The International Finance Corporation (IFC), a member of the World Bank Group, is investing up to $18 million in Saudi dairy company Al Safi Danone’s Iraq-based subsidiary, to expand its operations in order to improve domestic food security, boost Iraq’s non-oil sector, and reduce its reliance on imported dairy products. IFC’s long-term investment, which is […]
By Adnan Abu Zeed for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Operation Decisive Storm in Yemen has stirred the Iraqi sectarian divide. While the Shiite majority opposes the campaign, the Sunnis are voicing support for it. These differing positions, expressed for the Shiites by the […]
By John Lee. The Saudi Foreign Minister, Saud al-Faisal (pictured), has told reporters in Riyadh that “Iran is taking over Iraq.” The comments were made during a joint press conference with US Secretary of State John Kerry, in which Kerry said the United States was keeping an eye on Iran's 'destabilizing' acts, adding that his country […]
A high ranking delegation from the Ministry of Foreign Affairs of the Kingdom of Saudi Arabia, headed by Mr. Abdul-Rahman al-Shahri, visited Kurdistan Region to prepare the opening of the Saudi Arabian Consulate in Erbil in a near future. In a meeting held yesterday with the Kurdistan Region Prime Minister, Nechirvan Barzani, Mr. al-Shahri stated […]
By Patrick Schmidt. The Kingdom of Saudi Arabia recently announced a plan to build a 600-mile “Great Wall” along its border with Iraq. The announcement follows continued violence in Iraq as the Islamic State (IS) still controls vast swaths of the country. The plan had previously been discussed in Saudi Arabia as early as 2006, […]
By John Lee. Following the strengthening of relations between Iraq and Saudi Arabia, and the planned reopening of the Saudi embassy in Baghdad next week, there is now a real possibility that the oil pipeline between the two countries could be reinstated. Saudi Arabia closed its embassy in Baghdad following Iraq's invasion of Kuwait in […]
By Patrick Schmidt. After more than twenty-five years without an embassy in Iraq, the Saudi Foreign Ministry has announced that it will reopen its embassy in Baghdad. Saudi officials will travel to the country this week to begin preparations for the construction of the new facility. Saudi Arabia also plans to open a consulate in […]
By John Lee. Iraq and Russia are leading the global surge in oil exports despite a highly competitive market. This has maintained low prices not seen since 2009, with a February settlement for Brent Crude at $56.42 a barrel. Bloomberg reported record export data of 10.6 million barrels a day from Russia and 2.9 million bpd […]
By John Lee. Foreign Minister, Dr. Ibrahim Al Jaafari, stressed that the strategic priorities of the Iraqi diplomacy is to restore Iraqi-Arab relations to normal, calling for intensifying efforts and cooperation to eradicate terrorism, which today constitutes a threat to all countries in the region. These statements came during the official visit carried out by […]
By John Lee. Newly-appointed prime minister Haidar al-Abadi has called for an end to the boycott by a number of governorates of products from neighbouring countries, including Saudi Arabia. He urged those provinces to instead develop their economies through regional cooperation, particularly with neighbouring states. A number of provincial councils, including Baghdad, Basra and Najaf, […]
By John Lee. Al Jazeera reports that Saudi Arabia has unveiled a 900-km multi-layered fence along its border with Iraq. The project, which includes five layers of fencing equipped with watch towers, night-vision cameras and 50 radars is aimed at cutting the "number of infiltrators, drug, arms and cattle smugglers to zero". In 2009, Riyadh […]
By Omar al-Jaffal for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. After the occupation of the Iraqi town of Mosul by armed groups, including the Islamic State (IS) and the Baath Party — banned by the Iraqi Constitution — prices of food increased significantly, a result […]
