The first segment of the development road was shown to international companies.

The Ministry of Transport is preparing to present the first section of the development road project to international companies by the end of this year.

This was announced by the Ministry’s Media Office Director, Maitham Al-Safi, who confirmed in a statement to Al-Sabah that the development road project is progressing according to the set timelines, with the preliminary design phase having been completed and the detailed phases now underway.

He added that the project has made significant progress, and that detailed designs are expected to be completed by the end of this year and the first video will be presented to international companies. He noted that consulting firms have submitted models of the project’s economic model.

Al-Safi explained that the development path will benefit a number of ministries, institutions, and local governments, with a focus on the raw materials available in each governorate. It is expected to provide more than (100) thousand job opportunities, with the possibility of increasing the number of workers later.

The media spokesman pointed out that the Grand Faw Port, which is the main component of the development road and its first launching station, has completed its five docks in full, in addition to a road of (62) km length linking the Faw Port to the city of Umm Qasr with a completion rate of (100%), as well as the navigation channel, the completion rate of which has reached (90%), and the completion rate of the container yard has exceeded (94%), and it is expected that they will all be completed by the end of (2025).

Alsabaah.iq

$100 billion is the value of investments in Iraq.

The National Investment Commission confirmed that Iraq is currently witnessing an unprecedented phase of investment activity, as the volume of Arab and foreign investments attracted has exceeded the barrier of (100) billion dollars during the past two years.

Hanan Jassim, spokesperson for the authority, told Al-Sabah that these figures reflect the government’s seriousness in creating a solid investment environment capable of attracting global capital and companies. She noted that investments were distributed across multiple sectors, including housing, manufacturing, electricity and oil, in addition to agriculture, services, and infrastructure.

She added that these projects have begun to achieve clear positive impacts by providing widespread job opportunities, transferring global technology and expertise, increasing non-oil revenues, and improving basic services in a number of governorates.

Jassim explained that government reforms, particularly in the area of ​​removing obstacles facing the private sector, simplifying procedures, and adapting laws to align with economic development plans, have strengthened investor confidence and made Iraq today a promising and attractive environment at the regional level. She emphasized that the Commission continues to work with partners from various countries and international companies to ensure the implementation of strategic projects in accordance with the highest standards, contributing to building a diversified and strong economy that serves all segments of Iraqi society.

Alsabaah.iq

The US accelerates the withdrawal of its forces from two bases in Iraq, ahead of schedule.

Informed sources revealed on Sunday that the United States has decided to withdraw all its forces from two military bases in Iraq.
Sources revealed that the US has decided to withdraw all its soldiers from the Ain al-Asad base in Anbar province and the Victoria base at Baghdad airport.

Sources indicated that US forces are beginning to transfer their personnel to Erbil and a neighboring Arab country.

She noted that “the Americans informed their Iraqi counterparts that they would accelerate the withdrawal process and would not adhere to the timetable set out in the framework agreement between the two countries.”

Sabah al-Numan, the spokesman for the Commander-in-Chief of the Armed Forces, confirmed last Monday that the withdrawal of coalition forces from Iraq was one of the government’s achievements, noting that it was an indicator of Iraq’s ability to confront terrorism.

He said, “The withdrawal of international coalition forces from Iraq is one of the government’s achievements and an indicator of Iraq’s ability to combat terrorism and maintain security and stability without needing assistance from others.”

Al-Numan added, “This would not have happened without political efforts and the insistence of the Prime Minister to close this file, just as he closed the UNAMI file.”

The US Embassy in Iraq announced earlier that the international coalition in Iraq would transition to a bilateral security partnership.

“This is not the end of the Global Coalition to Defeat ISIS’s work, as it will continue its civilian-led efforts at the global level,” the embassy said in a statement.

She added that “the coalition’s military mission in Iraq will transition to a more traditional bilateral security partnership,” noting that “details related to our military plans and operations will be referred to the Ministry of Defense.”

Alforatnews.iq

Parliamentary Finance Committee: Lack of “need,” not trust, is behind Iraqis’ reluctance to use banks.

Jamal Koujar, a member of the Parliamentary Finance Committee, confirmed that citizens’ keeping of their money at home is primarily due to the “lack of need” for daily dealings with banks, noting that the lack of trust and routine procedures comes second in importance.

“Citizens keep their money at home because they don’t need to deal with banks on a daily basis, and that’s the main point,” Kocher told Furat News. “The government has not yet worked to create a daily need for citizens to visit banks regularly in Iraq.”

“It’s possible that you might enter out of a lack of trust or routine procedures, but the underlying issue is more of a lack of need than a lack of trust,” Koger added.

Alforatnews.iq

Iraqi Central Bank Reduces Supply of Dinars

By John Lee.

The Central Bank of Iraq (CBI) has reported a decline in issued currency, contributing to lower inflation rates and supporting price stability.

In the second quarter of 2025, issued currency amounted to 98.4 trillion dinars [$75.1 billion], reflecting a 3.8 percent decrease compared to 102.3 trillion dinars in the same period of 2024.

https://www.iraq-businessnews.com

Economist predicts government will resort to an official devaluation of the Iraqi dinar, and explains the reasons.

Economists expect the next government to resort to an official devaluation of the Iraqi dinar against the US dollar as a potential solution to address mounting financial burdens, most notably the massive government payroll.

Economic expert Nabil Al-Marsoumi told Al Furat News Agency that devaluing the currency will provide greater financial revenues in dinars, which will help the government cover salary expenses.

Al-Marsoumi believes that “the salary bill accounts for the largest portion of oil revenues, leaving little for upgrading infrastructure or basic services.”

