Chinese Company Wins $534m Water Project in Karbala
The Iraqi Council of Ministers has approved the recommendation of the Social Services Council to award the Design, Construction, Operation, and Maintenance of the South Karbala Water Project to Shandong Shiji, a Chinese company.
The project, with a capacity of 16,000 m³ per hour, is valued at 699.75 billion Iraqi dinars [$534 million] and will be executed in accordance with applicable laws and regulations.
(Source: Media Office of the Prime Minister)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Iraqi News
3 hours ago
- Iraqi News
US dollar exchange rate slightly declines in Baghdad
Baghdad ( – The exchange rate for the US dollar compared to the Iraqi dinar slightly declined on Thursday in the Iraqi capital, Baghdad, and remained stable in the capital of the Kurdistan region of Iraq, Erbil. The US dollar exchange rate declined in Baghdad's Al-Kifah and Al-Harithiya stock exchanges, reaching 1,404.5 Iraqi dinars compared to 1,405 Iraqi dinars on Thursday morning. The exchange rate in currency exchange shops in Baghdad ranged between 1,415 Iraqi dinars and 1,395 Iraqi dinars, Shafaq News reported. In Erbil, the US dollar exchange rate remained stable, ranging between 1,404.5 and 1,403.5 Iraqi dinars. The Central Bank of Iraq (CBI) said in February 2023 that it has begun using the new US dollar exchange rate of 1,300 dinars to every US dollar. The previous official exchange rate was 1,450 dinars to one US dollar, which was being exchanged in the parallel market at a rate of 1,550 dinars. While the official exchange rate was 1,450 dinars per dollar in January 2023, the US currency was being exchanged at 1,610 dinars during the same month in the parallel market in Iraq. This variation represented more than a 10 percent difference in exchange rates.
Iraqi News
3 hours ago
- Iraqi News
Iraqi-Turkish agreement to increase trade exchange to $30 billion
Baghdad ( – Iraq and Turkey have agreed to increase the volume of trade exchange between the two countries to $30 billion. During a meeting held in the Turkish capital, Ankara, the two sides agreed to form an Iraqi-Turkish joint customs committee to develop trade relations and facilitate the movement of goods through border crossings, according to a statement cited by the state-run news agency (INA). To strengthen cooperation between the customs authorities of Iraq and Turkey, officials from both sides discussed strategies to enhance efficiency at border crossings and improve customs collaboration. As part of efforts to increase collaboration between the two countries' customs authorities, officials from both sides reviewed strategies for increasing border crossing efficiency and expanding customs cooperation. The meeting addressed approaches to improve trade flows, expand border crossings capacity, and promote infrastructure projects for bilateral commerce. The Turkish Minister of Foreign Affairs, Hakan Fidan, confirmed in January that the volume of trade exchange between Iraq and Turkey reached $20 billion. In a joint press conference with Iraqi Foreign Minister Fuad Hussein, Fidan said that Turkey sees its relationship with Iraq as crucial, indicating that Turkey will experience more security and stability the more Iraq does. The Turkish Minister of Trade, Omer Bolat, said in early December that his country seeks to increase trade exchange with Iraq to $30 billion. Bolat added that Turkish companies and investors have completed projects in Iraq worth $35 billion.
Shafaq News
6 hours ago
- Shafaq News
Banking reform plan needs adjustment, expert says
Shafaq News – Baghdad On Thursday, Iraqi Economist Ahmed Abdul Rabah called for amending the banking reform standards announced by the Central Bank of Iraq (CBI). Abdul Rabah told Shafaq News that Central Bank Governor Ali Al-Allaq has unveiled a comprehensive banking reform plan, emphasizing the importance of the media's role in explaining the initiative transparently and accurately. He explained that among the proposals submitted by experts to the governor is permitting some banks to operate locally under direct CBI oversight, while others could apply international standards in partnership with firms such as Oliver Wyman. Abdul Rabah underscored the need for broad dialogue between the central bank and Iraqi banks to clarify the technical aspects of the reform document and discuss mechanisms for gradual implementation that take into account Iraq's economic realities. He stressed that while commitment to reform should be upheld in principle, the standards and procedures must be framed in a way that builds trust in the banking sector and contributes to its development. Al-Allaq met, on August 12, with global consultancy Oliver Wyman to discuss the details of a banking reform plan presented by the Iraqi Private Banks Association, as part of efforts to modernize the sector and align it with international standards.
