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  • Investors Iraq News's Avatar
    Today, 05:50 PM
    Supporting Recovery and Stability in Iraq through Local Development The Steering Committee of the programme Supporting Recovery and Stability in Iraq through Local Development held its first annual meeting in Erbil, on 17 April 2019. The programme is funded by the European Union (EU) with €47.5 million over 4 years, and implemented by the United Nations Development Programme (UNDP) in partnership with the UN Human Settlements Programme (UN-Habitat). The Steering Committee endorsed the programme’s workplan, identifying key priority projects to be implemented in nine Governorates: Anbar, Basra, Duhok, Erbil, Missan, Ninewah, Salah al-Din, Sulaimaniyah, and Thi Qar. The projects derived from the Provincial Development Plans and the Sustainable Energy Action Plans, developed under the flagship Local Area Development Programme (LADP II) that concluded in mid 2018. The programme revolves around supporting the decentralization of powers from central to local authorities, including through the development of institutional capacities, the optimization of revenue generation systems, peer-to-peer partnerships with EU local authorities, and the empowerment of civil society to advocate for local development causes. Minister of Planning at the Federal Government of Iraq, Dr. Nouri Al Dulaimi, said: “Today, we endorsed a robust workplan addressing local priorities, such as decentralization, job creation and public services, in areas where needed most. With this endorsement, we renew our commitment to work closely with our strategic partners towards making sustainable, inclusive local development a reality.” Minister of Planning at the Kurdistan Regional Government, Dr. Ali Sindi, noted: “Our past joint efforts under the EU-funded LADP II produced the Provincial Development Plans and the Sustainable Energy Action Plans. We are glad to be building upon this achievement, with the support of UNDP, to move to the next level of executing sustainable energy, environmental action and climate change adaptation initiatives.” Head of the EU Delegation to the Republic of Iraq, H.E. Ambassador Ramon Blecua, said: “The European Union continues to show its commitment in supporting local development in Iraq. The Steering Committee meeting held today, was a great opportunity to agree all together on concrete actions to be implemented at local level in the next months. “I am happy to see this new programme in full implementation mode and look forward to its quick results, so to deliver services and livelihoods opportunities and make a difference in daily life of the Iraqi population.” Officer-in-Charge of UNDP Iraq, Mr. Vakhtang Svanidze, said: “Under this EU-funded programme, we will do our utmost to help Iraqis in their pursuit of effective local governance for improved living conditions to all, especially the most vulnerable. This is of paramount importance to achieving the Sustainable Development Goals in Iraq in the long run.” Head of UNDP Office in the Kurdistan Region of Iraq (KR-I), Ms. Isabela Uribe, reiterated: “I am more than glad that we are going local with practical solutions touching people’ s daily life. Thanks to the generosity of the EU, with ample cooperation of the federal and local authorities and the hard work of UNDP and UN-Habitat, an inclusive, transparent and cutting edge approach to local development is going to place citizens in the driving seat of a new social agenda.” Under the new programme, UN-Habitat will contribute to the stability and socio-economic development of Iraq by improving living conditions and enhancing service delivery at the local level, through urban recovery investments and job opportunities in conflict-affected areas, and revenue generation in five governorates. Head of UN-Habitat Iraq, a.i., Ms. Yuko Otsuki , stated that “immediate interventions will prioritize urban recovery activities, such as the rehabilitation of damaged housing and schools, repairs to secondary infrastructure through job creation and skill enhancement, and involving youth in the redesign and recovery of public spaces.” A decision-making body, the Steering Committee is comprised of Iraq’s Minister of Planning, Dr. Nouri Al Dulaimi, Kurdistan Region’s Minister of Planning, Dr. Ali Sindi, as well as the Governors of the aforementioned Governorates where the programme will be active. Members also include UNDP and UN-Habitat as implementing partners, along with the EU Head of Delegation and Delegation Cooperation Section as donor representatives. Governorate representatives signed the Charter of Principles that sets out an agreed upon framework between each Governorate, UNDP and UN-Habitat. The framework defines roles and responsibilities and will govern the implementation of the programme. The programme fact sheet can be downloaded through this link: https://bit.ly/2Wlw17e. (Source: UN) Source: Iraq-BusinessNews.com. Post your commentary below.
