Alstom Signs $1.5bn Monorail Contract
By John Lee. French firm Alstom has reportedly signed a $1.5-billion deal with the Iraqi authorities the for the design and construction of a monorail system in Baghdad. Azzaman reports that the contract was signed by Baghdad Governor Salah Abdulrazzaq and Alstom representatives in the Iraqi capital. “The aim of the project is to ease […]
Air Arabia Launches Sharjah-Baghdad Service
By John Lee. Air Arabia has announced the launch of non-stop services to Baghdad, its fourth destination in Iraq, and 83rd worldwide. The inaugural flight G90361 will take off to the capital city on March 10, 2013. The low-cost pioneer will start three weekly services between Sharjah and Baghdad, which will be increased to five […]
Banque Libano-Française Opens Iraqi Branch
In line with its international expansion, Banque Libano-Française (BLF) has opened its first branch in Iraq. The BLF branch, located on the Outer Karrada main street in Baghdad, will serve Lebanese and Iraqi businessmen as well as international companies operating in this growing and dynamic market, which has traditionally been one of Lebanon’s main destinations […]
Iraq, Britain Form Joint Business Council
The Iraqi-British Joint ministerial Committee for Trade Cooperation held its first meeting in Baghdad on 12th February. The Iraqi side was headed by Foreign Minister Hoshyar Zebari, while the British side was headed by British Minister of State for Middle East Affairs, Alistair Burt, and attended by a number of senior officials and ministers from […]
Weekly Security Update
By Tom Walker, Director, Assaye Risk. (Please click on graphics to view.) COUNTRY OVERVIEW 08 and 11 February saw bombings in Mosul, Baghdad, Karbala and Shomali that resulted in the deaths of at least 38 people with a further approx 100 wounded, which followed a similar pattern of attacks from the previous week. There has […]
DNO Reports Record Profits
By John Lee. DNO International ASA, the Norwegian oil and gas company, has announced record 2012 net profit of NOK 1.04 billion on operating revenues of NOK 2.84 billion. Fourth quarter 2012 net profit was NOK 810 million on operating revenues of NOK 1.43 billion. Shares in the company closed 2.8 percent higher on Tuesday. […]
Iraq "has Little Interest in Oil Law"
By John Lee. A leading Sunni figure has said that Iraq is not likely to pass a hydrocarbon law anytime soon, as the government has little interest in pushing a draft through parliament. Adnan Al-Janabi, a member of the Iraqiyya party, and the head of Iraq's parliamentary oil and energy committee, told Reuters: "It is […]
Training on Management of Investment Zones
By John Lee. In collaboration with OECD and and National Investment Commission (NIC), a special two-day training course in the management of investment zones was held recently in Baghdad. On behalf of NIC chairman Dr. Sami Al-Araji, NIC advisor Dr. Abdullah Al-Bander welcomed participants representing several ministries, including Industry and Minerals, Communication, Finance and the […]
US Contractor Fined for Late Reporting of Casualties
The U.S. Department of Labor's Office of Workers' Compensation Programs has announced a $75,000 settlement with The Sandi Group/Corporate Bank Financial Services for failure to report in a timely manner on the injuries and deaths of 30 employees in Iraq between 2003 and 2005. Under the Defense Base Act, a company must report any injury […]
Iraqi Parliament Rejects Draft Cybercrime Bill
By Ali Abel Sadah for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. On Feb. 5, 2013, the Iraqi parliament responded to a campaign launched by activists against a proposed law criminalizing many means of circulating information. Iraqi lawmakers said that they will draft […]
US-Sponsored Legal Training Helps the Vulnerable
The U.S. Embassy, through the U.S. Agency for International Development (USAID), hosted the Law School Legal Clinic Best Practices Training for six Iraqi law schools in Baghdad from February 5 - 7, 2013. USAID assists Iraqi law schools to integrate clinical legal education into their curricula and to establish legal aid clinics. These law school […]
Turkish Firm to Invest $700m in Steel Plant
By John Lee. The Ministry of Industry and Minerals has signed an 18-year contract with a Turkish company to run iron and steel plant in Basra. According to Steel Network, $700 million will be invested to bring production capacity to 1 million tonnes per year. Work at the plant, located in the Khor Al-Zubair, is […]