By John Lee. Abu Dhabi's Invest AD plans to buy into the Asiacell IPO (initial public offering), making it the top holding in its Iraq fund. Sherif Salem (pictured), the manager of the Invest AD Iraq Opportunity Fund, and one of our Expert Bloggers on Iraq Business News, said: "Asiacell is going to be one […]
By John Lee. Iraq has signed a cultural and scientific co-operation agreement with Spain, reports Al Shorfa. Ministry of Culture spokesperson Abdel Qader al-Saadi told the news agency that a high-ranking Iraqi delegation visiting Spain signed the agreement, under which Iraqi professors and researchers will be sent to Spain to acquire experience. Spain also will provide […]
By John Lee. A US Army major has pleaded guilty to accepting gratuities from contractors while working in Iraq. Court documents say that Ulysses S. Hicks (40) was a U.S. Army captain serving as a pay agent for money used to buy miscellaneous items and supplies from local vendors. From about March 2007 to October 2008, […]
Tuz Khurmatu, a town of low-rise buildings, palm trees and some 110,000 residents, is in a swathe of territory Kurdistan wants to incorporate in its autonomous region over Baghdad's strong objections. For the people of Tuz Khurmatu, simmering tensions between Baghdad and Kurdistan cause fear and are also bad for business: (Source: AFP)
By John Lee. Shares in Asiacell, the first of Iraq's mobile phone operators to list on the stock exchange, are now open for subscription. According to a statement from the company: • Investors are now invited to complete and submit their application forms to subscribe • 67.503 billion shares, representing 25% of Asiacell's share capital, […]
By John Lee. Twenty-two of Iraq’s 30 private banks made a combined profit of $366 million (427 billion Iraqi dinars) during the first nine months of the year, according to a study released by the Association of Private Banks in Iraq. Al-Hayat newspaper says this is a 90 percent increase in profits over the same […]
Iraq is still considered Jordan's best market for exports ahead of Saudi Arabia, India and the United States, according to the Amman Chamber of Industry (ACI). According to ACI statistical report, Jordanian exports to Iraq by the end of November of last year reached JD813 million, accounting by 22 per cent of the Chamber's exports. […]
Iraq’s holy city of Karbala is hosting a religious ritual described as one of the largest in the country, reports Iran's PressTV, which says that more than nine million Shias from Iraq and other countries have poured into the city to commemorate Arbaeen. Arbaeen marks the 40th day after the martyrdom anniversary of Imam Hussein […]
Amarinth, a leading company specialising in the design, application and manufacture of centrifugal pumps and associated equipment to Oil & Gas, petrochemical, chemical and industrial markets, has won its first order in Iraq to supply 12 API 610 OH2 A-Series pumps for the Zubair Initial Production Facility and has appointed Horizon Development International (Basra) as […]
By John Lee. The board of Petrel Resources has reluctantly accepted the resignation with immediate effect of Guy Delbès (pictured), who was instrumental in bringing the company to Iraq. A statement from the company continued: "Following his 84th birthday Guy is seeking to reduce his business interests. "A former French diplomat, Guy Delbès has served […]
The U.S. Embassy to Iraq hosted a workshop at Iraq's Judicial Development Institute from December 17-20 on the role of judges in adjudicating disputes involving letters of credit. U.S. Federal Judge Jed S. Rakoff, representing the U.S. Department of Commerce’s Commercial Law Development Program (CLDP), led the workshop with the assistance of the Institute of […]
By John Lee. Iraq's Council of Ministers has decided to ban the importation of busses with a capacity of 20 passengers or more that are more than 3 years old. It also decided to ban the importation of construction vehicles and ambulances that are more than five years old. (Source: Aswat al-Iraq)
