Tag Archives | Kuwait

The latest news on Iraq – Kuwait business – investment, Disputes and more – brought to you by Iraq Business News

Iraq announces Exit from Chapter VII

Iraq's Minister of Foreign Affairs, Mr. Fouad Hussein, announced Iraq's exit from Chapter VII of UN Charter after the UN Compensation Commission (UNCC) announced that Iraq had made the final reparation payment to Kuwait. In a speech during a briefing at the UN Security Council on ending the Compensation Commission's mandate over Iraq's reparations to […]

UN Reparations Panel Concludes; Iraq pays $52.4bn for Kuwait Invasion

The Governing Council of the United Nations Compensation Commission held a special session on Wednesday under the Presidency of Ireland to mark the fulfillment of the Commission's mandate. Delegations from Iraq and Kuwait addressed the Council at the opening plenary meeting. Almost 31 years ago, the Commission was established in Geneva as a subsidiary organ […]

Work Starts at $594m Oil Processing Plant at Block 9

By John Lee. The President of  the Iraqi National Oil Company (INOC) has laid the foundation stone for the $594-million crude oil processing plant at Block 9, within the Al-Fayha Oil Field in Basra Province. Ihsan Abdul-Jabbar Ismail said that the development is important for the production of light oil, with a target for this […]

KDC Buys KREDCO Real Estate

By John Lee. The Kurdistan Development Corporation (KDC) has bought the majority shareholding of Erbil-based KREDCO Real Estate Limited Company. KREDCO has previously been described as a joint venture between the KDC and the Kuwait-based National Real Estate Company (NREC). According to a disclosure to the Kuwaiti stock exchange, NREC said it sold its 51-percent […]

Iraq's Credit Rating lifts with Final Reparations to Kuwait

By Adnan Abu Zeed 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 credit rating lifts with final reparations payment to Kuwait Iraq paid Kuwait a final installment of war reparations more than 31 years after the invasion of Kuwait, […]

UN confirms Iraq's Final Reparations Payment to Kuwait

Today (Thursday 13th January), the United Nations Compensation Commission (UNCC) made available $629,324,488 to the Government of the State of Kuwait towards the Commission's remaining claim with an outstanding award balance. With this payment, all claimants awarded compensation by the Commission have now received the full amount of their respective awards. In total, the Commission […]

Safwan Border Crossing Re-Opened

By John Lee. Iraq's General Customs Authority has announced the reopening of the Safwan/Abdali border crossing between Iraq and Kuwait. The crossing had previously been closed to help prevent the spread of COVID-19 (coronavirus). Designs were completed earlier this year for a redevelopment of the crossing. (Source: General Customs Authority)

Further $490m Paid to Kuwait for Invasion by Iraq

The United Nations Compensation Commission (UNCC) has made available $490 million to the Government of the State of Kuwait towards the Commission's remaining claim with an outstanding award balance. The United Nations Compensation Commission is a subsidiary organ of the United Nations Security Council. It was established in 1991 in accordance with Security Council resolutions […]

Iraqi PM improves ties with Kuwait

By John Lee. On Sunday, Iraqi Prime Minister Mustafa Al-Kadhimi met with the Emir of Kuwait, His Highness Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah. During the meeting in Kuwait, the Prime Minister stressed the need to take advantage of the potential offered by being neighbouring states, the interdependence of strategic and economic interests between the two […]

Further $600m Paid to Kuwait for Invasion by Iraq

The United Nations Compensation Commission has made available $600 million to the Government of the State of Kuwait towards the Commission's remaining claim with an outstanding award balance. The United Nations Compensation Commission is a subsidiary organ of the United Nations Security Council. It was established in 1991 in accordance with Security Council resolutions 687 […]

Border Crossings, Roads, and Regional Politics in Iraq

By Harith Hasan, for Carnegie Middle East Center. Any opinions expressed here are those of the author(s) and do not necessarily reflect the views of Iraq Business News. Border Crossings, Roads, and Regional Politics in Iraq Border crossings and cross-border connections have become essential components in the growing regional contest for influence in Iraq. Click […]