Zain Iraq Profit jumps 8-Fold
By John Lee. Zain Iraq's Q1 2023 revenue increased by 15 percent to reach USD 223 million and EBITDA recorded was USD 76 million, reflecting an EBITDA margin of 34 percent, according to the company's results statement for the period. The operation reported eight-fold increase in net profit of USD 30 million for Q1 2023 […]
Tabaqchali: Overview of Iraq's 2023 Federal Budget Proposal
By Ahmed Tabaqchali, Chief Strategist of Asia Frontier Capital (AFC) Iraq Fund, for the London School of Economics (LSE) Middle East Centre. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Debt and the Ides of March: An Overview of Iraq's 2023 Federal Budget Proposal* […]
Dana Gas Results for Q1
Dana Gas has announced its financial results for the first quarter ended 31 March 2023. For the first quarter of 2023, the Company generated a net profit of AED 183 million ($50 million) as compared to AED 198 million ($54 million) in Q1 2022. Profitability for the quarter dropped just 7% compared to a 22% […]
KRG PM receives Delegation from US-Kurdistan Business Council
KRG Prime Minister receives a delegation from the US-Kurdistan Business Council Masrour Barzani, Prime Minister of the Kurdistan Regional Government (KRG), met with a delegation from the US-Kurdistan Business Council (USKBC) to discuss various topics of mutual interest. Led by David Tafuri, President of the US-Kurdistan Business Council, the delegation expressed their desire to expand […]
KRG to open New Int'l Crossing with Turkey
By John Lee. The Zet International Gate between the Kurdistan Region and Turkey will officially open later this week, following a year of collaboration between the two sides. The Supervisor of the Soran Independent Administration Halgurd Sheikh Najib told the Official website of Kurdistan Regional Government: "The Zet International Gate will be open for tourists […]
Govt to set up Iraqi Inventors Forum
By John Lee. Iraqi Prime Minister, Mr. Mohammed S. Al-Sudani, has met with a group of scientists, inventors, innovators, researchers, university professors, and patent holders from diverse academic fields. The meeting aimed to discuss and explore proposals that could positively impact the country's economy and address various service and life-related challenges. During the gathering, the […]
Iraq has Potential to be Talent Supply Hub
By John Lee. A recent report has found that Iraq has potential to evolve into a talent supply hub for basic offshore jobs, mainly driven by its cost competitive labor force, operational Special Economic Zones, and low corporate tax rates. However, critical challenges, including political risks and lagging telecom and physical infrastructures, may threaten the […]
Oil Minister Discusses Karbala Refinery with Korean Consortium
By John Lee. Iraq's Minister of Oil, Hayan Abdul-Ghani, recently met with the Chairman and members of a consortium of Korean companies, led by Hyundai. The meeting, which included the General Manager of the State Company for Oil Projects (SCOP) and the General Manager of the Midland Refineries Company (MRC), focused on discussing the consortium's […]
Iran Starts Production at Oilfield Shared with Iraq
By John Lee. During his visit to the southwestern province of Khuzestan, Iran's President Seyyed Ebrahim Raeisi marked the official commencement of operations for the Sohrab oil field. A statement from Iran's NIOC said: "Representing the National Iranian Oil Company (NIOC), the Petroleum Engineering and Development Company (PEDEC) is managing the project and the Dana […]
UNHCR Iraq lists Achievements for 2022
By John Lee. The United Nations High Commissioner for Refugees (UNHCR) has issued a report on it's activities in Iraq during 2022. It lists its key achievements for the year as: Vulnerable internally displaced Iraqis to be enrolled in the Ministry of Social Affairs' social assistance programme and benefit from monthly cash payments under the […]
Production Re-Starts at Qayara Oil Field
By John Lee. Iraq's Minister of Oil, Hayan Abdul-Ghani, has announced the restart of production, loading, and export operations from the Qayyarah oil field in Nineveh Governorate. The field has a capacity of 33,000 barrels per day (bpd). Tankers and rail will be used for transportation. Around 30,000 bpd will be exported to the ports […]
Western Union seeks to grow its presence in Iraq
By John Lee. The Governor of Central Bank of Iraq (CBI), Dr. Ali Mohsen Al-Alaq, has met with Jean Claude Farah, Western Union's President for the Middle East and Asia Pacific. According to a statement from Mr Farah on Linked In, they talked about how Western Union can further grow its presence across the country […]