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  • Investors Iraq News's Avatar
    Today, 05:50 PM
    Advertising FeatureRabee Securities Iraq Stock Exchange (ISX) market report (week ending: 18th April 2019). Please click here to download a table of listed companies and their associated ticker codes. The RSISX index ended the week at IQD592 (+1.8%) / $636 (+1.7%) (weekly change) (-10.3% and -10.4% YTD change, respectively). The number of week traded shares was 5.2bn and the weekly trading volume was IQD4.0bn ($5.3mn). ISX Company Announcements Iraqi Carton Manufactories (IICM) will hold an AGM* on May. 9, 2019 to discuss and approve 2016 annual financial results. The company has been suspended from trading since Aug. 6, 2017 due to not disclosing 2016 and 2017 annual financial results. Asiacell (TASC) will resume trading on Apr. 21, 2019 after discussing and approving 2018 annual financial results and deciding to distribute 100% cash dividend (IQD1.00 dividend per share, 12.2% dividend yield). ISX suspended trading of Region Trade Bank for Investment and Finance (BRTB) starting Apr. 17, 2019 due to the GA that will be held on Apr. 22, 2019 to elect 4 original and 4 alternative board members. Source: Iraq-BusinessNews.com. Post your commentary below.
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  • Investors Iraq News's Avatar
    Today, 05:50 PM
    By John Lee. The United Nations has advertised new positions in Iraq: Investigator, UNS-SPM UNITAD – United Nations Investigative Team for Accountability of Daesh/ISIL Legal Officer, UNS-SPM UNITAD – United Nations Investigative Team for Accountability of Daesh/ISIL Senior Legal Officer, UNS-SPM UNITAD – United Nations Investigative Team for Accountability of Daesh/ISIL Senior Mission Planning Officer, UNAMI – United Nations Assistance Mission for Iraq Human Rights Officer, UNAMI – United Nations Assistance Mission for Iraq Field Security Coordination Officer, UNAMI – United Nations Assistance Mission for Iraq UNODC- National Project Officer (Human Trafficking and Migrant Smuggling), UNDP – United Nations Development Programme Site Engineer, UNOPS – United Nations Office for Project Services Finance Officer, UNOPS – United Nations Office for Project Services Programme Coordinator, IOM – International Organization for Migration (Source: UN) (Picture: Finger pressing a new career start button, from Olivier Le Moal/Shutterstock) Source: Iraq-BusinessNews.com. Post your commentary below.
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  • Investors Iraq News's Avatar
    Today, 05:50 PM
    By John Lee. The United Nations has advertised new positions in Iraqi Kurdistan: Human Resources Clerk, UNDP – United Nations Development Programme Information Management Assistant, UNOPS – United Nations Office for Project Services Accountant, Management Systems International (MSI) Programme Officer (Data Analysis), UNICEF – United Nations Children’s Fund Monitoring Evaluation Accountability and Learning (MEAL) Head of Department, Action contre la Faim – ACF International Grant & Reporting Manager, Action contre la Faim – ACF International (Source: UN) (Picture: Success, growth, career, development signpost from 3D_Creation/Shutterstock) Source: Iraq-BusinessNews.com. Post your commentary below.
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  • Investors Iraq News's Avatar
    Today, 03:50 PM
    Iraqi officers have committed torture at a detention facility in Mosul at least through early 2019, months after Human Rights Watch (HRW) reported on the abuses and shared information about those responsible, Human Rights Watch said on Thursday. The Iraqi government did not respond to two Human Rights Watch letters requesting an update on steps taken to investigate the allegations. “If the Iraqi government ignores credible reports of torture, it’s no wonder that the abuses persist,” said Lama Fakih, deputy Middle East director at Human Rights Watch. “What will it take for the authorities to take torture allegations seriously.” More here. (Source: HRW) Source: Iraq-BusinessNews.com. Post your commentary below.
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  • BatmaninIraq's Avatar
    Today, 03:20 AM
    Central Bank Basra branch introduces a window to provide small cash categories 18/04/2019 font size: The Central Bank of Iraq (CBE) launched a branch of the Basra branch on Thursday to develop a window from the issue division to provide small groups of 250, 500 and 1,000 dinars. The head of the Central Bank of Iraq Branch of Basra in a press statement briefed by the "Covenant News" , said that in view of the small groups of the Iraqi currency traded in the markets, the Iraqi Central Bank branch in Basra sought to provide these quantities for the purpose of facilitating the deal between a single trader And the citizen. He stressed that the provision of cash from all groups will facilitate the sale and purchase between citizens and owners of shops. Al-Fahd added that the distribution of small categories through bank withdrawals, which are delivered to citizens through personal accounts and salaries will revive the local market and will be in the interest of the national economy and turnover of the wheel of monetary movement. It is noteworthy that small groups have been implemented from the market significantly recently, and this gesture re-ease of dealing between citizens.
