Iraq Business News brings you the latest Iraq Industry & Trade News, with information on developments and opportunities.
Basra's Governor, Shaltagh Abboud al-Mayah met with the director general of UAE-based firm in recent days to discuss a possible investment in the site of the former prison at Boca [Camp Bucca]. “The discussions were fruitful,” said a statement issued by the local authorities in Basra, and reported by Aswat al-Iraq. The company’s director general […]
A private-sector company is to invest £200m to build a cement factory with a capacity of one million tons and a total cost of $200 million [240 billion Iraqi dinars] in Muthanna, a source from Muthanna’s Investment Commission said on Sunday. “We have completed all legal measures for contracting and handing over the land for […]
Iraq again postponed its first census in more than two decades because of political wrangling over disputed areas in the country's north, deputy planning minister Mehdi al-Alak said on Sunday, according to a report from AFP. The October 24 census has now been delayed until December 5, the latest in a string of deferrals that […]
Iraq offers $200 billion investment opportunities to foreign investors, making it one of the most lucrative investment destinations in the region, an Iraqi government adviser said on Thurday. "To be or not to be is not the question here as huge investment opportunities do exist in Iraq and the government will ensure the security to […]
The IMF (International Monetary Fund) said on Friday that it was releasing $741m [890 billion Iraqi dinars] in financing to Iraq after the country made good progress in reconstructing its war-torn economy. AFP reports that the loan is the second installment of a 24-month loan the IMF awarded to Iraq in February. The IMF executive […]
Ninewa is actively seeking to entice foreign investors to the province, according to Ninewa's Governor, Atheel al-Nejeifi, said on Friday. “The province has tabled proposals to the local council to set up investment firms in numerous fields, including an airlines company,” Nejeifi told Aswat al-Iraq news agency. The Ninewa Investment Commission had said in August […]
One striking characteristic of business in Iraq is the extent of state-ownership of enterprise and assets. Mudher Kasim, a senior advisor to Iraq's Central Bank, claimed that “the problem in Iraq is that 90 percent of the wealth of the nation is in the hands of the government. So centralism always dominates the mindset everywhere”. […]
Iraq issued tenders to redevelop "more than 10" industrial plants as part of a plan to revamp 250 state-owned facilities through private investors, an industry ministry official said, according to a report from Bloomberg. Deputy Minister Mohammed Abdullah Mohammed said the plants are mainly producing cement, petrochemicals, steel and pharmaceuticals, and the contracts are for […]
The Iraqi Interior Ministry says it is negotiating the import of 1,000 police dogs from the United States. “The ministry will sign a contract for the purchase of 1,000 police dogs to help police in their searches for explosives,” said Brigadier Salah Abdulsultan, according to a report from Azzaman. Abdulsultan said Iraq currently has 32 […]
ABB, the Swiss-Swedish engineering group, has agreed to pay more than $58m to settle criminal and civil charges in relation to alleged payment of bribes and kickbacks in Mexico and Iraq. The Swiss-Swedish engineering group was charged by the US with conspiracy and violating the Foreign Corrupt Practices Act. Prosecutors alleged that ABB and its […]
A U.S.-Turkish delegation met the Chairman of the Baghdad Investment Commission on Wednesday to discuss the establishment of two factories for gypsum and Pepsi, according to a statement of the BIC. “The BIC Chairman, Shaker al-Zamel [Shaker A. Shibeeb], received a delegation from a U.S.-Turkish company to set up two factories to produce gypsum and […]
Gulftainer, in collaboration with a local Iraqi company, launched a new container-dock project in Basra on Monday, with the aim of increasing capacity at the port by about 58,000 tons per year. The Emirati company will initially invest $24m [29 billion Iraqi dinars] in the project, according to the report from AKnews. Gulftainer's Director, Peter […]
