The Italian oil company Eni, and its Saipem subsidiary, said in a statement Wednesday that they are the injured parties in an investigation into alleged bribes related to contracts in Kuwait and Iraq. BusinessWeek says Milan prosecutors are investigating whether executives took bribes from Italian engineering and construction firms for subcontracts in Iraq's Zubair oil […]
Arabian News reports that Kuwait’s MH Alshaya Co, the Gulf franchise holder for H&M, Starbucks and TopShop, plans to debut the mother and baby equipment chain Mothercare in Erbil later this year, in a bid to tap into the country’s 30 million-strong population. This will be the Alaysha's first retail outlet in country. “We believe […]
Iraq's Central Bank expects the inflation rate to reach 7% in June, and pointed out that the increase of oil prices is one of the main reasons of inflation in the country. Central Bank advisor Mazhar Mohammad Saleh told Al Sumaria TV that production of goods is weak in comparison to the services sector, which […]
The Kurdistan Region in Iraq continues to grow and strengthen economically and remains a prime opportunity for investors to find a profitable home in the Middle East, Qubad Talabani (pictured), the KRG’s Representative to the United States, told investors in Manhattan yesterday. Addressing an audience at the 10th annual hedge fund symposium sponsored by Institutional […]
By Chris Bowers, British Consul General in Erbil. This article was originally published by Rudaw, and is re-published with permission by Iraq Business News. Let me start by asking a question: why is gas less talked about than oil in Iraq? I am not sure why this is the case but it does seem to […]
United Nations Secretary-General Ban Ki-moon has encouraged the Iraqi Government to act quickly to fulfil its obligations to find Kuwaiti or third country nationals, property and archives lost in Saddam Hussein’s invasion of Kuwait more than 20 years ago. In his latest report to the Security Council on the subject, Mr. Ban says that the […]
Bloomberg reports that Iran has agreed to supply 1.5 million liters a day (9,400 barrels), of gasoil to Iraq over the next 12 months for power generation. Masaab Serri, spokesman for the Iraqi Electricity Ministry, said in an interview that the fuel will enable power plants to generate 250 megawatts, according to the agreement signed […]
According to a report from AKnews, Iraq has signed a preliminary deal with France for the development of Iraq’s airports. The French government has agreed to help with the construction of new buildings and the modernization of outdated equipment such as security scanners. A high-level delegation led by Transport Minister Hadi al-Amiri travelled to Paris […]
The Chairman of Basra Investment Commission has called on Korean companies to study the city’s investment map and consider th opportunity to build 80,000 housing units in the city. The issue had been discussed in a meeting between Haider Ali Fadhel and Basra Governor, Khalaf Abdul-Samad, with the South-Korean Ambassador to Baghdad and his delegation […]
A joint meeting was held on Wednesday between the American Chamber of Commerce and Basra's Investment Commission (BIC). Ninety-six American companies representing various sectors were in attendance to investigate investment opportunities in the province. The head of Basra's Investment Commission, Haidar Ali Fadhil, told Aswat al-Iraq that he outlined the investment opportunities for the American […]
Advertising Feature Kalimat, being a strong presence and a leader in Iraq in the 3 G and 4 G spectrum, is unveiling state‐of‐the‐art and novel services in the Iraqi market, which many more advanced countries are yet to launch. These services will enable Kalimat’s Iraqi subscribers, to do a lot more than just make calls […]
When tacking the problems of unemployment and illegal work practices, Iraq has a difficult balancing act to achieve. On one hand, a civilised country cannot accept a situation where foreign labourers are tricked by traffickers to get them into the country illegally, and then told their pay will be a fraction of the minimum wage […]