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  • BatmaninIraq's Avatar
    Yesterday, 10:13 PM
    Al Rashid applies the comprehensive banking system in its branches Al Rasheed Bank announced the implementation of the comprehensive banking system in its branches to achieve speed and ease. "The bank signed a special contract for the comprehensive banking system, which will be applied in all branches," the bank's press office said in a press release. He added: "The implementation of this system will achieve speed and ease and away from the routine," noting that "this system is in place in international banks and will depend on the use of modern technology in[
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  • Investors Iraq News's Avatar
    Yesterday, 02:56 PM
    By John Lee. Iraq and Saudi Arabia have signed 13 political and economic agreements during the visit by Prime Minister Adel Abdul Mahdi to the Saudi capital Riyadh. According to Reuters, Iraqi Oil Minister Thamer Ghadhban has said that Saudi state-owned oil giant Saudi Aramco will help Iraq explore for gas in the western desert. Saudi Arabia cut ties with Baghdad after it invaded Kuwait in 1990, but the new moves are seen as a sign of improving relations between the two countries. (Sources: Office of the Iraqi Prime Minister, The National, Reuters) Source: Iraq-BusinessNews.com. Post your commentary below.
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  • Investors Iraq News's Avatar
    Yesterday, 02:56 PM
    By John Lee. China’s Zhongman Petroleum and Natural Gas Group Corp., Ltd. (ZPEC) has reportedly started drilling its first oil well in Iraq’s eastern province of Diyala on Tuesday. The mayor of Qazaniya told Xinhua that it is more than fifty years since an oil well was drilled in Diyala province. Mazin al-Khuzaie added that the oil companies operating in Block 8 will contribute $4 million to a program to finance service projects in Qazaniya. (Source: Xinhua) Source: Iraq-BusinessNews.com. Post your commentary below.
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  • BatmaninIraq's Avatar
    Yesterday, 05:20 AM
    Home Scientific and Cultural Seminars Scientific Symposium (delete zeros from the Iraqi dinar) Under the patronage of the Dean of the Faculty of Knowledge University Dr. Yacoub Nazem Ahmed, the Department of Finance and Banking Sciences held today, 2019/3/27 and the Conference Hall a scientific symposium entitled (delete zeros from the Iraqi dinar) was divided into three axes The first axis: the concept of deleting zeros from the dinar , Presented by Assistant Professor Dr. Ali Abdul Hadi Salem. The second axis: the expected results of the deletion of three zeroes from the Iraqi dinar, M. Mahmoud Abdelkader Sweid. The third axis: the experiences of some countries in the process of deleting zeros, M. Mohammed Juma Rahim. The seminar was attended by the Dean's Assistant for Administrative Affairs, the heads of the scientific departments, faculty members and staff as well as guests from various departments of the State.
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  • Investors Iraq News's Avatar
    04-17-2019, 01:17 PM
    The IBBC (Iraq Britain Business Council) is launching a Tech Conference in Baghdad on 29th and 30th April. The Conference is showcasing leading Iraqi and International companies with the intention of building confidence for Tech initiatives within Iraq. Iraq is at a pivotal point in its development as it revives and rebuilds its infrastructure, so now is an ideal time to review the opportunity that modernisation and tech could bring to the country. IBBC is keen to support modernisation and its benefits, and to share what we have learned in the UK. With political leadership, a positive investment climate and the talent and interest among young people and the right educational skills, tech can take off in Iraq, in the way it has in the UK. The conference aims to showcase the best tech companies in Iraq, to give confidence and support to those on the way up and to change perceptions about the country and encourage investment. IBBC Marketing Consultant Ashley Goodall says: “We believe that Technological applications can enable Iraq to become more productive and efficient and a drive for transparency, a mechanism for government payments, a means to interact with citizens, and a source of new employment opportunities for young people.” Christophe Michels Managing Director of IBBC says: “We are all excited about the prospect of holding this prestigious event for IBBC members, the Tech Community and the wider people of Iraq. We hope and expect it will have an impact on all audiences to encourage a more rapid uptake of technological expertise, skills, and investment in Iraq.” Leading Iraqi companies include: Almaseer Insurance, Inspire Solutions, Zain Telecom, Careem, Switch, Media World, Zain Pay, National Bank of Iraq, KRG, Onyxes, Re:coded, Five One Labs, Khudairi Group, Iraq Tech ventures, Arabnet, Central Bank of Iraq and many international groups such as BP, PWC, EY Iraq, KPMG, Finastra and many more. The Governor of Central Bank of Iraq kindly confirmed his attendance. IBBC want to provide a platform and focus for Tech in Iraq and give inspiration and confidence to those building a modern Iraq. Come and join the new wave and help modernise Iraq. The IBBC Tech Conference is taking place in Baghdad, the Babylon Hotel on 30th April with an Entrepreneurs event on 29th April. For information and registration https://www.ibbctechconference.org/ To register to Entrepreneurs event on 29th April: https://www.eventbrite.com/e/startup-battle-baghdad-tickets-60109360716 For more information on the Iraq Britain Business Council, visit our website at https://www.iraqbritainbusiness.org/ To contact IBBC for Interviews, registration and sponsorship please contact london@webuildiraq,org (Source: IBBC) Source: Iraq-BusinessNews.com. Post your commentary below.
