GKP Falls on Spending Concerns
By John Lee. Shares in Gulf Keystone Petroleum (GKP) have fallen 6 percent on Thursday amid concerns about the scale of spending needed to develop the company's oilfields. Following the publication of its half-yearly report (shown in full below), Bloomberg quotes Charlie Sharp, an analyst at Canaccord Genuity Securities, as saying: "This marks the end […]
Iraq to Raise Bank Capital to Address Housing Crisis
By Omar al-Shaher for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Iraq plans to increase the combined capital of the only two governmental banks in the country, from about $23 million currently to about $360 million next year. Deputies in parliament say that […]
Italian Companies Join Erbil International Fair
The Head of the Italian Consular Office in Erbil, Mr Carmelo Ficarra, met with Head of KRG Department of Foreign Relations, Minister Falah Mustafa, today to speak about the growing interest and engagement from Italian companies. Italian companies are currently involved in several key projects in Kurdistan, including in the revitalisation plan of the Citadel […]
Driving Risk, Reaping Rewards: G8 Investment Conference
By Madeleine White, capacity building and communications specialist. Driving Risk, Reaping Rewards: Perspectives from the G8 Deauville Partnership Investment Conference It’s nearly a year since I wrote my first blog. Having spent time at the World Bank in Washington and linking that to the great experiences I had had when I visited Kurdistan I felt compelled […]
New $357bn National Development Plan
On Monday, September 16, the Ministry of Planning launched Iraq’s second National Development Plan (NDP) 2013-2017 at Baghdad’s Al-Rasheed Hotel. The Ministry of Planning (MOP) played a key role in producing the new NDP, with support from other Government of Iraq institutions and line ministries. The launch for the NDP was hosted by Minister of […]
Reef Subsea Wins Cable Deal
Reef Subsea Dredging and Excavation (D&E) has secured a number of substantial contracts in the Middle-East and Asia Pacific as the company continues to grow its global footprint. The Middle-East contracts will involve two teams from the company’s UK workforce managing subsea excavation work in Saudi Arabia and Iraq. The work in the Al Khafji […]
Youth Strike Balance Between Conservatism, Modernity
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. The youth in Iraq are taking advantage of the summer months to wear the clothes they like and flaunt their flexibility in changing hairdos and giving themselves makeovers. In light of […]
Scottish Firm Wins West Qurna Contract
By John Lee. Energy-focused health and safety specialist Cresent has become the largest Control of Work (CoW) provider in Iraq after winning a contract worth $1.7 million with Russian oil company, LUKOIL Mid-East Ltd. The contract will involve Aberdeen-based Cresent delivering an electronic version of its flagship CoW system WorkSafe® across the second phase of […]
Iran Looks to Iraq for Syria Support
By Mushreq Abbas for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. The Sept. 8 visit by Iranian Foreign Minister Mohammad Javad Zarif to Iraq caught the media's attention, but that of Qassem Soleimani, commander of the Iranian Revolutionary Guards Quds Force, in […]
Iraqi Youth – Key Statistics And Resources
A range of studies and surveys reveal that Iraqi youth face many challenges. The United Nations Population Fund (UNFPA), together with the Government of Iraq, conducted a National Youth Survey in 2009 that provided the first comprehensive insight into the reality of being a young person in today’s Iraq. The United Nations, the Central Organization […]
L-3 Link Wins F-16 Training Contract
By John Lee. L-3 Link, a division of L-3 Communications, announced today that it has been awarded a contract modification from the U.S. Air Force Life Cycle Management Center to build the Iraqi Air Force two F-16 Block 52 Weapon Tactics Trainers (WTTs). According to a report from Defense World, this contract modification follows L-3 Link’s […]
Record Wheat Crop, but Imports Still Needed
By John Schnittker, Chief Economist at Schnittker Associates, and former Ministry Advisor at the US Embassy in Baghdad. Iraq’s first tender to purchase wheat on the international market since mid-May 2013 reflects that despite a record wheat crop Iraq remains a major importer of wheat and flour products. Iraq’s 2013 wheat crop of nearly 4.0 […]