Latest from Iraq Business
Iraq Business
21 hours ago
- Business
- Iraq Business
UK-Iraq Solar Energy Partnership Advances with 3,000MW Project
By John Lee. Iraq's Minister of Electricity, Ziyad Ali Fadhil, met with UK Ambassador Irfan Siddiq and a high-level delegation to discuss British companies' role in implementing solar energy projects and reaffirm Iraq's commitment to the Paris Climate Agreement. The delegation included Lara Hampshire, UK Director of Trade in Iraq, and Yasmin Khan, Director of Operations and Energy Trade Adviser. Talks focused on the memorandum of understanding signed last month with the UGT Renewables, a UK-US company, to develop an integrated 3,000MW solar energy project in Iraq. The project includes battery storage systems with a capacity of up to 500MW and the construction of 1,000km of high-voltage direct current (HVDC) transmission lines to enhance grid efficiency and stability. Minister Fadhil emphasised the importance of this initiative for Iraq's national power system and praised the strong collaboration with the UK and reputable international firms. The executing company will also implement a two-year training programme and provide maintenance services using advanced D-EPC methods. Fadhil reaffirmed the government's goal of reducing carbon emissions from the energy sector, targeting 12,000MW of solar capacity by 2030 as part of its broader renewable energy strategy. The British delegation expressed their commitment to deepening the energy partnership with Iraq and contributing technical expertise to support sustainable development in the electricity sector. (Source: Ministry of Electricity)
Iraq Business
21 hours ago
- Business
- Iraq Business
IBBC Welcomes New Member
By John Lee. The Iraq Britain Business Council (IBBC) has announced that Baghdad-based conference and business consultancy provider EMAAL has joined as a member. According to a statement from the IBBC, the business is owned and run by Dr Ali Mahjob (pictured), who previously started the Iraq24 TV station, which focuses on business. EMAAL will hold a tax reform conference in Baghdad in August, and a maritime conference focused on Al Faw in October. Dr Mahjob said: "We have known IBBC for a number of years and are delighted to be joining now our group is expanding. IBBC offers EMAAL a platform for business support in Iraq of all types, and IBBC's macro view of the economy and interaction with Government complements our practical granular level approach to private company development." IBBC Managing Director Christophe Michels welcomed EMAAL, adding: "IBBC has known Dr Ali and Iraq24 news channel, which has been very helpful to IBBC, and we look forward to collaborating with EMAAL in their new venture with our members to benefit the wider private sector in Iraq." (Source: IBBC)
Iraq Business
2 days ago
- Business
- Iraq Business
Construction starts at $300m Electrical Factory in Babil
By John Lee. Iraq's Prime Minister, Mohammed Shia Al-Sudani, officially launched the construction of the Diwan Factory Project in Babil Governorate on Wednesday. The strategic initiative by local company Etihad Group will produce electrical transformers, cables, and smart meters. The project, with a total budget of $300 million [approx. 393 billion IQD], is being built to the latest technical standards and is part of the government's broader strategy to localise electrical industries and reduce dependence on imports. Al-Sudani described the factory as a key step toward enhancing Iraq's energy security and supporting advanced smart technologies. He reaffirmed the government's commitment to supporting the industrial sector and enabling national manufacturing across all areas. The Prime Minister praised the efforts of Iraqi professionals driving transformative progress and emphasised the role of this project in laying the foundation for renewable energy initiatives and strengthening the national electricity supply chain. On his visit to the province, the Prime Minister also officially opened a major new flour factory, which is also being developed by Etihad Group. (Source: Prime Minister's Office)
Iraq Business
2 days ago
- Business
- Iraq Business
New Flour Factory covers Half of Iraq's Domestic Demand
By John Lee. Prime Minister Mohammed Shia Al-Sudani has inaugurated Etihad Group's new flour mill in Al-Madhatiya [Medhatiah, Madhatiya], in Babil Governorate, which produces one million tonnes of premium-grade flour annually. The project was initiated 11 months ago when the Prime Minister laid the foundation stone. He toured the facility and praised the variety and quality of products, noting that the plant now covers approximately 50% of Iraq's domestic demand, previously met by over $750 million in annual flour imports. According to the company's website, the six production lines were sourced from Bühler of Switzerland. Al-Sudani reiterated the government's commitment to reviving national industry, supporting the private sector, and ensuring food security despite global and regional challenges. He assured citizens that local production, alongside imports, would help stabilise food prices. Declaring 2025 the " Year of Iraqi Industry, " he highlighted ongoing efforts to inaugurate and launch new manufacturing facilities across the country. Babil currently hosts over 2,000 operational factories across various sectors. On his visit to the province, the Prime Minister also launched construction of a $300-million electrical equipment factory, which is also being developed by Etihad Group. (Sources: Prime Minister's Office; Etihad)
Iraq Business
2 days ago
- Business
- Iraq Business
CBI holds Workshop on Money Laundering
By John Lee. The Erbil branch of the Central Bank of Iraq (CBI) held a training workshop on " National and Sectoral Risk Assessment Procedures " in collaboration with the CBI's Banking Studies Centre and the Office of the Compliance Monitor. The event brought together representatives from private banks, non-banking financial institutions, and electronic payment companies operating in the Kurdistan Region. Key topics included Anti-Money Laundering and Counter-Terrorism Financing Law No. 39 of 2015, Financial Action Task Force (FATF) recommendations, and the national risk assessment of money laundering and terrorism financing based on international standards. The workshop emphasised practical applications, operational risk assessment, and real-world case studies aimed at enhancing participants' analytical capabilities. Lecturers highlighted the importance of updated compliance policies and effective inter-unit cooperation to foster a resilient banking environment aligned with global standards and the CBI's strategic vision. The workshop is part of the Banking Studies Centre's and Compliance Office's joint effort to develop a skilled generation of banking professionals capable of navigating modern regulatory challenges and embedding a culture of compliance as a cornerstone of sound banking governance. (Source: Central Bank of Iraq)
