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From the Iraq Britain Business Council (IBBC):

Iraq is making a significant comeback, presenting the private sector with an increasing array of opportunities to invest and contribute to its ongoing development. The Sudani government has not only introduced stability and reforms but is also investing in a wide range of infrastructure projects that promise growth and transformation.

At our December conference, IBBC will introduce the key stakeholders driving this project renaissance, spanning sectors as diverse as maritime development, the strategic Development Road, agriculture, energy, and the financing mechanisms supporting them all.

Where Growth Meets Opportunity

In September, Iraq's Minister of Transport outlined ambitious plans to IBBC, focusing on critical areas such as the development of Al Faw Port, investments in the Development Road, freeports, new cities and business hubs along the route, the establishment of a maritime authority, rail links to western Iraq, direct UK-Iraq flights, and tourism. Other ministries are concentrating on water management, agricultural advancements, and the Central Bank's modernization and digital transformation initiatives.

These initiatives will be a focal point on December 13th at our conference, Growing Opportunities, where you'll hear from key decision-makers, including lead sponsors like Al Zaman Group, Sadar Group, Trade Bank of Iraq, Basra Gateway Terminal, SAP and London Sky (Travel Partner). Top Iraqi and UAE ministers, British officials, and leading IBBC companies will explore all facets of a sustainable Iraq, from economic growth and energy to finance, climate action, education, and agritech innovation. A special Education Day will also take place on December 12th at the Taj Hotel, featuring discussions with higher education ministers, UK universities, and schools, all centered on skills development and training for the modern economy, sponsored by GEMS.

Tech and Innovation Focus

The Tech Forum will be hosted online, featuring speakers from InnovationUK, fintech experts, and leaders in digital transformation. This session will highlight the latest technological advancements reshaping Iraq's business landscape.

Geostrategic Insights and Business Environment

A high-level discussion on Iraq's current geostrategic positioning and its regional context will precede panel and roundtable discussions on key sectors such as energy, finance, transport, and infrastructure. Business-focused roundtables on Kurdistan and Basrah will also delve into the unique opportunities these regions present.

The Iraqi government has already committed $400 billion in investments this year, and private sector de-risking is advancing rapidly, with significant investments from Saudi Arabia, Qatar, and the UAE flowing into real estate and related sectors.

Similarly, Iraq's energy market is diversifying into gas and solar power, even as oil production continues to rise. Notably, Chinese companies now produce 50% of Iraq's oil output. Iraq's strategic location at the crossroads of Turkey, China, the Gulf, Iran, and Europe places it at the center of geopolitical developments. Under the Sudani government, Iraq has successfully balanced its relationships with these diverse forces, fostering internal and regional stability. While governance challenges remain, the outlook for business and investment has rarely been more promising. This positive sentiment is reflected in the Iraq Stock Market's 128% growth over the past two years, and the rapid modernization of private universities and schools.

Iraq is Rising-Be Part of Its Future

Join us at the IBBC conference to meet our members, Iraqi government ministers, and officials leading this major transformation. Don't miss the chance to engage with those shaping Iraq's promising future.

For more details and registration, click here.

By John Lee.

International sports retailer GO Sport has announced its expansion into Iraq.

Tom Foley, CEO of GO Sport, is quoted as saying:

"We are thrilled to bring GO Sport's unique retail experience to Iraq ... This new expansion in Baghdad is just the beginning of our journey in Iraq, and we look forward to expanding our presence further." 

Located in the heart of Baghdad, this new branch will offer a wide range of high-quality men's, women's, and children's apparel, footwear, and accessories across various sports categories including running, training, football, swimming, rackets, and lifestyle, according to a press release from the company.

The expansion plans into Iraq are made possible through a franchise agreement between Al Mana -- the Qatari-based owner of GO Sport -- and International Venture Investment Holding (IVI Holding).

(Source: PR Newswire)

By John Lee.

Iraq's Prime Minister, Mohammed Shia' Al-Sudani, announced the country's openness to partnerships for its flagship "Development Road" project, during a forum in Baghdad titled "Development Road - Opportunities and Growth." The forum was hosted by Enki Foundation for Studies and Research.

The event brought together economists, investors, and business leaders to discuss the strategic importance of the Development Road and the Grand Faw Port. Al-Sudani highlighted the project's potential to boost Iraq's non-oil economy and strengthen its role in global trade routes.

The Prime Minister emphasized Iraq's cooperation with Turkey, Qatar, and the UAE as central to the project's progress but noted that the initiative remains open to other international partners. He stressed the significance of global trade corridors for economic integration, with the Development Road poised to become a key player. The project includes industrial cities along the route, starting with the Faw industrial city, positioning Iraq as a critical hub in international shipping.

The forum also addressed the economic and developmental prospects of the project, the creation of thousands of jobs, and the challenges in fostering public-private partnerships.

(Source: PMO)

By John Lee.

Qatar Chamber (QC) has hosted a meeting with a delegation from Invest Kurdistan.

The meeting aimed to strengthen economic and commercial relations between Qatar and the Kurdistan Region of Iraq.

Discussions included an introduction to the investment climates and opportunities available in both regions.

Full statement from Qatar Chamber:

Qatar Chamber hosted on Tuesday, September 10, a meeting with a delegation from Iraqi Kurdistan Region representing the Investment Authority (Invest Kurdistan) led by its Chairman HE Dr. Muhammad Shukri.

QC First Vice-Chairman HE Mohamed bin Twar Al Kuwari presided over the Qatari side at the meeting, which was attended by several board members and many businessmen from both sides.

The meeting discussed means to foster economic and commercial relations between both sides, an introduction of investment climate in Qatar and Kurdistan Region, as well as the investment opportunities available in both countries.

Speaking at the meeting, HE Mohamed bin Twar said that exchanging visits between business communities would promote investment climate and opportunities galore in both sides, that consequently motivate investors to establish joint businesses.

Twar also noted that Kurdistan Region provide promising investment opportunities in various sectors, affirming that this would attract Qatari investors seeking to invest in safe and stimulating environment.

He underscored the Qatar Chamber's key role in encouraging Qatari investors to explore these opportunities, bolster cooperation with their counterparts in Kurdistan Region and establish new commercial alliances and partnerships.

QC First Vice-Chairman called on Kurdistan firms to cooperate with their Qatari counterparts and forge joint ventures in Qatar, assuring that Qatar boasts an attractive investment climate, leading legislation and a plenty of opportunities in all sectors.

For his part, HE Dr. Muhammad Shukri said that the delegation's visit to Qatar aims to promote investment opportunities available in Kurdistan Region before Qatari investors and learn about opportunities available in Qatar.

He said that there are several projects that are being studied currently between both sides, calling Qatari investors to visit the region to learn about its investment climate and opportunities and meet with their counterparts to review cooperation fields.

(Source: Qatar Chamber)

By John Lee.

Iraq's Minister of Communications, Dr. Hayam Al-Yasiri, announced an agreement with Qatar's Ooredoo Group to lay undersea cables with a capacity of 500 terabits at the Al-Faw station.

According to the Ministry, the cables, comprising 24 pairs, will significantly boost Iraq's international communication capacity by connecting to over 200 global undersea cables, from Oman through the Gulf and Al-Faw, extending to Europe.

Al-Yasiri emphasized the importance of this project in enhancing Iraq's geographic positioning as a key hub for international data traffic, making it a competitive alternative to the Suez Canal and attractive to global investors.

Ooredoo is the parent company of Iraqi mobile phone service Asiacell.

(Source: Ministry of Communication)

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)