Baghdad, Iraq- Iraqi PM Mohammad Shia al-Sudani, announced that the salaries for the Kurdistan Region will be transferred in a "coordinated manner" in the coming months, ensuring that the federal Ministry of Finance addresses the issue promptly. He also emphasized that the salary delay was a technical problem rather than a political issue.
Al-Sudani further clarified that despite some disagreements...
The Iraqi Ministry of Transport has revealed a surge in interest from international companies eager to invest in Iraq's key transportation projects. With enhanced investment conditions and supportive government policies, 2025 is expected to be a landmark year for foreign direct investment in Iraq’s infrastructure sector.
Among the most significant opportunities are the Grand Faw Port project, where 11 international...
Edita Food Industries, a leading Egyptian snack food producer, has officially entered the Iraqi market through a strategic partnership with Tuama Jebur Abbas (TJA), a family-owned snack manufacturer based in Baghdad. This partnership marks a key milestone in Edita's regional growth strategy as the company acquires a 49% stake in TJA for $8 million through a capital increase.
As part...
Baghdad, Iraq - Iraq’s annual government spending has surpassed that of several stronger economies, despite ongoing economic stagnation and heavy reliance on oil. Manar Al-Obaidi, head of the Iraq Future Foundation, highlighted these concerns while analyzing the country’s financial trajectory.
Over the past decade, Iraq’s total revenues reached 1,028 trillion Iraqi dinars ($784.4 billion), with 92% coming from oil. The...
Baghdad, Iraq- The banking sector in Iraq experienced significant loan growth in the last quarter of 2024. The Central Bank of Iraq (CBI) reported a 5.4-percent increase in loans and advances, reaching IQD 64.12 trillion ($49 billion). This marked a rise from IQD 60.81 trillion in the same period of 2023.
This expansion highlights the growing demand for financial support....
Baghdad,Iraq- Iraq has signed an $800 million contract to develop and expand the Al-Diwaniyah refinery, a move aimed at enhancing the country’s refining capacity and modernizing the oil sector.
Prime Minister Mohammed Shia Al-Sudani, who oversaw the signing ceremony, stated that the project involves adding a new atmospheric distillation unit with a capacity of 70,000 barrels per day (BPD), increasing...
Baghdad, Iraq- The exchange rate of the US dollar against the Iraqi dinar saw a slight decrease in Baghdad on Thursday, while it remained steady in Erbil, the capital of the Kurdistan region.
In Baghdad, the rate dropped in both the Al-Kifah and Al-Harithiya stock exchanges, reaching 1,503.5 Iraqi dinars per US dollar, down from 1,505 dinars earlier in the...
Iraq's Federal Commission of Integrity (COI) has called on member states of the United Nations Convention Against Corruption (UNCAC) to strengthen legal cooperation in recovering stolen assets and illicit funds. The commission emphasized that these funds are crucial for national development and reconstruction efforts.
Iraq Pushes for Asset Recovery
During a meeting with Swiss Ambassador Daniel Hunn, COI Chairman Dr. Mohammed...
Hamoudi Al-Lami, the Prime Minister's Advisor for Industry, Development, and Private Sector Affairs, confirmed on Friday that the government has reduced customs duties to zero on machinery, production equipment, and raw materials. This move aims to support Iraq's private sector and encourage industrial growth. Al-Lami also highlighted that several industries are now exporting goods to Gulf and neighboring countries.
Speaking...
Iraq is experiencing a period of stability, with its economy expanding and diversifying to meet the growing needs of its population. To further enhance these developments, the Iraq Britain Business Council (IBBC) has been invited by Prime Minister Mr. Al Sudani to host a major conference on innovation in Baghdad.
The conference comes on the heels of a successful visit...