Iraqi PM Orders Reform of Banking Sector
By John Lee. Iraqi Prime Minister, Mohammed Shia al-Sudani, led a meeting on Tuesday to monitor the progress of banking reforms. The session, attended by the Finance Minister, Governor of the Central Bank of Iraq (CBI), and directors of government banks, focused on administrative and banking reforms initiated by the government as part of comprehensive […]
Erbil to Plant a Million Oak Trees
By John Lee. Erbil plans to plant one million oak trees within the next five years, according to a statement from the Kurdistan Regional Government (KRG), which adds that 300,000 of these trees are already planted. The project from the Ministry of Municipalities and Tourism is intended to enhance the greenery along the 120 Metre […]
Saudi Football 'Charm Offensive' arrives in Iraq
From Amwaj Media. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. Saudi football 'charm offensive' arrives in Iraq In front of a raucous crowd in Erbil, underdog Iraqi club Al-Quwa Al-Jawiya has soundly defeated visiting Saudi side Al-Ittihad. The Nov. 6 game, an Asian Football […]
Genel Energy Q3 Results
Genel Energy plc Trading and operations update Genel Energy plc ('Genel' or 'the Company') issues the following trading and operations update in respect of the third quarter and first nine months of 2023. Paul Weir, Chief Executive of Genel, said: "Despite encouraging comments from senior politicians, the Iraq-Türkiye pipeline remains shut. Good progress has been […]
Supreme Court Ousts Speaker of Parliament; Ministers Resign
By John Lee. Iraq's Federal Supreme Court has issued a ruling terminating the appointment of the Speaker of the Parliament, Mohammed Rikani al-Halbousi (pictured below), and ending the membership of a rival Sunni MP, Laith Mustafa Hamoud al-Dulaimi, effective from the date of the judgment on November 14, 2023. "This decision is final and binding […]
Iraq Inaugurates New Oil Terminal at Khor Al-Zubair Port
By John Lee. Iraq's Ministry of Transport has announced the opening of the 340-meter-long oil terminal at Khor Al-Zubair port. The General Company for Iraqi Ports inaugurated the crucial project, part of the second phase of the Japanese loan, in the presence of Japanese Ambassador to Iraq Futoshi Matsumoto. According to a statement from the […]
Iraq's Largest Poultry Project Opens in Karbala
By John Lee. Prime Minister Mohammed Shia Al-Sudani has opened the largest private poultry project in Iraq, located in Karbala. With an annual production capacity exceeding 3 billion eggs and 340,000 tons of meat, the project aims to meet local market demands. During the opening, Prime Minister Al-Sudani emphasized the project's role in achieving self-sufficiency, […]
Iraq Resumes Direct Flights to Denmark
By John Lee. The Iraqi Ministry of Transport has announced the resumption of direct passenger flights between Iraq and Denmark, with the route covering Baghdad, Najaf, and Copenhagen. This marks the second European destination after Berlin, utilized by Iraqi Airways through a codeshare agreement. According to the company's management, the decision to reintroduce this vital […]
Iraq Signs $257m Loan Agreement with JPMorgan
By John Lee. Iraq's Finance Minister, Taif Sami, has signed a financing agreement for the maintenance of the Ministry of Electricity's power stations with JPMorgan, in partnership with General Electric (GE). The $257 million loan, guaranteed by the US Export-Import Bank (EXIM), is part of the fifth phase of the annual maintenance project. The agreement […]
Iraqi Govt Approves Completion of 30,000 Housing Units
By John Lee. The Iraqi Cabinet has approved the completion of 30,000 housing units at the Basmaiyah residential complex outside Baghdad. Payment via Rafidain Bank to the Korean company Hanwha for completed housing units was also approved. The National Investment Commission (NIC) was also authorized to proceed with the remaining 70,000 units. (Source: Media Office […]
President of Iraq Meets Saudi Businessmen
By John Lee. On Sunday, the President of the Republic of Iraq, Abdullatif Jamal Rashid met with the Saudi Commerce Minister and Head of the Saudi-Iraqi Coordination Council, Majid al-Qasabi alongside a group of Saudi businessmen. At the meeting, President Rashid urged Saudi businessmen to invest in Iraq, assuring government support and facilities for investors. […]
Foreign Currency at Iraqi Private Banks to be Increased
By John Lee. The Central Bank of Iraq (CBI) has reportedly made agreements to support several private Iraqi banks with foreign currency. State-run Iraqi News Agency (INA) quotes a government source as saying that, following meetings in Abu Dhabi with US officials, it has been agreed, "to boost the advance balance of five Iraqi banks […]