Iraq Business News brings you the latest information on developments and opportunities in the construction & engineering industries in Iraq.
By John Lee. According to the recently-published World Economic Outlook from the International Monetary Fund (IMF), Iraq's economy is forecast to grow by 9.3 percent this year, giving it the fastest real GDP growth of all the Middle East and Central Asia countries. The forecast is slightly down from the 9.5 percent projected in the […]
By John Lee. The World Bank's International Center for Settlement of Investment Disputes (ICSID) has reportedly dismissed a German investor's claim arising out of the Iraqi Government's alleged takeover of a cement factory in Kirkuk. In the case (ICSID Case No. ARB/20/21), AHG Industry GmbH & Co. KG was said to be claiming $878 million […]
By John Lee. South Korea's Hanwha Engineering & Construction has reportedly abandoned construction at the giant Bismayah New City housing project near Baghdad. According to Korea Economic Daily, the decision was made having failed to receive payments for years from the Iraqi government. It says the company expects losses of up to $581 million if […]
By John Lee. Iraqi Prime Minister Mustafa Al-Kadhimi and the Prime Minister of Jordan, Bisher Al-Khasawneh, have laid the foundation stone for the Iraqi-Jordanian electricity interconnector. Al-Kadhimi said the project will help secure the exchange of energy between the two countries, and reflects the policy of openness and cooperation adopted by this government. On the […]
By John Lee. A new startup has reportedly announced a new product that digitises real estate maps. According to a report from Iraq Tech, Optionline's Naxsha is cloud-based real-estate software that "offers agencies a customisable platform to build and use data to improve their sales strategy." The app currently only contains maps of Erbil city, […]
By John Lee. The Kurdistan Regional Government (KRG) has reportedly announced a housing project for the low-income Christian families in Ankawa, in northwest Erbil. According to Basnews, the announcement was made by Mohammed Shukri, the Chairman of the Kurdistan Board of Investment. The houses can be paid for over a 15-year period. (Source: Basnews)
KRG Prime Minister Masrour Barzani has laid the foundation stones on Tuesday for several projects budgeted at over 26 billion Dinars [$18 million] in the Zakho Autonomous Administration. The projects include the construction of several highways and schools, as well as the renovation of Zakho's old bazaar. Prime Minister Barzani stressed the importance of the […]
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By John Lee. The Minister of Oil has announced the commencement of crude oil supplies to Karbala refinery for the start of its trial operation. Ihsan Abdul-Jabbar Ismail said that the refinery has a capacity of 140,000 barrels per day (bpd) and will help partially in meeting local needs and reducing imports of refined fuel. […]
By John Lee. Representatives of the French company Alstom have met with the Secretary-General of the Council of Ministers, Dr. Hamid Naim Al-Ghazi, to discuss the progress of the Baghdad Elevated Train (BET) monorail project. Dr. Al-Ghazi said the cabinet is studying the issue of financing the project, in coordination with the Ministries of Finance […]
By John Lee. Gaith Al-Meshreq Co. Ltd. has won a new contract with the United Nations Human Settlements Programme, for the rehabilitation of Al Ahrar Primary School and extension of Ansam Al-Rabiea Primary School, in Al- Ahrar [Arar] Neighborhood, Basra. The contract is valued at $118,892. (Source: UNGM)
By John Lee. Italian engineering consultancy Progetti Europa & Global S.p.A. (PEG) has met with the Secretary-General of Iraq's Council of Ministers, Dr. Hamid Naim Al-Ghazi, to discuss the rail project connecting southern and northern Iraq. At the meeting, the company gave a detailed presentation on the stages of feasibility studies, the proposed routes, the supporting […]
