Strategic Planning Workshop on Reintegration in Iraq
UNDP and Government of Iraq hold strategic planning workshop on reintegration in Iraq Led by the Government of Iraq, the United Nations Development Programme Iraq (UNDP), and the Global Community Engagement and Resilience Fund, a three-day workshop has brought together experts and practitioners on reintegration in addition to representatives from government, academia, civil society, and […]
Iraqi Cabinet Approves 5th Round Energy Licences
By John Lee. Iraq's Council of Ministers has approved the recommendation of the Economic Energy Council to sign contracts for the fifth energy licensing round. According to a government statement, the fifth-round projects had been suspended for four years due to "a complaint about the correctness of the procedures." It adds that, "after this file […]
Giant Nibras Petrochemical Project to be Revived
By John Lee. Iraq's giant Nibras (Nebras) petrochemical project looks set to be revived, according to a statement from the Iraqi government. The Cabinet made a number of decisions relating to the project this week, including: Setting the price of the gas used to operate the project at 1.5 dollars per million British thermal units […]
Contracts Signed for Iraq Interconnection Project
By John Lee. The Gulf Cooperation Council Interconnection Authority (GCCIA) has signed 5 contracts with companies to implement the electrical interconnection project between the Gulf states and Iraq. According to a post by @raad_arabi on Twitter, the total cost of the project is more than $200 million. The authority will construct a 295-km power line […]
Dana Gas announces "Strong Results" for 2022
Dana Gas PJSC has announced its preliminary financial results for the full year ended 31 December 2022: The Company reported net profit of AED 667 million ($182mm) in 2022 as compared to AED 1.16 billion ($317mm) in 2021. Excluding other income and impairments, Dana Gas reported adjusted net profit of AED 718 million ($196mm) as […]
Austrian Firm may Sell Irrigation Systems to Iraq
By John Lee. Iraq's Minister of Agriculture, Abbas Jabr al-Olayawi [Alayawi, Obada], has received the delegation of the Austrian company Bauer, a manufacturer of sprinklers and irrigation systems. The delegation was led by the Financial Director of the company, Andreas Schitter. The Minister listened to a detailed explanation about the work of the company and […]
Russian Visit Strengthens Ties with Iraq
By John Lee. Iraqi President, Dr. Abdul Latif Jamal Rashid, received Russian Foreign Minister Sergey Lavrov and his accompanying delegation on Monday. President Rashid highlighted the importance of enhancing economic cooperation between the two countries, pointing to the need for coordination and consultation on issues of common interest including security and peace in the region […]
Iraqi Kurdistan generates approx 7000 tons of Waste Daily
Waste management in Kurdistan is part of the government's duties and a special budget has been devoted to this issue. The Kurdistan Region generates 6900 tons of garbage every day. The cost of collecting and reducing each ton is 50,000 Iraqi dinars (33.82 USD). Mr. Aras Foad director of environmental services at the Ministry of […]
Iraq Restores Value of Dinar
By John Lee. The Iraqi authorities have approved a revaluation of the Iraqi dinar. In a statement said on Tuesday, the Central Bank of Iraq (CBI) said that, starting on Wednesday, the exchange rates will be as follows: 1,300 dinars per dollar: the price of purchasing a dollar from the Ministry of Finance; 1,310 dinars […]
Tabaqchali: Iraqi Market Begins to Discount Currency Upheavals
By Ahmed Tabaqchali, Chief Strategist of AFC Iraq Fund. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Iraq Market Report: Market Begins to Discount Currency Upheavals The market, as measured by the Rabee Securities RSISX USD Index, was down 5.0% for January. F or […]
Hanwha expected to Return to Bismayah Housing Project
By John Lee. A new road map has been put in place for the continuation of work on the the giant Bismayah New City project on the outskirts of Baghdad. According to a statement from the National Investment Commission (NIC), South Korean company Hanwha is expected to sign a revised contract in the coming weeks, […]
German Firm Challenges Iraq Arbitration Ruling
By John Lee. Germany's AHG Industry GmbH & Co. KG has applied for an annulment of the recent award made in favour of the Iraqi Government, in relation to a dispute over the alleged takeover of a cement factory in Kirkuk. The World Bank's International Center for Settlement of Investment Disputes (ICSID) had previously dismissed […]