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By John Lee.

Prime Minister Mohammed Shia Al-Sudani has chaired a meeting of the High Committee for the Development Road Project.

The session focused on reviewing the latest developments and progress in this strategic project, which includes key components such as energy, gas, electricity, and internet infrastructure. Updates included the completion of preliminary designs for the railway, now at 100 percent, and the road designs, which are 75 percent complete.

Al-Sudani directed the design team to create a detailed plan for land acquisitions along the project route, estimating costs for both public and private acquisitions, and setting a tentative timeline for these stages. He also instructed coordination between the military and police to ensure security along the project's route.

The meeting set November 1, 2024, as the date for the second meeting of the quadrilateral committee on the Development Road, comprising Iraq, Qatar, the UAE, and Turkey.

Additionally, a committee was formed to develop a long-term vision for each ministry involved, and another to conduct a comprehensive study on energy investment along the project's route, involving the ministries of electricity, oil, communications, transport, and labor. The World Bank welcomed the Iraqi government's initiative to include the project in the Ministry of Planning.

(Source: PMO)

By John Lee.

Iraq's Prime Minister, Mohammed Shia Al-Sudani, met with leading Egyptian business representatives in El Alamein, Egypt, on Tuesday, during his official visit to the country.

The meeting emphasized the strategic relationship between Iraq and Egypt, highlighting the potential for economic integration between the two nations. Al-Sudani noted Iraq's ongoing recovery and stability, pointing to the country's ambitious development program initiated two years ago, which leverages Iraq's natural and human resources.

Al-Sudani invited Egyptian businesses to invest in Iraq's infrastructure and housing projects, which are set to begin soon. He highlighted Iraq's open doors to Egyptian investors, emphasizing the importance of their experience and the political support for increased cooperation.

The Prime Minister also mentioned significant investment opportunities in various industries, including a strategic partnership on the Development Road project and industrial zones, with key partnerships already established with Qatar, Turkey, and the UAE.

Egyptian business leaders expressed their readiness to invest in Iraq, particularly in sectors like transportation, pharmaceuticals, healthcare, infrastructure, and construction, indicating promising partnerships between the private sectors of both countries.

Following a separate meeting on Tuesday between Al-Sudani and Egyptian President Abdel Fattah El-Sisi, the two leaders committed to work to make their projects succeed and achieve their objectives to serve as a model for Arab cooperation and regional integration.

(Sources: PMO; Office of the Egyptian President)

By John Lee.

The Kurdistan Regional Government (KRG) has signed a memorandum of understanding (MoU) with the Qatar Foundation, aimed at supporting and enhancing youth skills and training.

The agreement was signed at an event to mark the graduation of 4,200 young participants from the inaugural training course in the Kurdistan Region.

During the ceremony, the ninth cabinet of the Kurdistan Regional Government and Prime Minister Masrour Barzani reiterated their support for the youth of the country. They emphasized the importance of nurturing the talents and capabilities of young people as crucial human resources for the nation.

(Source: Erbil Governorate)

By John Lee.

In Baghdad, Iraq's Minister of Trade, Atheer Daoud Al-Ghurairy, and Qatar's Minister of Commerce and Industry, Sheikh Mohammed bin Hamad Al Thani, signed the final report of the 7th Iraq-Qatar Joint Committee session, marking the first meeting in over six years.

Minister Al-Ghurairy emphasized the commitment of both nations to enhance economic, trade, and investment relations. He highlighted the importance of mutual investment as a core element of cooperation and the creation of an attractive investment environment to strengthen economic partnerships. The signing of the Investment Promotion and Protection Agreement between Iraq and Qatar was noted as a significant step towards boosting bilateral investments.

Al-Ghurairy invited Qatar to be the guest of honor at the upcoming Baghdad International Fair and encouraged Qatari companies and businessmen to invest in Iraq, particularly in projects related to the Development Road initiative, which will foster further economic cooperation.

Sheikh Mohammed bin Hamad Al Thani reiterated the shared commitment to strengthening cooperation for mutual benefit and achieving developmental aspirations. He stressed the importance of joint efforts to realize the full potential of the partnership and looked forward to increased bilateral trade and promising economic collaborations across various sectors. The Qatari minister also underscored the importance of the Qatar-Iraq Business Council in investment and trade enhancement.

