Fitch Rates Iraq's RTB Bank 'CCC+'
By John Lee. Fitch Ratings has assigned the Erbil-based Region Trade Bank for Investment and Finance Private Shareholding (RTB) a Long-Term Issuer Default Rating (IDR) of 'CCC+', and Viability Rating (VR) at 'ccc+'. It says the privately-owned bank has minimal market shares in Iraq, no competitive advantages and limited distribution capabilities. More here. (Source: Fitch […]
Preparations made for Iraqi e-Government Project
By John Lee. A meeting has been held in Baghdad to prepare for the World Bank-funded project to modernize Iraq's public financial management systems. The meeting was attended by the Director General of the Administrative and Financial Department, Mr. Hassan Al-Magouter, and a team from Irish-based consultancy AARC, which signed a contract in December to […]
UNOPS awards Contracts for ICT Equipment in Iraq
By John Lee. The United Nations Office for Project Services (UNOPS) for has awarded a series of contracts for the provision and delivery of ICT equipment and licenses in Iraq: Lot 1 - Laptops: Sidra Almuntaha'a. Contract value $43,100; Lot 2 - Desktops: Canon for Trading Computers and Electronic Supplies Ltd. Contract value $887,200; Lot […]
Start-Ups On The Move, Networking Event in Erbil
SPARK and Startups Without Borders are hosting the Startups On The Move networking events, a series of ecosystem events happening in June, to connect entrepreneurs from diverse backgrounds with key ecosystem players in the Middle East. The events are part of the Startups on the Move incubation programme, launched with support from Google.org, which involves […]
Italy donates EUR 2m for Iraqi Stabilization
Italy reaffirms its commitment to Iraq's stabilization with EUR 2 million contribution The Ministry of Foreign Affairs and International Cooperation of Italy, through the Italian Agency for Development Cooperation (AICS), is supporting the United Nations Development Programme (UNDP) with an additional EUR 2 million (approximately US$ 2.26 million) to assist communities affected by the Islamic […]
Iraqi Finance Minister issues Up-Beat Vision for Economy
By John Lee. Iraqi Finance Minister, Dr. Ali Allawi, has presented his vision for the Iraqi economy. In the 27-page document, he says that the changing world order following the war in Ukraine is expected to lead to a period of sustained high oil prices, providing Iraq with an opportunity to address its structural imbalances, […]
KRG Judicial Council disputes Supreme Court ruling over Oil
By John Lee. The Judicial Council of Kurdistan Region of Iraq has issued a statement saying that the provisions of its oil law (Law No. 22, 2007) do not violate the Iraqi Constitution and therefore should be recognized as "standing laws". The statement follows months of dispute between Baghdad and Erbil regarding control of the […]
Saudi Arabia and Iraqi discuss Connecting Electricity Grids
By John Lee. Iraq's Minister of Oil, Ihsan Abdul-Jabbar Ismail, has met with the Saudi Minister of Energy, HRH Abdulaziz bin Salman, to discuss connecting their respective electricity grids. They also discussed enhanced energy cooperation between the two countries, and the work of the Saudi-Iraqi Coordination Council. Iraq and Saudi Arabia signed a memorandum of […]
New US Ambassador presents credentials to Iraqi President
By John Lee. Ambassador Alina L. Romanowski has presented her credentials to serve as U.S. Ambassador to Iraq to President Barham Salih and Foreign Minister Fuad Hussein. She later met with Prime Minister Mustafa al-Kadhimi to discuss the U.S.-Iraq strategic partnership. Ambassador Romanowski thanked President Barham Salih, Prime Minister Mustafa al-Kadhimi, and Minister Fuad Hussein […]
EU, German support for Growth and Jobs in Iraq
European and German support for economic growth and jobs in Iraq Governmental bodies of Federal Iraq and the Kurdish Region, including the Prime Minister and Deputy Prime Minister Offices and Ministries of Planning, discussed progress made in implementing economic reforms and creating sustainable job opportunities for Iraqis. They met as members of the steering committee […]
Market Review: "Sandstorms, and a stroll down Al-Mutanabbi Street"
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. "Sandstorms, and a stroll down Al-Mutanabbi Street" The market, as measured by the Rabee Securities RSISX USD Index, was down 6.0% for the month, and up 1.7% […]
IOCs in Iraq need Oil Wealth to Trickle Down
From Amwaj Media. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. Why foreign oil companies in Iraq need oil wealth to trickle down Iraq's oil wealth is among the greatest on the planet. Total proven crude reserves are estimated at 150 billion barrels, and […]