Iraq Business News brings you the latest Iraq banking & finance news, with information on developments and opportunities.
This weekend, the Iraq Britain Business Council (IBBC) hosted its annual members’ retreat at Cumberland Lodge, Windsor Park, which was generously sponsored by Al Burhan Group. As with previous years, it was very well attended by over seventy delegates, and allowed our members to mingle and network with representatives of other businesses, civil servants, and […]
By John Lee. Iraq and the Netherlands have signed a double taxation agreement on Monday. Iraqi Finance Minister Fuad Hussein is quoted as saying that avoiding double taxation will improve the business environment and help to attract foreign businesses and investments to Iraq. (Sources: Iraqi Ministry of Finance, Kurdistan 24)
By John Lee. The Trade Bank of Iraq (TBI) has officially opened its new headquarters in Baghdad. Located on Al Rasheed Street in the heart of Baghdad, the new headquarters is wholly owned by the bank and is designed to facilitate collaboration, bringing 670 Baghdad-based employees of TBI under one roof for the first time. […]
By John Lee. The state-owned Trade Bank of Iraq (TBI) has reportedly signed a Memorandum of Understanding with India-based ESDS Software Solution to develop financial technology and a cloud platform in Iraq. According to Zawya, Alpen Capital (ME) Limited acted as the sole advisor for the transaction between the two firms, which aims to "establish […]
By John Lee. Iraq's Minister of Transport, Abdullah Luaibi [Abdul Allah al-Leibi], has said that Iraq is actively seeking to join China's Belt and Road Initiative ["One Belt, One Road (OBOR)"]. In statements on Monday, the Ministry confirmed that the Minister met with China's Ambassador to Iraq, Zhang Tao, to discuss the plan. It added […]
JICA to Support Iraq’s Reconstruction and Revitalization through Upgrade of Basrah Refinery Signing of Japanese ODA Loan Agreement for Iraq On 16 June, 2019, the Japan International Cooperation Agency (JICA) and the Iraqi Government signed a loan agreement at Ministry of Finance in Baghdad. The ODA (Official Development Assistance) loan amounting to JPY 110,000 million […]
By Padraig O’Hannelly. Insurance is a complicated business, and as economies develop they demand more of it. This brings challenges, such as how to assess claims when the skills are not readily available locally, how to satisfy reinsurers that risks have been correctly priced and losses properly assessed, and how to develop lower-premium business without […]
DNO ASA, the Norwegian oil and gas operator, has completed the private placement of USD 400 million of new, five-year senior unsecured bonds with a coupon rate of 8.375 percent. The bond placement received strong investor demand across international markets and was oversubscribed. The bond issue is expected to be settled on or about 29 […]
By Padraig O'Hannelly. For much of Iraq's recent history, the trend has been for educated and talented Iraqis to leave the country, and for Iraq to use its oil revenues to import the expertise it needs. But that's changing; to at least some extent, the Iraqi diaspora is returning, innovative home-grown Iraqi businesses are being […]
By John Lee. Standard Chartered bank is reportedly reviving stalled plans to open a new branch for corporate customers in Basra in the first half of 2020. This would be the UK-based bank's third branch in Iraq. Its Iraq CEO Mohammed Jawad Al-Delaimy told Bloomberg: “Security in Iraq has improved dramatically ... We have witnessed […]
The Iraq Britain Business Council (IBBC) held Iraq’s first International Tech Conference in Baghdad at the Babylon Rotana Baghdad Hotel on 30 April, hosting government ministers, private industry, entrepreneurs, investors, and representatives from the leading UK and Iraq Tech companies. The purpose of the Conference was to drive confidence, investment and awareness of the power […]
By John Lee. Pearl Petroleum is reportedly planning to raise additional funding for its drilling and development in Iraqi Kurdistan, According to Reuters, Patrick Allman-Ward, the chief executive of Dana Gas, which is the majority owner of Pearl Petroleum, told reporters that the funding will "comprise a mix of bank debt, a bond, Exim bank […]
