Contracts at Khor al-Zubair Free Zone
Iraq's General Commission for Free Zones, part of the Ministry of Finance, has announced the conclusion of a number of investment contracts in the Khor al-Zubair Free Zone. AIN reports that the local (Rashid) Trade Company concluded an investment contract involving a land area of "up to" 4000 sq meters, while another local investor concluded […]
Emaar "in talks" on $3bn Kurdish Resort
Dubai-based Emaar Properties and Kurdish firm Farouq Holdings [Farouk] are reported to be in talks with the Kurdistan Regional Government about developing a new $3bn resort in Sulaimaniya governate. Zawya reports that the KRG has approved the Dukan tourist city project, and that work could start within six months. The director-general of the Kurdistan Investment […]
$84m from Fake Bomb Detector Scam
A British businessman has been found guilty of an $84-million fraud involving the sale of fake bomb detectors to Iraq and other countries. A jury found Jim McCormick guilty on three counts of fraud over the scam, which involved passing off novelty golfball finders, containing no functioning electronics, as bomb detectors. They "ADE651" detectors were […]
Currency Auctions by CBI Called Into Question
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. According to experts, the hard-currency auction governed by the Central Bank of Iraq (CBI) — the authority in charge of implementing monetary policy in the country — has ushered in the […]
Iraq Raises Grain Prices
Iraq has increased prices it pays to its wheat, barley and rice growers, reports Azzaman. Kareem Elaywi, a parliamentarian in the Water and Agriculture Commission, said farmers shipping their produce to government silos will receive 900,000 dinars for a ton of wheat, 750,000 dinars for a ton of barley and 1 million dinars for a ton […]
Lebanon asks Iraq to Cut Transit Levy
Lebanon has officially requested Iraq and Egypt to reduce their transit transport fees, in a bid to cut export costs after major land export routes through Syria were disrupted by the ongoing violence. A statement from Tripoli Chamber of Commerce said: "It is important that we work together with the Agriculture Ministry to service agricultural […]
Iran to Build Cement Plant in Iraq
By John Lee. Tehran Times reports that Iran is to build a cement factory in Iraq. The factory’s products will be exported under Iranian brand names. The project involves the investment of $245 million, with production expected to start in two years' time. No location has been confirmed. (Source: Tehran Times)
Egyptian Free Zone for Kurdistan
Officials in Egypt have announced a new 2-million m2 free zone for Egyptian industrial projects in Iraqi Kurdistan. Following a meeting with the KRG's Minister of Trade and Industry, Sinan Chalabi [Senan Jalabi], the Chief of the Egyptian Commercial Body, Anwar al-Sahrjty, said: "The two sides agreed to study the possibility of establishing Egyptian plants […]
Petroceltic Rises on Preliminary Results
By John Lee. Shares in Irish-based exploration group Petroceltic International (PCI) were up 3 percent in early trading on Monday, following the release of its preliminary results. The results included the following statement on its operations in Iraqi Kurdistan: "Since 2005, the Kurdistan Region of Iraq has become one of the most active exploration locations […]
HSBC Reviewing Iraqi Operations
By John Lee. UK-based banking giant HSBC has said it is reviewing its operations in Iraq. Simon Cooper (pictured), chief executive for the Middle East and North Africa, told reporters in Dubai: "In terms of Iraq, it's a market that we will continue to review." According to a report from Reuters, he did not elaborate […]
Genel Energy Up following Interim Mgt Statement
By John Lee. Shares in Genel Energy opened 1.5 percent higher on Monday morning following the company's interim management statement for the period from 1 January 2013 to today. This statement is issued ahead of Genel Energy's Annual General Meeting, which is being held at 11.00am today at the Sofitel St James's, 6 Waterloo Place, […]
Low Turnout in Local Elections
By John Lee. Just over 50 percent of eligible Iraqi voters participated in provincial elections on Saturday, well below the 72 percent turnout for the latest such elections, in 2009, according to Iraq's Independent High Electoral Commission (IHEC). The turnout in Baghdad was only 33 percent. According to the Wall Street Journal, the lower participation […]