
Basra launches Palm City project
According to Shafaq, Al-Eidani claimed the city is planned to be environmentally clean and sustainable, with 120,000 residential units, industrial zones, and universities.
Al-Eidani disclosed that three prominent construction companies and contractors — the Egyptian Mountain View Company, Al-Safi Group, and China Railway Construction Corporation — had achieved an agreement to work on the project.
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Shafaq News
15 hours ago
- Shafaq News
Dollar prices inch higher in Baghdad and Erbil
Shafaq News – Baghdad/Erbil On Saturday, the exchange rates of the US dollar against the Iraqi dinar edged higher in Baghdad and Erbil markets. According to Shafaq News Agency's survey, the dollar's rates increased with the closure оf the central Al-Kifah and Al-Harithiya stock exchanges in Baghdad, settling at 140,700 dinars for every 100 dollars, compared to 140,550 on Thursday. In exchange stores in Baghdad, the selling rate was 141,750 dinars for every 100 dollars, while the buying rate was 139,750 dinars. Erbil's selling price reached 140,450 dinars for every 100 dollars, and the buying price was 140,250.


Shafaq News
2 days ago
- Shafaq News
Lebanon's Central Bank denies request to close Al-Qard Al-Hassan
Shafaq News – Beirut On Thursday, the Central Bank of Lebanon denied reports claiming it had requested the closure of Al-Qard al-Hassan, a financial institution affiliated with Hezbollah. The organization is considered one of Hezbollah's most significant financial arms, operating outside Lebanon's official monetary and credit regulatory framework. In a statement, the Bank asserted that it lacks the legal or administrative authority to take such action, clarifying that such institutions are not subject to its supervision or regulatory oversight. The statement accused some outlets of falsely portraying the situation as a judicial precedent or a direct security move initiated by the Bank. 'This narrative is entirely disconnected from reality,' the statement affirmed. The official denial came amid reports that Lebanese authorities are preparing to close all branches of Al-Qard al-Hassan, according to sources cited by Al-Hadath news channel. The step, the sources stated, is part of a broader effort to shut down currency exchange offices and financial entities allegedly tied to the group. They added that the decision follows requests made by US envoy Tom Barrack during recent discussions with Lebanese officials. A step in the right direction by the Lebanese government in harnessing the flow of Hizballah militia finances that had been directed thru Al-Qard Al-Hassan. Transparency and alignment of all financial intermediaries in Lebanon under the supervision of the Central Bank is a valued… — Ambassador Tom Barrack (@USAMBTurkiye) July 15, 2025 Earlier this week, the Central Bank issued a directive banning all licensed banks, financial institutions, investment funds, and brokerage firms from engaging in any dealings — financial, commercial, or otherwise — with unlicensed organizations such as Al-Qard al-Hassan. While the United States has accused the group of using the organization as a financial front to access the global financial system — placing it under sanctions since 2007 — Hezbollah insists the entity is a charitable association, originally established in the 1980s. During the most recent war in Lebanon, which ended with a ceasefire agreement on November 27, 2024, Israeli airstrikes targeted multiple Al-Qard al-Hassan facilities across the country.


Iraqi News
2 days ago
- Iraqi News
Iraq resumes oil exports through Turkey's Ceyhan
Baghdad ( – The Kurdistan Regional Government (KRG) and the federal government in Baghdad have reached a settlement that will enable the resumption of oil flows from Iraqi Kurdistan to global markets via the Turkish port of Ceyhan, following a suspension lasting nearly 28 months. The Iraqi cabinet approved several decisions on Thursday, facilitating the return of oil from Iraqi Kurdistan to the global market through the State Organization for Marketing of Oil (SOMO). This also includes the quotas allocated to the Kurdistan region of Iraq for domestic consumption. The Iraqi cabinet decided that the KRG should immediately start handing over all oil produced in Iraqi Kurdistan's oil fields to SOMO for export. According to the decisions, the Iraqi Ministry of Finance is required to pay $16 for each barrel of oil received from Iraqi Kurdistan in compliance with the budget legislation, given that the volume received does not fall below the existing 230,000 barrels per day. Iraqi Kurdistan is currently producing 280,000 barrels of oil per day. 50,000 barrels per day are set aside for domestic consumption in Iraqi Kurdistan, with the remaining 230,000 barrels per day handed over to SOMO. Crude oil shipments through the Iraq-Turkey oil pipeline have been suspended since March 2023. This pipeline previously accounted for approximately 0.5 percent of the world's oil supply. After the International Chamber of Commerce (ICC) in Paris ruled that Ankara had violated a 1973 treaty by permitting oil exports without the approval of the federal government in Baghdad, oil flows via the Iraq-Turkey oil pipeline were stopped. The ruling obligated Turkey to pay Baghdad $1.5 billion in compensation for losses caused by the KRG's illegal oil exports between 2014 and 2018.