Iraq's Basra Steel Plant Set for Year-End Launch
By John Lee. Iraq's Minister of Industry and Minerals, Dr. Khaled Battal Al-Najm, supervised final preparations for the Basra steel plant, expected to begin operations by the end of this year. During his on-site visit, the minister oversaw the plant's final cold start-up phases, which utilize advanced technology from Italy's Danieli Group for steel and […]
Iraq's 2024 Budget "Not what it Appears"
Iraq Business News Expert Blogger, Ahmed Tabaqchali, has just published his thoughts on Iraq's budget, for the Atlantic Council. Delving beneath the surface of Iraq's budget framework, he uncovers how the 2024 tables both mirror and diverge from their 2023 counterparts. In essence, the budget's three-part examination sheds light on a disconnect between the projected […]
Al-Fityan to Rehabilitate Water System in Fallujah
By John Lee. Alfityan Co. for Contracting Ltd has won a contract with the United Nations Development Programme (UNDP) for the "Full Rehabilitation of Albo-Baker Water Complex 200m3/h with the Pipeline and Network in Saklawiya - Falluja." Contract value is stated as $542,040.56. (Source: UNGM)
Hungary and Bulgaria study Iraq's Development Road Project
By John Lee. Iraq's Minister of Transport has announced that Türkiye has established a four-party council, including Iraq, Hungary, and Bulgaria, to advance the Development Road project's connection with Europe. Razzaq Muhaibis Al-Saadawi told the state-run Iraqi News Agency (INA) that the initial designs for railway are complete, with final designs now underway. The expressway's […]
Chinese Company to supply Iraq with Firefighting Vehicles
By John Lee. Iraq's Council of Ministers has approved a direct contract with the Chinese company SANY to purchase 18 specialized firefighting vehicles. It also decided to exempt this contract from standard government contracting instructions and Decision No. 68 of 2016, as amended. (Source: PMO)
Saudi Arabia and Iraq sign MoU for Military Cooperation
By John Lee. Saudi Arabia and Iraq have signed a memorandum of understanding (MoU) for cooperation in the military field. The agreement was signed during a visit by Iraq's Minister of Defense, Thabet Mohammed Saeed Al-Abbasi, to Saudi Arabia. No details of the agreement were announced. Saudi Minister of Defense, Khalid bin Salman, added that […]
Iraq allocates $19m to establish Civil Defense Units
By John Lee. Iraq's Council of Ministers has approved an allocation of 25 billion dinars [$19 million] to the Ministry of Interior to establish 100 civil defense units in Baghdad and other provinces. The allocation will be funded from the emergency reserve in accordance with the Three-Year Budget Law. (Source: PMO)
Iraqi Market Marks a Milestone, Closing at an All-time High
By Ahmed Tabaqchali, Chief Strategist of AFC Iraq Fund. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Market Marks a Milestone, Closing at an All-time High The equity market, as measured by the Rabee Securities U. S. Dollar Equity Index (RSISX USD Index), marked […]
Questions linger as Iraq's PM loses first Minister
From Amwaj Media. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. Questions linger as Iraq's prime minister loses first minister Iraq's environment minister, Nizar Amedi (pictured), has stepped down amid escalating public anger over government inaction on deteriorating environmental conditions. Leaving office with little […]
Baghdad Revises Oil Export Offer to KRG
By John Lee. The Iraqi Cabinet has approved an amendment to the Budget Law, compensating the Kurdistan Regional Government (KRG) for production and transportation costs of oil produced in the region and received by the State Oil Marketing Organization (SOMO) or the Federal Ministry of Oil. It said the Federal Ministry of Finance will compensate […]
ICC creates Iraq Arbitration Cmte to Boost Foreign Investment
By John Lee. The International Chamber of Commerce (ICC) in Iraq has reportedly established a local arbitration committee, aimed at minimizing financial losses from external arbitration and attracting foreign investors. Mohsen Al-Humaidawi [Mohsin Al Hamed], Head of ICC Iraq, told the state-run Iraqi News Agency (INA) that the new committee, announced at the International Trade […]
Iraqi Govt to Phase Out Cash Payments
By John Lee. Iraqi Prime Minister Mohammed Shia Al-Sudani has directed new measures to develop electronic payment systems. The initiative includes expanding salary payments to private sector employees through digital channels, similar to government payroll, with the Ministry of Labor and the Central Bank of Iraq (CBI) collaborating on the framework. Additionally, all ministries and […]