$890m for Reconstruction in Dhi Qar
By John Lee. Iraq has approved a reconstruction programme in Dhi Qar governorate valued 1.3 trillion Iraqi dinars ($890 million). Prime Minister Mustafa Al-Kadhimi said that electricity supply would be given priority, adding that 20 cities in the province will also be expanded. Included in the more than 100 projects is the Al-Islah-Jbayish water project, […]
"Approval Required" for Majority Foreign Ownership of Iraqi Companies
By John Lee. According to information from Rabee Securities, the approval of the Iraqi Securities Commission (ISC) will be required in every case where foreign ownership of a company exceeds 49 percent. The brokerage house says the ISC informed the Board of Governors of the Iraq Stock Exchange (ISX) of the change on Wednesday 6th […]
Iraq Stock Market Report
Advertising Feature Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 7th October 2021). Note: ISX will be closed on Oct. 10 and Oct. 11 due to the Iraqi Parliamentary Elections. The next trading session will be held on Tuesday (Oct. 12). Please click here to view a table of listed companies and their […]
Elections Without Democracy in Iraq?
By Bilal Wahab and Calvin Wilder, for the Washington Institute for Near East Policy. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. Elections Without Democracy in Iraq? When Iraqis head to the polls for an early election on October 10, they will have the […]
INOC to be Partner in TotalEnergies Basra Projects
By John Lee. The Iraqi cabinet has approved a plan for the newly-formed Iraqi National Oil Company (INOC) to be a financial partner with TotalEnergies in its projects in Basra. It said it will support INOC to "maximize revenues and financial returns to the general budget." In September, TotalEnergies signed a number of major agreements […]
Iraq, UAE sign Contract to build 5 Solar Power Stations
By John Lee. Prime Minister Mustafa Al-Kazemi attended a signing ceremony on Wednesday for the construction of five new solar power stations by Masdar (Abu Dhabi Future Energy Company). This covers the first phase of the project, covering 1,000 megawatts of power out of a planned total capacity 2,000 megawatts. The signing ceremony was attended […]
Agility claims Win in Korek Fraud Case
By John Lee. [Amended 7th Oct 2021 to include comment from Korek Telecom.] UAE-based Agility has announced an arbitration decision by the Lebanese Arbitration Center of the Chamber of Commerce, Industry and Agriculture of Beirut and Mount Lebanon, in the lawsuit filed by its subsidiary Iraq Telecom against the Intercontinental Bank of Lebanon (IBL) and […]
Iraqi Housing Fund to Increase Capital to $1.4bn
By John Lee. The Iraqi Cabinet has approval a doubling in the capital of the Iraqi Housing Fund. The capital will increase from 1 trillion to 2 trillion Iraqi dinars ($1.4 billion), with the additional funds to be paid by the Ministry of Finance. (Source: Office of the Prime Minister)
Iraqi Companies visit Germany
By John Lee. An Iraqi delegation has visited the German capital Berlin to discuss economic cooperation between the two countries. The visit was organised by NUMOV (Nah- und Mittelost-Verein e.V.), and attendees at the meeting included the new Ambassador of Iraq in Berlin, Mr. Lukman Faily. The Ambassador spoke to the representatives of German companies […]
Iraq in talks on Gas Exploration in Western Desert
By John Lee. Iraq's Oil Minister Ihsan Abdul-Jabbar Ismail has said that the Iraqi National Oil Company (INOC) has opened a dialogue about gas exploration in the Western Desert in Anbar Governorate. The company involved was not named, but was described as "one of the major international companies". The Minister said Iraq is keen to […]
KRG launches two Electricity Projects worth $1.2m
By John Lee. The Kurdistan Regional Government (KRG) has recently launched what it describes as "two massive electricity projects" in Makhmour. They are the Bnar power station, built by the Girshin Company, and a 33 KV power-line at Qaraj, implemented by Palos. The projects have a combined cost of 1.742 billion dinars [$1.2 million]. (Source: […]
Lebanon, Iraq discuss Cooperation in Trade
By John Lee. The Iraqi-Lebanese Business Conference has been held in Beirut, under the auspices of the Lebanese Minister of Industry. The meeting discussed the promotion of trade in areas such as agriculture, industry and tourism. A representative of Beirut's Chamber of Commerce, Industry and Agriculture said that the Lebanese private sector is always ready […]