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  • Investors Iraq News's Avatar
    04-17-2019, 12:38 AM
    UK International Trade Secretary Dr Liam Fox MP has visited Baghdad for a three-day visit (Sunday, 14 April to Tuesday, 16 April 2019) where he met with the Iraqi Prime Minister and announced that UK Export Finance (UKEF) will make an additional £1 billion of support available for British firms operating in Iraq, providing jobs and promoting stability in the region. In the first visit to Iraq by a cabinet minister for more than a year, Dr Fox will be meeting with senior Iraqis including the Prime Minister and President to discuss the bilateral trading relationship. Alongside the Iraqi Prime Minister Adil Abdul Mehdi, the Trade Secretary announced that UK Export Finance is making an additional £1 billion available to support UK exports to Iraq, bringing its total support for the country to £2 billion. The measure is designed to promote Iraq’s economic development and nation-building, ensuring that UKEF can continue to help the Government of Iraq deliver critical infrastructure. To date, UKEF has deployed its existing capacity for Iraq, providing around £1 billion in support for projects including: A US$35 million (£26 million) loan for the scoping phase of a water and wastewater treatment project in the Kurdistan Region of Iraq provided by UK company Biwater US$1.02 billion (£770 million) to support Enka UK and GE to build 2 new gas-fired power stations in the Basra region and UK-based GE Grid Solutions to build and refurbish 14 electricity sub-stations across Iraq support for a €30.2 million (£26 million) Siemens UK contract to refurbish the 320-megawatt Al Mussaib power station in southern Iraq a loan to support a US$220 million (£169 million) contract being undertaken by a UK subsidiary of GE to refurbish gas-fired power stations This support is available to UK companies selling to Iraq or investing in the country and will help the Government of Iraq access finance for projects that source goods and services from the UK. The International Trade Secretary Dr Liam Fox MP said: “The atmosphere in Baghdad is one of optimism – it is a country which is having an increasingly stable period at a time of significant unrest in the wider region. The British government, working closely with the UK private sector and our Iraqi partners, have a key role to play in the country’s long-term prosperity. The £1 billion we have announced today will significantly strengthen our ability to do just that. “Iraq’s future is bright, and my international economic department will continue to work tirelessly to ensure it maintains this stability, allowing the hard work of its talented citizens to flourish for the benefit of all. “Trade is about more than economic self-interest, it is the means through which we deliver the mutual prosperity that underpins our collective security. That is the true prize of trade policy and promotion done right.“ During the visit, the Trade Secretary will speak to young Iraqi entrepreneurs who are working to create a more vibrant private sector to support the long-term stabilisation and prosperity of Iraq. He will also meet British firms operating in-country whose investments are vital in the country’s rebuilding efforts. Siemens UK is improving the electricity supply in Iraq using UKEF finance. Steve Scrimshaw, Country Lead, Gas and Power UK and Ireland, Siemens UK, said: “We are delighted this additional funding has been made available for ongoing regeneration in Iraq and look forward to working with UKEF and the Iraqi government on future opportunities. “Siemens has already benefited from UKEF support for work on the refurbishment of the Al Mussaib power plant. This will be vital for the people of Iraq who will benefit from both the power and the jobs it will create. With work being delivered from our Newcastle business, it is also helping to secure jobs in the UK.“ (Source: UK FCO) Source: Iraq-BusinessNews.com. Post your commentary below.
