By John Lee. The Development Fund for Iraq has signed Memoranda of Understanding with 12 Saudi companies. A statement from Saudi Arabia's Ministry of Investment did not specify the companies or the details of the MoU's, but said that they are intended to enhancing cooperation with Iraqi "in a number of qualitative investment projects." (Source: […]
By John Lee. Prime Minister Mohammed Shia al-Sudani has launched the executive works in the Abu Ghraib Sewage Project on Thursday, as part of a strategic package of projects to address sanitation in Baghdad Governorate. The project will serve 300,000 people in the district, with a capacity of up to 41,000 cubic meters per day […]
By John Lee. The Central Bank of Iraq (CBI) has announced a decrease in the ratio of non-performing loans to total credit. It said the ratio of non-performing loans to total cash credit decreased to 6.3 percent in 2023, compared to 7.2 percent in 2022, 8.8 percent in 2021, and 8.9 percent in 2020. Additionally, […]
By John Lee. Finance Minister Satif Sami has met with Jean-Christophe Carre, the Regional Director for the Middle East at the World Bank, along with the bank's Special Representative in Iraq, Richard Abdulnour, and a number of experts and specialists. The meeting discussed development project priorities and ways in which the World Bank can support […]
By John Lee. Prime Minister Mohammed Shia al-Sudani inaugurated the Cordoba Bridge in Al-Bab Al-Sharqi, central Baghdad, on Wednesday evening, one of the projects aimed at alleviating traffic congestion in the capital. During the inauguration, he commended the efforts of the Ministry of Reconstruction, Housing, and Municipalities, along with their personnel who worked to achieve […]
By John Lee. The Iraqi Cabinet has granted the Ministry of Interior the authority to contract directly with the Verdalia company, the sole agent for the German company Ottobock in Iraq, which specializes in manufacturing and installing smart prosthetic limbs. Sources told Iraq Business News that Verdalia, which is based in Cyprus, operates in Iraq […]
By John Lee. The Iraqi Drilling Company (IDC) has successfully drilled and rehabilited 52 oil wells during the first quarter of 2024. Mr. Khaled Hamza Abbas, the General Manager of the IDC, said that the company has managed to drill 19 oil wells and rehabilitate 33 others in Iraqi oil fields. (Source: Ministry of Oil)
By John Lee. Prime Minister Mohammed Shiaa Al-Sudani has received an official invitation from Saudi Crown Prince Mohammed bin Salman bin Abdulaziz to participate in the special meeting of the World Economic Forum (WEF), to be hosted by the Kingdom at the end of April. In a letter to the Prime Minister, Prince Mohammed bin […]
By John Lee. Ziad Ali Fadel, Iraq's Minister of Electricity, arrived at the Iraqi-Jordanian border on Saturday morning to inaugurate the first phase of the Iraqi-Jordanian electrical interconnection project. This interconnection will provide between 40 to 50 megawatts of power to benefit the Rawa district, which has been deprived of electricity for over 10 years […]
By John Lee. The Central Bank of Iraq (CBI) has announced that the cash credit ratio to total deposits in the Iraqi banking sector reached 52 percent in 2023, marking an increase from 47 percent in 2022; it was approximately 55 percent in 2021. Despite the rise, the Central Bank noted that the ratio did […]
By John Lee. Iraq has signed a memorandum of understanding (MoU) with Siemens Energy and Schlumberger (SLB) to invest in and cease flaring associated gas from oil fields. This effort aims to convert the gas into productive energy to supply power stations and the national grid. During the signing ceremony, Mr. Hayan Abdul Ghani, the […]
By John Lee. Iraq's Ministry of Transport has announced what it described as "significantly increased revenues" for three of its wholly-owned businesss in 2023, compared to the previous year: The General Company for Maritime Transport: The company recorded profits 45.7 billion dinars [$34.9 million] in 2023, up from 37.4 billion dinars in 2022; The General […]
