US Removes Sanctions on Iraqi Bank
The Department of the Treasury has lifted sanctions against the Elaf Islamic Bank in Iraq following the bank’s significant and demonstrated change in behavior. On July 31, 2012 the Treasury Department imposed sanctions under the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 (CISADA), against Elaf Islamic Bank, a privately-owned Iraqi financial institution, for […]
UN Calls for Iraqis to Embrace Diversity
On the World Day for Cultural Diversity for Dialogue and Development, the United Nations calls on every Iraqi to embrace diversity and engage in dialogue to build bridges between communities and lay the foundation for peace. “Diversity is Iraq’s greatest strength and a symbol of its rich cultural heritage, stretching back through the millennia,” said […]
Video: New Spate of Violence Kills at Least Eight
From AFP. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. Five bombings and clashes between soldiers and gunmen killed eight people in Iraq on Tuesday, officials said, the latest in a spate of violence that has cost more than 370 lives so far this […]
Hotel Opportunities in Erbil
By John Lee. According to property consultancy Colliers, there is a "clear market opportunity" to develop branded hotel projects in Erbil. Construction Weekly Online reports occupancy rates are increasing, and the construction of a new airport in the city has had a positive effect on the numbers of both business and leisure tourists. The total […]
Damac Begins Work on Princess Tower
Dubai-based DAMAC Properties has announced a comprehensive strategic plan to expand its operations to Iraq. The company has begun work on Princess Tower – a 26-storey, luxury furnished apartment complex in the heart of the Iraqi capital, Baghdad. The US$ 100 million project is the first stage of a long-term commitment to the country, said […]
Maliki Insists some Fake Bomb Detectors Work
The Iraqi Prime Minister reportedly insisted on Monday that some of the fake bomb detectors Iraq bought are actually functional, despite overwhelming evidence that none of them work. According to AFP, Nouri al-Maliki told reporters: "The best device in the world does not detect (explosives) more than 60 percent (of the time)... and results we […]
Video: Federal System Won't Work in Iraq
From Al Jazeera. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. In an interview with Al Jazeera from London, Sabah al-Mukhtar, a political analyst said, he doubts that a federal system could work in Iraq. "I don't think it's going to happen," Mukhtar said. […]
Car Bombings Continue, Evidence Remains Scarce
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 bombings in Baghdad and Basra on May 20 were no different from their predecessors in terms of the method of execution, the number of victims or the importance of the […]
WesternZagros Starts Garmian Drilling
By John Lee. WesternZagros Resources has announced that it has started its latest Garmian Block drilling program in the Kurdistan Region of Iraq. The Mil Qasim Upper Bakhtiari-1 well was spudded on May 19, 2013. This is the first of a planned three-well program to test the potential of the shallow Upper Bakhtiari Formation. With […]
Nespak Wins Irrigation Project in East Gharaf
By John Lee. National Engineering Services of Pakistan (NESPAK) has awarded an irrigation project known as East Gharraf [Gharaf], reports The News. A spokesperson for the company said that Dr Mansoor Ahmad Hashmi, vice president of Water Resources Division at Nespak, will sign the agreement with the Ministry of Water Resources in Iraq by the […]
Baghdad Struggles to Halt Devaluation of Iraqi Dinar
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. Over the last few days, the government in Baghdad has been preoccupied with attempting to control the exchange rate of the Iraqi dinar against the US dollar. The rate has been […]
Date Set for Anbar, Ninewa Elections
The Special Representative of the Secretary-General (SRSG) for Iraq, Mr. Martin Kobler, welcomed the decision of the Council of Ministers today to conduct the Governorate Council elections in Anbar and Ninewa on 20 June. “This new date will give the people of Anbar and Ninewa a chance to choose their local representatives soon. This will […]