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  • Investors Iraq News's Avatar
    04-17-2019, 12:38 AM
    U.S. Government to Provide Additional $100 Million for Iraq StabilizationUS Chargé d’Affaires Joey Hood has announced that the United States Government intends to provide an additional $100 million to help stabilize liberated areas once held by the Islamic State. The United States Agency for International Development (USAID) will provide the funds to the United Nations Development Program (UNDP).* With this $100 million contribution, the U.S. Government will have provided $358 million to stabilization efforts in Iraq since 2015. The Funding Facility for Stabilization is supported by the Global Coalition to Defeat ISIS and managed in cooperation with the Government of Iraq. The United States and the GOI are committed to creating the conditions to allow displaced Iraqis to return to their homes and start to rebuild their lives.* Strengthened with new funding, this stabilization program will restore essential services, such as water, electricity, sewage, health, housing, and education. In his announcement, the Chargé called on Anbar’s elected officials, tribal sheikhs, and residents to protect the project work sites and*?do their part to re-integrate back into their communities all displaced Iraqis who wished to return home. (Source: U.S. Embassy Baghdad) Source: Iraq-BusinessNews.com. Post your commentary below.
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  • Investors Iraq News's Avatar
    04-17-2019, 12:38 AM
    By John Lee. The state-owned Trade Bank of Iraq (TBI) will reportedly open its first operational branch outside Iraq*on Thursday. Chairman and President Faisal Al-Haimus told Arab News that the new branch in Saudi capital Riyadh will also be the only active Iraqi bank in the Kingdom. (Source: Arab News) Source: Iraq-BusinessNews.com. Post your commentary below.
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  • Investors Iraq News's Avatar
    04-17-2019, 12:38 AM
    By John Lee. The National Investment Commission (NIC) has announced a new investment opportunity in Iraq: Due to the historical heritage Thi Qar province enjoys, which goes to thousands of years back and admired by many countries around the world, the need for building the Nasriya International Airport is of great importance in order to open Nasriya to the world. The NIC announces with coordination with the Civil Aviation Authority the investment opportunity to build Nasriya International Airport according to investment law number 13 for 2006 (amended), and the general, international, technical, and operational requirements to establish civil airports stipulated in the International Civil Aviation Organization (ICAO). The airport is located to the south – west of Imam Ali (PBUH) air force base in Thi Qar province as shown in chart (1). Area of the Passengers terminal structure is 3000m² as shown in chart (2). Interested foreign and local companies can apply by filling the investment licenses available on our website and submit all required documents to our email address info@investpromo.gov.iq within 15 days from the date of announcing this advertisement. For more information, please contact the Civil Aviation Authority head quarter Baghdad International Airport/ third floor info@icaa.gov.iq P.O Box: 23006 BIAP (Source: National Investment Commission) (Picture: Business opportunity word cloud, from ibreakstock/Shutterstock) Source: Iraq-BusinessNews.com. Post your commentary below.
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  • BatmaninIraq's Avatar
    04-16-2019, 09:46 PM
    The Ministry of Industry and Minerals on Tuesday called on the government to stop selling the dollar at the Central Bank auction because it affects the Iraqi industry, indicating that the most money in hard currency goes out of the country. "The sale of the dollar at the auction of the Central Bank has a great impact on the Iraqi industry because most of this money goes out of the country and therefore if the government wants to promote the local industry, the sale of the dollar should be stopped as a first step and then obligatory, Ministries to buy the products of the Ministry of Industry for its and development. " He added that "most of the decisions taken by the government after 2003 to the Iraqi industry, did not and did not have the level of ambition, in addition to the laxness of the border crossings and the importation through them and these ports need strict laws to oblige and this is what we miss now, adding that the things that affected the The local industry is the decline of the currency in some neighboring countries and the entry of products of these countries to Iraq at prices lower than locally located.
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  • BatmaninIraq's Avatar
    04-16-2019, 08:24 AM
    76.89 trillion dinars value of deposits in commercial banks Monday 15 April The Executive Director of the Association of Iraqi Private Banks Ali Tariq announced on Monday the rise of government and private deposits in commercial banks operating inside Iraq to 76.89 trillion dinars during the year 2018. In a statement received by Alsumaria News, And private in commercial banks rose 9.84 trillion dinars during the year 2018 because of the procedures of the Central Bank of Iraq in support of the Iraqi banking sector, both government and private, in addition to Iraq rid of the financial crisis that hit in 2014 because of falling oil prices and security improvement after the elimination of M Daesh, "noting that" deposits in 2017 amounted to 67.05 trillion dinars , while increased in 2018, to 76.89 trillion dinars.
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  • Investors Iraq News's Avatar
    04-16-2019, 05:59 AM
    By John Lee. Sonangol has said it plans to increase production at its Najmah and Qayara oilfields to about 230,000 barrels per day (bpd). The Angolan state oil company owns 75 percent of the oilfields, south of the city of Mosul, with estimated oil reserves of more than 1 billion barrels. Output at Qayara is currently 40,000 bpd. (Source: Reuters) Source: Iraq-BusinessNews.com. Post your commentary below.
