Iraqi Census Delayed Again
Iraq again postponed its first census in more than two decades because of political wrangling over disputed areas in the country's north, deputy planning minister Mehdi al-Alak said on Sunday, according to a report from AFP. The October 24 census has now been delayed until December 5, the latest in a string of deferrals that […]
Iraq to Dramatically Re-State Oil Reserves
Iraq is set to announce a "big increase" in its oil reserves on Monday, which currently stand at 115 billion barrels, a spokesman for the oil ministry said. Iraq's crude reserves are the world's third largest but its production rate is low thanks to years of sanctions, under-investment and war. Baghdad has signed a series […]
Iraq Seeking $200bn in Foreign Direct Investment
Iraq offers $200 billion investment opportunities to foreign investors, making it one of the most lucrative investment destinations in the region, an Iraqi government adviser said on Thurday. "To be or not to be is not the question here as huge investment opportunities do exist in Iraq and the government will ensure the security to […]
Iraqi Banks Need to Raise $10bn in Three Years
Iraqi banks need to raise at least $10 billion [12 trillion Iraqi dinars] in fresh capital over the next three years to prepare for the expected oil-fuelled construction boom and meet new regulatory requirements, Reuters quotes an investor. Iraq has signed multi-billion deals with oil firms to boost output capacity to 12 million barrels a […]
$250m UAE-Turkish Joint Venture in Iraq
On the last day of the Erbil international construction trade fair, a joint venture was signed between a Turkish and a UAE company to invest in the housing and construction sector in Iraq. Project Iraq 2010, which was the 32nd international fair opened in Erbil since 2005 and the 6th this year, finished on Thursday. […]
IMF releases $741m Loan to Iraq
The IMF (International Monetary Fund) said on Friday that it was releasing $741m [890 billion Iraqi dinars] in financing to Iraq after the country made good progress in reconstructing its war-torn economy. AFP reports that the loan is the second installment of a 24-month loan the IMF awarded to Iraq in February. The IMF executive […]
Ninewa Working to Entice Investors
Ninewa is actively seeking to entice foreign investors to the province, according to Ninewa's Governor, Atheel al-Nejeifi, said on Friday. “The province has tabled proposals to the local council to set up investment firms in numerous fields, including an airlines company,” Nejeifi told Aswat al-Iraq news agency. The Ninewa Investment Commission had said in August […]
Iraq's political sectarianism: National Reconciliation and the Oil Curse
By Tariq Abdell, Founder & Chairman, Mesopotamia Insight. The opinions expressed here are those of the author, and do not necessarily reflect the views of Iraq Business News. The absence, thus far, of a democratically elected and accountable government -- over six months of political horse-trading -- underscores Iraq's fragile democracy that is exacerbated by […]
Weekly Security Update for 30th September 2010
National Overview The total number of officially reported hostile incidents nationally increased, returning to the expected rate during this reporting period. 112 incidents were recorded last week compared to 75 the week before. Hostile activity in Baghdad accounted for approximately half the total number incidents, more than double the number of incidents recorded in Baghdad […]
Privatisation Opportunities to Continue in Iraq
One striking characteristic of business in Iraq is the extent of state-ownership of enterprise and assets. Mudher Kasim, a senior advisor to Iraq's Central Bank, claimed that “the problem in Iraq is that 90 percent of the wealth of the nation is in the hands of the government. So centralism always dominates the mindset everywhere”. […]
250 Iraqi State-Owned Plants to be Privatised
Iraq issued tenders to redevelop "more than 10" industrial plants as part of a plan to revamp 250 state-owned facilities through private investors, an industry ministry official said, according to a report from Bloomberg. Deputy Minister Mohammed Abdullah Mohammed said the plants are mainly producing cement, petrochemicals, steel and pharmaceuticals, and the contracts are for […]
Zain Shares Rise on Etisalat Approach
Etisalat, the state-controlled telecommunications company of the United Arab Emirates, has made an offer to acquire a large stake in Zain, Kuwait’s largest operator, which has mobile telecom operations in Iraq. The Financial Times reports that Zain, which is partially owned by Kuwait’s sovereign wealth fund (24.6%) and the country’s Kharafi family (13%), has been […]