The latest news on Iraq – Kuwait business – investment, Disputes and more – brought to you by Iraq Business News
By John Lee. US News have reported on the presence of several thousand American armoured vehicles being serviced at a US base in Kuwait, in possible preparation for their movement into Iraq. The vehicles are primarily MRAPs (Mine Resistant Ambush Protected vehicles) expensive bulletproof and IED resistant trucks that became a key tool in the US […]
By John Lee. The U.N. Compensation Commission (UNCC) agreed on Thursday to allow Iraq to postpone its final payment of reparations to Kuwait for the Gulf War. Iraq will have until January 2016 to begin paying the remaining $4.6 billion (5.4 trillion Iraqi dinars) that it owes for the destruction of oil fields during its […]
By John Lee. Reuters reports that Kuwait has accepted an Iraqi government request to delay payment of $4.6 billlion in war reparations, pending further discussions in Geneva. The reparations were imposed by the U.N. Security Council following Iraq's 1990 invasion of Kuwait, but the country's finances have been strained by the falling oil price and […]
By John Lee. Iraq's Finance Minister, Hoshyar Zebari (pictured), has told Reuters that he is trying to postpone the final $4.6 billion installment of reparations for its 1990-91 occupation of Kuwait. To fund its reparations commitments, Iraq pays 5 percent of its crude oil exports to the U.N. Compensation Commission (UNCC). So far, nearly all […]
From ProactiveInvestors. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. Sara Akbar, the chief executive of privately-owned Kuwait Energy, says the company has no issues working in southern Iraq despite the current conflict in the country. She says being native to Iraq makes life […]
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 […]
