Companies Invited to Produce Tractors
By John Lee. Iraq's Industry Ministry has invited three foreign companies to set up production facilities for agricultural tractors in Iraq. According to the report from Aswat Al Iraq, the terms of the deal would require the companies to source at least 40 percent of their parts from the state-owned Iraqi Mechanical Industries Company. The […]
Asiacell Revenues Down 10%
By John Lee. In its results for the first nine months of 2014, Qatari telecom provider Ooredoo has reported that revenues at its Iraqi unit Asiacell are down 10 percent. The company gave the following update on operations in Iraq: "Asiacell continued to face the challenge of political and social instability during the period, allied […]
China's First Diplomat Posted to Kurdistan
Chinese Consul General Tan Banglin this week visited the KRG Department of Foreign Relations to present his credentials as his country’s first diplomat posted to Kurdistan, and to discuss areas of cooperation between both sides. Minister Falah Mustafa warmly welcomed Consul General Banglin and congratulated him on his new post, assuring him of the KRG’s […]
Video: Christians Seek Refuge in Erbil
From Al Jazeera. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. Many Christian families have fled ISIL seeking refuge in other areas in Iraq. Erbil shelters many internally displaced people, including an unfinished mall which houses 400 families. Aidah Nouh is not the only […]
Currency Auction Results, 28th Oct
By John Lee. The Central Bank of Iraq (CBI) has reported that 19 banks took part in its currency auction on Tuesday. A total of $259,043,000 was sold at a price of 1166 Iraqi Dinars (IQD) per dollar. (Source: Central Bank of Iraq)
Weekly Security Update, 21 – 27 October 2014
By Anne-Laure Barbosa at Edinburgh International On 25 October, Prime Minister Haider al-Abadi visited the newly-liberated town of Jurf al-Sakhar, south of Baghdad, taking advantage of a rare opportunity to consolidate the legitimacy of the Iraqi government in their fight against ISIS. These fresh territorial gains, which also include parts of Nineveh and Kirkuk, followed sustained […]
Iran Water, Electricity Projects Worth over $1.3bn
By John Lee. Iranian companies are reported to be implementing water and electricity projects in Iraq worth over $1.3 billion (1.5 trillion Iraqi dinars). According to an article from Trend, an Iranian Energy Ministry official said Iranian companies were currently working on 31 projects in Iraq in these sectors, and added that he expects more […]
More Chinese Trains Delivered
By John Lee. Iraq has received a second shipment of two new trains from China. Of the ten units ordered, this brings the total delivered to four, with the balance to be delivered by the end of the year. The total value of the contract is $138 million (161 billion Iraqi dinars). Chairman of the […]
Iraqi Economy to Shrink in 2014
By John Lee. A new report from the International Monetary Fund says that Iraq's economy is expected to shrink by 2.7 percent this year as a result of the security crisis in the country. This follows a 4.2 percent growth in GDP in 2013 and 10.3 percent the previous year, and would be the first […]
BurgerFuel Suspends Iraq Operations
By John Lee. New Zealand-owned fast food outlet BurgerFuel has reportedly suspended its operations in Iraq. The company had only one store, in the Kurdish city of Sulaymaniyah, and before the insurgency it had given its partners approval to re-locate to Baghdad, with a re-opening planned for later this year. According to TVNZ, CEO Josef […]
Currency Auction Results, 27th Oct
By John Lee. The Central Bank of Iraq (CBI) has reported that 21 banks took part in its currency auction on Monday. A total of $258,579,000 was sold at a price of 1166 Iraqi Dinars (IQD) per dollar. (Source: Central Bank of Iraq)
Survey Results - State of Iraq 2014
Throughout August 2014, Iraq Business News polled readers for their opinions on the state of Iraq. As expected, the results indicate a more challenging environment in the country over the preceding year. But while the sample size and methodology do not allow us to claim statistical significance, the results tend to show a long-term commitment […]