By John Lee. Eurasia Drilling (LSE: EDCL) has announced that it has acquired two onshore drilling rigs in Iraq, with a commitment to purchase a third. All three rigs are currently under contract or being tendered to international customers. To ensure uninterrupted operations, EDC intends to retain the existing management and operational staff and support […]
By John Lee. Iraq’s Cabinet has agreed to allocate $500 million to resolve the long-running dispute with Kuwait over the debts of Iraqi Airways, according to Bloomberg. The Cabinet asked parliament to approve the allocation of $300 million from the 2012 budget and another $200 million in 2013, , State Minister Ali al-Dabbagh said on […]
By John Lee. Hilton Worldwide has announced expansion plans in Iraqi Kurdistan with the signing of a management agreement with the Mihtab Group to develop the first Hilton Hotels & Resorts property in the rapidly growing city of Erbil. The 300-room Hilton Erbil Hotel & Spa, which is expected to open in 2016, will be the […]
By John Lee. Abu Dhabi Islamic Bank (ADIB) said on Tuesday that it has launched operations in Iraq, reportedly the first UAE-based financial institution to get approval from the Iraqi Central Bank to operate there. The lender said it would initially serve corporate and private banking customers, but will eventually offer corporate finance, investment banking […]
By John Lee. Vice President Tariq Al Hashemi, the highest Sunni official in Iraq, is being tried in absentia in a Baghdad court. In an exclusive interview with Al Jazeera on Wednesday, he said the case against him was "political", and that confessions from witnesses have been extracted "under severe torture". He also criticised Prime Minister […]
By John Lee. The Chairman of the Board of Governors of the Iraqi Stock Exchange has reportedly called for a five-year tax holiday for companies listing on the Iraqi bourse, to encourage companies to float their shares. Laith al-Tamimi also called for the Registrar of Companies at the Ministry of Trade to expedite the incorporation […]
By John Lee. An Iraqi oil ministry statement on Tuesday said that Chevron, the second largest U.S. energy company, will be barred from contracts in central and southern Iraq as a result of buying stakes in two oil-exploration blocks in Iraqi Kurdistan. “Chevron is barred from any agreement or contract with the federal ministry of […]
Truck maker Scania has acquired a majority stake in its Iraqi distribution company. Through this investment, Scania is building further on its strong brand in Iraq. In the early 1980s, Iraq was one of Scania’s largest markets. Since 1961, 35,000 vehicles have been delivered. Combined with significant imports of used vehicles in recent years, approximately […]
By John Lee. The U.S. Embassy in Baghdad and the Iraqi Republic Railroad (IRR) celebrated the launch of Iraq’s new Computer-Based Train Control (CBTC) and Digital Microwave Radio Communications Network (DMRCN) during a handover ceremony on July 18. The project was sponsored by the U.S. Embassy, through the U.S. Department of Transportation, in coordination with […]
By John Lee. The KRG's Minister of Electricity, Yaseen Shekh Abubakir [Yassen Shekh Abubakir Mawati, Yasin Sheikh Abu Bakir Muhammad Mawati] (pictured), recently welcomed a delegation headed by Polish Ambassador to Iraq, Stanislaw Smolen, who said that Polish companies are ready to invest in the Kurdistan Region. At the meeting both sides discussed increasing investment […]
On July 18, the U.S. Embassy in Baghdad, through the United States Agency for International Development (USAID), signed a Memorandum of Understanding (MOU) with the Office of the Prime Minister of Iraq outlining American support for Iraqi efforts to reduce regulatory obstacles in Iraq’s private sector, as outlined in the Strategic Framework Agreement. The MOU […]
Wide Area Communications specialist Hermes Datacomms has announced the appointment of a key member of staff to the team in Iraq. Vincent Davies (pictured) is the first British ex-pat to join the team and will take on the role of Technical Manager with the primary aims of improving in-country support and helping to build customer […]