During the two-day session, both sides exchanged views on intensifying cooperation in areas such as trade, industry, investment, free zones, private sector engagement, energy, finance, taxation, customs, transport, civil aviation, ICT, infrastructure, agriculture, water resources, urban development, education, health, environment, culture, sports, youth, social welfare, and justice.

(Source: Ministry of Trade)

By John Lee.

Food and last-mile delivery service Alsaree3 has announced that it has successfully closed its 'Series A' capital raising round, securing an undisclosed seven-figure investment.

A press release describes this funding round as particularly noteworthy due to the participation of Snoonu, which it says is Qatar's leading food delivery and e-commerce platform.

It adds that the new funding will enable Alsaree3, founded by Bassam Al-Ateia, to accelerate its growth plans in Iraq, and highlights the unique potential and attraction of the Iraqi market, especially when compared to other Gulf countries.

The round was anchored by Euphrates Ventures, with the participation of Iraq Venture Partners (IVP), who also facilitated the round.

Geoffrey Batt of Euphrates Ventures, said:

"Alsaree3 is a true Iraqi success story ... We are thrilled to anchor this round that is as much about technology sharing between Snoonu and Alsaree3 as it is about investment capital"

Mohammed Khudairi, IVP General Partner, added:

"[Alsaree3's] success will have a positive ripple effect across the whole Iraqi ecosystem. We are keen to contribute towards its success journey."

(Source: IVP)

From Amwaj Media. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News.

New Qatari consulate highlights growing ties between Gulf Arabs, Iraqi Kurds

Qatar has opened a consulate in Erbil, reflecting the growing relations between wealthy Gulf Arab states and Iraqi Kurdistan.

The expansion of the Arab diplomatic representation follows recent efforts by the Kurdistan Democratic Party (KDP) to develop export markets in the region, particularly with the United Arab Emirates (UAE) -- a competitor of Qatar.

The full article can be viewed here (registration required).

By John Lee.

Qatar has opened a General Consulate in Erbil.

At a ceremony to mark the occasion, KRG Prime Minister Masrour Barzani said:

"The opening of the Qatari General Consulate will significantly bolster our relations, particularly in trade, agriculture, culture, and higher education.

"Qatar has valuable experience in investment, construction, energy, and industry. The Kurdistan Region can utilize the Qatari experience.

"We invite Qatari investors to visit the Kurdistan Region and invest in its growing sectors, and the KRG is ready to provide all facilitations. ...

"We encourage and support diversified investment, which is the KRG's main goal for a stronger economy."

(Source: KRG)

By John Lee.

Iraqi Minister of Transport, Razzaq Mohibis Al-Saadawi, met with a Turkish delegation at the Ministry of Transport on Thursday to discuss the latest updates on the Development Road project.

According to a ministry statement, the minister welcomed the Turkish delegation, led by Burak Ikan, Director General of International Relations at the Turkish Ministry of Transport. They discussed the agenda of the ministerial council and coordination committees arising from the quadrilateral agreement involving Iraq, Turkey, Qatar, and the UAE.

The statement noted that the minister emphasized the ministry's commitment to completing the Development Road project and supporting meetings of the ministerial council and coordination committees. The council's meeting is scheduled for June.

Al-Saadawi informed the Turkish delegation that Iraq would coordinate the meetings in agreement with its partners on the council. Iraq has begun forming its technical committee and awaits other countries to establish theirs to organize their first meeting in Baghdad as per the memorandum of understanding.

In response, Ikan expressed gratitude for the hospitality and reception, noting that the Turkish delegation held several meetings with Iraqi officials and has a planned meeting with an Italian consulting company. He emphasized the importance of advancing the project in line with the quadrilateral agreement.

(Source: Ministry of Transport)

From Amwaj Media. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News.

Debate: Will Iraq, Kuwait succeed in truly turning the page?

The full article can be viewed here (registration required).

By John Lee.

Chinese smartphone company Xiaomi has announced that the talabat app will now come preloaded on Xiaomi phones in United Arab Emirates, Qatar, Egypt and Iraq.

Talabat, a food and grocery delivery app, was founded in Kuwait in 2004, and entered the Iraqi market in 2021.

It was acquired in 2015 by German-based Delivery Hero.

(Source: Talabat)