Author Archive | Matthew Gayle

Iraq Closes Border With Syria

Prim Minister Nouri al-Maliki's government ordered the Iraq border with Syria closed on Tuesday to aid a massive military operation hunting for al-Qaeda and militant hideouts in the western desert of Iraq. Iraq’s Prime Minister Maliki has been a strong supporter of Syrian President Bashar al-Assad and reports suggested that his government was facilitating the transfer […]

BIS To Accept Additional Deposits From Iraq

The Central Bank of Iraq announced on Sunday that it has received a memo from the Bank of International Settlements (BIS) in Basel Switzerland announcing that it will accept more deposits from Iraq. “This procedure will contribute in increasing Iraq’s money revenues after keeping it in a very secure location,” the Central Bank explained. The […]

Iraq's Cihan Bank To Open UAE Branch

Cihan Bank, a leading private sector Islamic bank from Iraq, is planning to set up a representative office in the UAE and has plans to enter into tie-up with leading UAE banks, according to reports from Gulf News. “Currently, we have an office in Dubai," Gulf News quoted Nawzad Yahya Bajger, vice chairman of Cihan. […]

Dana Begins Arbitration Proceedings On Kurdish Contract

By Matthew Gayle. According to Iraq Oil Report, the consortium managing the only producing natural gas field in Iraq's autonomous Kurdistan region is taking the Kurdistan Regional Government (KRG) to court, alleging overdue payments that are likely to total over $2 billion. Dana Gas, a United Arab Emirates fuel producer, began arbitration proceedings in London on rights […]

Iraq Begins Receiving Russia Arms Shipments

By Matthew Gayle. According to UPI, Iraqi officials are saying that the military has started taking delivery of Russian arms as part of a landmark $4.3 billion contract signed in October 2012. The officials have not specified which systems have arrived in Iraq or when, but UPI's sources say it's understood they include 10 fully […]

Iraq's Dysfunctional Elite

By Harith Hasan  for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Last month, demonstrators in the southern Iraqi cities of Nassiriya and Basra organized nightly rallies to protest the government’s failure to provide enough electricity for households during the notoriously hot summer. With temperatures exceeding 113 degrees Fahrenheit during July […]

Anbar Completes Highway to Saudi Arabia

Anbar province recently announced its completion of a 12 billion Iraqi dinar ($10.3 million) highway project linking western Iraq to Saudi Arabia. Anbar province spokesman Mohammed Fathi Hantoush explained that the highway, called the Land Pilgrimage Road, is 230 kilometres long and links central Anbar to the Saudi border at Arar border crossing. Hantoush added […]