September 1, 2010

Jordanian Trade and Industry Minister Aamer al-Hadidi discussed on Tuesday with President of Iraq’s Kurdistan region, Massoud Barzani, ways of boosting bilateral relations between his country and the region.

August 31, 2010

A delegation from al-Jumaih Holding Company briefed Iraqi Vice President Abdel Abdulmahdi on the projects the Saudi firm is planning to invest in the sectors of oil and electricity, according to a release by Abdulamahdi’s office on Sunday.

August 31, 2010

U.S. Vice President Joseph Biden held on Tuesday a meeting with leaders of al-Iraqiya List, with the participation of the list’s members and a group of U.S. and Iraqi experts and advisors.

Kuwait has signed an agreement to share oil from cross-border fields with Iraq and is waiting for its northern neighbor to reciprocate, the emirate’s oil minister has said.

August 21, 2010

U.S. military officials are hustling to reduce the number of troops in Iraq to 50,000 to meet President Obama's Aug. 31 deadline for an end to U.S. combat operations, but as troops leave, the administration reportedly is planning to double the number of private security guards in the country.

August 23, 2010

U.S. military officials are hustling to reduce the number of troops in Iraq to 50,000 to meet President Obama's Aug. 31 deadline for an end to U.S. combat operations, but as troops leave, the administration reportedly is planning to double the number of private security guards in the country.

A senior military official in Iraq said the Defense Department will meet the deadline for exiting combat troops.

"We are sitting around 55k and will be down to 50k by 1 September," the official wrote in an e-mail to Fox News.

The bulk of the 4th Stryker Brigade from the 2nd Infantry Division left the country on Thursday. Approximately 100 members of the brigade remain in Iraq to handle various administrative and supply issues. They will be out of the country within days.

After Aug. 31, the mission in Iraq will no longer be known as Operation Iraqi Freedom and will instead be known as Operation New Dawn.

Aug. 18: U.S. Army soldiers from 2nd Battalion, 23rd Infantry Regiment, 4th Brigade, 2nd Infantry Division race toward the border from Iraq into Kuwait.

Obama, who had imposed an end-of-the-month deadline for the pullout in February 2009, called it a milestone in the war though the remaining 50,000 support troops will stay in Iraq until the end of next year to train Iraqi forces.

The U.S. still has "a significant amount of influence" in Iraq, and the mission will be to provide support and help the country grow and "give economic development" assistance, said Maj. Gen. Stephen Lanza, a spokesman for Gen. Ray Odierno, the top U.S. commander in Iraq.

When the last of the military troops leave at the end of 2011, the Obama administration is planning to more than double the number of private security guards it has in Iraq -- up to 7,000 -- The New York Times reported late Wednesday, citing unnamed administration officials.

The U.S. State Department move is aimed at protecting civilians still exposed to Al Qaeda-linked insurgents and Iranian-backed militias. At the same time, Afghanistan is asking the United States to remove a bulk of its 45,000 private contractors from the country.

Contractors employed by the State Department will train the Iraqi police and U.S. diplomats in two new $100 million outposts will be left to defuse sectarian tensions in northern Iraq.

The security contractors, defending five fortified compounds around the country, will operate radars to warn of enemy rocket attacks, search for roadside bombs, fly reconnaissance drones and staff quick reaction forces to help civilians in distress, the officials told the Times.

As the exit of the troops was shown live on TV in the U.S. Wednesday, U.S. State Department spokesman Philip Crowley described the end of combat operations as a "historic moment," but vowed that America's long-term commitment was unwavering.

"The last thing that we want to see is an occasion where we have to send troops back into Iraq yet again so we are ending the combat phase of our involvement in Iraq for a second time," he said.

"We're not ending our involvement in Iraq. We will have important work to do. This is a transition. This is not the end of something. It's a transition to something different. We have a long-term commitment to Iraq."

Crowley said that after spending $1 trillion in Iraq and with 4,400 lives lost, the conflict had come "at high expense."

"We've invested heavily in Iraq and have to do everything we can to preserve that investment to integrate Iraq, along with the neighborhood, into a much more peaceful situation that serves their interests as well as ours. But this is a historic moment."

Obama said the events were the beginning of the pullout he promised when he became president.

"As we mark this milestone in the Iraq war and our troops continue to move out of Iraq, I hope you'll join me in thanking them, and all of our troops and military families, for their service," Obama said.

"My administration will continue to do our part to support the brave men and women in uniform that have sacrificed so much. But supporting our troops and their families is not just the job of the federal government; it's the responsibility of all Americans.

"Shortly after taking office, I put forward a plan to end the war in Iraq responsibly. Today, I'm pleased to report that -- thanks to the extraordinary service of our troops and civilians in Iraq -- our combat mission will end this month, and we will complete a substantial drawdown of our troops.