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    04-16-2019, 03:52 AM
    By John Lee. The Iraq Container Terminal (ICT) at Umm Qasr Port has reportedly handled container traffic of two million twenty-foot equivalent units (TEUs) since operations started less than nine years ago. According to Hellenic Shipping News, the joint venture between UAE-based Gulftainer and the General Company for Ports of Iraq (GCPI) started operations at Berth 8 in the South Port in August 2010, followed by Berth 11 in the North Port in 2012. It adds that the ICT is equipped with two Mitsubishi ship-to-shore gantry cranes, supported by two Gottwald mobile harbour cranes with a 100 t lifting capacity, in addition to container-handling equipment including 18 reach stackers, two empty handlers and 28 terminal tractors; it currently employs 250 locals and 50 expatriates. (Source: Hellenic Shipping News) Source: Iraq-BusinessNews.com. Post your commentary below.
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    04-16-2019, 03:52 AM
    By John Lee. Iraq, Iran and Syria are reportedly planning to build a railway connecting the three countries. According to media reports, Salib al-Hussaini, the head of the Iraqi Railway Company, has announced a tripartite summit to discuss the project. (Source: Prensa Latina) (Picture credit: Christian Lindgren) Source: Iraq-BusinessNews.com. Post your commentary below.
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  • BatmaninIraq's Avatar
    04-15-2019, 07:04 PM
    Military reveals a scenario for the dismissal of Abdul Mahdi and the appointment of Abbadi instead .. After a year 23:36 - 14/04/2019 Information / Baghdad .. revealed the leader of the coalition of state law , Sami al- Askari, a Sunday, for a scenario to dismiss Prime Minister Adel Abdul Mahdi and assigning former Prime Minister Haider al - Abadi , headed by the government, adding that a coalition of reform is betting on it, while the integration of coalition ruled out the rule of law and victory. Al-Askari said in a televised statement that "there is no close chance of integration between victory and the rule of law," noting that "the merger of victory and law will be achieved if Abadi abandoned the dream of prime minister." "The military, that" Abadi still hopes to take over the premiership, "asserting that" some allies Abadi promised him to take over as prime minister after a year. " He said that "the reform alliance wants to sack Abdul Mahdi and bet on that," pointing out that "Abadi contemplates the prime minister until 2022 and that some close to him see the opportunity to take over the presidency of the government."
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  • Investors Iraq News's Avatar
    04-15-2019, 02:26 PM
    The Iranian president’s chief of staff said Tehran and Baghdad have agreed to establish five joint industrial parks, including one in Iran’s border province of Kurdistan. Speaking at a meeting on economic development of Kurdistan in the city of Sanandaj on Saturday, Mahmoud Vaezi said Iran and Iraq have devised plans to set up five joint industrial parks. One of them is scheduled to be built in the province of Kurdistan, he added. Iran is the top exporter of goods to Iraq, Vaezi said, noting that Iraq and its Kurdistan Region provide a perfect opportunity for Iran to boost exports and deal with the cruel US sanctions. During Iranian President Hassan Rouhani’s visit to Iraq in March, the two countries signed five deals to promote cooperation in various fields. The documents entail cooperation between Iran and Iraq concerning the Basra-Shalamcheh railroad project, visa facilitation for investors, cooperation in the health sector, and agreements between the Ministry of Industry, Mines and Trade of Iran and Ministry of Trade of Iraq, and another one in the field of oil between the petroleum ministries of the two countries. Iran’s Minister of Industry, Mine and Trade Reza Rahmani has said that Tehran and Baghdad have agreed to reach the target of raising the value of annual trade exchange to $20 billion within two years. (Source: Tasnim, under Creative Commons licence) Source: Iraq-BusinessNews.com. Post your commentary below.
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  • Investors Iraq News's Avatar
    04-15-2019, 02:26 PM
    By John Lee. Sharjah-based Dana Gas has announces that during Q1 2019, Pearl Petroleum has received $112 million (AED 411mm) from the sale of condensate, LPG and gas in the Kurdistan Region of Iraq (KRI). Dana Gas is a 35% shareholder in Pearl Petroleum and accordingly, its share of such receipts by Pearl Petroleum is $39 million (AED 143mm). This presents a 117% increase compared to the Company’s Q1 2018 share of collections which stood at $18 million. As of today, Pearl Petroleum has no overdue receivables in the KRI. Dr Patrick Allman-Ward, CEO of Dana Gas, said: “We have had a very positive start to year in the KRI. Our debottlenecking project which we completed in October 2018 has increased our production output by 30% to 400 MMscf/d. We have begun to see the impact of the additional production on our Q1 collection, which has doubled.” In February of this year, Pearl Petroleum signed a new 20-year Gas Sales Agreement (GSA) with the Kurdistan Regional Government (KRG) to enable production and sales of an additional 250 MMscf/d. The Consortium aims to bring this production on-stream by 2021 as part of their expansion plans to raise output from the current 400 MMscf/day to 650 MMscf/day in 2021, and then to 900 MMscf/day by 2022. (Source: Dana Gas) Source: Iraq-BusinessNews.com. Post your commentary below.
