Cash Only: Why the Messy Banking Sector Endangers Iraqi Development
Iraq could be one of the richest countries in the world. Yet over three quarters of Iraqis do not have bank accounts. So where do they keep that wealth, asks this article from NIQASH, and can the Iraqi banking system be dragged into the 21st century? Any opinions expressed are those of the author, and […]
Video: New Basra Logistics City
CNN has produced a new video report on the development of Kufan Group's Basra Logistics City, which occupies the site of the former Camp Bucca [Boca] near Umm Qasr. (Source: CNN)
SAP Recruits New Iraq Executive
Business software provider SAP has recruited a new senior executive to drive business development across Iraq, according to Trade Arabia. Mohammed Al Najjar, IT consultant and entrepreneur, will spearhead the new venture. “Iraq is of considerable strategic importance to SAP, and we are honoured to be at the forefront helping the country embrace IT innovation […]
Iraqi Deputy PM Invites Indian Companies
Iraq has invited Indian companies to take part in its reconstruction programme either independently or through joint ventures with local partners, reports the Hindu Business Line. Iraqi Deputy Prime Minister, Dr Rowsch Shaways (pictured), told the Indian Minister of Commerce, Industry and Textiles, Anand Sharma, that India is committed to deepen its relations with Iraq: […]
Jordan/Iraq Discuss Oil Pipeline, Rail Link
Jordan's Prime Minister, Awn Khasawneh (pictured), has called for practical steps to extend an oil pipeline between Iraq and Jordan and to connect the two countries by rail, according to the Jordanian news agency Petra. During a meeting with Iraq’s planning minister Ali al Shukri, Khasawneh stressed the need to facilitate the movement of people […]
New Cranes Arrive at Gulftainer's Umm Qasr Port
Iraq Business News has just received photographs of the two new ship-to-shore cranes arriving at Gulftainer's Iraq Container Terminal at Umm Qasr. They are now located on their rails on the quayside, and will commence operations within days, making these the only berths operating 24/7, allowing secure, safe and speedy handling of Tenaris pipes. Another […]
DHL Hosts Event to Discuss UAE Trade Lanes to Iraq
DHL, the world's logistics company, hosted a special 'Partners in Trade' event on the importance of the Iraq and Afghanistan trade lane to customers in the UAE, as part of its continued efforts to facilitate and capitalize on regional trade lane relationships and partnerships. The event, which took place at Dubai's iconic Emirates Towers Hotel, […]
Australia Supports Taking Iraq Out of Chapter VII
The Australian ambassador to Baghdad, Lyndall Sachs (pictured), said her country supports the lifting of United Nation's Chapter VII sanctions on Iraq, a decision on which is expected to be made by the UN Security Council in June. Sachs said: "My country has good relations with Iraq, in particular [because] it received the largest Iraqi communities […]
Genel Energy Awaiting Approval on Chia Surkh Deal
Genel Energy is still awaiting government approval for its plan to increase its interest in the Chia Surkh block in the Kurdistan Region of Iraq from 20% to 80% and to become the operator of the field. This morning (Thursday) the company issued the following update to the market: On 16 January 2012, Genel Energy plc […]
Weekly Security Update for 1st March 2012
After weeks of declining violence in February, the number of attacks rose once again in Iraq over the last week of the month. At least 53 people were killed and 245 injured in nationwide incidents, which is moderately high, albeit not as high as the figures of over 100 recorded fatalities in some of the […]
Iraq: Will a Rising Tide Lift All Boats?
Long-term investors in many Iraq-focused oil companies have had their patience amply rewarded, as shares in companies such as Gulf Keystone Petroleum (GKP) and DNO have registered significant gains. Tony Hayward, CEO of Genel Energy, puts this down in part to ExxonMobil's entry into Kurdistan, which has highlighted the opportunities in the region. So much […]
The Business Opportunity You've Been Waiting for: “Iraq Oil & Gas”
According to reports by various U.S. government agencies, multilateral institutions and other international organizations, long-term Iraq reconstruction costs could reach $500 billion or higher. The proposed Hydrocarbons Law, which governs oil contracting and regulation, has been under review in the Council of Ministers since October 26, 2008, but has not received final passage. Iraq was […]