"Consistent with our agreement with the Iraqi government, all of our troops will be out of Iraq by the end of next year. Meanwhile, we will continue to build a strong partnership with the Iraqi people with an increased civilian commitment and diplomatic effort."

Source: FoxNews.com

August 17, 2010

Iraqi banks might offer huge growth opportunities in the future for investors willing to take some risks but the industry needs to consolidate first and change its business model, analysts and investors say.

August 13, 2010

August 4, 2010

Iraq has signed a cooperation agreement with the European Union worth 42 million euro to develop Iraq’s institutions , a government’s official said.

August 3, 2010

The value of investment projects in the Iraqi capital has reached $100 billion, the Baghdad Mayoralty said on Tuesday.

July 28, 2010

Two senior U.S. officials called on Iraqi leaders Tuesday to form a new government as quickly as possible, partly to provide a counterpart for negotiations on the future of U.S.-Iraq defense relations, after the scheduled U.S. military withdrawal at the end of next year.

July 20, 2010

Pro-Western Iraqi politician Iyad Allawi sought support on Monday to form a government from Iranian-backed cleric Sayyed Moqtada al-Sadr, in the first meeting between the once bitter rivals.

July 19, 2010

Iraqi rivals are reportedly close to agree on reinstating the country's incumbent premier Nouri al-Maliki, making significant progress towards resolving the current political stalemate.

Al-Maliki's State of Law coalition has reportedly joined talks with archrival and predecessor, Iyad Allawi's al-Iraqiya Alliance on the deadlock that followed the parliamentary polls earlier in the year.

Candidates from each side vied for seats in the March 7 elections, which saw al-Iraqiya coming narrowly first but lacking an absolute majority.

Amid the indecision threatening to incite further violence, the parties reportedly agreed on a ruling structure, where Maliki and Allawi's teams share half of the posts and the remaining seats go to other sides proportionate to their election results.

Source: Iraqi Press TV

July 15, 2010

As Iraq assumes authority at Camp Cropper, both nations acknowledge a record of abuse of prisoners in the country and say progress is being made toward a humane system.

July 15, 2010

Click here to watch the video

July 15, 2010

Scaffolding is creeping up the walls of bullet-scarred villas across rubble-strewn Baghdad, and gangs of labourers are piling up bricks as growing security allows a mini-construction boom to take hold in Iraq.

July 7, 2010

The scale of investment projects are estimated at 7 billion and 500 million USD in the capital of Kurdistan region, Erbil, the deputy governor reported on Tuesday.

July 6, 2010

Vice President Joe Biden left Iraq on Monday evening after a three-day trip where Biden urged Iraqi officials to speed up the pace of the formation of the Iraqi government, Iraqi officials said. On his last day in Iraq he met with Iraq's president, Jalal Talabani, Vice President Tariq al-Hashimi and Ammar Hakim, the head of a Shiite religious party.

July 5, 2010

A delegation of U.S. senators on a visit to Iraq said they were impressed with the progress the country has made over the past few years, but urged political factions to form a new government soon.

Former Prime Minister Ibrahim al-Jaafari has joined the leadership authority of the National Coalition, which includes 18 members, a well-informed source said Friday, noting that the nominee for the prime minister post will be announced this week.

June 27, 2010

World leaders ditched plans to welcome Beijing's shift towards greater exchange rate flexibility at a G20 summit in Toronto on Sunday, highlighting China's sensitivity over the issue.

June 12, 2010

June 8, 2010

Iraq's new parliament will finally convene next week, an official said Tuesday, paving the way for the formation of a new government more than three months after nationwide polls.

June 3, 2010

After weeks of political wrangling and legal challenges, Iraq’s highest court on Tuesday ratified the results of landmark parliamentary elections, removing a major obstacle to seating a new Parliament but leaving many frustrated that it had taken so long.

The new investment frontier in Iraq

May 29, 2010

On the plus side for international investors, Iraq is a country under reconstruction, with huge oil reserves and an educated middle class.

May 20, 2010

In an embarrassing rejection of Prime Minister Nouri Maliki's efforts to overturn his rival's lead in Iraq's inconclusive parliamentary election, a laborious manual recount of votes in Baghdad has turned up no evidence of electoral fraud and will not change the final outcome, officials said Friday.

May 19, 2010

Iraq's revenues from oil exports in April have reached more than $4 billion after exporting 53 million barrels, according to a spokesman of oil ministryoil ministry.

May 17, 2010

Cruising down the runway at 200 kilometres per hour in Stafford Clarry's sleek SUV, you can’t help feeling impressed with the Middle-East’s newest airport.

May 16, 2010

Oil Minister Hussein al-Shahrestani said on Wednesday that his ministry will invite international companies to develop two oilfields in Karbala.

May 13, 2010

Finance Minister Baqer al-Zubaidi urged Iraqi ambassadors to make efforts to attract investments to Iraq, according to a ministerial statement.

