Iraq Business News brings you the latest information on developments and opportunities in the construction & engineering industries in Iraq.
“Without a change in the law, Iraq’s insurance industry is at risk of standing still”, says CEO of AAIB Insurance Brokers. AAIB Insurance Brokers, Iraq’s leading international insurance broker, together with Marsh, the world’s largest insurance broker, hosted an Insurance Conference in Erbil, in Iraqi Kurdistan, on 27 April. The event brought together over 40 […]
According to a report from Azzaman, the Province of Najaf is to build 10,000 flats to house school teachers as part of a new policy to upgrade education in schools across the province. Governor Adnan al-Zarqai said his local administration has decided to place more emphasis on developing all aspects of education in the province. […]
DNO has today presented its Annual Statement of Reserves ("ASR") as of 31.12.2010. The total remaining P50 reserves for DNO as of 31.12.2010 are estimated at 194.2 million barrels of oil equivalents, on a working interest (WI) basis, which represent the commercial reserves, class 1-3, under Norwegian Petroleum Directorate classification. This is an increase of 30% […]
The Sunni Endowment, during its 1st investment conference, offered opportunities on Saturday to build 100,000 housing units all over Iraqi provinces, on lands it owns, within a three-year period, according to a report from Aswat al-Iraq. “The Endowment has already obtained a go-ahead from the Iraqi National Investment Commission (NIC) to build these units as […]
Najaf Investment Commission has announced that it granted six new licenses for investment in various sectors, with a total value of $98.5 million [115 billion Iraqi dinars]. The head of the board, Wafi Albhash, told AKnews that the investment licences included: a five-star hotel valued at $36.2 million, consisting of 12-storeys, 210-rooms and 10 hotel […]
Kings, presidents and emirs are invited to a former Saddam palace for the Arab League summit in May. Saddam Hussein's former palace in Baghdad has been completely renovated in preparation for the historic summit. The palace, which has a history as tumultuous as the country's, has been given a $400m makeover. Many hope the gleaming […]
Iraq may purchase electricity from Armenia, said Vice-Prime Minister of IraqSaleh al-Mutlaq at the meeting with Armenian Ambassador Murad Muradian. The sides discussed possible areas of economic cooperation, including ways of supplying electricity from Armenia to Iraq, expressing the hope that this problem will be resolved. Ambassador Muradian informed the vice-prime minister of Iraq that […]
Iraq's Ministry of Electricity announced on Tuesday the experimental launch of a number of electrical units in the al-Sadr gas station. According to the report from AKnews, the plant is operated by the Iranian company Snair (which Iraq Business News believes to be Sunir). The ministry’s media spokesman, Musab al-Mudarres, told AKnews that the station […]
South Korea's Hyundai Heavy Industries has tendered the lowest of six bids for the construction of a 500-megawatt natural-gas fired power plant in Najaf, an Iraqi Electricity Ministry official said. According to Bloomberg, Hyundai bid $158.9 million for the work; Metka SA (METTK) of Greece, Turkey’s Enka Insaat & Sanayi AS, Lanco Infratech Ltd. (LANCI) […]
The Mayoralty of Baghdad has said that it will provide 50 billion dinars [42 million Iraqi dinars] as an additional allocation to improve services in the capital. "The extra allocations will be used to improve services, including drinking water, sewerage, roads and agriculture," the mayoralty said in a statement quoting Engineer Naeem al-Kaabi, responsible for […]
The Ministry of Labor and Social Affairs has said it will require foreign companies operating in Iraq to ensure that local Iraqis make up at least 50% of their work force, in a bid to reduce unemployment in the country. Official figures indicate that Iraq has more than 25% unemployment with unofficial statistics indicating up […]
Diyala Province Administration has approved an offer from an Egyptian company to build a new steel and stainless steel mill in the province. The local administration informed the Egyptian company to send a delegation to the province in order to study the details of the project. (Source: AlSumaria TV)
