Iraq Business News brings you the latest Iraq banking & finance news, with information on developments and opportunities.
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 […]
A delegation from Baghdad council has held a meeting with the head and members of the Najaf council to learn about the Najaf experience of reconstruction and investment in the field of infrastructure , Ahmad Nouri al-Dajieli, director of the Najaf council information department, told Aswat al-Iraq news agency. The meeting aimed to sign several […]
Rafidain Bank statement mentioned that the official memo signed by Al-Yassery said: Basing on the work necessities and getting the approved agreements, it is decided to start working with the bank; all Iraqi official and private banks have the right to deal with Werkaa too.
Iraq relies almost solely on oil revenues for its hard currency earnings, but latest gyrations in oil prices are said to have added to budget strains. “We are looking forward to obtaining more loans … mainly from donor countries,” Naib said.
Iraqi GDP growth remains at the mercy of the oil markets, with the economy growing 10.3% in 2008, slowing to 4.3% last year in the wake of the crash, and now expected to rebound to 7% this year as prices have recovered (according to the central bank’s latest forecast). This state of affairs has led […]
The Central Bank of Iraq (CBI) decided to suspend its dollar sales on Monday and will resume its sessions on Tuesday after a recent armed attack, a media source said. On Sunday (June 13), the spokesman for the Baghdad Operations Command (BOC) Maj. General Qassem Atta said fifteen civilians and three terrorists were killed in […]
“We will cover the budget with the difference in oil prices,” Zubaidi said. The Iraqi budget is based on oil prices at $62.5 per barrel, and in agreements already made “we sold at $74,” he said.
Iraq will decrease its deficit to 8 percent over the next three years from 18 percent, the finance minister said on Wednesday, and envisioned a substantial increase in investment as a percentage of the budget.
HSBC has said that it is “remarkably bullish on Iraq” and expects bank profitability in the country to increase by 100 times within 10 to 20 years, Bloomberg has reported. “There is more lending activity as the economy gets stronger,” James Hogan, country manager of HSBC Holdings said. HSBC entered the Iraq’s post-war banking sector […]
Private Turkish banks are interested in setting up joint ventures with private Iraqi banks, Iraq's finance minister said on Wednesday.
The Iraqi Finance Ministry has received $440 million as a loan from the International Monetary Fund “The loan is processed according to an agreement between the two sides through which Iraq should get an amount of $3.6 billion in total from the International Fund Monetary,” the Iraqi ministry said in a release on Wednesday received […]
