Iraq Business News brings you the latest Iraq Industry & Trade News, with information on developments and opportunities.
About $57 million worth of cooking oil once destined for Iraq's national food rationing programme may be fed to animals because it was left outdoors for three years and passed its expiry date for human consumption, according to a report from Reuters. A parliamentary committee suggested turning the wasted 30,000 tonnes of vegetable oil into […]
British businessman Mark Jessop has admitted breaking United Nations sanctions during the Oil For Food Programme by making illegal payments to Saddam Hussein's government. He has been sentenced today at Southwark Crown Court to 24 weeks' imprisonment and ordered to pay compensation and costs. Background Mark Rodney Jessop, aged 53, sold medical goods to the […]
Najaf Investment Commission has announced that it granted six new licenses for investment in various sectors, with a total value of $98.5 million [115 billion Iraqi dinars]. The head of the board, Wafi Albhash, told AKnews that the investment licences included: a five-star hotel valued at $36.2 million, consisting of 12-storeys, 210-rooms and 10 hotel […]
Kings, presidents and emirs are invited to a former Saddam palace for the Arab League summit in May. Saddam Hussein's former palace in Baghdad has been completely renovated in preparation for the historic summit. The palace, which has a history as tumultuous as the country's, has been given a $400m makeover. Many hope the gleaming […]
Spain’s official foreign trade agency yesterday [Monday] launched a two-day business forum in Erbil to strengthen commercial ties between Spain and the Kurdistan Region. At the forum, 50 leading Spanish companies met government officials and representatives of over 150 local firms. On behalf of Prime Minister Barham Salih, the Chairman of Kurdistan’s Investment Board Minister […]
Basra Investment Commission has granted an investment licence to the Al- Mawada Company for Media Production and Broadcasting. The project includes the construction of a media complex in Kut Al- Faranki, and it will be completed within 6 months. The total value of the project is estimated at 5.24 billion Iraqi dinars ($4.4 million). The […]
Basra Investment Commission has granted an investment license for an agricultural project to construct a technical laboratory for tissue cultivation in a cost of 4.8 billion Iraqi Dinars [$4m]. The project includes the building of a laboratory to produce palm trees and plants by using tissues. It also includes a research and studies centre to […]
The Swedish Ambassador to Iraq, Carl Magnus Nesser, said the Kurdistan Region is very appropriate for investment, according to a report from AKnews. During a visit to the Awamedica pharmaceuticals factory (pictured) in the Kurdistan Region, he said there are many Swedish companies considering investment in Kurdistan. (Source: AKnews)
Iraq may purchase electricity from Armenia, said Vice-Prime Minister of IraqSaleh al-Mutlaq at the meeting with Armenian Ambassador Murad Muradian. The sides discussed possible areas of economic cooperation, including ways of supplying electricity from Armenia to Iraq, expressing the hope that this problem will be resolved. Ambassador Muradian informed the vice-prime minister of Iraq that […]
Johnson & Johnson, the world’s second-biggest maker of medical products, will pay $70 million after admitting that the company bribed doctors in Europe and paid kickbacks in Iraq to win contracts and sell drugs and artificial joints. Bloomberg reports that subsidiaries of J&J paid bribes to doctors and hospital administrators in Greece, Poland and Romania, […]
The General Company for Trade and Commercial Services opened a car show at the Baghdad International Fair in the presence of the Trade Ministers, Khairallah Hassan and the Labor and Social Affairs minister, Nassar al-Rubaie. According to AKnews, the Director of the General Company for Trade and Commercial Services , Sadiq Hussain Sultan, said in […]
A delegation from Al-Rahmani Group visited Basra Investment Commission (BIC) and presented a plan to construct a technical training centre in a cost of $5 million [6 billion Iraqi dinars]. The executive chairman of the group, Eng. Raid Al-Rahmani, said, "our plan includes the construction of a training centre to develop the local working staff […]
