By John Lee. Iraq's Ministry of Finance has commissioned global consultancy firm Ernst & Young (EY) to evaluate the performance of state-owned insurance companies affiliated with the Ministry. Finance Minister Taif Sami (pictured) said in a statement to the state-owned Iraqi News Agency (INA) that the move aligns with directives from the Council of Ministers […]
By John Lee. Al-Bilal Group has installed a 2-megawatt solar power station at the Government Palace on Tuesday, signalling the launch of a wider governmental move toward renewable energy. Prime Minister Mohammed S. Al-Sudani highlighted the importance of the initiative, which aims to ease the strain on Iraq's national power grid and improve energy distribution to […]
From Rudaw. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. 90 percent of Iraq's money supply held outside banks: PM advisor Nearly 90 percent of Iraq's money supply is held outside the formal banking sector, largely hoarded in homes, a senior financial advisor to […]
By John Lee. National Investment Commission (NIC) Chairman Haider Makiya [Makiyya] has announced that Iraq attracted more than $64 billion in foreign investment over the past two years, underscoring growing global confidence in the country's economic trajectory. Speaking to the state-run Iraqi News Agency (INA), Makiya credited the surge to effective investment planning completed in […]
By John Lee. The Kurdistan Regional Government (KRG) and Iraq's federal government have entered into a new dispute over the legitimacy of two major energy agreements signed with American companies. On 19th May, Kurdistan's Prime Minister Masrour Barzani oversaw the signing of two agreements at the U.S. Chamber of Commerce in Washington, D.C., which the […]
By John Lee. The General Company for Ports of Iraq (GCPI), has announced the completion of the first section of the Development Road Project, linking the Al-Faw Grand Port to Umm Qasr. According to the Ministry's media office, the 62-km road consists of three lanes designated for heavy trucks and cargo, and is equipped with […]
By John Lee. The Prime Minister of the Kurdistan Regional Government, Masrour Barzani, opened the new Dabin [Dabeen] Cement Factory and Power Station on Monday. The plant, near Safeen Mountain in Erbil Governorate, has a capacity of 2.1 million tons of cement annually, and can output 52 MW of electricity. It has created more than […]
By John Lee. Iraq's ports have recorded strong financial performance in the first quarter of 2025, generating total revenues exceeding 314 billion Iraqi dinars [$240 million], according to Dr Eng. Farhan Al-Fartousi, Director General of the General Company for Ports of Iraq (GCPI). Monthly revenues were as follows: January: 109.27 billion dinars February: 98.74 billion […]
By John Lee. HKN Energy and ONEX Group have signed a binding term sheet with the Kurdistan Regional Government (KRG) to develop the Miran gas field through their new joint venture, Miran Energy. Located in the Kurdistan Region of Iraq, the Miran gas field is estimated to contain 8 trillion standard cubic feet (scf) of […]
By John Lee. WesternZagros, a privately owned US exploration and production company, has announced its acquisition of the Topkhana block in the Kurdistan Region of Iraq. The acquisition is seen as a strategic milestone in enhancing the Kurdistan Regional Government's (KRG) energy security and electricity provision plans. The company says that when developed alongside its […]
By John Lee. A team from the International Monetary Fund (IMF) has concluded a visit with Iraqi officials, concluding: Economic Challenges: Iraq faces a highly uncertain global environment, declining oil prices, and acute financing pressures, which are harming economic activity and deepening existing vulnerabilities. Urgent Measures Needed: Contain the fiscal deficit by increasing non-oil tax […]
By John Lee. The National Investment Commission (NIC) has signed an investment contract with Al-Ramla for the development of a fully serviced vertical residential complex. The project will feature up to 3,840 housing units, a five-star commercial hotel, a shopping center, a business hub, and various integrated services, aiming to provide modern housing solutions and […]
