Central Bank: E-commerce rises to $60 billion

The Central Bank of Iraq expects the amount of electronic payments to reach $60 billion by 2035, as part of the reform plan and the gradual abandonment of paper transactions.

In an exclusive interview with Al-Sabah, the bank’s spokesperson, Alaa Al-Fahad, said, “As part of its reform plan, the bank is pursuing an electronic transformation and financial inclusion, given its significant role in reducing reliance on paper cash transactions, which has significantly reduced the use of paper. It has also encouraged all individuals today to increase their transactions and shift to electronic payments, particularly for salaries and government departments.”

He added, “The bank is implementing a banking reform plan in cooperation with Oliver Wyman, which announced in its report a significant response from banks to the reform plan’s implementation, expecting electronic payments to reach $60 billion by 2035.”

Al-Fahd explained that “electronic payments have significantly reduced the printing of banknotes due to electronic transactions,” noting that “there is an idea to move towards digital electronic banks and the significant role they play in reducing reliance on paper money.”

He continued, “The development of electronic payment over the past three years has witnessed a qualitative leap and a very high growth rate, as the number of cards issued has reached more than 22 million cards, in addition to the import of devices that amounted to more than 75 thousand devices,” expecting that “the future will bring greater growth in the issue of electronic payment and transactions as an alternative to dealing with Paper.

Alsabaah.iq

Due to election campaigns, Al-Saadi: No Parliament sessions before November 11

The head of the Parliamentary Legal Committee, MP Murtada Al-Saadi, confirmed on Tuesday that it is impossible to hold any session of the House of Representatives before November 11, due to the preoccupation of political forces and representatives with the ongoing election campaigns.

Al-Saadi said in an interview with / Al-Maalouma /, “All indicators point beyond doubt to the impossibility of holding a session of the House of Representatives before November 11, given the preoccupation of political forces and representatives with the election campaigns that have reached their peak these days,” indicating that “holding the session in light of this electoral momentum is extremely difficult, despite the importance of proceeding with the approval of some laws.”

He added that “after November 11, the House of Representatives will have the right to hold its sessions officially and resume its legislative work to complete the list of laws that require a vote or a second reading,” noting that “the passage of these laws remains contingent on achieving consensus among the political blocs within Parliament.”

Almaalomah.me

Excelerate Energy CEO: Our agreement puts Iraq on the global gas market map for the first time

US company Excelerate Energy announced on Tuesday details of its agreement with the Iraqi government to develop the country’s first floating terminal for importing liquefied natural gas (LNG) at Khor al-Zubair Port in Basra Governorate, with an investment estimated at approximately $450 million.

The company said in a statement received by Shafaq News Agency that the agreement was signed in the office of Prime Minister Mohammed Shia al-Sudani in the presence of its CEO, Stephen Cobus, US Deputy Secretary of Energy James Danley, US Chargé d’Affaires in Baghdad Joshua Harris, Minister of Electricity Ziyad Ali Fadhil, and Acting Minister of Oil Ali Maaraj.

“The agreement represents a long-term commitment to supporting Iraq’s energy future and enhancing its regional stability,” Kobus added, noting that the project combines the development of the plant, gas supply, and operational management under a single contract, placing Iraq on the global gas market map for the first time.

The project includes a five-year gas supply and regasification contract with a guaranteed capacity of 250 million standard cubic feet per day, with the potential to expand to 500 million cubic feet per day. The company will use its newest floating storage and regasification vessel, Hull 3407, currently under construction in South Korea and one of the largest floating storage and regasification units in the world, with a capacity of up to 1 billion cubic feet per day.

The plant is scheduled to begin commercial operations in 2026, following the completion of construction and technical permits. This move is seen by Baghdad and Washington as “pivotal” to enhancing energy security and reducing reliance on pipeline gas imports.

The company explained that the project was implemented “in close cooperation with the Iraqi government,” noting that it aims to diversify fuel sources and meet the country’s growing demand for electricity, as part of a strategic partnership between Iraq and the United States to support energy infrastructure projects.

The Iraqi government announced earlier today the signing of the contract “as part of Baghdad’s efforts to attract more American investments to its energy sector.”

Iraq is under pressure from Washington to diversify its energy sources and limit its energy ties with Iran, whose gas exports to Iraq have been repeatedly disrupted by US sanctions and payment disputes.

The Prime Minister sponsored the signing ceremony of the contract for the floating unloading platform (FSRU) for gas, with a capacity of 15 million cubic meters per day, between the Ministry of Electricity and the American company Excelerate Energy, for a period of five years, renewable.

According to a statement from Al-Sudani’s office, this contract was signed to supply natural gas to power plants and support power generation by diversifying gas sources to meet the actual needs of the plants.

Shafaq.com

IMF: Iraq is expected to be the fourth largest Arab economy by 2030.

The International Monetary Fund predicted on Tuesday that Iraq will rank fourth among the largest economies in the Arab world by 2030.

According to the report, Saudi Arabia tops the list as the largest Arab economy, with a GDP of $1.6 trillion, followed by the United Arab Emirates in second place with $764.8 billion, and Egypt in third place with $589.8 billion.

Iraq comes in fourth place, with a projected GDP of $345.9 billion, maintaining its leading position among Arab economies, supported by the energy and oil sector and reconstruction and development projects. It is ahead of Algeria, which comes in fifth place with a total of $309 billion, followed by Qatar in sixth place with $296.8 billion, Morocco in seventh place with $241.9 billion, and Kuwait in eighth place with $190.1 billion.

The Sultanate of Oman ranked last on the list, with a total of $133.3 billion, followed by Jordan in tenth place with $73.6 billion.

