Iraq Business News brings you the latest Iraq Industry & Trade News, with information on developments and opportunities.
By John Lee. The Ministry of Electricity has reportedly confirmed the formation of a joint committee with the Ministry of Oil to discuss importing gas from Qatar and Turkmenistan. State-run Iraqi News Agency (INA) quoted theh Minister of Electricity, Ziyad Ali Fadhil, as saying that the committee will go with a delegation to Turkmenistan, and […]
From The Economist. Any opinions expressed here are those of the author(s) and do not necessarily reflect the views of Iraq Business News. The plot thickens over Iraq's bank heist The exposure of crookery surrounding Iraq's tax revenues has rattled rulers, past and present. Read the full article here (subscription needed).
By John Lee. Pakistan's Federal Board of Revenue (FBR) has initiated negotiations on the Convention for the Elimination of Double Taxation with respect to Taxes on Income and on Capital and the Prevention of Tax Evasion and Avoidance with the Republic of Iraq. In this connection, tax delegations of both the countries met at Islamabad […]
By John Lee. A British court has supported a decision by the trustees of a pension scheme to petition to have the scheme's sponsoring employers, Biwater, wound up. The decision could lead to the potential liquidation of Biwater, which has projects in Basra, and in Iraqi Kurdistan. As at 19th May 2023, Biwater owed the […]
By John Lee. The Kurdistan Region of Iraq has started to export potatoes to the United Arab Emirates. According to a statement from the KRG, more orders are expected. Full statement from KRG: The agricultural sector in the Kurdistan Region is experiencing remarkable growth, particularly in the area of potato cultivation. This progress is evidenced […]
By John Lee. Iraq has imposed an extra 60-percent customs duty on imported carpets and rugs (customs codes 57023230 and 57023210) from all countries and sources. This tariff will remain in effect for four years without any reductions, and it will also include monitoring of the local market during this period. According to a statement […]
By David S Cloud, for the Wall Street Journal. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. Iraq Cracks Down on Dollar Smuggling Under Pressure From U.S. Washington aims to stop the flow of dollars to Iran. Click here to read the full article […]
By Yerevan Saeed for the Arab Gulf States Institute in Washington (AGSIW). Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. Iraq and Egypt Boost Diplomacy, but GCC Remains the Linchpin Increasing diplomatic engagements between Iraq and Egypt are helping to advance a more ambitious […]
By John Lee. The United Nations Assistance Mission for Iraq (UNAMI) has awarded a contract for the rental of fully serviced interim accommodation and office facilities for UNAMI in Basra. It was awared to Sumer For Real Investments Ltd (doing business as Basra International Hotel), and will run for three years, from 1st August 2023 […]
By John Lee. Fitch Ratings has placed Iraq's Sumer Commercial Bank PSC's (SCB) Long- and Short-Term Issuer Default Ratings (IDRs) of 'CCC+' and 'C', respectively, and Viability Rating (VR) of 'ccc+' on Rating Watch Negative (RWN). It says the recent ban that prohibits SCB from dealing in US dollars restricts the bank's capacity to repay […]
From Kurdistan24. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. KRG, UNDP, USAID discuss reforming Kurdistan Region tourism The Kurdistan Region Government (KRG) is discussing a reform program for the tourism sector along with a United Nations development agency and a United States aid […]
From the World Bank: Without Reforms, Iraq's Oil Boom Could Turn to Bust Iraq's economy continued its oil-driven recovery after the sharp pandemic-induced recession in 2020, but non-oil sectors have stagnated, and growth constraints have reemerged. Despite a record oil windfall and a long-awaited new budget, Iraq nevertheless remains at risk of missing the opportunity […]
