Iraq opened on Thursday its biggest trade fair in more than 20 years, the latest step in Baghdad”s efforts to rebuild an economy battered by decades of conflict and sanctions and combat unemployment. More than 1,500 companies from Iraq and 21 other countries are taking part in the Baghdad International Fair, which was opened by Prime Minister Nuri al-Maliki and is due to run until November 10.
The central government and the autonomous region agreed last month to settle a dispute over oil payments after the KRG promised to continue exports and Baghdad pledged to pay foreign companies working there.
Iraq’s finance ministry issued an initial payment early last week, but the funds had not landed in the KRG account by Friday, prompting Genel to say it would halt exports if the money did not arrive soon.
The World Bank’s financial arm International Finance Corp (IFC) plans to increase its investments in Yemen, Iraq and North Africa next year to help support development and job creation, a senior IFC executive said.
“MENA needs to create 50-70 million jobs in the next decade. Recent events in the MENA region have created the urgency to address the fundamental conditions required to revive growth and support human development,” Dimitris Tsitsiragos, the IFC’s vice president for Europe, Middle East and North Africa, said in an interview on Monday.
Iraqi Prime Minister Nuri al-Maliki has asked the electoral commission to push ahead with planning for provincial elections in April, his media advisor said on Friday, despite legal challenges that could end in the dissolution of the commission.
The provincial elections will serve as an indicator of the strength of Iraq’s political groupings ahead of a parliamentary vote due in 2014.
Bloom Properties, a National Holding company and an Abu Dhabi-based master developer of communities and lifestyle, and the Iraqi Ministry of Construction and Housing, today signed a cooperation agreement pledging to work towards the development of real estate projects in Iraq.
The synergy will witness the construction of commercial and residential units, in addition to institutions such as schools and sports clubs for Iraqi government entities.
Iraq’s refining capacity will increase by 23 percent to 760,000 barrels a day by early next year once refineries are enlarged, according to Deputy Oil Minister Ahmad al-Shamaa.
Many Iraqis have lost faith in their dinar currency but to some foreign speculators, it promises big profits. The contrast underlines the uncertainties of investing in Iraq as the country recovers from years of war and economic sanctions.
The logic of the dinar bulls is simple. Iraq’s oil exports rose to 2.6 million barrels per day in September, their highest level in three decades; the country aims to hit 6 million bpd by 2017, which would put it close to Saudi Arabia’s current level.
Even if unstable politics, militant violence and bureaucratic inefficiency prevent that target from being hit, Iraq still seems to be on the threshold of an oil boom that will transform its finances.
Inflows of new oil revenue could give the country big external surpluses and push state finances deep into the black by late this decade – the classic recipe for a strong currency.
Dubai: The Iraqi government will sign memorandums of understanding (MoUs) with six companies, including Damac Properties and Emaar Properties, for development projects to help meet demand for two million homes needed now, Iraqi officials said on Wednesday.
Abu Dhabi Islamic Bank, through a branch in Iraq, will also fund housing projects there, Mohammad Al Darraji, Iraqi Minister of Construction and Housing, told reporters following his speech at Cityscape. The ministry expects to sign agreements with six developers and construction consultants on Thursday, Thir Aldabagh, Minister Advisor to MoCH, told Gulf News without divulging details.
The third edition of CWC’s Iraq Mega Projects Conference & Exhibition opened its doors today at the Madinat Jumeirah, Dubai, under the Patronage of His Highness Sheikh Mohammed Bin Maktoum Bin Juma Al Maktoum. The three-day event, being held 1-3 October 2012, will bring together stakeholders from across the value chain to identify project and infrastructure investment opportunities in support of oilfield production in Iraq.
BAGHDAD (AP) — Iraq on Tuesday signed a $14 million deal with a U.S. consortium to modernize a major port in the country’s southern province of Basra in a move aimed at developing key infrastructure neglected during years of war and sanctions.
Under the 10-year agreement with a consortium led by North America Western Asia Holdings, the companies will invest in a new heavy-lift crane as well as container handling capabilities and build a modern container yard in one of the 14 berths in the Maqal Port on Shatt al-Arab waterway, the company said in a statement.