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According to a report released by London-based International Centre for the Study of Radicalization (ICSR) and accounting group Ernst & Young, the Islamic State organisation (IS, ISIS, ISIL, Daesh) is in deep financial trouble.

In an interview, ICSR director Peter Neumann stated out that the report clearly shows that while IS used to be the world's richest terror group, IS's business model is now failing due to its loss of territory and resources.

Neumann pointed out that IS biggest financial strength at its height of power was the ability to loot and extract money through taxes in newly conquered territories, that strength has now become its most significant weakness.

The data quoted in the report is based on captured internal IS documents, as well as a review of previous analyses. The report challenge previous estimates of the IS's finances by the US-led coalition, which it claims may have been exaggerated.

Researchers also believe that the imminent loss of Mosul would result in a major drop in revenue for IS and a significant setback for the financing of its battlefield apparatus.

The study will be presented at the Munich Security Conference on February 18.

(Source: GardaWorld)

A program to remove unexploded ordnance (UXO) and explosive remnants of war (ERW) in and around the city of Mosul could cost $50 million, UN officials have said.

The UN Mine Action Service (UNMAS) had previously estimated costs for Iraq as a whole at $50 million this year, but said this could double because of Mosul.

Paul Heslop, chief of UNMAS program planning and management section stated that as a result of the assessed contamination in Mosul we will need $50 million for the city alone in addition to $50 million for the rest of the country.

Heslop stated that "clearing urban areas of contamination is more complex and dangerous than minefields. You need a higher level of technical skill and complex equipment and it’s slower. As areas are liberated, you get a better idea of the level of contamination."

Heslop added that Iraq needs an Afghanistan-style (demining) operation, which at its peak about five years ago consisted of around 15,000 people.

(Source: GardaWorld)

(Picture: UNMAS)

GardaWorld, a global leader in comprehensive security and risk management, has made its weekly security report available to Iraq Business News readers.

Prepared by GardaWorld's Risk Analysis Team in Iraq, this essential report includes short- and medium-term outlooks on the security situation, reports and commentary on recent significant events, and a detailed overview of developments across the country, including the battle to liberate Mosul.

Please click here to download the latest report free of charge.

For more information on how GardaWorld's services can support your business in Iraq, please contact Daniel Matthews, Senior Director Iraq, at [email protected]

Japan has approved a loan of about $100 million to support humanitarian, counter-terrorism and infrastructure projects in Iraq, a Japanese embassy statement said on Tuesday.

In January, Japan approved loans worth $240 million to Iraq to rebuild damaged electricity infrastructure in areas recaptured from Islamic State.

Iraq's government income, which comes almost exclusively from oil exports, fell sharply when crude prices tumbled three years ago and IS captured large areas of northern and western Iraq.

(Source: GardaWorld)

Iraqi Prime Minister Haidar al-Abadi has called on the parliament to form a new electoral commission, as the expiration of the legal term of the current commission is nearing.

Abadi made his call during his weekly news conference on Tuesday.  A group of Iraqi MPs had submitted a petition to the speaker of parliament requesting the dissolution of executive council members of the Independent High Electoral Commission (IHEC).

The MPs objected to the commission having been formed based on the quota system, with members being nominated by the parliament.  More than 100 members of parliament from the Al-Ahrar bloc, affiliated with Shia cleric Moqtada al-Sadr, and the Reform Front, close to former Prime Minister Nouri al-Maliki signed the petition in July 2016.

The commission is currently facing charges of corruption at the legal, administrative and financial levels.  In the meantime, the Sadrist Movement threatened escalating measures to pressure change to the IHEC. The movement called for protests on February 8 near to the International Zone to demand changes to the electoral commission.

Besides previously calling for a change to the IHEC, Sadr has also called for changes to the electoral law itself, though the exact details remain vague.

(Source: GardaWorld)

GardaWorld, a global leader in comprehensive security and risk management, has made its weekly security report available to Iraq Business News readers.

Prepared by GardaWorld's Risk Analysis Team in Iraq, this essential report includes short- and medium-term outlooks on the security situation, reports and commentary on recent significant events, and a detailed overview of developments across the country, including the battle to liberate Mosul.

Please click here to download the latest report free of charge.

For more information on how GardaWorld's services can support your business in Iraq, please contact Daniel Matthews, Senior Director Iraq, at [email protected]

Iraqi Prime Minister Haidar al-Abadi has said that Baghdad would not take ‘reciprocal measures’ against the recent US banning order against Iraqi citizens, issued by President Donald Trump.

Answering a question, Abadi stated that he did not want to harm US citizens in the country by applying reciprocal measures, for the time being.

Abadi however said that at a time when the US should be thanking Iraqis for their sacrifices in fighting terror, they have instead insulted them.

He also stated that the Iraqi government was studying several options to respond to the US decision and is also making contact with a number of US officials in the hope that the ban would be reversed.

Abadi also pointed out that a number of large US companies have interests in Iraq and are investing billions of US dollars in oil and services sectors, which Abadi hoped would continue in accordance with the US-Iraqi strategic agreement.

(Source: GardaWorld)

The Iraqi parliament has approved the appointment of Irfan al-Hayali to the Ministry of Defence and Qasim al-Araji to the Interior Ministry.

Inam al-Obeidi, who had been nominated for the Ministry of Commerce, and Najam Ali, who had been nominated for the Ministry of Industry, were both rejected by the parliament.

As such three cabinet positions still remain vacant, commerce, industry and finance, no candidate was put forward for the latter.

The government will now likely start to draw up another list of potential candidates for the three outstanding cabinet positions, though no names have been put forward as yet.

(Source: GardaWorld)

GardaWorld, a global leader in comprehensive security and risk management, has made its weekly security report available to Iraq Business News readers.

Prepared by GardaWorld's Risk Analysis Team in Iraq, this essential report includes short- and medium-term outlooks on the security situation, reports and commentary on recent significant events, and a detailed overview of developments across the country, including the battle to liberate Mosul.

Please click here to download the latest report free of charge.

For more information on how GardaWorld's services can support your business in Iraq, please contact Daniel Matthews, Senior Director Iraq, at [email protected]

GardaWorld, a global leader in comprehensive security and risk management, has made its weekly security report available to Iraq Business News readers.

Prepared by GardaWorld's Risk Analysis Team in Iraq, this essential report includes short- and medium-term outlooks on the security situation, reports and commentary on recent significant events, and a detailed overview of developments across the country, including the battle to liberate Mosul.

Please click here to download the latest report free of charge.

For more information on how GardaWorld's services can support your business in Iraq, please contact Daniel Matthews, Senior Director Iraq, at [email protected]