The report indicated that Arab economies are experiencing varying growth trajectories, driven by economic reforms, expanding investments in renewable energy, tourism, and technology, along with diversification efforts away from reliance on oil as the primary source of revenue.

Shafaq.com

The Prime Minister sponsors the signing ceremony of the contract for the implementation of the floating gas platform.

Prime Minister Mohammed Shia al-Sudani sponsored the signing ceremony of the contract for the floating gas platform today, Tuesday. The Prime Minister’s media office stated in a statement, “Prime Minister Mohammed Shia al-Sudani sponsored the signing ceremony of the Ministry of Oil’s contract for the floating gas platform with the American company Excelerate.”

Burathanews.com

Advanced steps towards joining the World Trade Organization

Advanced steps towards joining the World Trade OrganizationThe Ministry of Trade confirmed that Iraq is continuing its progress toward joining the World Trade Organization (WTO) after resuming the process that had been stalled for more than sixteen years.

The ministry’s official spokesperson, Mohammed Hanoun, told Al-Sabah that the ministry has completed the basic technical and legislative files in preparation for entering into bilateral negotiations with the organization’s member states.

Hanoun explained that the Ministry has completed seven major files, including the memorandum on the foreign trade system, agricultural support, import and export licenses, customs valuation, and technical standards for trade. It has also submitted the initial offer for goods and services to the WTO Secretariat.

He explained that joining would contribute to enhancing the competitiveness of the national economy and supporting Iraqi exports, especially in the agriculture, industry and services sectors, stressing that the government is adopting a policy of gradual and disciplined openness to protect producers and consumers and achieve sustainable development.

Alsabaah.iq

Al-Tawki: The ground is prepared for the approval of the oil and gas law.

Member of the Parliamentary Oil, Gas and Natural Resources Committee, Kazem Al-Tawki, confirmed on Sunday that the current political and economic conditions are ripe for the approval of the oil and gas law, noting that the law will represent an important step towards regulating the relationship between the federal government, the region, and the oil-producing provinces.

Al-Tawki said in a statement to Al-Maalouma Agency, “The oil and gas law represents the key to solving many of the outstanding problems the country suffers from, especially those related to the distribution of wealth and the management of the oil file,” explaining that “the parliamentary committee has completed most of the technical discussions related to the draft law, and the groundwork is now ready to pass it inside the parliament dome during the coming period.”

\He added, “Political differences between the various blocs and parties were the main reason for obstructing the law over the past years, but there is a mutual understanding today of the need to resolve this issue in a way that serves the national interest and enhances transparency in the management of natural resources.”

Almaalomah.me

Mosul International Airport is ready to receive international flights in the first half of 2026.

MP Baqir Al-Saadi expected, on Monday, that international flights will begin at Mosul International Airport during the first half of 2026.

Al-Saadi said in an interview with Al-Maalomah, that “Mosul International Airport is 100% ready to receive all types of aircraft, of various sizes, in light of the presence of more than one runway and the integration of crews capable of managing this file with high efficiency and professionalism.

He added that “the first phase of the launch of flights will begin at the beginning of next month with domestic flights, while the file of the airport operating company is being decided in light of the interest of several international companies that wish to manage and operate the airport.”

He pointed out that “according to indicators, the airport is expected to open its runway to international flights in the first half of 2026, becoming a new strategic window for Iraq towards international airports,” indicating that “direct flights from Arab and international capitals to Mosul will witness a noticeable increase in their pace, especially with the great investment activity witnessed by the city in various sectors.”

Almaalomah.me

Expert: Iraqi banks need comprehensive reform to free themselves from the restrictions of dollar transactions.

Financial and banking expert Mustafa Hantoush confirmed on Monday that the banking sector in Iraq stands today on the threshold of a new phase, as it approaches liberation from restrictions on dealing in the dollar. However, at the same time, it needs radical reforms to modernize its operational structure and enhance its efficiency.

Hantoush said in a statement to Al-Maalouma Agency, that “about 90% of the Iraqi banking system is still subject to the influence of dollar restrictions due to suspicions and problems it has experienced over the past years,” noting that “it is expected that within less than three months, some banks will begin to gradually free themselves from these restrictions.”

He added that “the banking process in Iraq is still limited in activity, as it requires the introduction of an integrated system that includes deposits, loan financing, and expanding investment areas, in addition to updating the standards in force in cooperation with the Central Bank of Iraq.”

He explained that “achieving full financial inclusion represents a fundamental step in developing the sector, through diversifying banking services and not being limited to current accounts only,” while stressing “the importance of strengthening relations with international banks and opening new correspondence channels that enable Iraqi banks to effectively integrate into the international financial system,” adding that “updating technical systems and simplifying procedures to serve citizens is a crucial stage in the reform process, provided that complications and administrative routine that hinder development and limit the efficiency of banking performance are avoided.”

Almaalomah.me

MP: The government has awarded investment contracts to controversial figures.

Representative Yasser Al-Husseini accused the current government on Monday of awarding a number of investment contracts to controversial political figures, most notably Khamis Al-Khanjar.

Al-Husseini said in a statement to Al-Maalouma Agency, “Awarding investment contracts to influential politicians is a violation of the principle of economic justice and deepens the phenomenon of corruption,” indicating that “these contracts were not built on professional and economic foundations, but rather came as a result of narrow political agreements and interests.”

He added that “the Iraqi economy suffers from mismanagement of the investment file, as major projects are awarded to economically unqualified parties, which leads to the disruption of real growth and the distortion of the investment environment in the country.”

Observers believe that the continued awarding of sensitive projects to controversial figures will exacerbate the economic crises and undermine the chances of real reform in the management of national wealth.

Almaalomah.me