He added that this option may be one of the necessary measures that the new government may take, especially in light of the current oil prices that threaten to close the country’s economic development prospects.

Experts emphasize that sustainable solutions lie in diversifying sources of public revenue and not relying entirely on oil, in order to ensure the stability of the Iraqi economy in the long term.

Alforatnews.iq

Basra: Date set for operation of Turkish power generation ship

Basra Provincial Council Energy Committee Chairman Thaer Al-Salihi revealed on Friday the date for the Turkish power plant’s entry into service.

Al-Salihi told Shafaq News Agency, “The arrival of the Turkish ship to Umm Qasr Port, Dock No. 9, is the first of its kind and will not be the last, as a barge will arrive at the same dock within 30 days or a little more.”

According to Al-Salihi, “The ship, which has a capacity of 125 megawatts, will not be exclusive to Basra Electricity, but will be an important tributary to the national grid across the country, as the contract is between the Ministry of Electricity and the Turkish company.”

According to him, the ship will enter service within seven days, and a joint Iraqi-Turkish team is currently working to complete its connection to the national grid.

Al-Salihi continued, “We do not have a specific figure for the value of the contract concluded with the Turkish company, as it is a ministerial contract, not a local one in Basra.”

Yesterday afternoon, Thursday, the first Turkish ship dedicated to generating electricity with a capacity of up to 125 megawatts arrived at Berth 9 in the southern port of Umm Qasr. This vessel is part of a government contract aimed at boosting the national energy system by more than 250 megawatts per day.

Turkish company Karpowership, which operates floating power plants, previously announced it had signed a contract to supply Iraq with up to 590 megawatts of electricity to stabilize the country’s national grid.

Reuters revealed last Wednesday that two floating power generation units are scheduled to dock at the Khor al-Zubair and Umm Qasr ports in Basra and are expected to begin operating within a month.

Shafaq.com

Trade: Iraq has completed the technical files to join the World Trade Organization.

Minister of Trade Athir Dawood Al-Ghariri announced that Iraq has completed the technical requirements for joining the World Trade Organization after two decades of challenges.
Al-Ghariri stated in a statement that “Iraq has completed all the technical files required to join the World Trade Organization, after a negotiating process that spanned more than twenty years, during which Iraq faced numerous challenges and delays.”
The minister explained that “this achievement was accomplished during the term of the current government, through intensive, qualitative efforts that surpassed what was accomplished in all previous stages combined,” stressing that “Iraq is now in an advanced position paving the way for fulfilling the requirements for full membership.”
Al-Ghariri explained that “the national team concerned with accession, in coordination with the relevant ministries and sectoral bodies, and in partnership with international institutions, completed the review and update of all technical files, which included: the foreign trade system memorandum, the legislative implementation plan, agricultural support tables, the import licensing file, customs valuation, in addition to the sanitary and phytosanitary (SPS) and technical barriers to trade (TBT) files.”
He continued: “The team also prepared accurate answers to (175) questions and inquiries submitted by the member states of the organization, while the Iraqi customs system was updated to the latest version in line with international standards and enhancing Iraq’s readiness for the next stages.”
The minister confirmed that “the files will be officially submitted to the WTO Secretariat through diplomatic channels, in preparation for the next meeting of the working group.”
Al-Ghariri concluded by saying, “What has been achieved is the fruit of the government’s extensive support, continuous coordination with all ministries and national institutions, and the efforts of the Department of Foreign Economic Relations in leading this strategic path, with the goal of strengthening Iraq’s position in the global trading system, serving its national economy, and achieving sustainable development.”

Miliq.news

Mazhar Saleh: Iraq’s foreign reserves provide exceptional stability for the national currency.

Iraqi dinar-DollarThe Prime Minister’s financial advisor, Mazhar Mohammed Salih, confirmed on Friday that the Central Bank of Iraq enjoys substantial foreign reserves that represent the primary backing for the national currency. These reserves are managed within a diversified foreign currency investment portfolio in accordance with the highest standards of global banking efficiency and professionalism.
Saleh added in an interview with Al Furat News Agency that “the ability of these reserves to meet external demand for foreign currency for the purposes of financing import trade is one of the primary indicators of their efficiency,” noting that “the global standard for financing trade from central bank reserves is three months’ coverage, while Iraq has an exceptional capacity of up to twelve months.”

He pointed out that “this level reflects a high degree of stability in the foreign exchange market, despite the temporary pressures on the current account of the balance of payments due to the relative contraction in oil prices,” noting that oil revenues continue to constitute the main pillar in the formation and accumulation of these strategic reserves.

Saleh explained that “the Central Bank largely controls the foreign exchange market by imposing an official exchange rate of 1,320 dinars per dollar for the dinar. This has contributed to keeping the annual inflation rate below 3%, which falls within what is known as the normal range for the general price level or the natural price break-up in the country.” He emphasized that this represents the highest levels of stability targeted by Iraqi monetary policy.

Alforatnews.iq

New currency in Syria

Intends Syria It issued new banknotes and removed two zeros from its currency in an attempt to restore confidence in the lira, which had fallen sharply in value, according to Reuters.
The move aims to bolster the Syrian pound after its purchasing power collapsed to unprecedented levels following a 14-year conflict that ended with the ouster of President Bashar al-Assad. Bashar al-Assad Last December.

The Syrian pound has lost more than 99% of its value since the outbreak of the war in 2011. The current exchange rate is around 10,000 pounds to the dollar, compared to 50 pounds before the war.
The sharp decline in the currency’s value has made daily transactions and money transfers increasingly difficult.

Alsumaria.tv