Iraqi Banks Increase Funding for SMEs
By John Lee. The Iraqi private banks association has announced an increase of half-a-trillion Iraqi dinars in funding to enhance the role of the private sector and the developmentof small and medium-sized enterprises (SMEs), and to increase job opportunities. According to the report from Shafaaq, this brings the funding available to 1.5 trillion Iraqi dinars […]
Iraqis Main Buyers of Turksh Property
By John Lee. According to data released by the Turkish Statistics Institute (TÜİK), Iraqi citizens purchased 763 houses in Turkey in July and August, making Iraq the biggest foreign buyer of houses in Turkey. Iraq was followed by Saudi Arabia with 504 houses, Kuwait with 373 houses, Russia with 350 houses and the U.K. with […]
Abadi Rejects HRW Claims
By John Lee. The Iraqi Prime Minister, Haider al-Abadi, has angrily rejected a report from Human Rights Watch (HRW) alleging abuses by militias in Tikrit. In a statement, Abadi claims that "HRW has relied on unverified video recordings and telephone calls reporting acts of robbery, looting and destruction, and recorded them as local eyewitness testimony, […]
Iraq tries to Shake Stigma of Orphans
By Wassim Bassem for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. On March 30, a police station in Babil received an anonymous tip about an infant who had been thrown in the garbage. A patrol dispatched to the location found a baby in a cardboard […]
US Dismisses KRG Tanker Case
By John Lee. An American court has dismissed an attempt by the Kurdistan Regional Government (KRG) to overturn a previous decision against its planned sale of oil to a US-based customer. The case arose when Iraq’s central government sued to seize a tanker loaded with crude oil from Iraqi Kurdistan -- the United Kalavryta (pictured) […]
Lafarge in Negotiations on Karbala Cement Plant
By John Lee. A meeting of the Iraqi cabinet on Tuesday authorised the Minister of Industry and Minerals to negotiate with the French company Lafarge concerning investment in the Karbala cement plant (pictured). The Minister will put the results of the negotiation to the Prime Minister for approval. (Source: Office of the Prime Minister)
KRG Moves to Outlaw Porn
By John Lee. According to a report from BasNews, members of the Kurdistan Region parliament have put forward a draft law blocking pornographic websites in Iraqi Kurdistan. MP Bahzad Darwesh from the Kurdistan Islamic Union (KIU) told the publication that 27 MPs signed a draft law on 20th September, proposing the Kurdistan Regional Government (KRG) […]
Iraq sees Exodus of Minorities
By Ali Mamouri for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Media outlets are broadcasting the departure of hundreds of thousands of Syrians and Iraqis from their countries toward Europe by boat, train or on foot. The scenes of escape and displacement coupled with panic […]
Currency Auction Results, 22nd Sept
By John Lee. The Central Bank of Iraq (CBI) has reported that 29 banks and 11 remittance companies took part in its currency auction on Tuesday. A total of $207,554,813 sold at a price of 1166 Iraqi Dinars (IQD) per dollar. (Source: Central Bank of Iraq)
Nine Coalition Strikes Hit ISIS in Iraq
By Simon Kent. The US Department of Defence have announced 9 Coalition air strikes in Iraq, normally indicative of 24hrs of activity, in addition to several strikes launched against ISIS in Syria. The recent strikes indicate a wave of ISIS activity on the northern fronts where the Kurdish Peshmerga are battling ISIS, and at Baiji, […]
ShaMaran, TAQA, in Dispute over Atrush
Canadian-based ShaMaran Petroleum and TAQA, the Abu Dhabi National Energy Company, are in dispute regarding the Atrush block in Iraqi Kurdistan. In a statement to the markets on Monday, ShaMaran said that its wholly owned subsidiary, General Exploration Partners (GEP), has received a Default Notice from TAQA Atrush B.V., the Operator of the Atrush Block, […]
France's Total meets with Oil Minister
By John Lee. Oil Minister Adel Abdel Mahdi [Adil Abd Al-Mahdi] met on Sunday with a delegation from the French oil company Total, lead by Mr. Pascal Carrier. The Minister confirmed that Iraq is keen to foster relations with companies such as Total, and aims to expand cooperation in the field of oil and energy […]