Iraq Business News brings you the latest Iraq Industry & Trade News, with information on developments and opportunities.
By John Lee. Iraq's Ministry of Planning has held an election conference to select members of the Permanent Council for Private Sector Development. Minister of Planning, Dr. Muhammad Ali Tamim, highlighted the years of collaborative efforts that led to the council's formation, emphasizing its role in decision-making and as a fundamental partner in economic development. […]
By John Lee. Iraq's Council of Ministers has approved a recommendation from the Ministry of Foreign Affairs to establish ambassador-level diplomatic relations with Turkmenistan. The move comes after recent cabinet approval of a plan to import gas from Turkmenistan, via a swap arrangement with Iran. (Source: PMO)
By John Lee. Shares in Genel Energy closed up over 6 percent on Tuesday, after the company said it, "continued optimising cash flows, evolving our capital structure and originating and maturing opportunities to acquire new assets that add reserves and diversify our cash generation geographically." In its trading and operations update for the third quarter […]
By John Lee. Prime Minister Mohammed S. Al-Sudani chaired a meeting of the Higher Committee for Restructuring State-Owned Public Companies on Sunday, to assess the restructuring of state-owned public companies. The meeting was attended by key ministers from departments such as Oil, Electricity, Transportation, Trade, Construction Housing Municipalities and Public Works, Agriculture, Water Resources, and […]
By John Lee. Dr. Haider Mohammed Makiyya, Chairman of Iraq's National Investment Commission (NIC), announced the commission's active role in sustainable development projects, particularly in reclaiming millions of dunams of agricultural land stretching from southern Iraq to Anbar. According to an NIC statement, this initiative aims to foster partnerships with international organizations that can provide […]
By John Lee. In a ceremony at Iraq's giant Al Faw Grand Port in Basra on Thursday, South Korea's Daewoo has handed over five new berths to the Iraqi state. The port is a key part of the planned Development Road project, which will connect the Persian Gulf with the Mediterranean Sea via Iraq and […]
By John Lee. Iraq's Minister of Industry and Minerals, Dr. Khaled Battal Al-Najm, supervised final preparations for the Basra steel plant, expected to begin operations by the end of this year. During his on-site visit, the minister oversaw the plant's final cold start-up phases, which utilize advanced technology from Italy's Danieli Group for steel and […]
Iraq Business News Expert Blogger, Ahmed Tabaqchali, has just published his thoughts on Iraq's budget, for the Atlantic Council. Delving beneath the surface of Iraq's budget framework, he uncovers how the 2024 tables both mirror and diverge from their 2023 counterparts. In essence, the budget's three-part examination sheds light on a disconnect between the projected […]
By John Lee. Iraq's Council of Ministers has approved a direct contract with the Chinese company SANY to purchase 18 specialized firefighting vehicles. It also decided to exempt this contract from standard government contracting instructions and Decision No. 68 of 2016, as amended. (Source: PMO)
By John Lee. The International Chamber of Commerce (ICC) in Iraq has reportedly established a local arbitration committee, aimed at minimizing financial losses from external arbitration and attracting foreign investors. Mohsen Al-Humaidawi [Mohsin Al Hamed], Head of ICC Iraq, told the state-run Iraqi News Agency (INA) that the new committee, announced at the International Trade […]
By John Lee. Iraqi Prime Minister Mohammed Shia Al-Sudani has directed new measures to develop electronic payment systems. The initiative includes expanding salary payments to private sector employees through digital channels, similar to government payroll, with the Ministry of Labor and the Central Bank of Iraq (CBI) collaborating on the framework. Additionally, all ministries and […]
By John Lee. Iraqi Prime Minister Mohammed Shia Al-Sudani has directed an accelerated shift from paper to digital transactions within the customs system as part of a key economic reform. During a meeting to review the detailed plan for the second phase of customs automation, Al-Sudani emphasized the need to complete fiber-optic connections across all […]
