Iraq Business News brings you the latest Iraq Industry & Trade News, with information on developments and opportunities.
The Undersecretary General of the Arab League, Ahmed bin Helli, has confirmed that Iraq will host the next Arab League summit — the country's first in 20 years. Associated Press reports that Arab League Secretary-General, Amr Moussa, will travel to Baghdad on Saturday to discuss preparations for the meeting. Bin Helli told reporters on Wednesday […]
A senior Finance Ministry official said on Wednesday that Iraq's Foreign Minister, Hoshyar Zebari, will head a governmental committee developing mechanisms to protect Iraqi funds deposited in foreign banks after the UN Security Council resolution to withdraw its protection of those funds at the end of June. Diya Khayyoun, the Undersecretary of the Finance Ministry, […]
The Governor of the Kuwaiti Capital, Sheikh Ali Al-Jaber, visited soutwestern Iraq’s holy city of Karbala on Sunday to discuss the implementation of several investment projects in the Province, its Governor, Amaluddin al-Hir, said on Sunday. “We have conferred with a Kuwaiti Delegation, who visited Karbala, under leadership of the Kuwaiti Capital’s Governor, Sheikh Ali […]
Tamimi Global Co. has won a $35 million arbitration award in London against Houston-based KBR for work it says it did in Iraq, according to court documents filed in Houston. The Houston Chronicle reports that Tamimi, based in Saudi Arabia, worked as a subcontractor for KBR, providing dining and food services for U.S. troops. The […]
Kirkuk Investment Commission said on Sunday that 3 Iraqi companies are competing for the contract to build a mall worth 3 billion Iraqi dinars [$2.6m] in the city. The Investment Commission added that there is also a plan to build 800 residential units to the south of Kirkuk. (Source: Al Sumaria TV)
The local administration in Basra decided to allocate the sum of 242.2 billion Iraqi dinars (ID) [$207m] to carry out service and urban projects in preparation for the hosting of the Khaleeji 21 soccer tournament [21st Gulf Cup of Nations], a spokesman said on Thursday. “The higher committee for the rehabilitation of Basra, chaired by […]
Iraq needs foreign investors in the oil sector to help break a bottleneck at its southern ports, Iraqi Prime Minister Nouri al-Maliki said. "We have no restrictions on their [foreign investors] entry. We want them," Maliki told The Wall Street Journal. "We need speed. We need money." Maliki last year gave the nod to a […]
An adviser to the Iraqi prime minister, Nouri al-Maliki, said on Thursday that in the coming Arab League Summit in Baghdad, Iraq will push for the creation of an “exclusive” Arab trade organization, similar to the World Trade Organization (WTO). The organization is to boost trade and economic cooperation among the oil producing, industrial and […]
The Chairman of Iraq's National Investment Commission (NIC), Dr. Sami Al- Araji, confirmed during his meeting with the Netherlands Ambassador to Baghdad, the National Investment Commission's willingness to create huge economic partnerships between Iraq and Netherlands in various sectors. Dr. Al- Araji said during the meeting that the commission is ready to grant investors willing […]
2010 saw hundreds of trade agreements signed, a score of new consulates opened, and dozens of countries and thousands of companies scrambling to get in on the Iraq story. Inflation has remained low all year and exchange rates have been stable. The oil price averaged $15-$20 above the $62.50 price allowed for in the Iraq budget. […]
As Baghdad ponders fewer checkpoints, oil exports sent by sea face more checks. The capital has 870 security checkpoints, which have been blamed for slowing an already congested city down and inhibiting productivity. Some commuters must stop at half a dozen checkpoints each morning, sometimes waiting for an hour at just one of them. Many residents find […]
In another sign of Iraq's continued, swift, steady progress, Iraq's ports reported record profits exceeding 46bn dinars, according to Aknews. This is an increase of 10% compared to last year. Anmar al Safi, a director of the Iraqi Ports Public Company, said: "The rate of cargo dump increased 100,000 tonnes from 2009." No doubt shipping imports and profits will […]
