$4.7bn for Electricity Sector in 2014
By John Lee. The Iraqi government has allocated $4.7 billion to build power plants and finance existing electricity projects this year. Electricity ministry spokesperson Masaab Al-Mudarris told Zawya: "As part of its 2014 plan, the Ministry of Electricity requested a budget of $12 billion to complete existing projects and to sign new contracts to compensate for […]
Trade with Sri Lanka up 80%
By John Lee. Trade between Sri Lanka and Iraq has risen 80 percent to $90 million, according to a report from Lanka Business Today. Sri Lanka exported goods valued at $ 89.80 million to Iraq and imported goods valued at $ 0.19 million from Iraq during 2013. Tea was the major export item to Iraq […]
Iraq's Tallest Hotel Opens
The opening of Grand Millennium Sulaimani Hotel in Sulaimani, Iraq, took place on March 2nd, 2014. VIPs, guests and media across the country witnessed the grand opening of what is to become the benchmark of hospitality in Kurdistan and Iraq, and an architectural landmark for Sulaimani. Grand Millennium Sulaimani is today the tallest hotel in […]
KRG Ministerial Visit to Portugal
The Head of the KRG Department of Foreign Relations, Minister Falah Mustafa, led the KRG's first ministerial delegation to Portugal, meeting with a number of key officials from the Portuguese Ministry of Foreign Affairs and Parliament and inaugurating the Business Association of Portugal - Kurdistan / Iraq. The KRG Representative to Spain, Mr. Daban Shadala, […]
Baghdad's 700 Unfinished Reconstruction Projects
This article was originally published by Niqash. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Open Sewers, Unpaved Roads: Baghdad Boasts 700 Unfinished Reconstruction Projects Local authorities admit there are hundreds of unfinished construction projects in Baghdad. And nobody knows who to blame. The contractors say […]
Iraq Stock Market Report
Advertising Feature Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 27th February 2014). Please click here to download a table of listed companies and their associated ticker codes. The RSISX index ended the week at ID1,819 (-3.6%)/ $1,932 (-3.6%) (weekly change). The number of week traded shares was 21.2bn and the weekly trading […]
KRG Visit Bolsters Relations with Spain
The Head of the KRG Department of Foreign Relations, Minister Falah Mustafa, conducted meetings with Spanish Foreign Ministry and Parliamentary officials and spoke at a think tank in an effort to further expand the growing relationship between the KRG and Spain. Iraq's Ambassador to Spain, Mr. Wadee al-Batti, and the KRG Representative to Spain, Mr. […]
UN Casualty Figures for February
UN Casualty Figures for February 2014, Anbar province excluded According to casualty figures released today by UNAMI, a total of 703 Iraqis were killed and another 1,381 were injured in acts of terrorism and violence in February*. The number of civilians killed was 564 (including 152 civilian police), while the number of civilians injured was […]
KRG Spokesman: Talks Useful, But No Agreement
By John Lee. Following remarks by Deputy Prime Minister for Energy Hussein al-Shahristani (pictured) that Kurdish Regional Government oil exports will go through the State Oil Marketing Company (SOMO) officials from the KRG have moved to clarify that this is not in fact the case. KRG spokesman Safeen Dizayee remarked to reporters that while discussions […]
Amb. Faily Speaks at Brookings
By John Lee. Iraq's Ambassador to the US Lukman Faily (pictured) has joined the Lebanese Ambassador in Washington Antoine Chedid and a panel of experts to discuss the growing regional crisis of Syrian refugees and potential conflict overspill from the war. The event was hosted by The Washington Institute for Near East Policy and held […]
Iraqi Kurdistan Talks Independence While Locals Strike
This article was originally published by Niqash. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Conflict between Baghdad and Iraqi Kurdistan over oil exports has resulted in something of a financial crisis in the northern region. State employees haven’t been paid, MPs are threatening to resign […]
Are Iraqi Banks Too Liquid?
By Mark DeWeaver. Fund managers visiting Iraq for the first time are often surprised by the large amounts of cash Iraqi banks typically hold. While the Central Bank of Iraq (CBI) requires lenders to hold 15% of their deposits in the form of vault cash and central bank reserves, most hold well over 50%. (See […]