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Move to Private Sector Vital For Progress

The financial losses being made by Iraq’s state owned enterprises are “not acceptable” and the Government is pushing through new legislation to prioritise the growth of the private sector, the Prime Minister’s Chief of Staff told a high-level business conference in Baghdad last week. Speaking at the Iraq Britain Business Council (IBBC) event in the […]

Dana Gas Production Up

By John Lee. As part of its Q1 2015 Report, Dana Gas has given the following update on its operations in Iraqi Kurdistan: In the Kurdistan Region of Iraq, the Company saw its quarterly share of production (40%) in the Khor Mor Field marginally increase by 3.7% to 30,400 boepd (Q1 2014: 29,300 boepd) while […]

IWPR Iraq Director Killed in Baghdad

Ammar Al Shahbander, long-standing Chief of Mission in Iraq for the Institute for War & Peace Reporting (IWPR), has been killed in a car bomb attack in the busy commercial area of Karrada in Baghdad. It is believed that up to 17 people were killed in twin bomb blasts in the area. Emad al-Sharaa, also […]

Ancient Market at Heart of Modern Baghdad

By Wassim Bassem for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Souk al-Shorja is Baghdad's oldest market. It was established in the late Abbasid period about A.D. 750 and was first called Souk al-Rayahin then Souk al-Attarin. It is part of the historic area that includes […]

World Bank to Help Regions Recaptured from IS

By John Lee. The World Bank is seeking to finance development projects in areas recaptured from Islamic State (IS, ISIS, ISIL) militants, according to a report from Reuters. Regional vice president Hafez Ghanem (pictured) told the news agency he would also meet with Iraqi officials to discuss ways to help the government tackle its budget […]

EU Warns of Donor Fatigue

By John Lee. Jean-Louis de Brouwer, head of the European Union's humanitarian aid department, warned on Thursday that the situation in Iraq is deteriorating rapidly, while the world is preoccupied with crises elsewhere. He told The Associated Press that the number of displaced people in Iraq has quadrupled in the past year and shows no […]

Iraq Oil Exports Hit Record

By John Lee. Iraq's oil exports hit a record 3.08 million bpd in April, according to Reuters, up from 2.98 mln bpd in the previous month, Exports from the southern terminals reached 2.627 million bpd, while exports from the north via the Kurdistan pipeline were 450,000 bpd. At an average price of $51.70 per barrel, […]

Iraq Seeks Credit Rating before Bond Issue

By John Lee. Reuters reports that Iraq is approaching credit rating agencies to obtain a sovereign credit rating as it prepares for its first international bond sale for nine years. Finance Minister Hoshiyar Zebari (pictured) told the news agency: "We started the process ... The banks are also trying to help us in that direction.” […]

US Think Tank: Kurds Could Replace Turkey as Ally

The Washington DC-based think tank the Bipartisan Policy Centre (BPC) says the United States must look for a new reliable strategic partner such as the Kurds, to replace Turkey, as Turkey is no longer a dependable ally. According to the BPC, Turkey has failed to secure the length of its 560 mile with Syria against the […]

Auchan Hypermarket Closes

By John Lee. The French retailer Groupe Auchan has announced that its hypermarket in Erbil has closed down. The company described the closure as a "non-anticipated decision ... by the SI Retail shareholders, the English-law firm managing locally the hypermarket, due to the difficult situation encountered in the country." SI Retail signed an Auchan franchise […]

Private Foreign Investment 'Vital for Iraq’s Growth'

Iraq’s Deputy Prime Minister, Dr Bahaa Al Araji (pictured), told a high level international conference in Baghdad on Wednesday that his country recognised the vital importance of foreign investment and Iraq was full of opportunity. Dr Bahaa said the Government was ready to extend all facilities and offer incentives for businesses to come to Iraq. […]