Iraq Business News brings you the latest news of investments in Iraq, highlighting the many opportunities that exist.
The governorate of Salahaddin province said on Tuesday that representatives from Swedish and Turkish companies have met with senior council officials to discuss the implementation of a variety of strategic investment projects in the province. Salahaddin Governor’s first deputy, Ahmed Abdul-Jabbar al-Karim, told AKnews that the companies concerned specialize in 'economy' and construction. “The Governor […]
Fans of the “rockumentary” This is Spinal Tap will recall the scene where the band’s guitarist explains that his amplifiers are louder because their volume knobs “go to eleven.” When asked why this is different from having ten as the highest setting, he simply repeats “these go to eleven.” Most of us have no trouble […]
A posting on the ISX website last week has revealed new details about a suit filed against Warka Bank by AsiaCell. Apparently the mobile phone operator has been unable to withdraw IQD 29.3 billion in deposits and is suing for the return of these funds under the bankruptcy provisions of the Commercial Code. (English and […]
Iraq Business News recently had the pleasure of interviewing the Kurdistan Regional Government's High Representative to the United Kingdom, Ms Bayan Sami Abdul Rahman. Iraq Business News: Ms Abdul Rahman, thank you for taking the time to speak with us today. May I ask you firstly for your opinion about the ongoing protests in the […]
On March 11, Rabee Securities came out with the first-ever sector report on ISX-listed companies. The report, which could be thought of as something of a milestone for the Iraqi market, is on the banks—the most heavily weighted sector in terms of both trading volume and market cap. For me the main takeaway was that […]
So far the Japanese earthquake, tsunami, and nuclear disaster have had surprisingly little impact on emerging markets. While the Nikkei is down 13% since the quake (as of March 17), the MSCI emerging markets index has fallen only 3%. And in Iraq, Rabee Securities’ RSISX is actually up 0.4%. Emerging markets could continue to slide, […]
An international investment magazine has ranked Erbil in fifth position among top Middle East cities with potential for foreign direct investment. This places Erbil ahead of Muscat and Riyadh. FDI Magazine, a subsidiary of the Financial Times, in this month's edition, ran a feature on Middle East cities of the future, ranking cities by economic […]
Cordiant Capital, the Montreal based fund manager that specialises in loans to emerging markets, has committed $50 million to fund the expansion of Iraq’s mobile phone network. Mobile penetration in Iraq is estimated at just 77%, lagging far behind most of its neighbouring countries where penetration rates are virtually 100%. The loan is part of […]
The protests in Iraq, while obviously inspired by those in other Arab countries, have a different focus. The latter have been primarily about politics. In Iraq the protestors’ demands center on economic problems. They want more jobs and electricity and less corruption. Due to its natural resource endowment, Iraq is an example of what political […]
DNO International, the Norway-based oil exploration and production company with operations in Iraqi Kurdistan, has reported that it is considering a senior unsecured bond issue of USD 200-300 million, maturing in 2016. The purpose of the loan is refinancing and general corporate purposes. Pareto Securities AS, ABG Sundal Collier ASA and Fearnley Fonds ASA have […]
As revolution sweeps across the Middle East, Iraq is still reportedly attracting funds to into its listed companies. The Iraqi Stock Exchange (ISX), which began trading in 2004 with 15 stocks, has attracted $20 million in foreign capital in 2011 from regions like the United States, Europe, the Gulf and Egypt, according to a statement […]
The state-run Trade Bank of Iraq plans to set up a $500 million private-equity fund to invest in projects in the country, and will next month look to identify a global player to act as the fund's general partner, according to a report from Reuters. Hussein Al-Uzri, president and chairman of the bank, said it […]
