Qatari Firm Opens 2 Subsidiaries in Iraq
By John Lee. Qatar's Estithmar Holding Q.P.S.C. has announced that its subsidiary, Elegancia Healthcare W.L.L., has established a branch in Iraq in line with the memorandum of understanding that was signed recently with the aim of managing and operating several hospitals that will start soon in Iraq. Estithmar also announces that it's subsidiary, Elegancia Marine […]
Structural Designs for New Sadr City Project Approved
By John Lee. Prime Minister Mohammed Shia Al-Sudani chaired the fourth meeting regarding the New Sadr City project. During the meeting, initial structural designs for the project were approved after a detailed presentation by the company responsible for its development. Key points discussed during the meeting included the resolution of land ownership procedures involving the […]
First Iraqi Bank launches New Payment Service via Visa
By John Lee. Iraq's first digital bank, First Iraqi Bank, has announced the launch of Visa Direct for the first time in the Iraqi market, in partnership with Visa. According to a press release, Visa Direct is a real-time point-to-point payment service that will enable Iraqi consumers to enjoy real time transfers for the first […]
Chinese Firm Wins $194m Drilling Contract in Iraq
By John Lee. A subsidiary of China National Petroleum Corp (CNPC) has reportedly won an engineering, procurement and construction contract worth $194 million to drill wells at Iraq's Rumaila oilfield. According to Channel News Asia, the contract was awarded to Daqing Drilling Engineering Company, which has been active at the field since 2010. More here. […]
$13bn+ Invested in KRI Projects in Four Years
By John Lee. The Kurdistan Regional Government (KRG) has issued a summary of investments in the region over the past four years: Between August 28, 2019, and August 5, 2023, the ninth cabinet of the Kurdistan Regional Government completed 280 diverse investment projects across the region. A total of $13.53 billion was invested in these […]
Hot Dog on a Stick to Open 10 Units in Iraq
By John Lee. FAT (Fresh. Authentic. Tasty.) Brands Inc., parent company of Hot Dog on a Stick and 16 other restaurant concepts, has announces a new development deal to open 10 new franchised locations in Iraq. In partnership with Global Vita USA LLC, 10 Hot Dog on a Stick locations will open throughout the country […]
Will Digital Banks lure Cash from under Iraqi Mattresses?
From Amwaj Media. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. Will digital banks lure out cash under Iraqi mattresses? In Iraq, years of economic and political instability have created an environment of mistrust that is leading many to avoid depositing their money in […]
Iraq Un-Bans Telegram App
By John Lee. The Iraqi Ministry of Communications has announced the lifting of the ban on the Telegram app in Iraq, effective from Sunday 13th August. It said the decision comes in response to directives from the Prime Minister's office, following the application's commitment to security requirements by revealing the sources responsible for leaking citizens' […]
Iraq may Import Gas from Qatar and Turkmenistan
By John Lee. The Ministry of Electricity has reportedly confirmed the formation of a joint committee with the Ministry of Oil to discuss importing gas from Qatar and Turkmenistan. State-run Iraqi News Agency (INA) quoted theh Minister of Electricity, Ziyad Ali Fadhil, as saying that the committee will go with a delegation to Turkmenistan, and […]
The Plot Thickens over Iraq's Bank Heist
From The Economist. Any opinions expressed here are those of the author(s) and do not necessarily reflect the views of Iraq Business News. The plot thickens over Iraq's bank heist The exposure of crookery surrounding Iraq's tax revenues has rattled rulers, past and present. Read the full article here (subscription needed).
Pakistan, Iraq sign Convention For Elimination of Double Taxation
By John Lee. Pakistan's Federal Board of Revenue (FBR) has initiated negotiations on the Convention for the Elimination of Double Taxation with respect to Taxes on Income and on Capital and the Prevention of Tax Evasion and Avoidance with the Republic of Iraq. In this connection, tax delegations of both the countries met at Islamabad […]
Drilling Completed at Nasiriyah Oil Well 60
By John Lee. The Iraqi Drilling Company (IDC) has successfully completed drilling operations for the Nasiriyah-60 oil well in Dhi Qar province. The well, reaching a depth of 2,110 meters, is part of the "Mushrif [Mishrif] Formation", and the project is a contract with the Dhi Qar Oil Company (DQOC). The project entails drilling 20 […]