Iraq to Build Five Industrial Cities
The Iraqi cabinet has approved the establishment of five industrial cities in various Iraqi provinces, with the intention of strengthening local industry and reducing the need for imports. Iraqi government adviser Salam al-Quraishi told Mawtani: ''The government has agreed to the proposal in view of its vital importance for Iraq, from an industrial point of […]
New Contracts Fuel Growth for both Khudairi Group and Iraq
In the past few months, major steps have been taken by Khudairi Group to expand opportunities that will help successfully reconstruct critical Iraqi infrastructure. On July 22, 2011, the Khudairi Group entered a dealership agreement and sales contract with Sany International Development Limited. Sany is a global leader in the construction machinery industry, with vast […]
Iraq Project Not Worth the Millions Spent
Heavy fighting in Falluja, poor planning, unrealistic cost estimates, and inadequate funding led to significant cost-overruns and delays in constructing the city’s new wastewater treatment system, according to a new report from the Special Inspector General for Iraq Reconstruction (SIGIR). After seven years and the expenditure of over $100 million dollars, the backbone of a […]
Iranian Company Fails to Complete Power Plant
Iraq's Electricity Ministry has criticized the Iranian company Sanir [Sunir] for its alleged failure to complete the construction of the Sadr gas power plant in Baghdad, reports AKnews. Ministry spokesman Musab al-Mudarres said that the complex still does not have distribution centers, control centers, management chambers and housing facilities. "The Electricity Ministry did not fail […]
North Oil Company Opposing Kirkuk Refinery
The North Oil Company (NOC) is hindering the construction of a refinery in the oil-rich disputed province of Kirkuk, a local official said on Wednesday. The refinery is one of four projects that the Iraqi Oil Ministry tendered to foreign companies for final designs late October. The four refineries to be located in Kirkuk, Karbala, […]
Iraqi Parliamentary Attendance Data Are Bogus
The following article was published by Reidar Visser, an historian of Iraq educated at the University of Oxford and currently based at the Norwegian Institute of International Affairs. It is reproduced here with the author’s permission. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. […]
Weekly Security Update for 2nd November 2011
Levels of violence rose in Iraq over the past week, with the highest number of weekly attacks recorded since mid-August. At least 80 people were killed and 197 injured nationwide, with incidents concentrated in Baghdad, Mosul and Babil province. There was also sporadic violence in towns such as Kut, Fallujah and Ba’qubah. North Turkish […]
Iraqi Minister of Defence to Lead Delegation to Cyprus
Defence Minister, HE Saadun Al-Dulaimi will lead a delegation of up to 5 other ministers and 35 senior officials to participate in the inaugural Iraq Defence & Security Summit 2011 in Cyprus 7-8 December. These officials will also include the Chief of Staff, Gen. Babakir Zebari and the heads of the navy and air force. […]
Alstom Awarded $550m Power Contract
French engineering group Alstom has been awarded a contract to build an electrical power plant worth $550 million in Iraq, reports Reuters. The award of the Mansuriyah plant contract was announced as part of a visit to Iraq by French Trade Minister Pierre Lellouche. "The Iraqi Deputy Prime Minister confirmed ... the award of the […]
Afren Closes Kurdistan Acquisition And Financing
Afren plc has completed the acquisition of a 60 percent participating interest in the Barda Rash PSC and 20 percent participating interest in the Ain Sifni PSC, located in the Kurdistan region of Iraq, and executed a corporate credit facility for up to US$200 million in connection with the Acquisition. Further to the announcement of […]
Perspectives on Iraqʼs Private Banks: Growth, Consolidation and Outlook
The Iraq banking industry is poised to take a huge step forward as outside investors partner with established private banks and possibly create new ones through consolidation. In this latest free report from IraqiXchange, Ahmad Saleh presents a detailed analysis of the sector. Please click here to download the report.
Iraq to Grow 9% in 2012
Iraq’s gross domestic product growth is expected to rise by 9 percent in 2012, up from around 6 percent in 2011, mainly driven by an expected increase in oil production and exports, reports Al Arabiya TV. Mudher Kasim, a deputy governor of Iraq’s Central Bank, told Reuters in an interview, “it will easily jump to […]