The latest news on Iraq – Kuwait business – investment, Disputes and more – brought to you by Iraq Business News
By John Lee. Iraqi Oil Minister Adel Abdul-Mahdi [Adil Abd al-Mahdi] has met with a Kuwaiti delegation led by the country's Ambassador to Baghdad, Ghassan al-Zawawi, to discuss cooperation in the energy sector. The Minister praised Kuwait for its economic and political support for Iraq, and praised Kuwaiti companies for their contribution to the development […]
The United Nations Compensation Commission (UNCC), which settles the damage claims of those who suffered losses due to Iraq’s 1990 invasion of Kuwait, today made $1.19 billion (1.4 trillion Iraqi dinars) available to the Government of Kuwait. With today’s payment, the Commission has disbursed $46.7 billion, leaving approximately $5.7 billion remaining to be directed to […]
The United Nations Office for the Coordination of Humanitarian Affairs (OCHA) today welcomed the generous contribution of US$9.5 million from the State of Kuwait to UN humanitarian agencies and the International Organization for Migration (IOM) responding to the deteriorating humanitarian crisis in Iraq. An additional $500,000 from Kuwait has been allocated to the Kuwait Red […]
From Al Jazeera. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. Fear of getting caught up in violence and difficulty getting visas to Iraq are affecting businesses in Jordan.
By John Lee. The United Nations Compensation Commission has paid $990 million to Kuwait resulting from Iraq's 1990 invasion of the country. The payment brings the total paid so far to $45.5 billion, leaving approximately $6.9 billion remaining to be paid. (Source: United Nations Compensation Commission) (Dollars image via Shutterstock)
By John Lee. Kuwait-based Zain reported an 8 percent rise in first-quarter profit on Monday, as earnings from Iraq and its domestic business rose. According to the company's report: "Zain Iraq ... performed exceptionally well in the first quarter of 2014 with revenues of US$432.3 million, EBITDA of US$167.8 million and net income of US$78.3 […]
By John Lee. Yum! Brands has announced the opening of the first Pizza Hut in Iraq with franchise partner, Al Kout Food Company. The new restaurant in the popular Majidi Mall in Erbil features "a full casual dine-in experience for Iraqi consumers with a vibrant, youthful design and seating for 120 people. The menu is […]
By John Lee. Direct flights between Kuwait and Iraq have resumed after 2 decades, Mawtani reports. After initially starting at 2 flights a week, the eventual aim is to have daily flights, according to Iraqi Airways company director Capt. Saad al-Khafajy. Al-Khafajy was optimistic about flying more passengers between the two countries on Iraq's national carrier, noting […]
By John Lee. The Kuwait National Cleaning Company has reportedly won a three-year, 207-billion-Dinar contract to remove trash from Basra city. According to a report from Alsumaria, the company beat six competitors from Germany, Lebanon, Turkey and Iran. The Governor’s advisor for services, Mohamad Jaafar, said: "Al Basra’s Governor, Majed Al Nasrawi, reiterated on numerous […]
By John Lee. The Bank of Bahrain and Kuwait (BBK) has announced plans to open a branch in Kurdistan this year. Abdul-Karim Bujeery, CEO of the bank, said: "The expansion in Kurdistan Region will be the next step to the bank , if the study of market [leads] to positive results." The bank hsa appointed […]
The United Nations Compensation Commission has made available $1.03 billion to the Government of the State of Kuwait towards the Commission’s remaining claim with an outstanding award balance. The United Nations Compensation Commission was established in 1991 in accordance with Security Council resolutions 687 (1991) and 692 (1991) to process claims and pay compensation for […]
The US government has filed a complaint against Kellogg, Brown & Root Services Inc. (KBR) and Kuwaiti companies La Nouvelle General Trading & Contracting Co. (La Nouvelle) and First Kuwaiti Trading Co. (First Kuwaiti) for submitting false claims in connection with KBR’s contract with the Army to provide logistical support in Iraq, the Department of […]
