By John Lee. Oil prices surged on Monday after several producers, including Iraq, announced an unexpected cut in production. Iraq's Ministry of Oil said it has voluntarily decided to reduce production by 211,000 barrels per day (bpd), starting from May, and continuring until the end of 2023. According to BBC, Saudi Arabia is reducing output […]
By John Lee. The Saudi EXIM Bank has announced the signing of an agreement with Iraqi Islamic Bank for Investment and Development for a new, SAR75-million [$20 million] credit line. The new credit line is the latest addition to the broad portfolio of financial instruments that Saudi EXIM Bank provides to national financial institutions to […]
Prime Minister Mr. Mohammed S. Al-Sudani, received the Saudi Minister of Commerce, Mr. Majid bin Abdullah Al-Qasabi, and his accompanying delegation. The meeting focused on discussing prospects for cooperation between the two countries and ways to develop bilateral relations to serve the interests of the two brotherly peoples. During the meeting, the Prime Minister reaffirmed […]
By John Lee. Sultan bin Abdulrahman Al-Murshed, CEO of the Saudi Fund for Development (SFD) welcomed an Iraqi delegation led by the Chairman of the National Investment Commission (NIC), Dr. Haider Muhammad Makiya in Riyadh on Sunday. The delegation comprised officials from various Iraqi ministries including Foreign Affairs, Finance, Agriculture, Oil, and Electricity, as well […]
From Amwaj Media. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. Inside story: Amid 'witch-hunt' in Iraq, ex-PM considered as conduit in Iran Iraqi ex-prime minister Mustafa Al-Kadhimi (2020-22)-a key proponent and prior host of talks between Iran and Saudi Arabia-is seemingly under fire […]
By John Lee. The Saudi Ports Authority (Mawani) has announced the addition of King Abdulaziz Port to the newly-launched India-Saudi-Iraq (ISI) shipping service by Singapore-based feeder operator Bengal Tiger Line (BTL). Aimed at empowering importers and exporters with best-in-class offerings, the regional route further strengthens the Kingdom's maritime connectivity in its quest to establish itself […]
By John Lee. The Iraqi Minister of Interior, Abdul Amir Al-Shammari, and its Saudi counterpart have signed a security memorandum of understanding, which is the first of its kind since 1983. The agreement includes various forms of security cooperation, exchange of ideas, and joint security efforts to enhance security for both countries. The signing was […]
By John Lee. Iraq's Ministry of Construction, Housing and Public Municipalities has announced the completion of the Arar-Anaza road project. The project was overseen by the Roads and Bridges Department of the Ministry and executed by the Ashur General Company for Construction Contracting. This 29-km road, with a width of 6.3 meters, was completed at […]
By John Lee. The Saudi Ports Authority (Mawani) has announced the addition of Jubail Commercial Port to the India Gulf Service 1 (IG1) shipping route by ocean carrier Hapag-Lloyd. Starting on 12th February, the weekly service will link the Kingdom to the ports of Jebel Ali, Karachi, Mundra, Sohar, Shuaiba, and Umm Qasar on board […]
By John Lee. Saudi-based Riyadh Cables Group has signed an export agreement worth $25 million with Iraq's Wafaa Al-Furat Company for Electrical Materials Trading. Under the agreement Riyadh Cables will start exporting wires and electrical cables from Saudi Arabia to Iraq during 2023. The company also owns the Al-Rowad Electrical Cables manufacturing facility in Baghdad. […]
From Amwaj Media. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. Gulf Cup gives Iraq chance to draw closer to Arab neighbors Iraq is about to embark on a new chapter in its sporting history. From 6th-19th January, Basra will host the 25th edition […]
By Shelly Kittleson for Al Monitor. Any opinions expressed here are those of the author(s) and do not necessarily reflect the views of Iraq Business News. Iran-linked militia in Iraq threatens Saudi Arabia as Iraqi PM visits Tehran Kataib Hezbollah are calling for more attacks on Saudi Arabia amid wrangling over who should protect the […]
