The IMF (International Monetary Fund) said on Friday that it was releasing $741m [890 billion Iraqi dinars] in financing to Iraq after the country made good progress in reconstructing its war-torn economy. AFP reports that the loan is the second installment of a 24-month loan the IMF awarded to Iraq in February. The IMF executive […]
Ninewa is actively seeking to entice foreign investors to the province, according to Ninewa's Governor, Atheel al-Nejeifi, said on Friday. “The province has tabled proposals to the local council to set up investment firms in numerous fields, including an airlines company,” Nejeifi told Aswat al-Iraq news agency. The Ninewa Investment Commission had said in August […]
One striking characteristic of business in Iraq is the extent of state-ownership of enterprise and assets. Mudher Kasim, a senior advisor to Iraq's Central Bank, claimed that “the problem in Iraq is that 90 percent of the wealth of the nation is in the hands of the government. So centralism always dominates the mindset everywhere”. […]
Iraq issued tenders to redevelop "more than 10" industrial plants as part of a plan to revamp 250 state-owned facilities through private investors, an industry ministry official said, according to a report from Bloomberg. Deputy Minister Mohammed Abdullah Mohammed said the plants are mainly producing cement, petrochemicals, steel and pharmaceuticals, and the contracts are for […]
Etisalat, the state-controlled telecommunications company of the United Arab Emirates, has made an offer to acquire a large stake in Zain, Kuwait’s largest operator, which has mobile telecom operations in Iraq. The Financial Times reports that Zain, which is partially owned by Kuwait’s sovereign wealth fund (24.6%) and the country’s Kharafi family (13%), has been […]
Bloomberg reports that French private airline Aigle Azur will start flights to Baghdad next month. France’s ambassador to Iraq, Boris Boillion, said “Aigle Azur will start flights between Paris and Baghdad in October". Aigle Azur, the oldest private airline in France, flies about 1.6 million passengers to about 30 destinations mostly around the Mediterranean and […]
The Iraqi Interior Ministry says it is negotiating the import of 1,000 police dogs from the United States. “The ministry will sign a contract for the purchase of 1,000 police dogs to help police in their searches for explosives,” said Brigadier Salah Abdulsultan, according to a report from Azzaman. Abdulsultan said Iraq currently has 32 […]
ABB, the Swiss-Swedish engineering group, has agreed to pay more than $58m to settle criminal and civil charges in relation to alleged payment of bribes and kickbacks in Mexico and Iraq. The Swiss-Swedish engineering group was charged by the US with conspiracy and violating the Foreign Corrupt Practices Act. Prosecutors alleged that ABB and its […]
A U.S.-Turkish delegation met the Chairman of the Baghdad Investment Commission on Wednesday to discuss the establishment of two factories for gypsum and Pepsi, according to a statement of the BIC. “The BIC Chairman, Shaker al-Zamel [Shaker A. Shibeeb], received a delegation from a U.S.-Turkish company to set up two factories to produce gypsum and […]
An initial agreement has been reached with a Russian company to invest in gas produced from the Missan oilfields, the Chairman of the local council’s energy committee said on Tuesday. “The agreement will help to increase the revenues allocated to the province, and to meet the local demand, in addition to using the gas produced […]
Iraq's cabinet has just approved a $733 million [880 billion Iraqi dinar] deal to build a new oil export terminal in Basra, a spokesman for the Iraqi government said on Tuesday. The work will be carried out by Leighton Offshore Private Ltd., which was selected from four international companies invited to tender for the project. […]
Gulftainer, in collaboration with a local Iraqi company, launched a new container-dock project in Basra on Monday, with the aim of increasing capacity at the port by about 58,000 tons per year. The Emirati company will initially invest $24m [29 billion Iraqi dinars] in the project, according to the report from AKnews. Gulftainer's Director, Peter […]
