Iraq Business News brings you the latest Iraq banking & finance news, with information on developments and opportunities.
Over the last three months, stocks accounting for over half the turnover on the Iraq Stock Exchange (ISX) in the first quarter of this year have been suspended from trading. (See chart. Trading values for the quarter were computed from statistics available in the Rabee Securities Weekly Bulletin, online at http://rabeesecurities.com) Of the first quarter’s […]
Syrian Prime Minister Mohammad Naji Otri and Iraqi Finance Minster Baqir Jabr al-Zubaidi met on Sunday to discuss cooperation and relations between the two countries. Later, Syria's Minister of Finance Mohammed al-Hussein discussed with al-Zubaidi the positive impact of Syrian-Iraqi financial cooperation on economic relations which serve the interest of both countries. Minister al-Hussein stressed […]
An Iraqi Economist said on Thursday that the Central Bank began to reduce interest rates by approximately six percent for loans and four percent for bank deposits, to encourage investments in the country, after a series of robberies that took place recently on Iraqi banks. The expert said: "This shift reflects a new policy of […]
(Sources: Aswat Al Iraq, Reuters) Aswat al Iraq reports that the Iraqi Council of Ministers has decided to approve an agreement that settles Madagascar’s debt to Iraq. Iraq lent the money to Madagascar during the era of ousted dictator Saddam Hussein. “Eighty percent of the debt (i.e. $234,507,234) has been cancelled,” the Iraqi government said […]
The financial services sector looks set for rapid expansion in the Kurdistan Region of Iraq as a brand new stock exchange gets up and running and HSBC considers putting its own-brand on high street branches in the Region. International banking and financial services will play a significant role in the economic development of the Region, […]
(Sources: AFP, Trade Bank of Iraq) The Trade Bank of Iraq insisted on Monday that it was open for business despite the damage wrought by two suicide bombers who blew their vehicles up in the street outside. The bank, which is the conduit for much of the Iraqi government's foreign exchange transactions and dealings with […]
As of June 17, year-to-date average daily turnover on the Iraq Stock Exchange (ISX) has remained subdued at just ID 2.2 billion (US$ 1.9 million). Surprisingly, however, large block trades on just 16 days (8 days in May, 4 in March, and 4 in January) accounted for 48% of YTD total trading. An easy way […]
Canon Middle East, an innovator and provider of imaging solutions for businesses and consumers, has pledged its support for computer summer camps being organized by educational authorities and universities throughout the region from June 1 to October 31, 2010. They will be overseen by the ICDL GCC Foundation, the governing body and certification authority of […]
Iraq’s current five-year development plan is expected to create 3.5 million new jobs, the Ministry of Planning and Development cooperation said. In a statement faxed to the newspaper, the ministry said under the 2000-2015 plan 2700 major projects are to be constructed across the country. “The implementation of the plan is certain to reduce unemployment […]
Prime Minister Barham Salih today in London told more than 500 delegates at a major conference that Kurdistan welcomes foreign business and invited international companies to participate in Kurdistan’s economic progress. Speaking at the Kurdistan Region Trade and Investment conference, the Prime Minister said, “Kurdistan welcomes foreign businesses with open arms. Foreign investment has played […]
The United Arab Emirates will double its current investment in Iraq’s semi-autonomous Kurdistan region to $6 billion by 2013, said Abdullah bin Ahmed al-Saleh, director general in the emirates’ Ministry of Foreign Trade. Kurdistan is a important partner for the U.A.E., which is keen to “develop and upgrade” ties between them, al-Saleh told delegates today […]
Dubai-based construction firm Al Habtoor Leighton Group is in discussions over a $700 million offshore project in Iraq as it seeks more business outside the difficult UAE market, its CEO said on Tuesday. Al Habtoor, an affiliate of Australia's Leighton Holding, is also eyeing a new infrastructure contract in Saudi Arabia and two in Oman […]
