History’s lesson for the dinar
I used to think that rapid increases in Iraqi oil production would practically guarantee a significant strengthening of the dinar over the next ten years. Surprisingly, however, history suggests that this is far from a foregone conclusion. While the Oil Ministry claims that Iraqi capacity will rise by 10 million barrels per day (mn bbl/d) […]
US Missing Out On Business Opportunities in Iraqi Kurdistan
In a letter to the Editor of the Washington Times, Harry Schute Jr., a retired U.S. Army Reserve colonel with extensive experience in Iraq, and currently a consulting adviser to the Kurdistan Regional Government (KRG), says American firms are missing out on opportunities in Iraqi Kurdistan. Of the 850 international firms taking part in the […]
Italy to Fund UNIDO Industrial Development Project for Iraq
The United Nations Industrial Development Organization (UNIDO) will launch in January a EUR 3 million technical cooperation project in Iraq to develop industrial zones and enhance investment in the country. The two-year project will be funded by the Government of Italy, and implemented in coordination with the World Bank. An agreement on the funding was […]
Arab Economic Union Office to Open in Baghdad
Iraqi representative to the Arab League, Dr. Qais al-Azzawi, said that a branch of the Arab Economic Union will open in Baghdad in the near future, according to AKnews. Following a meeting on Sunday with Ambassador Mohamed al Rabie’, the General Secretary of the union, Al-Azzawi told AKnews that the opening of the office represents […]
Investment Guide to Iraq
These two reports date from December 2009, but are still worth reading by anyone who is interested in the investment climate in the country. Iraq Business News has been in contact with the National Investment Commission (NIC) regarding updates to these reports, and we will keep our readers informed as soon as new documents are […]
$151m Waste-Recycling Plant in Muthanna
Works are underway to build a waste-recycling plant in al-Muthanna at a cost of $151 million [177 billion Iraqi dinars], according to the province’s investment commission chairman on Sunday. “The project stands over an area of 30 donums [7.5 hectares] and should be finalized in 13 months,” Adel Dakhil al-Yasseri told Aswat al-Iraq news agency. […]
$3.2m Allocated to Service Projects in Erbil
3.8 billion Iraqi dinars [$3.2 million] has been allocated to a number of service projects in Erbil, its Governor, Nawzad Hadi, said on Saturday. “A local contracting company embarked on works to pave 22-km-long roads in Arbil al-Jadida area, eastern Erbil, at a cost of 1.3 billion dinars, earmarked from the Provincial Development Budget for […]
Unfinished Business: An American Strategy for Iraq Moving Forward
The Brookings Institution in Washington DC has issued a new report entitled "Unfinished Business: An American Strategy for Iraq Moving Forward". Ignoring the gratuitous use of the term 'moving forward' in the title, it's a thought-provoking read. The executive summary is shown below, and the full report can be downloaded from the Brooking Institution by […]
MOL Shares Up Following Iraqi Kurdistan Report
MOL Hungarian Oil and Gas has informed the markets that, further to its recent notification on 8 November 2010 on the test results, it has submitted the Discovery Report on the Bijell-1 exploration well to the Ministry of Natural Resources of the Kurdistan Region of Iraq. As previously announced, 3,743 bbl/d 13° API oil and […]
Cornerstone Laid at Shatt al-Arab Canal Project
Iraq's Minister of Water Resources, Abdul-Latif Jamal Rashid, has laid the corner stone for the 350 billion dinar [$300m] Shatt al-Arab Canal project, aimed at pumping pure water for Basra Province and irrigation water for 250,000 donums of agricultural lands, according to a report from Aswat al-Iraq. Iraq’s Prime Minister, Nouri al-Maliki, had launched a […]
Salahaddin University Gets New German Dept
The head of Germany's academic exchange service this week signed an agreement in Erbil with Salahaddin University to establish a German Language Department at the university. Dr Dorothea Rüland, Secretary General of the German Academic Exchange Service (DAAD), came to Erbil to make the agreement and gave a keynote address at an academic conference attended […]
Turkish and French Companies Most Active in Iraq
An economic adviser in the Iraqi government said on Friday that, of all countries having companies operating in Iraq, Turkey is the best represented, followed by France. Salam al-Quraishi told AKnews that there are now 270 Turkish companies operating throughout Iraq, mostly specialized in construction of residential complexes and providing electrical power. "French companies are […]