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By John Lee.

The Council of Ministers has approved the signing by Basra Oil Company (BOC) of a Heads of Agreement (HOA) and a non-disclosure agreement (NDA) with a consortium comprising US firm Capital TI, Qatar's UCC [Urbacon Trading & Contracting], and US major Chevron.

The approval allows for a state-owned company to be added to the consortium as it proceeds with two strategic pipeline routes: a strategic export pipeline running from Basra to Haditha, Kirkuk and Ceyhan, and a second export pipeline route from Basra to Haditha and Banias.

According to the Council of Ministers, the agreements will allow the consortium to begin preparing integrated technical and financial studies comparing the viability of the two routes, without placing any final financial or contractual obligations on the Ministry of Oil.

(Source: Ministry of Oil)

By John Lee.

Iraq has for the first time marketed cross-border internet transit capacity to Qatari company Gulf Bridge International (GBI), using the 'Civilisations Route' project stretching from Al Fao to Rabia.

According to the Ministry of Communications, the agreement was concluded under an Indefeasible Right of Use (IRU) model, under which fibre-optic strands from the network are leased on a long-term basis. The ministry said it is the first time this model has been adopted in Iraq's history.

The Faw-Rabia corridor connects data traffic arriving from Asia and the Arabian Gulf towards Europe overland via Turkey, reducing latency compared with traditional undersea routes. The ministry noted that enquiries from Gulf states have been received since approximately one week ago, and that it has received the first payment in hard currency.

(Source: Ministry of Communications)

By John Lee.

The TIR international road transit system became fully operational in Iraq on 1 April 2025, with transport companies opening seven routes via the country and completing more than 1,000 operations within the first eight months, according to the International Road Transport Union (IRU).

Iraq subsequently made TIR mandatory for all goods transiting its territory by road in November 2025, reinforcing security and efficiency across cross-border operations. The Iraqi General Commission for Customs now requires all land-based transit to use TIR, with the system's electronic pre-declaration platform (TIR-EPD) integrated to support advance cargo information submission.

Notable transit times recorded under the system include:

• Poland to the UAE in 10 days, compared with 24 days via traditional multimodal routes
• Hungary to Jordan in around six days, against five weeks by non-TIR routes
• Romania to Jordan in five days, instead of eight weeks via multimodal routes
• Türkiye to Kuwait in four days, against a 45-day maritime journey
• Türkiye to the UAE in 10 days, compared with 20-30 days by sea

Kuwait's General Administration of Customs authorised TIR trucks to enter the country from the Iraqi border without trailer swaps following the system's rollout.

In October 2025, Syria launched its first TIR transit operations through Iraq to reach Gulf Cooperation Council markets, with shipments of live animals transiting Iraq before reaching Kuwait and Qatar.

IRU Secretary General Umberto de Pretto said the TIR system had "immediately opened doors to efficient and secure trade via Iraq", adding that the Development Road project required "a harmonised border and customs system" of this kind. He also noted that, as maritime and air routes face disruption from regional conflict, Iraq was "fast becoming a vital land bridge between the GCC, Türkiye and Europe".

(Source: International Road Transport Union)

By John Lee.

Real GDP in Iraq is expected to fall by 8.9 percent this year, according to the World Bank's latest Global Economic Prospects report.

This represents a significant reduction on the previous forecast of 4.4 percent growth, issued one year ago.

The report says:

"The sharp slowdowns projected for Iraq, Kuwait, and Qatar will be associated with worsening fiscal and current account balances stemming from declines in hydrocarbon revenues and, in some cases, increases in military spending."  

Growth projections for 2027 have been revised upwards from 3.1 percent to 12.2 percent, with 3.5 percent expected in 2028.

Click here to download the full report.

To browse our comprehensive library of reports on Iraq, click here.

(Source: World Bank)

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Rabee Securities Iraq Stock Exchange (ISX) market report (trading week ending: 21st May 2026.

Please click here to view a table of listed companies and their associated ticker codes.

Note: ISX will be closed starting from May 26, 2026 (Tuesday) to May 28, 2026 (Thursday) due to the religious holiday of Eid Al-Adha. The next trading session will be held on May 31, 2026 (Sunday).

For the RS Market Index charts, please click HERE.

