Dollar Transfers from Iraq: JP Morgan awards TBI
The Trade Bank of Iraq (TBI) has been awarded the "STP Excellence in Payments and Transfers" award from JP Morgan, recognizing the bank's commitment to efficient and sustainable direct payment practices.
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According to a statement from TBI, the award highlights its high efficiency in processing financial transactions, particularly in direct financial transfers of US dollars and euros, achieving a 99.68% MT103 success rate.
According to SWIFT, an MT103 is a standard SWIFT message used for single customer credit transfers. It is generated when a customer of one financial institution instructs that institution to transfer funds to a beneficiary at another financial institution. This message type is commonly used for cross-border payments.
Bank spokesperson Ahmed Saad Al-Khazraji noted that this recognition reflects the bank's ability to handle electronic transactions with minimal manual intervention, reducing errors and operational costs. He said TBI's success places it among a limited number of global banks achieving this level of excellence.
Iraq sees economic gains, investor confidence rises' : Iraqi envoy
link this is from Korean news
The Iraqi economy has witnessed significant and remarkable improvements over the past few years. According to the latest international economic indicators, Iraq has entered a new phase of recovery and growth amid significant transformations that reflect a tangible improvement in economic performance and enhance confidence in the national economy among local and international investors. This improvement comes amid an economic policy characterized by openness and balanced planning to address challenges and stimulate sustainable development.
Iraqi Ambassador to Korea Mohammed Mustafa Juma Almuntafeky / Courtesy of the Embassy of the Republic of Iraq in Seoul
Increased Non-Oil Revenues and Improved Financial Performance
In a remarkable development, Iraq's nonoil sector recorded unprecedented growth during 2024. Nonoil revenues rose by 198 percent during the first nine months of the year — a jump from $3.5 billion in the same period in 2023 to $10 billion in 2024. These revenues now account for 12.1 percent of the state’s total revenues, clearly indicating a diversification of income sources and improvements in financial management efficiency.
Decline in Inflation Rates and Recovery of the Financial Market
The annual inflation rate fell to 2.8 percent in the fourth quarter of 2024, down from 4 percent in the same period in 2023 — a 30 percent decrease. This decline signifies greater price stability and improved purchasing power for citizens, enhancing overall economic confidence.
Meanwhile, the Iraqi financial market has shown strong recovery, with the ISX60 index increasing by 20.23 percent, reflecting growing investor trust and a widening base of market participants.
International Monetary Fund Confirms Improvement
According to recent reports from the International Monetary Fund, Iraq’s economic indicators have improved markedly. The IMF cites the stabilization of financial policies, rising growth rates and an uptick in foreign investment as positive signs. These developments come alongside efforts to reform Iraq’s banking system and improve the legal and regulatory framework for investment.
Growing Foreign Investment and Expanding Global Partnerships
Foreign investment in Iraq has reached $88 billion, highlighting increasing global investor confidence. Iraq is also actively engaging with international companies to implement strategic initiatives such as the $17 billion Development Road project, which aims to link Iraq to Europe through Turkey.
Furthermore, the government has committed $100 billion over three years for large-scale infrastructure projects. This allocation opens up extensive opportunities for international firms to participate in Iraq’s economic transformation and development.
Looking Ahead
All these figures paint a picture of a changing Iraqi economy — one that is increasingly stable, growing and attractive to global partners. With an expected GDP growth of 3.6 percent in 2025 projected by the IMF, Iraq is positioning itself as a key economic player and promising investment destination in the Middle East
Trump arrives in Qatar, his second stop on his Gulf tour
US President Donald Trump arrived in the Qatari capital, Doha, as part of the latest stop on his Gulf tour, which includes several countries in the region.
Trump's visit to Qatar comes as part of strengthening bilateral relations and discussing a number of political and economic issues of common interest.
Official: Masrour Barzani's upcoming visit to the United States
Erbil (Kurdistan 24)- Kurdistan Regional Government (KRG) Spokesperson Peshwa Hawrami announced on Wednesday, May 14, 2025, that Prime Minister Masrour Barzani is expected to visit the United States.
During a press conference, Hawrami said that Prime Minister Masrour Barzani will visit the United States in the coming days to hold a number of important meetings with American officials.
The 2025 budget schedules may be included after the end of Parliament's legislative session.
MP Baqir Al-Saadi confirmed on Wednesday that the 2025 budget tables may be included after the end of the current legislative session of the House of Representatives, noting that the tables represent a vital tool for ensuring the funding of government projects.
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Al-Saadi said, in an interview followed by (Al-Mada), that "the 2025 budget tables are essential in securing funding for projects of ministries, agencies and government institutions, as well as covering the rights of various segments, which contributes to creating vitality in the work of these institutions."
He added, "Parliament's legislative session lasts for two months, and perhaps after its end, the tables will be sent by the government to the parliamentary finance committee for study, before submitting them to Parliament for an official vote."
He pointed out that "the tables are of great importance in terms of resolving many financial obligations and ensuring the availability of liquidity to finance the work of ministries and government institutions," stressing that "the matter is of utmost importance and is being closely monitored by the relevant parliamentary forces."
