By John Lee. The Central Bank of Iraq (CBI) is reported to have taken custody over the North Bank for Finance. A Director of the CBI, Majid Al-Suri, told the Organized Crime and Corruption Reporting Project (OCCRP) that the custodianship was a "corrective measure" as a "a result of irregularities and instability in the bank's […]
By John Lee. Qatar-based cloud, connectivity and content enabler Gulf Bridge International (GBI) has reportedly updated the 'North Route' of its subsea cable meshed smart network, connecting the Gulf to Europe through Iraq. According to Zawya, this improves route diversification and enhances the resilience of internet connectivity to and from the region. It says it […]
By John Lee. Iraq's Ministry of Oil has announced preliminary oil exports for October of 104,831,120 barrels, giving an average for the month of 3.382 million barrels per day (bpd), up from the 3.292 million bpd exported in September. The exports from the oilfields in central and southern Iraq amounted to approximately 102,070,427 barrels, while […]
By Nour H. Ayoub for Al Monitor. Any opinions expressed here are those of the author(s) and do not necessarily reflect the views of Iraq Business News. Iraq's new government outlines priorities Iraqi Prime Minister Mohammed Shia al-Sudani faces multiple challenges and constituencies to move his agenda. Click here to read the full article.
By John Lee. The Abu Dhabi Exports Office (ADEX) has reportedly signed a line-of-credit agreement worth AED36.7 million (US$10 million) with the National Bank of Iraq (NBI). According to WAM, the financing agreement was signed virtually by Khalil Al Mansouri, Acting Director-General of ADEX, and Ayman Abu Dhaim, CEO of the National Bank of Iraq. […]
By John Lee. The National Bank of Iraq (IBN) has seen an increase in net income after tax of 29 percent for quarter to the end of Septermber, compared with the same period in 2021. Parent company Capital Bank Group, based in Jordan, said net income after tax reached JD11.1 million [USD 15.7 million] by […]
By John Lee. Saudi Arabia's Public Investment Fund (PIF) has set up a company to invest in Iraq. The new company is one of six that will invest a total of up to SAR 90 billion (USD 24 billion) in Bahrain, Iraq, Jordan, Oman, Sudan and Egypt. They will invest in various key sectors, including […]
Transforming Kurdistan Region's water sector through digitalization The Kurdistan Region's Ministry of Agriculture and Water Resources is working towards adopting a smarter approach to water management by working towards digitalizing the water sector, another goal on Prime Minister Masrour Barzani's agenda for the reform and digitalization of government services. Paving the road to developing water […]
By John Lee. Iraq's Ministry of Oil has issued the following profile of the new Oil Minister, Hayan Abdul-Ghani Abdul-Zahra Al-Swad [Hayyan Abdul Ghani; Hayan Abdulghani]: Date and Place of Birth: Basra, 1958 Academic Qualifications: BSC Mechanical Engineering/ University of Basra MSC Mechanical Engineering / University of Basra Career and Positions: The Minister has a […]
By John Lee. Mobile phone service Asiacell has reported a drop in revenues and EBITDA. In its financial results for the nine months ended 30 September 2022, parent company Ooredoo said: "Asiacell reported revenue of QAR 2.7 billion, a decrease of 2%, due to the ongoing intense competition in Iraq. "Asiacell's EBITDA dropped by 7% […]
From Amwaj Media. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. Iraq's unemployment crisis puts spotlight on foreign workers Iraq has a major unemployment problem. For the past decade, official unemployment rates have seen a continuous rise, reaching 14.2% in 2021. The lack of […]
By John Lee. Iraq's Ministry of Oil has announced finalised oil exports for September of 98,765,153 barrels, giving an average for the month of 3.292 million barrels per day (bpd), slightly up from the 3.286 million bpd exported in August. The exports from the oilfields in central and southern Iraq amounted to approximately 96,445,421 barrels, […]
