Iraq Business News brings you the latest information on developments and opportunities in the construction & engineering industries in Iraq.
Basra Multi-purpose Terminal (BMT), the largest multi-purpose port facility in Iraq, announces a major development in the Port of Umm Qasr. Marking a significant expansion to their existing facilities, BMT will be increasing their total investment in Umm Qasr Port to over USD 200 million, aimed to further advance the port in the international trade […]
Japan's Mitsubishi Corporation has been awarded a contract for port construction in the Republic of Iraq. Extended by the General Company for Ports of Iraq (GCPI), the contract covers a port rehabilitation project in the country’s southern region of Basra, and is valued at approximately 110 million US dollars. The project is being funded through […]
By John Lee. The Iraqi Cabinet held its weekly regular meeting in Baghdad on Tuesday under the chairmanship of Prime Minister Al-Abadi. It discussed energy, housing, transport, security, financial reforms and delivery of public services, and also reviewed several reconstruction projects across Iraq. The cabinet approved measures to accelerate the transition to electronic payment of […]
By John Lee. South Korea's Hanwha Engineering and Construction (E&C) has said it haws received an additional payment of $230 million from the Iraqi government for work carried out in the first half of this year on the Bismayah New City project in Baghdad. According to the report from Business Korea, the total contract is […]
By Adnan Abu Zeed for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News. When the Al-Nouri Mosque and the adjacent al-Hadba minaret in Mosul were bombed by the Islamic State (IS) on June 21, 2017, many thought that the landmark mosque […]
By John Lee. A Kuwaiti businessman is reportedly planning to grow 100,000 date palms and build a nature reserve complete with ostriches and deer in southern Badia, 150 km from the city of Basra. According to Reuters, Abdul-Aziz al-Babtain is investing $58 million in the project, which will see the palms grown over the next […]
The victory of Shiite cleric Moqtada al-Sadr’s party in Iraq’s recent election has put the United States in a wait-and-see position, Defense Secretary James N. Mattis told reporters yesterday in Colorado Springs, Colorado. The secretary was in Colorado to preside at the change-of-command ceremony for North American Aerospace Defense Command and U.S. Northern Command. “History […]
By John Lee. Reuters reports that Bain Capital Credit has been chosen for a 900-million-euro ($1.06 billion) deal to rescue the heavily-indebted Italian engineering firm Trevi. Among Trevi's current projects is the stabilisation of Iraq’s Mosul Dam. More here from Reuters. (Source: Reuters)
The UK's Serious Fraud Office (SFO) has brought further charges against two individuals facing trial in relation to the Unaoil investigation. Basil Al Jarah and Ziad Akle have both been charged with conspiracy to give corrupt payments to secure the award of a contract worth US$733 million to Leighton Contractors Singapore PTE Ltd for a […]
By John Lee. Newtechnic, which describes itself as a world leader in building engineering technology, has reportedly won the contract to design the facade and oversee the co-ordination and construction of the new Central Bank of Iraq (CBI) building in Baghdad. According to New Civil Engineer, the building, designed by Zaha Hadid Architects (ZHA), will […]
By John Lee. Shares in Genel Energy were trading up 8 percent on Thursday morning after the company announced a big jump in cash reserves and positive developments at Peshkabir: Stephen Whyte (pictured), Chairman of GenelEnergy plc gave the following update at the company's Annual General Meeting this morning: "After a landmark 2017, Genel is […]
Australia Substantially Increases Support to Stabilization in Iraq The Government of Australia has contributed an additional USD 13.5 million (AUD 18 million) to the UNDP Funding Facility for Stabilization (FFS), which finances fast-track initiatives in areas of Iraq liberated from the Islamic State of Iraq and the Levant (ISIL). This brings Australia’s total contribution since […]
