Custom Search

By John Lee.

OPEC has said it has received updated compensation plans from several countries, including Iraq, to compensate for excess oil production.

Full statement from OPEC:

OPEC Secretariat receives updated compensation plans from Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, and Oman

As agreed during the virtual meeting held by the eight countries with additional voluntary adjustments, including Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman, on 7 September 2025, the OPEC Secretariat received updated compensation plans as per the table above.

(Source: OPEC)

By John Lee.

National Investment Commission (NIC) Chairman Dr. Haider Mohammed Makiyya met on Wednesday with Saudi investor Mohammed Al-Khraif and his accompanying delegation to discuss ways of enhancing investment cooperation between Iraq and Saudi Arabia across multiple economic and industrial sectors.

Dr. Makiya reaffirmed the government's commitment to providing a safe and attractive environment for Arab and foreign investors, noting that the NIC is working to remove obstacles and provide the necessary support to projects that contribute to sustainable development. He highlighted that over the past two and a half years, investment in Iraq had reached approximately $102 billion, reflecting investor confidence in the opportunities and potential of the Iraqi market.

The NIC Chairman also invited Saudi companies and investors to participate in the Iraq Investment Forum, scheduled for 27-28 September in Baghdad, where more than 168 investment opportunities across different sectors will be presented.

For his part, Mr. Al-Khraif expressed appreciation for the warm welcome and reiterated his interest in Iraq's promising opportunities, particularly in industry, energy, and housing, stressing his intention to expand future investments to strengthen economic cooperation between the two countries.

(Source: NIC)

IFC Marks 20 Years of Partnerships for Impact in Iraq, Announces $1bn in New Investments

The International Finance Corporation (IFC), a member of the World Bank Group, held an IFC Partnerships Day in Baghdad on Saturday, under the patronage of His Excellency Mr. Mohammed Shia' al-Sudani, Prime Minister of Iraq, to mark two decades of impact in the country and announce $1 billion in new investments and engagements in energy, infrastructure, agribusiness, and finance, underscoring IFC's long-term commitment to the country's private sector.

 "We congratulate Iraq and the Iraqis for signing these important agreements today with IFC, one of the most important and prestigious institutions in the financial advisory and investment space. Iraq is ready to embrace Arab and foreign partnerships like these ones," said H.E. Mohammed Shia' al-Sudani, Prime Minister of the Republic of Iraq.

Since 2005, IFC has invested and mobilized more than $2.5 billion for projects in Iraq. These investments have created over 28,000 jobs-including 5,000 for women-by strengthening infrastructure, expanding access to finance, supporting manufacturing, and enhancing food security.

During the same period, IFC has backed Iraq's economic diversification through landmark transport and energy projects. IFC has also helped advance sustainable finance in partnership with the Central Bank of Iraq (CBI), the Iraq Stock Exchange, local banks, and finance institutions, supporting small and medium enterprises. In addition, IFC is currently serving as lead advisor on Iraq's first airport PPP, paving the way to the modernization of the nation's gateway.

The event, which was attended by H.E. Prime Minister Mohammed Shia' al-Sudani alongside senior government officials, private sector leaders, and development partners, included the launch of several new partnerships which will tap into the resilience of Iraq's private sector and foster sustainable growth.

"Iraq's private sector is agile, resilient, and capable of driving sustainable growth," said K. Aftab Ahmed, IFC Director for the Middie East, Pakistan and Afghanistan. "Over the past twenty years, IFC has stepped up to support the country, bringing not only its financing and global expertise but also mobilizing international capital to realize local priorities. Today, we mark a new chapter in our partnership, aiming to support strategic sectors that align with Iraq's Vision 2030."

