Invest AD Iraq Fund up 27%
The head of Invest AD, the Abu Dhabi-based investment firm, sees growth in Iraq and Qatar. Gulf News reports that performance by the firm's Iraq fund has been particularly strong. "This year, with political change in the Middle East, performance has been varied, with a large dispersion of returns across the region," executive director Mohammad […]
Iraq Stock Market Capitalization to Double
Iraq's stock exchange market will double its capitalization to $8 billion once the three main mobile-phone companies operating in the country are listed, according to Taha A. Abdulsalam, chief executive of the Iraq Stock Exchange (ISX). The three mobile phone operators, Asiacell, Korek Telecom, and Zain Iraq, are required by the terms to their licences […]
UK Foreign Secretary meets Iraqi Speaker
Following Wednesday’s meeting with the Speaker of the Iraqi Parliament, Dr Usama al-Nujaifi, Britain's Foreign Secretary William Hague said: "I was delighted to see Dr Usama al-Nujaifi in the UK for his first official visit. I reaffirmed the UK’s resolve to continue supporting the government and people of Iraq as they embrace democracy, reconciliation and […]
Powerwall sees Potential in Iraq
A Scottish manufacturer of prefabricated buildings has embarked on a major push into the Middle East as it targets construction projects in countries such as Libya and Iraq. Powerwall, which runs a ten-acre production site in Wishaw and employs about 80 staff, is also locked in talks with potential partners in a string of markets, […]
Iraq to Spend $500m to Stimulate Agriculture
The Iraqi Agriculture Ministry wants to spend more than 600 billion IQD ($500 million) to build modern agricultural villages in order to stimulate the Iraqi agricultural sector. According to the report from AKnews, 20 billion IQD will be spent on average for each village in the provinces of Najaf, Anbar, Nineveh, Babil, Salahaddin and Baghdad; […]
Passenger Numbers Up at Erbil International Airport
Passenger numbers at Erbil International Airport are up 39% over the past year, according to Aswat al-Iraq. The Director General of the airport said in a press conference that 550,000 passengers used the airport over the past year, with freight traffic up 62 percent. There are 12 airlines usingt the airport, including three new ones […]
US Helps Iraq Build Safe and Efficient Rail System
Iraq’s railways are now safer and more efficient as a result of two projects funded with $60 million by the United States. The successful completion of the Communication Based Train Control (CBTC) system and Digital Microwave Radio Communication Network (DMRCN) will help Iraq to move goods, people, and raw materials quickly about the country. They […]
Books for the Beach
As Reidar Visser reported this week, the Iraqi parliament is taking a six-week break, not re-assembling until 20th November. How they spend their time will vary, of course, and I'm sure that some will be much busier than others. But for those who will be taking the opportunity for some constructive leisure time, a good […]
Shahristani Retains Hard Line on KRG Oil Contracts
Iraq's deputy prime minister has said that oil contracts signed by the Kurdistan Regional Government (KRG) must be rewritten, and that recent government payments to international producers in the region in no way validate the contracts, according to a report from Reuters. "The contracts as they stand will have to be presented to the government […]
Iraq Controls Own Airspace for First Time Since 2003
Iraq took responsibility for all of its airspace this month for the first time since the 2003 US-led invasion, according to AFP. The US Air Force (USAF) has transferred management of the Baghdad/Balad Airspace sector to the Iraq Civil Aviation Authority (ICAA). Iraq's air traffic controllers are now directing the movement of all aircraft within […]
Sulaimaniya to Improve Food Security with New Silos
The governorate of Sulaimaniya is planning to build five grain silos by the end of 2012, according to Hama-Hussein Hama-Saeed, deputy general director at the Kurdistan trade ministry. AKnews reports that the silos, worth $116 million (138 billion Iraqi dinars), will have a capacity of 240,000 tons of grain. "With these silos, we'll be able […]
The Iraqi Parliament Closes Down
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. […]