Asiacell IPO "to be a Sell-Out"
By John Lee. Asiacell's $1.35 billion share sale will be fully subscribed, bookrunner Rabee Securities has told Reuters. Shwan Ibrahim Taha, chairman Rabee Securities, said: "I knew there would be interest, I just didn't know how much - I can say that we will easily cover it. We will be fully subscribed ... We are […]
Iraq Addresses Crude Oil Price/Quality Concerns
By John Lee. Reuters reports that Iraq has sweetened the terms for oil contract buyers and is becoming more competitive on pricing. Oil Minister Abdul Kareem Luaibi [Elaibi], who met customers in Vienna last month on the sidelines of the OPEC meeting, told the news agency: "We were keen that I personally meet all the […]
Harvesting the Iraqi Diaspora
By Padraig O'Hannelly. Iraq has many assets, and while oil is the first that comes to mind, we should not forget the multitudes of Iraqis who live outside their country of birth -- the Iraqi diaspora. Estimates vary, but there are probably between four and five million Iraqi-born emigrants living in a wide range of […]
Lord Green Visits IBBC’s Basra Office
The United Kingdom’s Trade Minister Lord Green met with local business leaders, British company executives, as well as the Iraq Britain Business Council representatives in Basrah today (23rd). The hour long meeting focussed on the security environment in Basrah and business opportunities for British companies in the region. Executives from IBBC member firms Mott Macdonald […]
Genel Completes Acquisition of Miran Block
By John Lee. Genel Energy has announced that closing has taken place on its acquisition of the remaining 49 per cent participating interest in the Miran exploration block in the Kurdistan Region of Iraq. On 12 November 2012, Genel Energy announced that Heritage Oil issued the Exchange Repayment Notice signifying its intention to repay the […]
Kuwait ratifies $500m Settlement with Iraqi Airways
By John Lee. Kuwait MPs have overwhelmingly ratified the $500-million settlement deal to end the 22-year-old dispute between Kuwaiti Airways Corporation (KAC) and Iraqi Airways. Iraqi Airways agreed in July to pay the compensation to KAC for damages caused by Saddam Hussein's troops during the 1990-91 invasion of Kuwait. Kuwait says 10 of its planes as […]
US to Assist Iraq with Elections
On January 21, the U.S. Embassy in Baghdad, through the United States Agency for International Development (USAID), signed a memorandum of understanding (MOU) with Iraq’s Independent High Electoral Commission (IHEC) formalizing its cooperation to develop IHEC’s institutional capacity in the areas of strategic planning, electoral management, and external relations through the Elections Support Project. Under […]
Record Growth at Erbil International Airport
In 2012, 947,600 passengers used Erbil's new International Airport, a 53% increase on the previous year, whilst cargo tonnage also increased dramatically, with a 54% increase to 27,849 tonnes per annum. The 2012 passenger count brings the total number of passengers departing Erbil International Airport since the new terminal opened in September, 2010, to 1.7 […]
Iraqi Ministers Attend Arab Development Summit
By John Lee. Prince Salman bin Abdul Aziz opened the Arab Summit of Economic and Social Development in the presence of Arab kings and presidents in Riyadh on Monday. His Excellency the Vice President, Dr. Khudair Khuzaie presided the delegation of the Republic of Iraq to this summit. The delegation included the Minister of Foreign […]
UN Agencies in Iraq Help Syrian Refugees
A high-level UN delegation visited the Domiz refugee camp in Dohuk Governorate this week to witness the harsh living conditions of the refugees and to develop a joint coordinated response to the pending needs intensified in the sub-zero temperatures in Domiz. The delegation met with the Governor of Dohuk, Mr. Tamar R. Fatah, to thank […]
Maliki Makes Concessions on De-Baathification
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. Iraqi Prime Minister Nouri al-Maliki has been forced to make new concessions to Sunni demonstrators and is finally losing his firm grip on the Accountability and Justice Law, also known as […]
Outlook for the MENA Region 2013
The UK's Middle East Association invites you to register for what promises to be an engaging and interactive event led by a panel of experts who will outline some of the challenges, risks and also potential causes for optimism for the year ahead in the Middle East and North Africa. Following two years of major […]