Nishtiman Bank to help Revive Kurdistan Economy
By John Lee. The Kurdistan Regional Government (KRG) has said that the opening of the state-owned Nishtiman Bank in the Region can help provide mortgages to citizens and make a connection between Iraqi and international banks, all of which are reasons for economic development and strengthening the banking system in our region. The establishment procedures […]
Iraqi President meets British Academics
By John Lee. On Monday, January 23, 2023, the President of the Republic of Iraq, Abdullatif Jamal Rashid met with the Head of the Iraq Britain Business Council (IBBC), Baroness Emma Nicholson alongside her delegation from British universities, at the Baghdad Palace. While speaking about Basra, Mosul, and Baghdad universities, His Excellency President Rashid said […]
Iraq Claims Increased Oil and Gas Reserves
By John Lee. During a visit to Iraq's Oil Exploration Company (OEC), the Minister of Oil, Hayan Abdul-Ghani, announced that the company's seismic teams have successfully added 6 billion barrels of oil and 32 billion standard cubic feet of gas to the country's national reserves. The Minister emphasized the importance of the oil exploration sector […]
Is US Policy causing Iraqi Dinar Problems?
By John Lee. According to a report from the Wall Street Journal, Iraqis are blaming the slump in the value of the Iraqi dinar on a recent policy change by the U.S. Treasury Department and the Federal Reserve Bank of New York. It says the NY Fed began enforcing tighter controls on dollar transactions by […]
Iraqi PM "Retires" Head of Trade Bank of Iraq
By John Lee. Prime Minister Muhammad Shia al-Sudani has dismissed the President and Chairman of Trade Bank of Iraq (TBI). The state-run Iraqi News Agency (INA) reported that al-Sudani "referred" Dr Salem Chalabi (pictured) "to retirement". Widely respected internationally, Dr Chalabi had been appointed by the previous Prime Minister, Mustafa Al-Kadhimi, in September 2020. According […]
Iraqi Dinar Slump: Central Bank Boss Replaced
By John Lee. The Governor of the Central Bank of Iraq (CBI) has reportedly been replaced, following the continuing fall in value of the Iraqi Dinar. Sources, including Associated Press, say that Prime Minister Mohammed Shia al-Sudani accepted the resignation of Mustafa Ghaleb Mukheef [Makhaif] (pictured), while others say the Governor was "sacked." It is […]
Al-Sudani takes Measures to address Iraqi Dinar Fluctuation
By John Lee. On Sunday, Prime Minister Muhammad Shia Al-Sudani chaired a meeting with the Federation of Iraqi Chambers of Commerce to discuss the causes of the fluctuations in the Iraqi dinar exchange rate, and their impact on citizens. The meeting aimed to develop decisive solutions to stabilize the exchange rate and limit damage to […]
Jiyad: Debating the TotalEnergies' Iraq Agreement
By Ahmed Mousa Jiyad. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Debating TotalEnergies' Agreement- A breakthrough or Recycling Old Practices Without Economic Feasibility and Lacks Transparency After only four short visits to Iraq and holding a few meetings behind closed doors, TotalEnergies (TE) […]
Is Iraq's Ecosystem Investment-Ready?
From Five One Invest. Re-published with permission by Iraq Business News. ECOSYSTEM OVERVIEW The Iraqi startup ecosystem started with a bang this year. In Q1 of 2022, we witnessed an unprecedented $10.5M investment round (Baly) and $5M (TipTop). The excitement revolved not only around investment value but also around the investor profile. Specifically, Baly's round […]
Chinese car-maker Exeed to enter Iraqi Market
By John Lee. Chinese automobile brand Exeed has confirmed that it is entering the Iraqi market. After launching in several gulf states, the car-maker has said it is now ready to establish new dealerships in Iraq. The brand, which specialises in premium SUVs, was introduced by China's Chery Automobile in 2017. (Source: Exeed)
Progress Continues on Major Kurdistan Road Project
By John Lee. The Kalar-Darbandikhan road project has completed its first phase, according to a press release from the KRG. Garmian Roads Director Adnan Khalil said: "The first phase of the project, 24 kilometers long and 17 meters wide, has been completed at a cost of 46 billion dinars. "The second phase of the project […]
Contract Awarded for works at Maghrib Wadi
By John Lee. Bab Al Karama for General Contracting Ltd. has won a new contract with the United Nations for the construction of a pedestrian bridge over the Maghrib wadi, installation of a BRC fence along the wadi, a cleaning campaign and supply of garbage containers in Maghreb area, Nineveh Governorate. The contract is valued […]