Infrastructure Gulf telcos sign deal to create $2bn tower company Telecom operators Ooredoo and Zain Group on Tuesday said agreements have been signed to create the largest tower company in the Middle East and North Africa. The cash and share deal, which also involves Dubai-based Tasc Towers Holding, will establish a company comprising 30,000 telecom towers in Qatar, Kuwait, Jordan, Iraq, Algeria and Tunisia, with […] December 5, 2023
Sustainability UAE pledges $150m for Mena water security A $150 million commitment from the UAE at Cop28 to fund water security solutions in vulnerable countries is a step in the right direction but more must be done to address the issue, say experts. Speaking at a panel discussion at the climate change conference in Dubai, Ramadan Assi, executive adviser for strategic partnerships at […] December 5, 2023
Oil & Gas Market confusion over Opec+ cuts hits oil prices Oil prices fell further on Friday after tumbling sharply when Opec+ announced more production cuts amid suspicions that quotas will not be adhered to. Brent, the main international benchmark, traded at $80.66, down from $84.37 on Thursday, while West Texas intermediate was flat at $75.94. Saudi Arabia, Russia and other members of Opec+ announced on […] December 1, 2023
Analysis Industry Future is rosy for Mena phosphate producers With Morocco and Saudi Arabia now holding the bulk of the world’s high-quality, accessible phosphate rock reserves, the Middle East and North Africa (Mena) region is a major centre for the phosphate mining industry’s future growth, analysts say. Morocco alone holds around 70 percent of the world’s total reserves of phosphate rock, the raw material […] November 17, 2023
Finance Iraq becomes member of European development bank Iraq has become the 74th member of the European Bank for Reconstruction and Development, the multilateral lender said on Thursday, while Ghana and Senegal have also applied to join. Iraq first submitted its request to join the bank in 2018, and its shareholder status enables it to apply to become a recipient economy, which would […] November 17, 2023
EXCLUSIVE Renewable Energy Download our exclusive report on the Gulf’s path to net zero As the world shifts towards cleaner sources of energy, the GCC’s oil and gas-producing nations find themselves faced with the dual threat of environmental and economic crisis. What are they doing about it? In this special report published as the UAE prepares to stage the United Nations’ Cop28 climate change summit, AGBI examines the Gulf’s […] November 8, 2023
Oil & Gas Oil companies shun Iraq-Turkey Pipeline over payment International oil companies are refusing to sign up to using a newly reopened pipeline transporting oil from northern Iraq to the Mediterranean coast via Turkey over commercial disputes with Baghdad and Arbil. Alpaslan Bayraktar, the Turkish energy minister, told the Adipec conference in Abu Dhabi earlier this month that logistical issues over the Iraq-Turkey Pipeline […] October 23, 2023
Energy Russian investments in Iraq total $19bn, Putin confirms Russia’s investments in Iraq totalled around $19 billion, Russian President Vladimir Putin said in a televised excerpt of talks with the country’s prime minister. Putin hosted Iraqi Prime Minister Mohammed Shia Al-Sudani in the Kremlin on Tuesday and praised cooperation between their countries at the Opec+ group of top oil producers, saying it had helped […] October 11, 2023
Finance Iraq to end all dollar cash withdrawals by January Iraq will ban cash withdrawals and transactions in US dollars as of January 1, 2024, in the latest push to curb the misuse of its hard currency reserves in financial crimes and the evasion of US sanctions on Iran, a top Iraqi central bank official said. The move aims to stamp out the illicit use […] October 6, 2023
Energy Iraq sets deadline for oil firms in new licensing rounds Iraq has set a January 2024 deadline for international energy companies to submit formal letters of intent to take part in its so-called “fifth plus” and sixth licensing rounds, as the country strives to boost gas production and cut imports. Iraq, Opec’s second-biggest producer after Saudi Arabia, is awarding 30 new oil and gas projects […] October 4, 2023
Adipec Oil & Gas Iraq’s much-delayed new oil law aims to boost coffers Iraq’s passing of a long-awaited oil and gas law is expected to help the country attract more international investments into the hydrocarbon industry and boost government revenues. The key innovation of the law is to allow foreign companies to have a share of oil output in Iraq, in partnership with the government, and the transition […] October 2, 2023
