Govt Approves Incentives for Basra Housing Projects
By John Lee. The Iraqi Cabinet has approved a series of incentives for the developers of Basra/1 and Basra/2 residential projects. For Basra/1, the developer has been exempted from the standard 10 percent deduction representing the landowner's share. The company is also authorised to sell units at open market prices. Additionally, it is permitted to […]
Menzies to expand MASIL Operations to Mosul Int'l Airport
By John Lee. Menzies Aviation has announced it will deliver ground, air cargo and fuelling services at Mosul International Airport (OSM) in Iraq through MASIL, its joint venture with Iraqi Airways, Air BP and Al-Burhan Group. One fully operational, MASIL will provide a full suite of aviation services at OSM, under a new 10-year licence, […]
Iraqi Logistics: EQIQ Launches Boxy with $1.5m Pre-Seed Investment
By John Lee. EQIQ, a UAE-based venture capital fund, has unveiled its $1.5 million pre-seed investment in Boxy, which it says is Iraq's first AI-powered logistics aggregator. Boxy aims to unify over 1,500 last-mile couriers into a single intelligent platform, addressing the fragmented logistics landscape in Iraq. EQIQ says Boxy has demonstrated early product-market fit, […]
Baghdad's "City of Gold" to Become Major Economic Engine
By John Lee. The City of Gold project in Baghdad, recently approved by Iraq's Minister of Trade and endorsed by the Ministerial Council for the Economy, has been hailed by the Trade and Economic Research Centre (TREC) as a transformational initiative that could significantly reshape the country's economic landscape. Dr. Mudhhir Mohammed Saleh, Financial Advisor […]
Iraq to Increase Oil Output Amid Healthy Market Conditions
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 […]
Iraq Opens 50MW Power Plant at Baiji Refinery
By John Lee. Prime Minister Mohammed Shia Al-Sudani has inaugurated a 50-megawatt self-generation power station at the North Refinery in Salahuddin, designed to ensure uninterrupted electricity supply for refinery operations and reduce dependency on the national grid. The Prime Minister praised the efforts of the staff at the power station and the North Refineries Company […]
Dinar: "Cash Culture Dominates Iraq"
From Shafaq. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. Cash culture dominates Iraq, reform efforts stall Officials estimated on Saturday that nearly 92 percent of Iraq's cash remains outside the banking system, making it one of the world's most cash-dependent economies. The full […]
Italian Company creates New Hospital in Baghdad
By John Lee. Prime Minister Mohammed Shia Al-Sudani has inaugurated the construction of the Italian Hospital in Baghdad, located on the former site of the "Turkish Restaurant" building, as part of the "Baghdad is More Beautiful" campaign to revitalise abandoned structures for public service. The 103-bed facility will be equipped with modern medical technologies and […]
Chevron, SLB Deals Signal US Return to Iraqi Oilfields
By Simon Watkins for OilPrice.com. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. Chevron, SLB Deals Signal US Return to Iraqi Oilfields There are two distinct superpower strategies at play to capture the very heartland of the Middle East - Iraq. On the one […]
$700k Contract to Rehabilitate Ottoman Site in Mosul
By John Lee. Al Reyaza Group Company for General Contracting Ltd has won a contract with the United Nations Educational, Scientific and Cultural Organization (UNESCO) for the "Reconstruction and Rehabilitation of Barood Khana in Mosul." Barood Khana is described in the tender documents as "a historic structure of Ottoman origin that has served multiple functions, […]
German-Chinese Consortium Expand Baiji Power Station
By John Lee. Prime Minister Mohammed Shia Al-Sudani has officially launched the first phase of the second Baiji Gas Power Station in Salahuddin province, a project that will add up to 1,014 megawatts to Iraq's power grid. Speaking at the launch event on Saturday, Al-Sudani reiterated that energy is the cornerstone of Iraq's comprehensive development […]
Central Bank of Iraq publishes New Guide to ESG Standards
By John Lee. The Central Bank of Iraq (CBI) has published its new guide to environmental, social and corporate governance (ESG) standards. Click here to download the full report [Arabic]. To browse our comprehensive library of reports on Iraq, click here. (Source: CBI)