By John Lee. The Kurdistan Region is preparing for a bustling winter tourism season, according to a statement from the Kurdistan Regional Government (KRG). Sirwan Tofiq, the marketing head at the KRG Board of Tourism, briefed the Department of Media and Information on the efforts to attract winter tourists to destinations like Gara Mountain, Penjwen, […]
From Cobic-Ex. Any opinions expressed here are those of the author(s) and do not necessarily reflect the views of Iraq Business News. Electrical equipment, from industrial machines to everyday devices like smartphones, can become potential ignition sources due to electric arcs and heat generation. This is particularly critical in hazardous environments where flammable gases or […]
By John Lee. Baghdad-based Sar Albraa for General Contract and Trade has won two contracts with the United Nations Assistance Mission for Iraq (UNAMI): "Construction and Connection of Storm water Networks in Al Ahrar Neighborhood, Basra." The contract is valued at $358,515, with a potential end date of November 30, 2026. "Construction and Connection of Storm […]
By John Lee. Fitch Ratings has affirmed Gulf Commercial Bank (GCB)'s Long-Term Issuer Default Rating (IDR) of 'CCC+', and Viability Rating (VR) at 'ccc+'. It says the rating, "reflects a weak operating environment, the bank's weak franchise and volatile business model, high risk appetite, including still high related-party lending, and weak asset quality and profitability." […]
By Ahmed Tabaqchali, Chief Strategist of AFC Iraq Fund. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Government Starts Implementing the Expansionary 2023 Budget The market, as measured by the Rabee Securities U. S. Dollar Equity Index (RSISX USD Index), was up 7.1%. for the […]
By John Lee. International oil companies operating in Iraqi Kurdistan have been excluded from ongoing discussions regarding the production and export of oil from the Region, according to the trade body representing them. A statement from the Association of the Petroleum Industry of Kurdistan (APIKUR) on Tuesday said: "APIKUR member companies -- which represent the […]
By John Lee. Qatar's Ooredoo, Kuwait's Zain Group and TASC Towers Holding of Dubai are to create the largest tower company in the MENA region, in a cash and share deal. The enlarged tower company, comprising approximately 30,000 towers, has a combined estimated current enterprise value of USD 2.2 billion. Ooredoo and Zain will equally […]
By John Lee. The Deputy Ambassador at the Chinese embassy in Baghdad, Xu Haifeng, told the state-run Iraqi News Agency (INA) that trade exchange between the two countries is increasing at a rapid pace: Trade Volume and Increase: Chinese embassy disclosed trade data with Iraq, highlighting a year-on-year increase in purchases by approximately 48%. Trade […]
By John Lee. Prime Minister Mohammed Shiaa Al-Sudani laid the foundation for the rehabilitation and construction of the second lane of the Basra-Fao [Faw] road in Basra province on Saturday. He reviewed project details, timelines, and emphasized the government's commitment to improving services crucial for citizens across sectors. Al-Sudani highlighted the significance of the Basra-Fao […]
By John Lee. Fitch Ratings has affirmed Iraq's Sumer Commercial Bank PSC's (SCB) Long- and Short-Term Issuer Default Ratings (IDRs) at 'RD' (Restricted Default) and Viability Rating (VR) at 'f'. Fitch has also withdrawn the bank's ratings. It says that, before the rating withdrawal, SCB's IDRs reflected the Central Bank of Iraq's (CBI) intervention, which […]
By John Lee. UK Export Finance (UKEF), the UK's export credit agency, has announced that it has secured £226 million [$285 million] in financing for the Iraqi government to develop over 350 kilometers of drainage infrastructure as well as 15 kilometers of stormwater and wastewater lifting stations near Hillah city. Upon completion, the project is […]
By John Lee. Iraq's Ministry of Oil has announced preliminary oil export figures for November: Total exports of crude oil: 102,975,782 barrels. Revenues from crude oil exports: $8.512 billion. Oil fields in central and southern Iraq accounted for 101,764,620 barrels of crude oil exports. Exports from Kirkuk through the port of Ceyhan have been suspended. […]
