Jiyad: Supporting the Ministry of Oil, Confronting APIKUR
By Ahmed Mousa Jiyad. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Position Statement and Call- Supporting the Ministry of Oil, Confronting APIKUR We, whose names are listed below, are oil specialists, are those who follow oil affairs, are those concerned with the Iraqi […]
New Telecom Route from Kuwait to Europe via Iraq
By John Lee. The General Company for Communications and Informatics, a division of Iraq's Ministry of Communications, has signed a contract with Kuwaiti company Al-Zajil to transit international communications to Europe through Iraq via Turkey. Al-Zajil is a subsidiary of Kalaam Group. Minister of Communications, Dr. Hayam Al-Yasiri, emphasized that the signing of the contract […]
Cabinet Approves Debt Guarantees for Al-Khairat Power Station
By John Lee. The Iraqi Cabinet approved the recommendations of the Sovereign Guarantees Committee regarding the Al-Khairat Power Station. The new facility is being built by Harlow International, which describes it as, "the largest thermal power plant project in Iraq ... which will provide more than 10% of Iraq's power demand when fully operational." According […]
Iraq Stock Market Report
Advertising Feature Rabee Securities Iraq Stock Exchange (ISX) market report (trading week ending: 9th April 2024). Note: ISX will be closed starting from Apr. 9, 2024 (Tuesday) to Apr. 11, 2024 (Thursday) due to the religious holiday of Eid Al-Fitr. The next trading session will be held on Apr. 14, 2024 (Sunday). Please click here […]
Businessmen Jailed in Iraq reach 3-year Milestone
By John Lee. Australian engineer Robert Pether and his Egyptian colleague Khalid Radwan have now spent more than three years in prison in Iraq. The pair were detained in April 2021 by authorities in Baghdad in relation to a dispute over the construction of the new Central Bank of Iraq (CBI) headquarters in Baghdad. They […]
Qatari Firm to Manage 492-Bed Hospital in Nasiriyah
By John Lee. Iraq's Ministry of Health has signed a contract with Qatar's Elegancia Healthcare, a subsidiary of Estithmar Holding, to manage, operate, and maintain a 492-bed hospital in Nasiriyah, in Dhi Qar province. The signing ceremony was attended by the Qatari Ambassador to Iraq, Sultan bin Mubarak Al-Kubaisi, the Director-General of Health in Thi […]
Iraq to issue New Bonds
By John Lee. The Central Bank of Iraq (CBI) has said it will issue a new series of bonds on behalf of the Ministry of Finance. The "Injaz/Enjaz" ["achievement"] bonds will be offered in two denominations: A 500,000 Iraqi Dinar (IQD) bond with an annual interest rate of 6.5 percent for a period of two […]
Iraq starts Production of Chinese Armoured Vehicles
By John Lee. The Defence Industries Commission of Iraq (DICI) has said it started to produce armoured military vehicles. Janes identifies the vehicle as the Chinese Norinco VN22 6x6. More here from Janes. Click here to view the DICI video. (Sources: DICI, Janes)
12 Saudi Companies sign MoU's with Iraqi Development Fund
By John Lee. The Development Fund for Iraq has signed Memoranda of Understanding with 12 Saudi companies. A statement from Saudi Arabia's Ministry of Investment did not specify the companies or the details of the MoU's, but said that they are intended to enhancing cooperation with Iraqi "in a number of qualitative investment projects." (Source: […]
New Hospital and Sewage Projects for Abu Ghraib
By John Lee. Prime Minister Mohammed Shia al-Sudani has launched the executive works in the Abu Ghraib Sewage Project on Thursday, as part of a strategic package of projects to address sanitation in Baghdad Governorate. The project will serve 300,000 people in the district, with a capacity of up to 41,000 cubic meters per day […]
Iraq sees Improvement in Non-Performing Loans
By John Lee. The Central Bank of Iraq (CBI) has announced a decrease in the ratio of non-performing loans to total credit. It said the ratio of non-performing loans to total cash credit decreased to 6.3 percent in 2023, compared to 7.2 percent in 2022, 8.8 percent in 2021, and 8.9 percent in 2020. Additionally, […]
Fitch Rates Iraq's Cihan Bank at 'CCC+'
By John Lee. Fitch Ratings has assigned Cihan Bank for Islamic Investment and Finance P.S.C (Cihan) a Long-Term Issuer Default Rating (IDR) of 'CCC+', and Viability Rating (VR) at 'ccc+'. It says the rating, "reflects the weak operating environment, the bank's weak franchise, volatile business model, high risk appetite, including a high share of financial […]