Iraq Stock Market closes 2024 Up 45%
Advertising Feature Rabee Securities Iraq Stock Exchange (ISX) market report (trading week ending: 2nd January 2025). Note: ISX will be closed until January 6, 2025, due to the end-of-year closing operations. The first trading session of 2025 will be on January 7. Please click here to view a table of listed companies and their associated […]
Iraq to create Industrial City dedicated to Small Businesses
By John Lee. The Prime Minister of Iraq has directed the allocation of land for the creation of an industrial city dedicated to small businesses, particularly those supported under Riyada Initiative [Iraqi Riyada Network for Access Development and Advancement, IRADA Network]. Mohammed S. Al-Sudani said that, to date, the initiative has granted loans to around […]
Swiss, Egyptian Firms to Build Grain Silos in Iraq
By John Lee. The Iraqi Ministry of Trade has signed an agreement with Switzerland's Bühler and Egypt's Samco to construct five state-of-the-art grain silos, each with a storage capacity of 60,000 tonnes. The silos will be built in Kirkuk, Anbar, Wasit, Najaf, and Muthanna, as part of the ministry's infrastructure development plan. Minister Atheer Daoud […]
Kuwaiti Hotel Chain to open in Erbil
By John Lee. Kuwait-based Safir Hotels & Resorts has announced its entry into Iraqi Kurdistan with a new 5-star hotel in Erbil. The management contract was officially signed between Hariri Building & Contracting Co. HARCO Offshore, the hotel's owning company, represented by Mr. Mostafa Al-Hariri, Chairman of the Board, and Safir International Hotels & Resorts, […]
Happy New Year from all at Iraq Business News!
As we kick off the new year with our first newsletter, we extend a heartfelt appreciation to all our contributors, with a special acknowledgment to our Expert Bloggers, Ahmed Mousa Jiyad and Ahmed Tabaqchali (AFC Iraq Fund), who have generously shared their wisdom and observations with us over the past twelve months. We eagerly anticipate […]
Iraqi Central Bank Streamlines International Transfers
By John Lee. The Central Bank of Iraq (CBI) has announced the successful transition of external transfers from an electronic platform to direct operations by Iraqi banks through their international correspondent banks. According to a CBI statement, this milestone, fully achieved at the end of December, aligns with global best practices, promoting a stable and […]
Iraq Approves US Loan Agreement for Kirkuk Power Plant
By John Lee. The Iraqi Cabinet has authorised the Minister of Finance, or a designated representative, to sign a loan agreement funded by the Export-Import Bank of the United States (EXIM, EXIMBank). The loan will support the implementation of combined-cycle projects for the Kirkuk Gas Power Plant under the Ministry of Electricity. According to a […]
Iraq Regulates Scrap Metal and Military Equipment Disposal
By John Lee. The Iraqi Cabinet has established new regulations for handling scrap metal, military surplus, and industrial waste. Key directives include: Free Transfers: Ministries of Defence, Interior, and other security agencies will transfer decommissioned equipment, empty ammunition casings, and military-grade scrap metal to the Military Industrialisation Authority without charge. Brass Transfers: All ministries and […]
UNHCR publishes latest Baghdad Field Office Factsheet
By John Lee. UNHCR Iraq has published its latest Baghdad Field Office factsheet. According to the overview: "UNHCR's Baghdad Field Office covers 13 governorates located in Federal Iraq, including Anbar, Babylon, Baghdad, Diyala, Karbala, Najaf, Salah Al-Din and Wassit, located in the centre of the country, as well as Basrah, Diwaniya, Maysan, AlMuthanna, and Thi […]
Iraq Approves $4.5bn Basra-Haditha Oil Pipeline
By John Lee. The Iraqi Cabinet has approved the Ministry of Oil's proposal for the construction of the Basra-Haditha oil pipeline, with a capacity of 2.25 million barrels per day. Key decisions include: Contract Approval: Endorsed a 5.97225 trillion dinar [$4.5 billion] contract between Basra Oil Company (BOC) and State Company for Oil Projects (SCOP), […]
New Contractor Approved for Iraq's Karbala Refinery
By John Lee. The Iraqi Cabinet has approved a one-year, renewable contract between the Ministry of Oil's Midland Refineries Company (MRC) and Rawad Al-Qimmah Company [Rowwad-Elqemma Company], as part of the operational plan for the Karbala Refinery. The contract, valued at $180 million annually, covers operations, laboratories, maintenance, safety, and staff training for gradual refinery […]
Finally, Iraq Launches National Development Plan (NDP) 2024-2028
By John Lee. Iraq's National Development Plan (NDP) 2024-2028 has finally been released. The plan was a collaboration between the United Nations Development Programme (UNDP) and Iraq's Ministry of Planning with the support of the United States Agency for International Development (USAID). Launched (sic) to great fanfare back in August, the plan has been kept […]