Turkey to Renew Pipeline Agreement with Iraq
Turkey's Energy and Natural Resources Minister, Taner Yıldız, has said Turkey will renew the agreement with Iraq for the Kirkuk-Yumurtalık crude oil pipeline on Sept. 19. The flow of oil through the pipeline was severely affected by the seven-year US occupation of Iraq. The very limited flow has continued to decrease over the last few […]
Erbil Stock Exchange to Commence Trading Early 2011
The Erbil Stock Market will start trading during the first quarter of 2011, the project’s executive director said on Tuesday, explaining that the market startup capital will be around $10 million. “This market should become the strategic axis that will transform the economy of Kurdistan from relying on oil revenues to producing income through local […]
$29m Mall Approved in Ninewa
The Ninewa Investment Commission approved the building of a large shopping mall at a cost of 34.260 billion Iraqi dinars ($29 million), according to Aswat al-Iraq on Monday. The mall will be in the al-Nour neighborhood of eastern Mosul, and it will be built by a Turkish company. This is the Commission's 29th investment permit. […]
Zain Warned to Improve Service
The Chairman of Anbar provincial council has warned the Zain mobile phone company following complaints from the public about the deterioration in their services. Dr. Jassim al-Halbusi told AKnews that the council had issued Zain with an ultimatum to improve their telecommunications services within a month or face closure in the province. One mobile phone […]
Iraqi Stock Exchange (ISX) Will Close For Holiday
The Iraqi Stock Exchange (ISX) will be closed from September 9-13 due to the Muslim holiday of Eid ul-Fitr. Trading will resume on September 14. Border crossings and airports in Kurdistan will remain open.
Lending still anemic at foreign-invested banks
Last month, Central Bank of Iraq governor Al-Shibibi told AFP he was hoping foreign banks would play a bigger role in developing Iraq’s financial system. From the banks’ point of view, he said, “the prospects are good, except for security.” But the foreign institutions that have already entered the Iraqi market through investments in local […]
'Flurry of Construction' in Baghdad - 395,000 New Houses
The Baghdad Municipality is to build three major housing projects in the capital’s outskirts for low-income families. Azzaman report that the projects, work on which is to start soon, will include 395,000 housing units and will be sold to low-income families at reduced prices, according to Hakeem Abedzahra, the municipality’s spokesman. The first project of […]
Historic U.S. Trade Mission to Iraq
U.S. Commerce Department said on Wednesday that it will lead an historic trade mission to Iraq in October, the first since the end of the U.S. combat mission in Iraq. Francisco Sanchez, under secretary of Commerce for International Trade, will lead the mission, which will include representatives from 15 U.S. companies including Boeing and General […]
Iraq Tightens Oilfield Security
Iraq has tightened security around oil infrastructure and oilfields in the south, in response to intelligence suggesting al Qaeda and other insurgent groups plan to attack oil facilities, a security official said. Reuters reports that Ali al-Maliki, head of the municipal security committee in the southern oil hub of Basra, said the information indicated that […]
New Opportunities for Private Power Generation in Baghdad
Authorities in Iraq say they will install “giant power generators” in Baghdad in their latest bid to put an end to power shortages. The plants will have capacities of about 5MW - hardly 'giant', but the plan is to have more than 500 of them in place throughout the city by next summer, operated by […]
Kurdistan's Fuel Allocation Cut - Why?
Reuters reports on Sunday that the cut in Baghdad's allocation of fuel to Iraqi Kurdistan is related to the admission last month that the region is has been exporting petroleum products through Iran. We reported at the weekend that the cut was in response to the new gas agreement between the Kurdistan Regional Government (KRG) […]
Weak Laws Deter Iraq Investors More Than Violence
Seven years after the invasion that ousted Saddam Hussein, Iraq largely has been unable to revamp business laws that would help make the country more attractive to investors, according to a report from Bloomberg. “Investors still note security concerns, but now are more likely to cite regulatory hindrances and other practical barriers to doing business,” […]