Iraq's Inflation Hits 7.1% in July
Trade Arabia reports that Iraq's core annual inflation rate increased to 7.1 per cent in July, up from 6.4 per cent in June. The Deputy Governor of Iraq's central bank, Mudher Kasim, told Reuters that the increase was driven mainly by higher housing rental prices and an increase in the cost of building materials; the […]
The Last Straw? Maliki Appoints Dulaymi as Acting Minister of Defence
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. […]
Video: CNBC Interview with VP of US Iraq Business Council
CNBC recently interviewed Hussain Qaragholi, Vice President of the U.S. Iraq Business Council and Managing Partner of Phoenix Capital, about investing in Iraq: (Source:CNBC)
Expert Analysis of the New Version of Iraq's Oil Law
On Wednesday 17 August 2011 the Iraqi parliament began the first reading of a new version of oil law proposed by the oil and energy committee-OGC of the parliament itself. The timing and the procedure of the debate created confusion and prompted significant walkout of many parliamentarians members of influential political groups. The debate was […]
Third Turkish Power Supply Ship to Arrive at Umm Qasr
The Iraqi Electricity Ministry has said that a third Turkish ship will arrive within a few days in the Umm Qasr port (pictured) to supply 108 megawatts of power to Iraq's struggling electricity grid. A spokesman for the ministry has added that two other Turkish floating power plants off southern Iraq supply a total of […]
French Firm Begins Work on $15m Hotel in Nineveh
A French company began construction work on Tuesday on a $15 million luxury hotel in Nineveh’s Shallalat area, 10 km north of Mosul, according to AKnews. The Investment Commission's media spokesman told the agency that the 200-room hotel will be the first of its kind in the region. “The implementation of the project comes after […]
Turkish Company Builds New Hotel in Basra
The governor of Basra has laid the foundation stone for a new 120-room hotel in the city. The new hotel, which will have 7 floors and will include two restaurants, will be built at a cost of $14 million [17 billion Iraqi dinars] on a site covering 3.5 acres. According to the Basra Investment Commission, […]
Erbil Province Recruits 1,800 Teachers
Erbil’s employment committee announced today that it has overseen for the first time the recruitment of 1,868 new primary and secondary school teachers in the province. AKnews reports that the names of the new recruits were announced in a ceremony at the Health Directorate Conventions Hall at the heart of the provincial capital. At the […]
US Captain Jailed for Iraq Corruption
A US Army captain was sentenced on Wednesday to three years in federal prison for taking bribes to steer Army contracts in Iraq. Courthouse News reports that Bryant Williams demanded and got more than $30,000 in bribes to steer more than $930,000 worth of contracts while he served with the Army's 101st Airborne Division in […]
Three Firms Bid to Build 1,014 MW Power Plant
Iraq's Ministry of Electricity said on Wednesday that it had received bids by three foreign companies to build a 1,014 megawatt gas power plant in the town of Taji, 20 km (12 miles) north of Baghdad. Reuters reports that South Korea's Hyundai Engineering & Construction bid at around $500 million, Egypt's Orascom Construction at $463 […]
Iran Targets $10 Billion Trade with Iraq
Iran's Deputy Commerce Minister, Hamid Safdel, said Iran has plans to increase its annual trade with Iraq from the current level of around $6 billion to $10 billion, the official IRNA news agency has reported. Speaking at a seminar titled "Opportunities in the Iraqi Market", the minister said that the Iraqi market is very competitive, […]
IMF to Fund Baghdad-Turkey Highway
The Ministry of Construction and Housing is to build a highway linking Baghdad with Turkey, according to a report from Azzaman. The 508 km road is to be financed by the International Monetary Fund (IMF). “This project is a challenge to the ministry since it assumes great economic significance for the country,” the ministry quoted […]