May 13, 2010

The business community in Iraq, and internationally, is focused on the task of rehabilitating the oilfields and re-building the country. This is hardly a surprise; quite apart from the investments to be undertaken directly by the oil companies, Iraq's National Development Plan foresees over $200 billion in investment in services, economic stimulus and environmental protection from 2010 to 2014.

For investors not directly involved in energy and construction, however, it has not been so easy to get exposure to the Iraqi economy. Yes, there is a stock market, but it is relatively small and companies tend to be thinly traded.

But as Mark DeWeaver, of Quantrarian Asia Hedge, points out, there are many parallels between Iraq and the frontier markets we have seen develop in recent years:

• Like Sir Lanka after 2001, a civil war is coming to an end;

• Like Russia in the mid-'90s, inflation has come down dramatically; and

• Like Taiwan in the late-'80s or, even better, Saudi Arabia ten years ago, exports are set to soar.

If that's really the case, and if the political factions can successfully conclude the ongoing election process in a peaceful and democratic manner, then it will be reasonable to expect the investment community to start taking more notice.

Source: upperquartile.co.uk

May 12, 2010

The United Nations and Iraq have embarked on a programme to enhance the country’s governance, social services and economic growth over the next five years.

“Today is a historic day for the UN and Iraq,” said Christine McNab, UN Resident Coordinator in the country.

The UN country team and the Iraqi Government, along with civil society and others, worked in concert to develop the 2011-2014 UN Development Assistance Framework (UNDAF).

The signing of the agreement marks “the start of a strengthened partnership for achieving a better future for Iraq and its people,” Ms. McNab stressed, voicing hope that it will “make significant contributions to improving the lives of all people in Iraq.”

The plan will target five key areas: ensuring inclusive economic growth; environmental management; promoting good governance and protecting human rights; boosting access to basic services for all; and stepping up investment in women, youth and children.

“We will continue to reach out to the most vulnerable groups,” including the disenfranchised, the internally displaced, and refugees,” the Resident Coordinator emphasized.

The issues covered in the new roadmap were selected to support Iraq’s five-year National Development Plan, which foresees over $200 billion in investment in services, economic stimulus and environmental protection from 2010 to 2014.

Source: iraq-businessnews.com

May 11, 2010

Two good rules for emerging stock market investors have always been: (1) buy crises and (2) buy export booms. The first would have worked well in Sri Lanka in the weeks following the Tamil Tiger suicide attack on the country’s main airport in July, 2001. Had you bought Sri Lankan stocks then and held them until February, 2007 you would have made about six times your money. Another case was Russia in April, 1995 when inflation was running at 229% and the communists seemed to have a good chance of winning the 1996 elections. By September, 1997, the market had gone up eight times as inflation fell to 13% and Yeltsin won another term as president.

May 10, 2010

Finance Minister Baqir Jabr said the Iraqi dinar has been improving Mlhaudha during the current period.

May 10, 2010

Iraqi President Jalal Talabani said on Thursday that the unity between the two blocs of Dawlat al-Qanoon (State of Law) and the Iraqi National Alliance (INA) should accelerate the formation of a new government.

The Oil Ministry will invite global companies on Thursday to invest in the Iraqi gas fields, according to a spokesman of the ministry.

May 4, 2010

Customers heading for a Baghdad branch of Dar Es Salaam Investment Bank know the drill. You walk through the entrance and heavily armed guards stop you. You get body-searched at least twice. And your phone is taken away before you reach a teller. Mobile phones, of course, can trigger bombs or send a signal to armed accomplices.

April 26, 2010

Iraq has resumed exporting oil through Turkey after a 5-day pause due to some technical problems with the Iraq-Turkey pipeline.

April 21, 2010

Basra’s ports received 22 commercial ships from different countries this week, according to the Iraqi ports department’s relations & information chief on Thursday.

The State of Law Alliance and Iraqi National Alliance (INA) are approaching an advanced stage to exclusively set the rules of how to select Iraq’s upcoming prime minister (PM) from within the two alliances, Ali al-Adeeb, a high-ranking member of the Dawlat al-Qanoon and Dawa Party, said on Wednesday.

April 13, 2010

The Council of Ministers agreed on Tuesday on the proposal presented by the Oil Ministry to establish the Central Oil Company (COC) with a capital of 100 billion Iraqi dinars, according to the government’s spokesman.

April 7, 2010

A delegation comprised of representatives of the French embassy in Iraq has discussed investment opportunities during a meeting with the governor of Basra.

April 2, 2010

Iraqi Dinar Video Former Prime Minister of Iraq, Ayad Allawi,  speaks on the Future of Iraq.

April 1, 2010

The Iraqi government signed in Beijing on Thursday an agreement with the Chinese government to write off 80% of Iraq’s debts due for China, according to a foreign ministry press release.

