Iraq Business News brings you the latest Iraq Industry & Trade News, with information on developments and opportunities.
By John Lee. Prime Minister Mohammed Shiaa Al-Sudani presided over the Tax System Reform Conference in Iraq on Wednesday. In his address, he commended the organizers for their dedication to tax reform, acknowledging the insightful research contributions from government officials, business leaders, and international organizations. He said that total imports, according to data from the […]
By John Lee. Prime Minister Mohammed Shiaa Al-Sudani inaugurated the Basra Industrial Partnerships Forum, a two-day event organized by the Ministry of Industry and Minerals in collaboration with the private sector. According to a statement from the PM's office, the forum showcased successful industrial projects in mineral investment, fertilizers, agricultural sprayers, iron, steel, and chlorine […]
By John Lee. The Ministry of Electricity (MoE) of the Republic of Iraq has awarded Siemens Energy a contract to deliver five High Voltage Substations on a turnkey basis to address the increasing demand for power transmission in Iraq, providing power to around 2.5 million homes. The government of Iraq is focusing on strengthening the […]
From Cobic-Ex. Any opinions expressed here are those of the author(s) and do not necessarily reflect the views of Iraq Business News. Electrical equipment, from industrial machines to everyday devices like smartphones, can become potential ignition sources due to electric arcs and heat generation. This is particularly critical in hazardous environments where flammable gases or […]
By John Lee. Fitch Ratings has affirmed Gulf Commercial Bank (GCB)'s Long-Term Issuer Default Rating (IDR) of 'CCC+', and Viability Rating (VR) at 'ccc+'. It says the rating, "reflects a weak operating environment, the bank's weak franchise and volatile business model, high risk appetite, including still high related-party lending, and weak asset quality and profitability." […]
By John Lee. Qatar's Ooredoo, Kuwait's Zain Group and TASC Towers Holding of Dubai are to create the largest tower company in the MENA region, in a cash and share deal. The enlarged tower company, comprising approximately 30,000 towers, has a combined estimated current enterprise value of USD 2.2 billion. Ooredoo and Zain will equally […]
By John Lee. The Deputy Ambassador at the Chinese embassy in Baghdad, Xu Haifeng, told the state-run Iraqi News Agency (INA) that trade exchange between the two countries is increasing at a rapid pace: Trade Volume and Increase: Chinese embassy disclosed trade data with Iraq, highlighting a year-on-year increase in purchases by approximately 48%. Trade […]
By John Lee. Fitch Ratings has affirmed Iraq's Sumer Commercial Bank PSC's (SCB) Long- and Short-Term Issuer Default Ratings (IDRs) at 'RD' (Restricted Default) and Viability Rating (VR) at 'f'. Fitch has also withdrawn the bank's ratings. It says that, before the rating withdrawal, SCB's IDRs reflected the Central Bank of Iraq's (CBI) intervention, which […]
By John Lee. UK Export Finance (UKEF), the UK's export credit agency, has announced that it has secured £226 million [$285 million] in financing for the Iraqi government to develop over 350 kilometers of drainage infrastructure as well as 15 kilometers of stormwater and wastewater lifting stations near Hillah city. Upon completion, the project is […]
By John Lee. Prime Minister Mohammed Shiaa Al-Sudani met with Zhang Jiming, the CEO of China's Changxin Company [Shanxi Changxin?], and accompanying delegation. The Prime Minister highlighted Iraq's abundant investment opportunities during the meeting, expressing the government's commitment to providing necessary facilitations for major international companies. Shang Xin Corporation, a prominent Chinese company with global […]
From the United Nations Development Programme (UNDP): A more investment-friendly economy in Iraq through UNDP`s arbitration initiative Iraq has been taking solid actions to adopt laws and policies that foster investment-friendly economic development intending to end systematic corruption, diversify its oil-dependent revenue and better serve its people. UNDP in Iraq has been working closely with […]
From the United Nations Development Programme (UNDP): Iraqi Anti-Corruption Academy Launches Laserfiche: A Digital Transformation Milestone Against Corruption E-governance represents a fundamental shift in the way governments around the world are embracing their mission. By harnessing the potential of technology, Governments are able to establish clear administrative objectives, enhance the quality of public services, make […]
