$346m Financing Secured for Block 9 Expansion
By John Lee. The Arab Energy Fund has led and closed a $346 million reserve-based lending (RBL) facility for Kuwait Energy Basra Limited (KEBL), operator of Block 9 (Faihaa Field) in Basra and a wholly owned subsidiary of China's United Energy Group Limited (UEG). The financing will support the next phase of expansion and development […]
Erbil Launches $288m Water Recycling Project with JICA
By John Lee. The Governor of Erbil, Omed Khoshnaw [Xoshnaw], has announced the launch of the first phase of the Erbil Wastewater Recycling Project, valued at $288 million, in cooperation with the Japan International Cooperation Agency (JICA). The announcement followed a meeting at the Governorate headquarters with a senior JICA delegation headed by Taketsuru Eiko, […]
Iraqi Cabinet Approves Settlement with Russia's Lukoil
By John Lee. Iraq's Council of Ministers has approved an amicable settlement with Lukoil to transfer petroleum operations at the West Qurna 2 field to Basra Oil Company (BOC). The settlement addresses outstanding matters relating to invoices and the employment of foreign staff, subject to certification by a reputable external auditor. It also designates the […]
Dinar Forex Fraud: Court Recovers $23m
By John Lee. The Second Karkh Investigative Court has recovered IQD 30 billion (approximately $23 million) in connection with a financial fraud case. According to a statement issued by the Supreme Judicial Council (SJC), the amount was recovered from a company that violated the law by exploiting exchange rate differences in foreign currency transfers conducted […]
Gas-Fired Power Plant Inaugurated at Fao Oil Depot
By John Lee. Iraq's Ministry of Oil has announced the inauguration of a gas-fired power generation plant at the Faw [Fao] oil depot, aimed at strengthening export capacity and supporting energy stability in the southern region. The project was launched under the direction of Deputy Prime Minister for Energy Affairs and Minister of Oil, Hayan […]
Iraq-Qatar Joint Committee to Meet in Doha
By John Lee. The National Investment Commission (NIC) has hosted the preparatory meeting for the eighth session of the Iraq-Qatar Joint Committee, ahead of formal talks scheduled to take place in Doha in March. The meeting was chaired by Engineer Salar Mohammed Amin, Vice Chairman of the Commission and Deputy Head of the Iraqi side […]
Iraq Container Terminal Throughput Up 28%
By John Lee. Gulftainer has reported a 28 percent increase in throughput and container handling at its Iraq Container Terminal (ICT) at the start of 2026 compared with the same period last year. The company attributed the growth to expanded carrier services, an enhanced product portfolio and improved operational performance, strengthening the terminal's role as a […]
$700m UAE-Iraq-Turkey Data Cable Planned
By John Lee. An Iraqi-Emirati consortium is reportedly planning a $700 million subsea and terrestrial data cable linking the United Arab Emirates to Turkey via Iraq. Branded WorldLink, the project comprises Tech 964 (T964), headed by Ali Elakabi [ALMCO, Amwaj International], Iraq-based DIL Technologies and UAE-based Breeze Investments. Click here to read the full article […]
IN2 Joins Iraq Britain Business Council
By John Lee. IN2, an international strategic communications and research agency, has joined the Iraq Britain Business Council (IBBC). The company said the move strengthens its engagement with Iraq's business and investment community, highlighting its operational presence in Erbil and Baghdad alongside offices in London and Dubai. Founded more than a decade ago, IN2 has […]
CBI Clarifies No Distinction Between US Dollar Notes
By John Lee. The Central Bank of Iraq (CBI) has issued guidance to licensed banks and non-bank financial institutions clarifying that no distinction should be made between old and new US dollar banknote series in exchange transactions. The Bank stressed the need to limit practices involving differential exchange rates between various US dollar print editions, […]
Nahrawan City Project Advances with 8,000 Housing Units
By John Lee. The National Investment Commission (NIC) has reviewed progress on the Nahrawan City project in Baghdad, a 2,500-dunum development comprising 8,000 fully serviced housing units. The infrastructure works are being implemented by Al-Asim Real Estate and Tourism Investment Company, covering utilities and essential services for the planned residential community. During a site visit, Commission […]
Baims Acquires MedMasters, Enters Iraqi Education Market
By John Lee. Baims, a MENA-based education technology group, has acquired MedMasters, an Iraq-based online medical education platform, marking its second strategic acquisition and its entry into the Iraqi market. The transaction expands Baims' regional footprint and strengthens its position in digital higher education across the Middle East. Founded by Dr. Abdulazeez Salam and Dr. […]