SOMO, Litasco to Trade Oil from Dubai
By John Lee. Iraq's State Oil Marketing Organization (SOMO) and Russia's Litasco — Lukoil‘s international marketing and trading arm — have set up a joint oil trading company in Dubai. A source told Reuters that the new venture, LIMA Energy, is building a team to work at the Dubai Multi Commodities Centre (DMCC) to trade […]
Czech firm to Manufacture Tractors in Iraqi Kurdistan
By John Lee. Czech company Zetor is reported to be planning to set up a tractor assembly plant in Iraqi Kurdistan in 2020, using parts imported from the Czech Republic. According to Rudaw, the company will set up an entire new division on the KRI by 2030. A spokesperson for the KRG's Ministry of Agriculture […]
New IBBC Representative in UAE
Vikas Handa is joining the Iraq Britain Business Council (IBBC) as the UAE Representative to run the IBBC office in Dubai and will be responsible for the overall outreach in the Middle East & North Africa (MENA) region. Many IBBC members will know Vikas, who previously headed Weir Oil & Gas operations in the Eastern […]
Al Murabit Security Services opens New Base
Al Murabit Security Services has opened its new office in Burjessia, Basra, demonstrating its commitment to deliver its full security service offering to customers in southern Iraq, as well as through its headquarters in Baghdad. Situated in the southern oilfields, the new office relocates the team closer to their customers and enables them to better […]
UK Parliamentary Report Opposes Kurdish Independence
By John Lee. A new report from the British House of Lords' Select Committee on International Relations has recommended that the United Kingdom should not support Kurdish independence. Describing the Iraqi Kurds as "a valuable ally", the report -- The Middle East: Time for New Realism -- says that while the UK should support the Kurdistan […]
Military Strikes Continue Against ISIS in Syria, Iraq
U.S. and coalition military forces continued to attack the Islamic State of Iraq and Syria yesterday, conducting 15 strikes consisting of 38 engagements, Combined Joint Task Force Operation Inherent Resolve officials reported today. Officials reported details of yesterday’s strikes, noting that assessments of results are based on initial reports. Strikes in Syria In Syria, coalition […]
Currency Auction Results, 2nd May
By John Lee. The Central Bank of Iraq (CBI) has reported that 40 banks and 11 remittance companies took part in its currency auction on Tuesday. A total of $159,597,950 sold at a price of 1184 Iraqi Dinars (IQD) per dollar. (Source: Central Bank of Iraq)
GardaWorld Weekly Security Report
GardaWorld, a global leader in comprehensive security and risk management, has made its weekly security report available to Iraq Business News readers. Prepared by GardaWorld's Risk Analysis Team in Iraq, this essential report includes short- and medium-term outlooks on the security situation, reports and commentary on recent significant events, and a detailed overview of developments […]
Kuwait signs $100m Grant for Iraqi Reconstruction
Kuwait has approved a $100 million grant for Iraq to support humanitarian and reconstruction projects in areas retaken from IS, according to a statement from Iraq’s Reconstruction Fund chief Mustafa Al-Hiti. The grant is the first Kuwaiti financial assistance to Iraq since Iraq’s occupation of Kuwait in 1990/1991 under then-President Saddam Hussein. Officials from the […]
Asiacell Customer Numbers "Increased Significantly"
In its Q1 results, Ooredoo reports that its Iraqi division Asiacell maintained profitability and data market leadership in what it described as a "challenging economic and political environment". Customer numbers increased significantly by 13% to reach 12 million customers following network reconnection in liberated areas of the country. Asiacell maintained stable revenues of QAR 1.1 […]
Mosul IDPs in Kurdistan Region rise to 164,000
Since the start of military operations in October 2016 to liberate the City of Mosul, the number of internally displaced persons, IDPs, who have taken refuge in the Kurdistan Region has risen to 164,000 people. They are mainly located in camps in Erbil and Duhok Governorates. In an interview with Kurdistan Regional Government website, Hoshang […]
Coalition Strikes Target ISIS Terrorists in Syria, Iraq
U.S. and coalition military forces continued to attack the Islamic State of Iraq and Syria on Wednesday, conducting 29 strikes consisting of 56 engagements, Combined Joint Task Force Operation Inherent Resolve officials reported yesterday. Officials reported details of yesterday’s strikes, noting that assessments of results are based on initial reports. Strikes in Syria In Syria, […]