Iraq's Economic Update -- October 2021
From the World Bank: Economic growth is gradually recovering following last year's pandemic-related contraction, partly due to higher non-oil activity. Improved global oil market conditions are expected to reinforce growth in the medium term and turn the fiscal and external balances to surpluses from 2021, and to reverse the recent surge in debt. Latest Developments: […]
SaudiExIm in deal with National Bank of Iraq
By John Lee. The Saudi Export-Import Bank (SaudiExIm) has reportedly signed an agreement with the National Bank of Iraq (NBI) to assist exporters of Saudi-sourced services and products supplying Iraq. According to AsumeTech, the deal is valued at $25 million. More here. (Source: AsumeTech)
Spotify is launched in the Iraqi Market
By John Lee. The audio streaming service Spotify has been launched in Iraq. A statement from the company on Wednesday said that both free and premium services will be available, and that local artists will receive an opportunity to reach new audiences both at home and abroad. It added: "Iraq has exported many recognizable names, […]
Dairy Industry Empowers Women in Nineveh
The Food and Agriculture Organization of the United Nations (FAO) Restores Hope to Rural Women in the Traditional Dairy Processing in Nineveh Governorate As part of its efforts to develop and diversify livelihoods, the Food and Agriculture Organization of the United Nations (FAO) is working to empower rural women and restore hope to returnees through […]
FinTech in Iraq
By Mohammed Koperly (LLB, PstgD, MCIArb), for Al Nesoor Law. One of the most significant worldwide developments during Covid-19 was the increase in consumer engagement in financial markets, many for the first time especially in Iraq. The coronavirus outbreak has acted as a catalyst for a digital revolution facilitated by financial technology (fintech). As Iraq […]
Iraq Expands Border Crossings with Saudi Arabia to Boost Trade
By Salam Zidane for Al Monitor. Any opinions expressed here are those of the author(s) and do not necessarily reflect the views of Iraq Business News. Iraq expands border crossings with Saudi Arabia to boost trade In the context of strengthening economic relations, Iraq and Saudi Arabia are diversifying their trade outlets, intending to increase […]
[Updated] Jordanian Firm to build Shatrah General Hospital
By John Lee. The Iraqi Ministry of Health has signed the contract for the construction of the Shatrah General Hospital, in Dhi Qar governorate. Acting Minister of Health, Dr. Hani Al-Uqabi, signed the contract with a Jordanian company to build the 200-bed facility, with funding including a loan from the Japan International Cooperation Agency (JICA). […]
Iraq to Repatriate Citizens Stranded at Belarus Border
By Al Monitor staff. Any opinions expressed here are those of the author(s) and do not necessarily reflect the views of Iraq Business News. Iraq to repatriate citizens stranded at Belarus border The Iraqi announcement came as the European Union said it would step up sanctions on the Belarusian government and some airlines. Click here […]
UN Condemns attempts to Discredit Iraqi Election
The following Security Council press statement was issued today by Council President Juan Ramón de la Fuente Ramírez (Mexico): The members of the Security Council welcomed the Secretary-General's report on Iraq's electoral process and the assistance of the United Nations Assistance Mission for Iraq (UNAMI) to that process, pursuant to resolution 2576 (2021). The members […]
LUKoil files Development Plan for Iraq's Eridu Oilfield
By John Lee. Russia's LUKoil and Japan's Inpex Corporation have applied to Iraq's state-owned Dhi-Qar Oil Company (DQOC) for what Lukoil describes as "commerciality of reserves", and filed a preliminary proposal on the development of the Eridu oil field within Block-10. According to Lukoil, geological exploration has proved significant reserves, making Eridu the largest discovery […]
Hill International wins contract for Downtown Sulaymaniyah
By John Lee. Hill International has reportedly been awarded a contract relating to the Downtown Sulaymaniyah project in Iraqi Kurdistan. According to Construction Week, the company will "support the selection of an international design consultant and manage, review and verify, as well as cost manage [the] development." Downtown Sulaymaniyah is the flagship investment project of […]
Nokia and Earthlink to build Iraqi National Backbone
Nokia and Earthlink to build Iraqi National Backbone with advanced high-speed IP metro network Nokia has announced that Earthlink Telecommunication, a prominent Iraqi Internet Service Provider (ISP), will use the Nokia solution to build a high-capacity IP metro transport network in 15 provinces in the country, as part of the Iraqi National Backbone project. Nokia […]