From FinCEN, a bureau of the US Department of the Treasury. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. FinCEN Finalizes Financial Measure Against Iraq-based Al-Huda Bank to Combat Terrorist Financing Today [Wednesday 26th June, 2o24], the U.S. Department of the Treasury's Financial Crimes […]
By John Lee. The European Union Agency for Asylum (EUAA) has published a new report providing an overview of the security situation in Iraq from February 2023 to March 2024, focusing on information relevant for international protection. It examines the nature of armed conflicts taking place in the territory, the nature of the violence and […]
By John Lee. Iraq's Council of Ministers (Cabinet) has approved the recommendation from the Ministerial Council for Social Services (Resolution 24016 K) to form the Iraqi Construction Council. This new council will be chaired by the Minister of Construction, Housing, Municipalities, and Public Works and will include representatives from various ministries and organizations. Members include […]
By John Lee. Food and last-mile delivery service Alsaree3 has announced that it has successfully closed its 'Series A' capital raising round, securing an undisclosed seven-figure investment. A press release describes this funding round as particularly noteworthy due to the participation of Snoonu, which it says is Qatar's leading food delivery and e-commerce platform. It […]
By John Lee. The UK's Department for Business and Trade has said that total trade in goods and services (exports plus imports) between the UK and Iraq was £1.1 billion in the four quarters to the end of Q4 2023, an increase of 15.4% or £141 million in current prices from the four quarters to […]
By John Lee. In its latest session, the Iraqi Cabinet has approved several measures to address the electricity needs during peak summer periods and to develop the country's power infrastructure. The key decisions include: Contract with Mass Holding Company: The Ministry of Electricity has been authorized to contract with Mass Holding Company to supply electricity […]
By Ahmed Mousa Jiyad. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Once Again, Turkey Violates the Pipeline Agreement Turkish media has recently reported on a potential new breach by Turkey of the Kirkuk-Ceyhan crude oil pipeline agreement. This alleged violation involves Turkey extending […]
By John Lee. Real GDP is expected to fall by 0.3 percent this year, according to the World Bank's latest Global Economic Prospects report. This represents a significant reduction on the previous forecast of 4.2 percent growth, issued in January. The report says, "oil production cuts have partly contributed to weakened activity in Iraq", adding, " projected […]
By John Lee. Iraq's Minister of Higher Education and Scientific Research has announced the launch of technological and scientific incubators in universities. Addressing the first conference on technological and scientific incubators, Dr. Naeem Abd Yaser Al-Aboudi said the initiative is a continuation of the government's support for innovation and entrepreneurship, with a view to promoting […]
By John Lee. Ukrainian President has named a new ambassador to Iraq. In a statement on Friday, Volodymyr Zelenskyy appointed Ivan Ivanovych Dovganych [Dovhanych] to the role. In April, Iraq signed a contract with Ukrainian company Ukrzemresurs to develop the Akkas gas field in Anbar Province. (Source: Office of the Ukrainian President)
By John Lee. Prime Minister Mohammed Shia Al-Sudani chaired a meeting on Sunday with the higher committee overseeing the New Sadr City Project. The meeting focused on the steps needed to complete this significant residential project and the overall financing mechanism to ensure all requirements are met. Al-Sudani instructed the Ministry of Electricity to quickly […]
By John Lee. An industry group representing international oil companies (IOCs) in Iraqi Kurdistan has said that its members would agree to direct sales agreements with the State Oil Marketing Organization (SOMO), which is controlled by Baghdad's Ministry of Oil. A statement from the Association of the Petroleum Industry of Kurdistan (APIKUR) on Friday, issued […]