Transport Erdoğan lauds $17bn link between Turkey and Iraq Turkish president Recep Tayyip Erdoğan has lauded plans for a $17 billion infrastructure and transportation project linking southern Iraq to Turkey as an opportunity to “build a new world”. The Development Road project will link Grand Faw Port, a commodities port in Iraq, by rail and road to the border with Turkey. It will transform […] September 20, 2023
Finance US says Iraq must act to avoid further action on banks Iraq’s central bank must address continued risks of the misuse of dollars at its commercial banks to avoid new punitive measures targeting the country’s financial sector, a top US treasury official said, citing fraud, money laundering and Iran sanctions evasion. In July, the US barred 14 Iraqi banks from conducting dollar transactions as part of […] September 15, 2023
Energy Iraq’s oil flow to Turkey may resume after October Iraqi oil flows to Turkey are not expected to resume before October, when Turkish President Tayyip Erdogan will likely visit Baghdad, sources said, after the trip originally scheduled for August was postponed. Turkey halted Iraqi northern oil export flows on March 25 after an arbitration ruling by the International Chamber of Commerce (ICC) ordered Ankara […] September 6, 2023
Oil & Gas Iraq to hike oil output to 8m barrels per day by 2027 Iraq’s energy committee has backed the government’s plan to produce eight million barrels per day of crude by 2027. The oil, gas and natural resources committee also supported the government’s plan to become self-sufficient in natural gas production, since it currently imports gas to operate power plants and industrial facilities, state-run Iraq News Agency reported. […] August 27, 2023
Oil & Gas Iraq begins talks with Turkey to resume oil exports Iraq’s oil minister Hayan Abdel-Ghani will visit Turkey to discuss issues including the resumption of oil exports through the Ceyhan oil terminal. Iraqi oil minister will meet his Turkish counterpart to discuss energy issues, on top of which is the resumption of Iraq’s northern oil exports via Turkey’s Ceyhan port, said an oil official. Turkey […] August 22, 2023
Finance Iraq set in ‘battle’ against dollar smugglers Iraq has made strides implementing US dollar supply restrictions targeting Iran but faces an uphill battle with a banking system unaccustomed to strict oversight and persistent currency smugglers, central bank governor Ali Al Allaq said. “It is really a battle, because the people benefiting from this situation and those harmed (by the new measures) will […] August 17, 2023
Tech Iraqi telecom ministry to lift Telegram messaging app ban Iraq’s telecoms ministry said it will lift a ban on the Telegram messaging app on Sunday, which was imposed earlier this week, citing security concerns and data leaks of official state institutions and citizens. The app is widely used in Iraq for messaging but also as a source of news and for sharing content. Some […] August 13, 2023
Oil & Gas Opec output falls on Saudi cut and Nigerian outage Opec oil output fell in July after Saudi Arabia made an additional voluntary cut as part of the Opec+ producer group’s latest agreement to support the market and an outage curbed Nigerian supply, a Reuters survey found. The Organization of the Petroleum Exporting Countries (Opec) pumped 27.34 million barrels per day (bpd) last month, the […] August 1, 2023
Banking & Finance Iraqi banks facing US curbs to challenge measures Fourteen Iraqi private banks hit with curbs by the United States over allegedly helping siphon US dollars to Iran said on Wednesday they were ready to challenge the measures and face audits and called on Iraqi authorities to provide assistance. US financial authorities last week barred 14 Iraqi banks from conducting dollar transactions as part […] July 30, 2023
Banking & Finance Iraq currency fall linked to black market dealings Iraq’s currency has fallen against the US dollar because some traders are sourcing hard currency in the black market instead of using the central bank’s official exchange platform, central bank governor Ali Al Allaq told Iraqi state media on Wednesday. Al Allaq said that some merchants were not using the platform because they were engaged […] July 27, 2023
Banking & Finance Moody’s opts to keep Iraq on lowly sovereign rating An influential ratings agency has decided to keep Iraq on one of its lowest sovereign ratings, despite the country’s strong oil exports and recovering foreign exchange reserves. Moody’s Investor Services said in an annual review released last week that corruption and weak institutions prompted it to maintain Iraq on a Caa1 rating, which is on […] July 25, 2023
