for Iraqi contractors to bid on. The contractor will be in charge of digging a trench around the city of Mosul, that will measure 2 meters deep by 2 meters wide. The Islamic State is willing to pay the contractor 4,000 dollars per […]
By Patrick Schmidt. The Secretary of State of the United States John Kerry announced that airstrikes against the Islamic State (IS) in Iraq and Syria had significantly reduced the terrorist group’s numbers. The announcement came after a meeting with other leaders from the 21-member coalition fighting the Islamic State (IS). Since August 2014, over 2,000 […]
By John Lee. Gulf Keystone Petroleum (GKP) has appointed a new Chief Financial Officer. Sami Zouari (pictured), 42, joins the Company following careers in both the oil & gas industry and investment banking, where he also had a particular focus on the Energy and Commodities sectors in the Middle East and North Africa. Educated at […]
By John Lee. Trade between Iran and Iraq has reached $12 billion, according to the Head of Iran-Iraq Joint Chamber of Commerce, Yahya Al-e Eshaq. Addressing a conference in Tehran, he said an Iranian delegation to be headed by First Vice-President Eshaq Jahangiri will soon visit Iraq to discuss expansion of trade between the two […]
By John Lee. The Iraqi Ambassador to Malaysia, Prof. Dr. Basim Hattab Al-Tumma, has said that there are "tremendous opportunities" for Malaysian companies in the field of oil and gas exploration, infrastructure development, commodity trading, halal food and other consumer items. He said Iraq was looking forward to seeing Malaysia, a "brotherly Muslim country", assisting […]
By John Lee. South Korea has become the third largest supplier of beer to Iraq, with exports to the country reaching 6,384 tons, or US$4.48 million, last year. This puts South Korea behind Hong Kong (55,484 tons) and China (20,112 tons). Four years ago, South Korea ranked as the country’s seven-largest beer exporter. According to […]
By John Lee. The Central Bank of Iraq (CBI) has reported that 15 banks took part in its currency auction on Thursday. A total of $108,544,000 was sold at a price of 1166 Iraqi Dinars (IQD) per dollar. (Source: Central Bank of Iraq)