 Top 5 Gainers* - Weekly

(1) Excluding OTC market

Iraq Stock Exchange

• A cross transaction occurred on 1.4 bn shares of Bank of Baghdad (BBOB) on May 19, valued at IQD3.8 bn and corresponding to 0.4% of BBOB's capital.
• Three cross transactions occurred on 73.5 bn shares of Al-Qurtas Islamic Bank (BQUR) on May 19, May 20, and May 21, valued at IQD73.5 bn and corresponding to 29.4% of BQUR's capital.
• According to the letter published by the ISC on May 19, AL -Rebass for Poultry & Feed (AREB) will be delisted from the ISX starting May 24, 2026, at its own request.
• The ISC has approved the request of Mosul Bank (BMFI) to have a two-month extension period to add the new shares from the capital increase through a 7.92% rights issue and a 10.89% bonus issue to IQD300.0 bn starting from Apr. 30, 2026.
• Asiacell (TASC), a member of Qatar's Ooredoo Group, has signed a multi-year strategic partnership with French football club Paris Saint-Germain (PSG). The agreement is described as the first time an Iraqi company has entered a partnership of this scale with a global sports club. Under the agreement, Asiacell will serve as PSG's premium partner in Iraq, with the deal intended to develop both brands in the country. (Iraqi Business News)
• Zain Iraq has announced a strategic partnership with 1001, a digital streaming platform operating in Iraq, to provide eligible subscribers with access to entertainment and sports content at no extra cost. (Iraqi Business News)
• Al-Mansour Hotels (HMAN) has completed the legal procedures for the capital increase through a 2.6% bonus issue to IQD3.0 bn.
• Al-Zawraa for Financial Investment (VZAF) will hold its AGM on Jun. 14 to discuss and approve 2024 annual financial statements and to decide either to liquidate the company or to obtain approval to change the company's activity to another activity. The company had already been suspended from trading by ISX due to its failure to meet the requirements for maintaining a license.
• The procedures for quoting The National Company for Food Industries (INFF) on the OTC platform with its capital of IQD15.0 bn have been completed based on the instructions of the Securities Commission. The process of creating share certificates for the company's shareholders began on May 24. Trading will be launched after depositing 5% of the capital, or after 21 days from the deposit start date (Jun. 14).
• ISX will suspend trading of the second issuance of Emaar bonds (the category of 1,000,000 dinars) starting from May 25, 2026 due to distributing semi-annual coupon. The bonds will resume trading on May 31, 2026.

Stocks that resumed / will resume trading:

• Iraqi For Tufted Carpets (IITC) will resume trading on May 24 after holding its postponed AGM on May 18, in which they discussed and approved electing five original and five alternative board members.

Stocks that were suspended / will be suspended from trading:

• ISX suspended trading of Babil Animal & Vegetable Production (ABAP) starting May 17 due to the AGM that will be held on May 20 to discuss and approve the 2024 annual financial statements, dividend distribution, and investment in the company's sites.
• ISX suspended trading of Asiacell (TASC) starting May 19 due to the AGM that will be held on May 23 to discuss and approve the 2025 annual financial statements and dividend distribution.
• ISX suspended trading of International Development Bank (BIDB) starting May 19 due to the AGM that will be held on May 23 to discuss and approve the 2025 annual financial statements and dividend distribution.
• ISX suspended trading of Dar Al-Salam for Insurance (NDSA) starting May 19 due to the AGM that will be held on May 24 to discuss and approve the 2025 annual financial statements and dividend distribution.
• ISX will suspend trading of Ishtar Hotels (HISH) starting Jun. 1 due to the AGM that will be held on Jun. 7 to discuss and approve the 2023 & 2024 annual financial statements, the hotel's development and investment, and electing five original and five alternative board members.
• ISX will suspend trading of National Company for Tourism Investment (HNTI) starting Jun. 2 due to the AGM that will be held on Jun. 8 to discuss and approve the 2024 annual financial statements, dividend distribution, the sale of the company's investments in the equity of other companies that did not generate profits, and the investment of Kut land.
• ISX will suspend trading of Ashour Hotel (HASH) starting Jun. 9 due to the AGM that will be held on Jun. 12 to discuss and approve the 2025 annual financial statements, dividend distribution, and review investment contracts.

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By John Lee.

Asiacell, a member of Qatar's Ooredoo Group, has signed a multi-year strategic partnership with French football club Paris Saint-Germain (PSG).

The agreement is described as the first time an Iraqi company has entered into a partnership of this scale with a global sports club.

Under the agreement, Asiacell will serve as PSG's premium partner in Iraq, with the deal intended to develop both brands in the country.

The ceremony was attended by Amer Sunna, Chief Executive Officer of Asiacell; Sheikh Nasser Bin Hamad Al Thani, Group Regional Chief Executive Officer at Ooredoo; and Richard Heaselgrave, Chief Revenue Officer of Paris Saint-Germain.

Sunna said the partnership was "more than a sponsorship," describing it as a statement that Iraqi business had earned its place on the world stage.

Sheikh Nasser said the deal reflected "the bold, market-leading approach" championed across Ooredoo Group.

Heaselgrave said the partnership strengthened PSG's presence in "one of the Middle East's most dynamic markets."

(Source: Asiacell)

By John Lee.

