UAE Firms Weighing Up Iraqi Oil Industry
Energy companies from the UAE are interested in investing as Iraq’s oil and natural-gas industries, a government official said. “There are indications that the UAE will have a place in the petroleum and energy sector,” Abdullah Ibrahim Al Shehi, the country’s ambassador to Iraq, said on Monday at a gathering of diplomatic officials in Abu […]
Foreign Firms Keen to Invest in Iraq Banks
Iraqi banks might offer huge growth opportunities in the future for investors willing to take some risks, but analysts and investors say the industry needs to consolidate first and change its business model, according to a report from Reuters. With violence ebbing from the peak of sectarian warfare in 2006/07, foreign firms and banks are […]
Basra's $350m Development Budget
An official from Basra Provincial Council (BPC) said on Tuesday that the council allocated 400 billion Iraqi Dinars (IDs) -- around $350 million-- from oil and customs’ revenues to provide public services in the province, the head of the monitoring and planning committee of the BPC told AKnews. Walid Gitan said the Iraqi Finance Ministry […]
Basra Oil Exports Halved
Oil exports from Iraq's Basra terminal fell to 720,000 barrels on Monday, down from 1.728 million barrels the previous day, due to maintenance on the offshore pipeline, according to a report from Reuters. "Exports from Basra dropped today as technical teams are conducting maintenance work on some parts of the export pipeline," a source said. […]
Iranian Offer to Build 100,000 Houses in Baghdad
An Iranian delegation has made an offer to the Baghdad Investment Commission to build 100,000 residential units in the Iraqi capital. “The delegation informed the commission that the units will be designed to modern standards, and will be funded through investment,” the commission said in a statement received by Aswat al-Iraq news agency. It noted […]
UK Bank HSBC Sees Big Opportunities in Iraq
The Iraqi subsidiary of UK bank HSBC is eyeing opportunities to fund infrastructure projects as the country is being rebuilt, while the lender gradually opens more branches, the unit's chief executive said, in an interview for Reuters. As Iraq's economy recoves slowly after years of violence since the US-led war in 2003, regional and some […]
UN Expands Cash-for-Work Programme in Iraq
The United Nations World Food Programme (WFP) is targeting unemployment in some of the areas most affected by violence and insecurity in Iraq through expanding its cash-for-work programme to reach more than 11,000 vulnerable people and help them meet their daily food needs. The scheme provides beneficiaries with short-term employment in agricultural infrastructure projects with […]
Media Training Centers on Rise in Iraq
Educational centers teaching journalism and media studies in Iraq have increased dramatically since 2003, which observers find promising in the country's opening. After the toppling of Saddam Hussein’s regime in 2003, under which independent journalism was strictly censored, many independent media centers opened in Iraq, the majority of which are based in Kurdistan Region due […]
Hundreds of Iraqi Schools Built and Repaired
The Ministry of Education has built 125 schools in the past six months, according to a report from Azzaman. Sahar Abdulamir, the ministry’s information officer, said 87 schools have been refurbished and repaired over the same period. “We have also added new annexes and extensions to 52 more schools,” she added. Abdulamir said the ministry […]
Increasing Number of UAE Investments in Basra
A number of UAE companies wanting to launch investment projects in Basra province has increased in recent weeks, said a spokesman for Basra's governor on Sunday. "Basra province received more than four UAE companies within a month," Salem Al-Taqi, told AKnews. [We assume that "more than four" means "five" - Ed.] "Basra's governor, Sheltag Aboud, […]
19 Investment Projects in Missan
A total of 19 new projects will be built at the al-Shieb border crossing as part of Missan Investment Commission's (MIC) plan to encourage investment and tourism in the province, the director of the MIC said on Tuesday. “The projects site covers 100 donums [25 hectares], and will include hotels, restaurants, garages and banks as […]
Investors unimpressed with hotels’ good news
On August 11, the Iraqi paper Addustour (Constitution) reported that the government would be providing six hotels with a total of US$ 300 milion to upgrade their facilities in preparation for the Arab League summit, which is scheduled to be held in Baghdad next March. The six—the ISX-listed Palestine (HPAL), Babylon (HBAY), Baghdad (HBAG), Mansour […]