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  • Investors Iraq News's Avatar
    04-15-2019, 02:26 PM
    By John Lee. Iraq is reportedly considering banning several popular video games over fears that they encourage violence and crime. MP Sami’a Ghulab, who chairs the Parliamentary Committee on Culture, Information, Tourism, and Archaeology, is quoted as saying that games such as Fortnite, Apex Legends and PlayerUnkown’s Battlegrounds (PUBG)*are “affecting the social, psychological and educational level of everyone “. According to The Independent, the MP provided no evidence for this alleged damage, nor any details about how the ban would be enforced. The newspaper also cites a recent study from the University of Oxford which suggests that links between violent video games and real-world violence have been overblown. The National reports that Iraq’s 2005 constitution enshrines press freedom unless they “violate public order or morality.” (Source: The Independent, The National) Source: Iraq-BusinessNews.com. Post your commentary below.
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    04-15-2019, 04:07 AM
    Creativity flourishes as Mosul’s Fine Arts College officially opensThe newly-rehabilitated College of Fine Arts at Mosul University has been officially opened by the United Nations Development Programme (UNDP) and the Government of Iraq. The College, rehabilitated by UNDP with financial support from the United States Government through USAID, offers third-level art courses ranging from music, theatre, painting, and sculpture, and will benefit 600 students from across Iraq. The renovation work included plastering and repainting the classroom walls, repairing doors and windows, replacing the roof and restoring electrical systems. During ISIL’s occupation of Mosul between 2014 and 2017, the College suffered extensive damage and subsequently closed. Artworks were destroyed and strewn across the campus, as art-making was believed to contradict Islamic State ideology. “Mosul once sat at the epicentre of Iraq’s cultural identity, so the reopening of this college is a significant milestone for local communities,” says Head of UNDP Stabilization, Dr Mohammedsiddig Mudawi. “Art as a form of expression has allowed people of Mosul – many of them students who have been born into years of conflict – heal from the atrocities faced under ISIL. *It’s wonderful to see a rejuvenation of this artistic talent here at the College,” adds Dr. Mudawi. Joey Hood, Chargé d’Affaires of the US Mission in Iraq, says: “Through the United Nations Development Program Funding Facility for Stabilization, the United States is rehabilitating 14 buildings here at Mosul University, including the College of Fine Arts, where1 I am proud to see that students are once again in class.” The ceremony included a theatrical performance by art students as well as an art exhibition in the College’s refurbished courtyard. The College rehabilitation project is also supported by the Government of Canada, which funded the rehabilitation of water pump station on campus. Meanwhile, the United Kingdom’s Department for International Development (DFID) has funded the supply of furniture and equipment for the College. (Source: UNDP) Source: Iraq-BusinessNews.com. Post your commentary below.
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  • Investors Iraq News's Avatar
    04-14-2019, 03:53 AM
    By Omar Sattar for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News.* Iraq fears bevy of levees will mean parched years aheadAlthough water levels in the Tigris and Euphrates rivers have been rising as torrential rains fill some of the largest dams in Iraq, the threat of drought persists. Turkey is now taking the necessary steps to fill its*controversial*Ilisu Dam, while Iran continues to cut off tributaries of the rivers flowing into Iraq. Turkish President Recep Tayyip Erdogan*said at a March 7*rally that the country will begin filling the reservoir of the dam on the Tigris River in June, despite warnings from the Iraqi government that the process will dry out large areas of the country. Click here to read the full story. Source: Iraq-BusinessNews.com. Post your commentary below.
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  • Investors Iraq News's Avatar
    04-13-2019, 05:16 PM
    GardaWorld, a global leader in comprehensive security and risk management, has made its weekly security report available to Iraq Business News readers. Prepared by GardaWorld’s Risk Analysis Team in Iraq, this essential report includes short- and medium-term outlooks on the security situation, reports and commentary on recent significant events, and a detailed overview of developments across the country. Please click here to download the latest report free of charge. For more information on how GardaWorld’s services can support your business in Iraq, please contact Daniel Matthews, Senior Director Iraq, at daniel.matthews@garda.com Source: Iraq-BusinessNews.com. Post your commentary below.
