Tourism Up 75% in Kurdistan
By John Lee. Tourism in the Kurdistan Region is up 75 percent in the last six months in comparison to last year. A spokesperson for the region's Investment Board expects 2.5m tourists to visit in 2012, up from 1.7 million in 2011. According to the report from AKnews, Kurdistan has 370 hotels, 180 motels, 970 […]
KRG Forms 'High' Commission for Drugs
By John Lee. AKnews reports that the Kurdistan Regional Government's Ministry of Health has formed a 'high commission' (sic) for approving drugs. The commission is intended to register and approve pharmaceuticals and monitor quality. and then select the data and type of the drugs. (Source: AKnews)
Iraqi Inflation Falls to 5.8%
By John Lee. Iraq's Ministry of Planning said that inflation in Iraq for the period from June 2011 to June 2012 has been running at a reported 5.8 percent. This figure is down from the 6.2 percent reported in May, and the 6.7 percent in April. (Source: NINA)
Turkish Firm Considers Housing Projects in Baghdad
By John Lee. Baghdad Investment Commission has announced that a Turkish company is interested in building large residential projects in downtown Baghdad. According to AIN, a statement by the Commission said: "The Chairman of the Investment Commission Shaker al-Zamili [Shaker al-Zamili, Shaker A Shabib] (pictured) received a delegation from the Turkish Techno Group Company which […]
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 […]