Iraq Business News brings you the latest Iraq Industry & Trade News, with information on developments and opportunities.
By John Lee. The Islamic State group (IS, ISIS, ISIL, Daesh) has reportedly laundered its cash reserves by investing in legitimate businesses in Iraq and elsewhere. According to a report from The Economist, in Iraq it has used middlemen to buy farms, car-dealerships, hotels and hospitals. It adds that weak institutions and rampant corruption make […]
By John Lee. A sharp fall in the value of the Iranian rial has reportedly reduced the price of Iranian goods in the Kurdistan Region of Iraq by 30 percent, boosting demand. According to Rudaw, trade between the Kurdistan Region and Iran amounted to $6 billion in 2016, falling to around $5.05 billion in 2017. […]
By John Lee. Saudi Arabia will reportedly re-open its consulate in Basra within two weeks. Al Arabiya says that the consulate closed in 1990 during the second Gulf war. (Source: Al Arabiya) (Picture: Iraqi Prime Minister Haider Al-Abadi meeting Salman bin Abdulaziz Al Saud, King of Saudi Arabia, 19th June 2017)
UN Secretary-General António Guterres launched the Iraq Recovery and Resilience Programme today at the Kuwait International Conference for the Reconstruction of Iraq. The two-year Recovery and Resilience Programme is designed to fast-track the social dimensions of reconstruction and help ensure that people see tangible improvements in their daily lives at the start of the reconstruction […]
By John Lee. Jordan's Minister of Municipalities, Walid Al-Masri, and Minister of Industry and Trade, Yarub Al-Qudah, have met representatives of the chambers of industry and commerce and members of the Jordan Truck Owners and Custom Clearance Associations to discuss arrangements for the entry of Jordanian trucks to Iraq. According to a report from Petra, […]
From Al Jazeera. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. Iraq is hoping for more concrete pledges from international donors on the second day of a conference on rebuilding cities and infrastructure shattered by the conflict with ISIL (the Islamic State of Iraq […]
By John Lee. Iraq's National Investment Commission (NIC) has included six industrial projects in its list of major strategic projects to be presented during the Kuwait International Conference for Iraq Reconstruction, to be held in Kuwait from 12th to 14th February: A. Rehabilitation and development of white cement plants in Falluja. Area: 642000m² Production capacity: […]
By John Lee. Prime Minister Haider Al-Abadi received a phone call from British Foreign Minister Boris Johnson on Tuesday evening, during which they discussed strengthening collaboration between their two countries, and Iraq's Rebuilding Conference which is to be held soon in Kuwait. According to a statement from the Prime Minister's office, Mr. Johnson confirmed the […]
The Iraq Britain Business Council (IBBC) held its bi-annual Council Meeting on 30 January, followed by a Reception & Dinner for IBBC members and guests. Both the meeting and the reception and dinner were hosted by Baroness Nicholson of Winterbourne, President of IBBC and Trade Envoy to Iraq, Azerbaijan, Kazakhstan and Turkmenistan. The Meeting was […]
The UK's Minister of State for Trade and Export Promotion, Baroness Rona Fairhead (pictured), has announced $210.8 million in support from UK Export Finance (UKEF) for the second project agreed under the UK-Iraq infrastructure Memorandum of Understanding. The contracts with the Ministry of Electricity in Iraq, valued at $220 million, will see GE Global Services UK upgrade […]
Sulzer, the Swiss-based specialist in pumping solutions, has appointed Al Majal Technical Services (AMTS) as their authorized repair partner in Iraq. AMTS was founded in 2015 to provide a full spectrum of Oil and Gas services including rotating equipment. The AMTS workshop, located in North Rumaila, is a 3000 m2 state-of-the-art facility, equipped with a […]
By John Lee. Iraq's Ministry of Electricity has reportedly awarded a contract to Japan's Mitsubishi Hitachi Power Systems (MHPS) to refurbish the Unit 1 of the Hartha thermal power station (pictured) in Basra province. According to Energy Business Review, the power station is claimed to account for approximately 25 percent of Basra's total power generation […]