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  • BatmaninIraq's Avatar
    04-13-2019, 07:52 AM
    THE ARREST OF A GANG PROMOTING A COUNTERFEIT CURRENCY OF 25 THOUSAND DINARS IN THE MARKETS OF BAGHDAD Twilight News – The Ministry of Interior announced on Tuesday the arrest of a gang promoting a counterfeit currency of 25,000 dinars in the markets of Baghdad. The spokesman of the ministry, Major General Saad Maan said in a statement today that the detachments of the Federal Police Intelligence working within the intelligence agency in the Ministry of the Interior and the quality of the process arrested two accused are conducting the payment of counterfeit money category (25) thousand dinars to vendors and shops north of Baghdad And the criminal offense, where they seized in possession of counterfeit amounts of 16,250,000 dinars. He added that the counterfeit currency was seized with a record of the seizure of fundamentalists and referred by the accused to the judiciary to complete their investigative papers.
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  • Investors Iraq News's Avatar
    04-13-2019, 03:59 AM
    WHO sends shipment of kits and medical supplies to Missan governorateResponding to the needs of the Directorate of Health in Missan following the recent floods that hit the area, the World Health Organisation (WHO), with the generous support of donors, sent a large consignment of emergency kits and medical supplies to support the Directorate, 304 kilometres south east of Baghdad. WHO and Missan Directorate of Health staff witness firsthand the damage caused by floodingMissan was adversely affected by the floods which were caused by heavy rain and floods from the border with Islamic Republic of Iran. The flood water is covering a wide area of land, which has led to the migration of residents, damage to property, death of livestock and destruction of agricultural crops in many villages and marshlands. About 328 726 population are at risk. Cities and villages affected are: Ali al-Gharbi, al-Msharrah, Hay al-Mua’alemeen al-Jadeed, al-Salam, al-Faka, al-Btaira, al-Teeb, al-Adil, al-Maymouna, al-Uzair and al-Kahlaa. Areas seriously threatened are villages west of the Tigris River (Hor Al-Musandak) along Ali al-Gharbi, Ali al-Sharqi and Qamit. 545 families are displaced with another 2000 families threatened with displacement. The Government coordinated multisectoral efforts, supervised and supported relief operations, established 5 camps, and coordinated with Iraqi Army forces and civil defense to send helicopters to evacuate people trapped in flooded areas. With the situation quickly evolving, 101 families in some villages were evacuated to a camp in a neighbouring village. Adham Ismail, acting WHO Representative in Iraq, said: “In response to the crisis, the WHO country office in Iraq has been coordinating very closely with the Missan Directorate of Health. WHO kept high level coordination and collaboration with the Directorate of Health in Missan through medical operations and specialized services. “WHO acted promptly in responding to monitoring the floods and receiving regular reports, it assessed water quality and access to clean water and monitored cases of acute diarrhoea. Further, WHO has shared information with the Development Coordination Office at UNAMI and all United Nations partner agencies in Basra, particularly with UNICEF – Water and Sanitation Unit, and supported the Directorate with 30 Basic Interagency Emergency Health Kit and trauma kits to cover a population of 100 000 for one month. WHO will continue its efforts in monitoring the flood and health situation in Missan.” Officials at Missan Directorate of Health stressed that the shipment would save lives in the governorate and could be used by mobile clinics offering emergency health care and services to affected people. They expressed appreciation to WHO and donors for their quick response and support. The consignment included supplementary module pharmaceutical kits, supplementary module equipment, renewable kits, trauma profile/emergency kits, medical supplies, and basic units (without a malaria component). (Source: WHO) Source: Iraq-BusinessNews.com. Post your commentary below.
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  • Investors Iraq News's Avatar
    04-13-2019, 03:59 AM
    By*Mustafa Saadoun for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News. The Iraqi Supreme Judicial Council issued*an official order to the Erbil Appeals Court on April 8 to implement an*arrest warrant for the former governor of Ninevah province, Nawfal al-Akoub. A*conflict*over the post of governor ensued in the city of Mosul, which is at the heart of*Ninevah*province. The Iraqi parliament voted*March 24 to dismiss Gov. Akoub from his post after a ferry accident in Mosul killed nearly 100 civilians. An arrest warrant was promptly issued for Akoub. Click here to read the full story. Source: Iraq-BusinessNews.com. Post your commentary below.
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