IFC's new partnerships will aim to:

• Enhance energy access and reduce emissions: IFC has been mandated by Basrah Gas Company (BGC) to lead, arrange, and syndicate a second loan of up to $500 million. Building on the first financing package led by IFC in 2021, this new investment, once committed, is expected to further advance one of the world's largest gas flaring reduction projects, capturing gas for energy use and significantly reducing emissions.
• Strengthen infrastructure: IFC partnered with Aloreen Company for Investment with the aim to invest $120 million to support new equipment for container handling and expand yard capacity in Iraq's Umm Qasr Port. The project is being developed in collaboration with Terminal Investment Limited Holding, a subsidiary of Mediterranean Shipping Company (MSC), bringing international expertise to strengthen Iraq's trade gateway.
• Promote manufacturing: IFC partnered with Nomu Holding, a subsidiary of Iraq's Al-Maysarah Group and Saudi-based Al Muhaidib Group, with the aim to invest $200 million to strengthen Iraq's construction materials industry. The project will help modernize industrial operations, promote decarbonization, and build local workforce skills.
• Expand housing and retail: IFC partnered with Hiwa Rauf for Investment and Development with the aim to provide $65 million to support the establishment of Iraq's first certified sustainable mixed-use real estate project in Sulaymaniyah in the Kurdistan Region of Iraq. The initiative will help promote sustainable urban infrastructure, address residential supply gaps, attract private investment, and generate jobs in construction and services.
• Bolster food security: IFC partnered with Tiryaki Agro to jointly conduct a feasibility study which will aim to reduce reliance on grain imports by building the capacity of local farmers in sustainable modern farming practices. The study will assess the viability of sustainable agricultural infrastructure, modern storage, and renewable energy integration, with an initial focus on wheat.
• Advance healthcare infrastructure: IFC partnered with Ruban [Raban] Al Safina to jointly develop a feasibility study for a 200+ bed teaching hospital within the American University of Iraq in Baghdad (AUIB) with the aim to strengthen the country's healthcare system, develop human capital, and enhance access to high-quality clinical services.
• Boost trade: IFC partnered with the Bank of Baghdad to extend a $10 million trade finance line through its Global Trade Finance Program (GTFP). This will allow the Bank of Baghdad to join a global network of banks to support cross-border trade and increase access to essential goods.
• Increase access to finance for smaller businesses: IFC partnered with the First Finance Company (FFC) with the aim to unlock new opportunities for Iraq's Micro, Small, and Medium Enterprises (MSMEs) by better understanding the market and identifying strategic areas of focus.

(Source: IFC)

By John Lee.

Zain Group has announced the regional expansion of its flagship startup accelerator, Zain Great Idea (ZGI 2025), now open to innovators in Kuwait, Bahrain, Iraq, Jordan, Saudi Arabia, and UAE. The program is powered by Zain Ventures, the Group's venture capital arm, and ZainTECH, its digital solutions enterprise.

For the first time in ZGI's 15-year history, startups across the region can access mentorship, capital, and global exposure, including a two-week program in Silicon Valley. The initiative supports early-stage projects in sectors such as fintech, e-commerce, AI, edtech, and other emerging technologies.

Program Highlights:

• Open registration for startups until 20 September 2025.
• Intensive mentorship, workshops, and pitch training.
• Selection of up to 15 startups to attend Silicon Valley's International Accelerator.
• Continued mentorship post-Silicon Valley and technical support via ZainTECH.
• Demo Day for startups to present growth and investment opportunities to regional venture capitalists.

According to a press release, ZGI has a proven legacy in Kuwait, up-skilling over 7,000 entrepreneurs, supporting 450 startups, and facilitating USD 135 million in funds raised from regional investors over the past five years. The 2025 expansion underscores Zain's commitment to fostering regional innovation, job creation, and a thriving entrepreneurial ecosystem.

Click here for more details.

(Source: Zain Group)

By John Lee.

The Chargé d'Affaires a.i. of the Embassy of the Republic of Iraq in Kuala Lumpur, Counselor Ahmed Ghanim Abduljabbar, has met with the leadership of SPARCO Engineering SDN BHD at the Embassy's headquarters.

