How to do Business in the Middle East
On Thursday 5th May, the UK's Middle East Association (MEA) is holding a seminar with Mike Brennan, offering practical advice on how to do business in the Middle East. Mike Brennan has over 40 years of regional experience, with an enviable track record of contracts in both the private and public sectors. He knows how […]
IAU Progress Report for 2010
The United Nations Inter-Agency Information and Analysis Unit (IAU) has issued a progress report on its operations for 2010. The unit is an integral part of the Office of the Resident Coordinator/ Humanitarian Coordinator for Iraq. It was established in 2008 to provide support in evidence-based programming and advocacy in line with the needs and […]
Iraq's Visa Madness
Visa problems for foreign workers in Iraq continue to make the headlines. Last week we reported on the difficulties caused by a decision to channel visa applications through the office of the Prime Minister, Nouri al-Maliki; now we hear that the Basra Investment Commission has imposed its own restrictions, with the intention of reducing unemployment. […]
Swiss Company Reveals Oil Storage Plans in Basra
Dome International has met the chairman of Basra Investment Commission (BIC) to discuss the possibility of constructing warehouses for oil derivatives in Basra. The director of the company, Amen Jaffer, said, "the preliminary study of the project includes the construction of oil warehouses near Khor Al-Zubair port on an area of 40 acres with an […]
Iraq Awards $125m Power Deal to Saudi Firm
Iraq has awarded a $125 million [150 billion Iraqi dinars] contract to a Saudi Arabian company to build a 150 MW power plant in Basra, an Iraqi official said. Haider Ali Fadhil, head of the Basra Investment Commission, said the Saudi-based Dao al-Jomaih Group was awarded a contract to build the plant and install two […]
Iraq Growth '12%', CBI to Stay Independent
Iraq has told the International Monetary Fund that its central bank would remain independent, despite Prime Minister Nouri al-Maliki winning a court ruling in January placing the central bank under the control of the cabinet, rather than the parliament. The ruling attracted criticism that the Central Bank of Iraq (CBI) might lose its independence. The […]
Basra Restricts Foreign Workers
The head of the Basra Investment Commission said on Wednesday that it has placed strict controls on the entry of foreign workers to the province. Haidar Ali Fadel told AKnews that the commission is restricting the numbers of foreign workers in the province in order to prioritize local manpower, and that formal approval has not […]
IMF Suggests Stable Iraqi Dinar
A report on Monday by the International Monetary Fund (IMF) suggests that the Iraqi dinar is currently fairly valued at 1170 dinars to the US dollar: "The CBI [Central Bank of Iraq] will continue to aim at keeping inflation low, predominantly by maintaining a stable exchange rate. The low level and the relative stability of […]
Weekly Security Update for 30th March 2011
Levels of violence continue to creep up in Iraq. Tuesday’s deadly attack on a government building in Tikrit serves as a reminder that terrorist groups retain the ability to conduct horrific attacks in the country. Otherwise terrorist activity was concentrated in Baghdad and Mosul. The south saw a slight rise in activity but it remains […]
New Tender Oil Company Microwave Link
The Oil Projects Company (SCOP) of Iraq's Ministry of Oil announces a tender for the supply and installation of a microwave link between Al-Najaf Depot and their communication center in Al-Najaf city. Tenders documents may be collected (by an authorized representative of the tenderer) at SCOP's headquarter in Baghdad against the payment, non-refundable, of 40.000 […]
KRG High Representative to UK Talks to Iraq Business News
Iraq Business News recently had the pleasure of interviewing the Kurdistan Regional Government's High Representative to the United Kingdom, Ms Bayan Sami Abdul Rahman. Iraq Business News: Ms Abdul Rahman, thank you for taking the time to speak with us today. May I ask you firstly for your opinion about the ongoing protests in the […]
Iraqi Dinar Revaluation Enthusiasts are Unaware of Bernie Madoff’s Fame
By Tom Cleveland, market analyst for Forex Traders, exclusively for Iraq Business News. Forextraders.com is an online resource for the foreign exchange market. “Buy on the rumor, sell on the news” is a time-honored investment phrase that is oftentimes more confusing than the wisdom it attempts to impart. The meaning relates primarily to company securities […]