Iraq Business News brings you the latest Iraq Industry & Trade News, with information on developments and opportunities.
By John Lee. Iraq's Mass Group Holding has completed its purchase of a power plant in Romania on Tuesday (27th December). According to a statement from the administrator, Expert Insolventa SRL, the company has bought the Mintia thermal power plant (pictured) from Complexului Energetic Hunedoara SA for 91.2 million euro ($91 million) in a public […]
By John Lee. Prime Minister Muhammad Shia Al-Sudani has urged the Central Bank of Iraq (CBI) to sell foreign currency at official prices to citizens through purchasing with electronic cards, opening sales outlets for travelers, or clients outside Iraq, or financing foreign trade. The order came at a meeting with the Governor of the CBI, […]
By John Lee. Iraq is understood to have purchased about 150,000 tonnes of wheat from Australia. According to a report from Reuters, a tender for a nominal 50,000 tonnes from either the United States, Australia or Canada closed on 18th December. More here. (Source: Reuters)
By Amberin Zaman for Al Monitor. Any opinions expressed here are those of the author(s) and do not necessarily reflect the views of Iraq Business News. Arab influx to Iraqi Kurdistan helps revive economy but corrupts local culture, critics say Iraqi Kurds are alarmed by the influx of Arabs into their region, fearing they will […]
By John Lee. iQ Cars has launched a new machinery and commercial vehicle marketplace called iQ Fleet. According to a press release from the company, users can browse a wide selection of vehicles including trucks, buses, agricultural machinery and construction equipment from anywhere in Iraq. Amer Salih, CEO of iQ Cars, said: "Our mission is […]
The Central Bank of Iraq (CBI) has announced a package of measures to help stabilise the dinar/dollar exchange rate. A translation of the statement from the CBI list the following: Allowing the banks participating in the foreign currency buying and selling window to buy any amounts in foreign currency and deposit them with this bank […]
Joint communiqué/Baghdad Conference for Cooperation and Partnership 2022 In light of the decision taken at the conference held in Baghdad on 28 August 2021, and at the invitation of His Majesty King Abdullah II, in coordination with His Excellency President Emmanuel Macron of the French Republic and His Excellency Prime Minister Mohammed Shia al-Sudani of […]
By Louisa Loveluck and Mustafa Salim, for The Washington Post. Any opinions expressed here are those of the author(s) and do not necessarily reflect the views of Iraq Business News. A U.S. ally in Iraq vowed to tackle corruption. Torture and extortion followed. A flagship anti-corruption drive under the tenure of U.S.-backed Iraqi Prime Minister […]
IRAQ IS ABOUT TO OPEN ITS FIRST 5-7 STARS HOTEL IN 40+ YEARS It can be said that one of the most important reasons for the reluctance of the process of economic and social development in Iraq over the past decades is the weakness or absence of investment in both the public and private sectors. […]
IOM, Finland to support local economic recovery for women and conflict-affected populations in Iraq In the face of Iraq's deepening financial crisis, the International Organization for Migration (IOM) in Iraq and the Government of Finland launched a EUR 2,000,000 project to support displacement-affected individuals whose businesses were destroyed or severely damaged by the conflict with […]
By John Lee. Fitch Ratings has assigned the Gulf Commercial Bank (GCB) a Long-Term Issuer Default Rating (IDR) of 'CCC+', and Viability Rating (VR) at 'ccc+'. It says the rating reflects the bank's, "weak franchise and unstable business model, operations in the highly volatile operating environment of Iraq, a high impaired loans ratio (which is […]
KRG Prime Minister Masrour Barzani has received a delegation from the Japan International Cooperation Agency (JICA), headed by the agency's Vice President Ando Naoki. Prime Minister Barzani thanked the Japanese government and JICA for assisting the Kurdistan Regional Government (KRG) in the process of reforming and establishing a solid economic infrastructure in the Kurdistan Region […]
