No Labour Laws in Iraq: Employers Pick Workers’ Reps
By Waheed Ghanim. This article was originally published by Niqash. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. A fight between the major trade unions in Basra and that state’s authorities highlights the lack of real labour laws in Iraq. Saddam Hussein-era laws mean […]
Wheat Production up by Only 5% This Year
By John Lee. Iraq's Trade Minister, Khayrulla Hassan [Khayri-allah Babakir, Dr Khairallah Hassan Babiker] (pictured) has said that 100,000 tons more of wheat will be produced in Iraq than in 2011. According to the report from AKnews, 1.75 million tons of wheat were produced last year, and this is expected to rise to 1.85 million […]
New Fertilizer Plant for Basra
By John Lee. The Ministry of Industry and Minerals has announced an agreement with a Japanese Company to build a new plant for nitrogenous fertilizers in Basra province. A statement from the Ministry said: "The MoI represented by the Petrochemical Industries and Fertilizers Commission concluded a non-binding goodwill letter and Confidentiality Agreement with the Japanese […]
Iraq Business News: Share it with Friends
By John Lee. We are very happy to report that our free Iraq Business News' tender service, announced last week, has been a huge success, with businesses checking in regularly to see what new opportunities are available. Please forward all tender opportunities to us at [email protected]. If you've found this or any other IBN services […]
Eurasia Drilling Announces Acquisition in Iraq
By John Lee. Eurasia Drilling (LSE: EDCL) has announced that it has acquired two onshore drilling rigs in Iraq, with a commitment to purchase a third. All three rigs are currently under contract or being tendered to international customers. To ensure uninterrupted operations, EDC intends to retain the existing management and operational staff and support […]
Iraqi Cabinet Approves $500m to End Kuwait Airline Dispute
By John Lee. Iraq’s Cabinet has agreed to allocate $500 million to resolve the long-running dispute with Kuwait over the debts of Iraqi Airways, according to Bloomberg. The Cabinet asked parliament to approve the allocation of $300 million from the 2012 budget and another $200 million in 2013, , State Minister Ali al-Dabbagh said on […]
Hilton Announces New 300-room Hotel in Erbil
By John Lee. Hilton Worldwide has announced expansion plans in Iraqi Kurdistan with the signing of a management agreement with the Mihtab Group to develop the first Hilton Hotels & Resorts property in the rapidly growing city of Erbil. The 300-room Hilton Erbil Hotel & Spa, which is expected to open in 2016, will be the […]
Abu Dhabi Islamic Bank Launches Operations in Iraq
By John Lee. Abu Dhabi Islamic Bank (ADIB) said on Tuesday that it has launched operations in Iraq, reportedly the first UAE-based financial institution to get approval from the Iraqi Central Bank to operate there. The lender said it would initially serve corporate and private banking customers, but will eventually offer corporate finance, investment banking […]
Video: Iraq VP Slams Terror Charges as 'Political'
By John Lee. Vice President Tariq Al Hashemi, the highest Sunni official in Iraq, is being tried in absentia in a Baghdad court. In an exclusive interview with Al Jazeera on Wednesday, he said the case against him was "political", and that confessions from witnesses have been extracted "under severe torture". He also criticised Prime Minister […]
Stock Exchange Boss Calls for Tax Breaks
By John Lee. The Chairman of the Board of Governors of the Iraqi Stock Exchange has reportedly called for a five-year tax holiday for companies listing on the Iraqi bourse, to encourage companies to float their shares. Laith al-Tamimi also called for the Registrar of Companies at the Ministry of Trade to expedite the incorporation […]
Weekly Security Update for 25th July 2012
By Gary Sandiford, Olive Group’s Dubai based assessments manager. Olive Group is a leading provider of security and technology solutions and has operated continuously in Iraq since 2003. Overview Olive Group Iraq statistics are drawn from multiple sources, including media reporting and direct liaison with in country assets. Included within the statistics are a […]
Iraq Blacklists Chevron for Kurdish Oil Deals
By John Lee. An Iraqi oil ministry statement on Tuesday said that Chevron, the second largest U.S. energy company, will be barred from contracts in central and southern Iraq as a result of buying stakes in two oil-exploration blocks in Iraqi Kurdistan. “Chevron is barred from any agreement or contract with the federal ministry of […]