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 […]
Share Rise on Possible Resumption of Kurdistan Oil Sales
By John Lee. On Sunday, senior officials from the Iraqi Federal Government in Baghdad met with KRG Prime Minister Masrour Barzani and his team to discuss the resumption of oil exports via the Iraqi-Turkish Pipeline (ITP) the Turkish port of Ceyhan. Deputy Prime Minister for Energy and Minister for Energy Affairs and Oil, Hayan Abdul-Ghani, […]
New Park planned for Erbil
From Kurdistan24. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. New, modern park to be built in Erbil A large-scale park is to be constructed in Erbil at a cost of more than $1 million, according to a statement from the Erbil Governorate. Click […]
Italian Firm to carry out Conservation Works at Mosul Mosque
By John Lee. Italy's Consorzio Arke has won a contract with the United Nations Educational, Scientific and Cultural Organization (UNESCO) for the "Execution of Conservation Works on the three Mihrabs of the Al Nouri Mosque, Mosul." The contract is valued at $159,830. The mosque was badly damaged during the war against the so-called Islamic State […]
Contract Awarded for Rehabilitation of Damaged Houses in Sinjar
By John Lee. Fallujah-based Aswar Al-Dammam for General Contracting has won a contract with the United Nations Assistance Mission for Iraq (UNAMI) for the "Rehabilitation of 153 Damaged Houses in Sinjar District, Ninewa Governorate". The contract is valued at $665,752.38. The potential end date is given as Sunday, April 27, 2025. (Source: UN)