The General Company for Ports of Iraq (GCPI) has confirmed that Iraq has formally deposited its maritime zones map and associated coordinates with the United Nations (UN), in a move aimed at consolidating its maritime rights and strengthening its legal position in boundary matters.

Director General Dr Farhan Al-Fartousi said the deposit was made on 18th February by Iraq's Permanent Mission to the UN, following extended technical work involving specialised Iraqi committees and multiple government entities. The map reportedly covers Iraq's internal waters, territorial sea, contiguous zone and exclusive economic zone, and is intended to provide a consolidated legal and technical reference supported by precise coordinates.

Iraq's Ministry of Foreign Affairs stated that Government Decision No. 266 of 2025 underpinning the submission was based on Iraqi laws and resolutions governing maritime jurisdiction, and was aligned with the 1982 UN Convention on the Law of the Sea and established principles of international law.

The Ministry described the delimitation of Iraq's maritime zones as a sovereign matter, asserting that no State has the right to intervene, while reaffirming Iraq's commitment to relevant international legal provisions.

However, the Ministry of Foreign Affairs of Kuwait has issued a statement objecting to what it described as Iraqi claims affecting Kuwait's sovereignty over certain maritime areas and stable maritime features, including Fasht Al-Qaid and Fasht Al-Aij.

Kuwait said these areas had not previously been subject to dispute regarding its full sovereignty. It summoned Iraq's chargé d'affaires in Kuwait to deliver a formal note of protest, and called on Iraq to adhere to international law, including the 1982 UN Convention on the Law of the Sea, as well as existing bilateral agreements and memoranda of understanding between the two countries.

The Iraqi submission is expected to have implications for ongoing discussions related to maritime boundary arrangements, including matters linked to the Khor Abdullah waterway.

According to Qatar-based Al Jazeera, Kuwait's position is supported by Qatar, Saudi Arabia, the United Arab Emirates (UAE) and Oman.

(Sources: GCPI; Iraqi Ministry of Foreign Affairs; Kuwaiti Ministry of Foreign Affairs; Al Jazeera)

By John Lee.

The National Investment Commission (NIC) has hosted the preparatory meeting for the eighth session of the Iraq-Qatar Joint Committee, ahead of formal talks scheduled to take place in Doha in March.

The meeting was chaired by Engineer Salar Mohammed Amin, Vice Chairman of the Commission and Deputy Head of the Iraqi side of the committee, and attended by representatives of relevant ministries and government entities.

Participants reviewed progress on the implementation of outcomes from the seventh session, as well as draft memoranda of understanding planned for signature during the upcoming round.

Discussions also covered:

• The Iraqi working paper to be presented in Doha
• Finalising draft memoranda of understanding
• Securing required approvals from relevant ministries and authorities

The Commission said early preparation aims to strengthen bilateral economic cooperation and ensure readiness for the eighth session, which will be held in Doha, Qatar.

(Source: National Investment Commission)

By John Lee.

Baims, a MENA-based education technology group, has acquired MedMasters, an Iraq-based online medical education platform, marking its second strategic acquisition and its entry into the Iraqi market.

The transaction expands Baims' regional footprint and strengthens its position in digital higher education across the Middle East.

Founded by Dr. Abdulazeez Salam and Dr. Zaid Imad, MedMasters operates a mobile-first marketplace for medical education, serving thousands of medical students across Iraq. The platform has reported strong organic growth and high user engagement.

Yousef AlHusaini, CEO of Baims, said the acquisition forms part of the company's strategy to partner with founder-led platforms demonstrating established academic communities and sustainable business models.

Following the acquisition:

• MedMasters will continue operating under its existing academic identity
• Baims will provide operational support, regional scale and capital resources
• Iraqi students will gain access to additional recorded courses aligned with university curricula
• Expanded 1-to-1 tutoring services will be introduced through Baims' tutoring platform, Orcas

The companies stated that the integration will combine recorded learning, live tutoring and digital infrastructure to expand academic support services across multiple disciplines in Iraq.

Baims currently operates in Kuwait, Saudi Arabia, Qatar, Egypt and the United Kingdom, providing curriculum-aligned recorded courses and personalised tutoring services.

(Source: Baims)

By John Lee.

South Korea's Hyundai Livart has reportedly won a contract worth KRW 117.8 billion [$80 million] to build worker accommodation, offices and other infrastructure at Iraq's Common Seawater Supply Project (CSSP) in Basra.

According to Maeil Business Newspaper, Hyundai Livart secured the contract through a competitive bidding process against several Middle Eastern construction firms.

Work is scheduled for completion by June next year.

In August, the Iraqi government approved the award of the Common Seawater Supply Project for the Artawi [Ratawi] oil field to Hyundai Engineering & Construction. The project is jointly funded by TotalEnergies, Basra Oil Company (BOC), and QatarEnergy.

More here.

(Source: Maeil Business Newspaper)