March 31, 2010

The top U.S. envoy to Iraq said Sunday that the results of the recent Iraqi national election mark a turning point for democracy there, but he warned that challenges remain.

March 19, 2010

State of Law Coalition led by Iraqi Prime Minister Nuri Al Maliki is slightly ahead of other coalitions, according to preliminary results of Iraqi Parliamentary elections.

February 17, 2010

The UN Security Council has urged all Iraqis to participate in parliamentary elections on March 7 and stressed the importance of a ballot that is "free, fair, transparent, legitimate, and inclusive."

Iraqi bank capitalization increasing to 250 billion Iraqi Dinar

March 17, 2010

Aim is to establish a forward market in Iraqi dinars in the near future

March 15, 2010

Iraq plans to establish an interbank foreign exchange market and dinar forward market and to step up its treasury bill activity in 2010 to help plug continuing budget deficits and foster treasury and foreign exchange markets, the Central Bank and Finance Ministry said in a submission to the IMF.

March 10, 2010

March 9, 2010

Iraqi Prime Minister Nouri al-Maliki said earlier this week that the process to re-evaluate the Iraqi dinar has to do with economic conditions which have to be strengthened, reported news agency Aswat al-Iraq.

Thousands of Iraqis living abroad lined up at polling stations to cast ballots in their homeland's crucial parliamentary elections Friday, a constituency Iraq's Sunni Arab minority hope will boost their showing.

March 4, 2010

BP Plc and Exxon Mobil Corp. took the best deal they could get in Iraq last year when they won the largest oil contracts since Saddam Hussein was toppled in 2003. Oil companies may wait a long time to get a better one.

March 2, 2010

The investment budget of the capital Baghdad will reach $1 billion U.S. dollars in 2010, Baghdad’s governor said on Tuesday, adding that 40 percent of the budget will be allocated to finance projects from 2008 and 2009.

March 2, 2010

The Executive Board of the International Monetary Fund (IMF) concluded a consultation with Iraq and discussed with officials the country's economic developments and policies showing significant progress.

The governor of the Central Bank of Iraq (CBI) on Monday said that the current exchange rate (1,170 Iraqi dinars per dollar) is reasonable, adding that the bank has enough foreign reserves to defend the exchange rate.

March 1, 2010

February 25, 2010

The International Monetary Fund on Wednesday approved a $3.6 billion loan program for Iraq to cover balance of payments needs.

February 24, 2010

Iraq’s 2010 budget, considered one of the most controversial in the country’s history, was finally endorsed at the end of January by parliament and the presidential council. The US$72 billion (84 trillion dinar) bill was divided between funding for investment projects (US$20 billion/23.6 trillion dinars) and operational expenses (US$52 billion/60.9 trillion dinars).

February 24, 2010

February 23, 2010

February 22, 2010

The Australian Industrial Chamber of Commerce has expressed its readiness to invest in a Wassit oilfield, a local official said on Sunday.

February 18, 2010

A Chinese delegation has visited the Shiite city of Karbala and expressed its readiness to conduct several projects there, Karbala’s first deputy governor said on Thursday.

February 18, 2010

The Iraqi minister of oil has revealed plans by his ministry to raise oil production in Thi-Qar province to 750,000 barrels per day (bpd).

February 16, 2010

The number of American soldiers in Iraq has dropped below 100,000 for the first time since the 2003 U.S.-led invasion in a clear signal the U.S. is wrapping up its nearly seven-year war to meet a deadline for leaving the country, the U.S. military said Tuesday.

February 16, 2010

Campaigning opened last Friday for Iraq’s parliamentary elections in an election season marked by high-profile attacks and overshadowed by the banning of more than 500 candidates for alleged ties to former dictator Saddam Hussein's outlawed Baath Party.

February 15, 2010

A deal with a French company will soon be concluded to supervise a project to build an underground railway / subway in the Iraqi capital Baghdad, the local mayor said.

February 13, 2010

The chief of the Basra Investment Commission announced that the province is hosting on Saturday a conference attended by representatives of British companies working in different fields as a means to encourage investment there.

February 11, 2010

The administrative board of the Extractive Industries Transparency Initiative (EITI) has unanimously agreed to accept Iraq as a member, the Iraqi Ministry of Oil said on Thursday.

February 10, 2010

Iraq’s oil strategy will rely on boosting prices, not only production, th Iraqi Oil Minister said on Wednesday.

February 9, 2010

Iraqi Trade Ministry said on Tuesday that Iraq needs the U.S. as an investor and strategic partner to form a developed economy.

February 9, 2010

The Iraqi minister of planning said that his ministry has finished its development plan for the years 2010-2014.

February 8, 2010

The Iraqi Central Bank is planning to redenominate the national currency in an effort to ease transactions and allow people to carry less paper money.

February 6, 2010