Executive Director Raja Ariff and Managing Director Sumasni Sulaiman expressed the company's intention to launch commercial and investment activities in Iraq, particularly in oil, gas, petrochemicals, and agricultural fertilizers. They cited Iraq's improving investment climate, with growing competition among international companies to establish operations. SPARCO already has a significant presence in Saudi Arabia and Indonesia in related sectors.

The Chargé d'Affaires confirmed the Embassy's readiness to facilitate cooperation with Malaysian institutions and companies, noting Iraq's economic growth under government development plans and the country's openness to foreign investment in infrastructure, energy, and public services. He also encouraged Malaysian participation in exhibitions and conferences across Iraq as a way to deepen economic ties.

The meeting concluded with an exchange of commemorative gifts and agreement to maintain regular engagement to advance bilateral cooperation.

(Source: Iraqi Ministry of Foreign Affairs)

By John Lee.

Iraq's Minister of Communications, Dr. Hiyam Al-Yasiri (pictured), has met with Ooredoo of Qatar to discuss joint projects aimed at strengthening Iraq's role as a regional and international data hub.

Talks focused on implementing bilateral agreements to route communications traffic via the FIG submarine cable landing station in Al-Faw, managed by Ooredoo, and through border crossings at Safwan (Kuwait) and Arar (Saudi Arabia), extending to Ibrahim Al-Khalil and Faysh Khabur (Turkey) and onwards to Europe.

The Minister and Ooredoo's technical delegation also discussed expanding transit capacity into Iraq and marketing it to local internet service providers (ISPs) through the infrastructure of the General Company for Communications and Informatics.

The move is expected to improve service quality, reduce prices, and leverage Iraq's strategic geographical position as a key link between Gulf states and global networks.

(Source: Ministry of Communications)

By John Lee.

Iraq's state-owned Oil Exploration Company and Al-Qarnain Petroleum, a subsidiary of China's ZhenHua Oil, have signed a contract for a two-dimensional seismic survey of the Al-Qarnain (Al-Quraynan) exploration block.

Minister of Oil, Hayan Abdul Ghani, described the block as a promising oil and gas prospect on Iraq's border with Saudi Arabia. According to a press release from the Ministry, ZhenHua secured the rights to develop it under Iraq's fifth supplementary licensing round and will drill four exploration wells; Iraq Business News understands that the rights were granted in the sixth licensing round.

The block falls under the remit of the Midland Oil Company, which has been tasked with following up on the contract's implementation.

Deputy Minister for Extraction Affairs, Bassem Mohammed Khudair, said the deal reflects the Ministry's strategy of supporting national companies, particularly the Oil Exploration Company, in conducting two- and three-dimensional surveys and preparing field studies.

Oil Exploration Company Director General, Osama Raouf, said the survey will cover 2,850 km and is expected to take 223 days. The Al-Qarnain block lies within Najaf Governorate, near the border with Saudi Arabia, and is considered prospective for both oil and gas.

(Source: Ministry of Oil)

By John Lee.

The eight OPEC+ countries, including Iraq, have agreed to the continuing of their phased rollback of 2.2 million bpd in voluntary cuts that began in April.

According to a statement from OPEC, the decision, taken during a virtual meeting on 3rd August, reflects confidence in current oil market fundamentals, including low inventory levels and a stable global economic outlook. The countries reiterated that the adjustment aligns with the 5th December 2024 agreement, which allows for a gradual and flexible return of production, with the ability to pause or reverse adjustments depending on market conditions.

The group also stressed the importance of compensating for any overproduction since January 2024 and confirmed their collective commitment to the Declaration of Cooperation, which is being monitored by the Joint Ministerial Monitoring Committee (JMMC).

Regular monthly reviews will continue, with the next meeting scheduled for 7th September 2025.

Full statement from OPEC:

Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman reaffirm commitment to market stability on current healthy oil market fundamentals and steady global economic outlook and adjust production

The eight OPEC+ countries, which previously announced additional voluntary adjustments in April and November 2023, namely Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman met virtually on 3 August 2025, to review global market conditions and outlook.

In view of a steady global economic outlook and current healthy market fundamentals, as reflected in the low oil inventories, and in accordance with the decision agreed upon on 5 December 2024 to start a gradual and flexible return of the 2.2 million barrels per day voluntary adjustments starting from 1 April 2025, the eight participating countries will implement a production adjustment of 547 thousand barrels per day in September 2025 from August 2025 required production level. This is equivalent to four monthly increments as detailed in the table below. The phase-out of the additional voluntary production adjustments may be paused or reversed subject to evolving market conditions. This flexibility will allow the group to continue to support oil market stability.

The eight OPEC+ countries also noted that this measure will provide an opportunity for the participating countries to accelerate their compensation. The eight countries reiterated their collective commitment to achieve full conformity with the Declaration of Cooperation, including the additional voluntary production adjustments that were agreed to be monitored by the JMMC during its 53rd meeting held on April 3rd 2024.

They also confirmed their intention to fully compensate for any overproduced volume since January 2024. The eight OPEC+ countries will hold monthly meetings to review market conditions, conformity, and compensation. The eight countries will meet on September 7, 2025.

(Source: OPEC Secretariat)

By John Lee.

Iraq's Minister of Industry and Minerals, Khaled Battal Al-Najm, chaired a meeting at the Ministry's headquarters to explore a potential partnership agreement with Saudi company Ajyal for the establishment of a petrochemical complex in Basra.

The proposed complex would be built on the site of the State Company for Petrochemical Industries in Basra Province.

During the meeting, participants discussed the terms of the potential partnership and evaluated proposed mechanisms for supplying the project with natural gas, LPG, or alternative energy sources. Technical and legal considerations were also reviewed.

Minister Al-Najm emphasised the strategic importance of the project, describing it as one of the ministry's most promising initiatives to revive and develop Iraq's strategic industries and strengthen the national industrial base. He directed the continuation of negotiations and coordination with relevant parties to secure the necessary requirements to advance the project.

(Source: Ministry of Industry and Minerals)

By John Lee.

The National Investment Commission of Iraq has announced the start of the third round of discussions on the draft Agreement for the Encouragement and Protection of Investments between Iraq and the Czech Republic.

The meetings, held in Prague on 22-23 July, follow the recent visit by Prime Minister Mohammed Shia' Al-Sudani to the Czech Republic and are part of Iraq's efforts to strengthen economic ties and promote mutual investment. The discussions aim to foster a sustainable economic partnership, facilitate technology transfer, create jobs, and support economic development.

The Iraqi delegation was led by NIC Chairman Dr. Haider Muhammad Makiyya, accompanied by the Iraqi negotiation team. The Czech side was led by Martina Matušová, alongside the Czech negotiation team. Iraq's chargé d'affaires in Prague, Mr. Hussein Al-Safi, and his deputy Mr. Samer Jamal also attended.

In his remarks, Dr. Makiya highlighted legislative and procedural reforms that have transformed Iraq's investment environment in recent years, citing a significant rise in both local and foreign investment activity. He officially opened the round of talks, describing the agreement as a milestone in deepening bilateral economic cooperation.

Over two days, the parties engaged in in-depth discussions and advanced the drafting of key provisions. Further rounds of negotiation are planned, with the final version of the agreement to be submitted for formal approval under Iraqi law.

On the second day, Czech Deputy Finance Minister Tomáš welcomed the progress and expressed optimism for future talks. He praised Iraq's recent reforms and confirmed that the Czech Ministry of Finance, through its representative at the OECD, would support efforts to improve Iraq's international investment rating. Iraq's total investment volume has reportedly reached $99 billion.

Tomáš also acknowledged Iraq's recent investment agreements with Qatar, Saudi Arabia, and the UAE as encouraging signs of a stable and investor-friendly environment.

(Source: NIC)