It's worth noting that the 2025 budget schedules were originally scheduled to be submitted during the first quarter of this year, but were delayed for unknown reasons, negatively impacting funding for projects undertaken by government ministries and agencies.
Al-Maliki: Holding the summit in Baghdad is evidence of Iraq's commitment to its role and obligations.
State of Law Coalition leader Nouri al-Maliki made a request to the Arab leaders participating in the Arab Summit on Wednesday, stressing that the fact that the summit is being held more than once in Iraq proves that the country wants to contribute to addressing the "nation's affairs."
In a speech on the occasion of the Arab Summit in Baghdad, Maliki said, "Holding the Arab Summit in Baghdad once again proves that Iraq is a true and genuine partner with Arab leaders in confronting challenges."
He added that "holding the Arab Summit in Baghdad is evidence of Iraq's commitment to its role and obligations," noting that "the Arab world is experiencing internal and external challenges because it is an essential and vital part of the region and the world."
He continued, "The challenges facing the region require a summit like this, where Arab leaders meet in their second homeland, Iraq, to confront developments and challenges." He emphasized that "Iraq's hosting of the Arab Summit more than once proves that Iraq wants to contribute to addressing the nation's affairs and interact with them."
He pointed out that "we hope that the Arab countries participating in the summit will unite to confront the challenges, avoiding problems and disagreements," adding, "We hope that our Arab leaders will pay attention to the demands that will be presented at the Arab Summit."
He added, "There must be meetings of the ministers of foreign affairs, reconstruction, and economy, so that the summit can bear important fruit, which shapes the wills of the countries." He continued, "We hope the summit will be successful and effective, establishing a stage of communication and integration to confront the challenges facing all."
Flamarz: Rafidain and Rashid Banks Fund the Entrepreneurship Initiative with 128 Billion Dinars
Adviser to the Prime Minister and Director of the Entrepreneurship and Excellence Directorate, Hassan Flamarz, confirmed on Wednesday that Rafidain and Rashid Banks have funded the Entrepreneurship Initiative with 128 billion dinars. He expressed his hope that the initiative will be supported with additional funds from the Central Bank.
Flammarz told the Iraqi News Agency (INA): "Rafidain Bank funded the initiative with 107 billion dinars, and Rashid Bank funded it with 21 billion dinars over the past year," stressing that "these funds come from the banks' own liquidity."
He added, "The banks are doing their duty, but we hope that the Central Bank will support these banks with additional funds to cover the loans allocated to 10,000 beneficiaries." He noted that "the number of those currently awaiting applications has reached 10,000, and may reach 20,000 by the end of 2025."
He pointed out that "Rafidain Bank is currently the primary supporter of the initiative, but additional banks are being sought to support the project." He explained that "the directorate is currently working on a structural reorganization that includes establishing its own fund, which requires legal legislation."
Flammers added that "the Prime Minister approved the establishment of the Smart Entrepreneurship City on January 1, 2025, which in turn requires appropriate regulations and legislation that are consistent with the scale of the challenges facing the initiative."
He continued, "The number of people registered in the initiative has reached half a million in just two years, which requires new operating mechanisms and additional loans to ensure their safe passage."
Fortress opens office in Abu Dhabi to expand its business in the Gulf region
US-based Fortress Investment Group announced on Wednesday that it has opened a new office in Abu Dhabi and appointed a senior executive, with the aim of expanding its business in the Gulf region.
Charles Spitz has been appointed president of the Middle East and North Africa office to lead the company's business in the region, co-CEO Drew McKnight told Reuters in an interview.
He added that Harry Steele, a managing director at Fortress in London, will also move to Abu Dhabi to lead distribution operations.
Companies like Fortress are seeking co-investment opportunities in the Gulf region through private credit, real estate, and asset strategies, as the region's economies diversify away from oil and gas.
Spitka is a board member of several Fortress Investment Group companies, including Mammoth Fritters and Aspire MRO.
The Abu Dhabi office will comprise two specialized teams, one focused on consumer finance and the other on Fortress's investment activities, led by several managers. Local hires are expected, with others relocating from London, New York, and Asia.
Mubadala, the sovereign wealth fund of Abu Dhabi, owns a majority stake in Fortress. The US group plans to expand its local team to support project launch, underwriting, and asset management operations, with a focus on consumer finance and multi-manager companies.
This announcement coincides with US President Donald Trump's four-day tour of the Gulf. The visit to Saudi Arabia saw the conclusion of a series of trade deals, including a Saudi pledge to invest $600 billion in the United States and purchase $142 billion worth of American weapons.
Fortress views Saudi Arabia as a key growth market as the Kingdom ramps up infrastructure spending under its Vision 2030 program.
"I think the opportunity in Saudi Arabia, particularly in consumer finance, is huge," McKnight said.
A consortium led by Mubadala Capital, a subsidiary of Abu Dhabi's Mubadala Investment Company, acquired a 68 percent stake in Fortress last year.
Last month, Mubadala Investment Company entered into a $1 billion strategic partnership with Fortress to invest in private credit.
Economic Council: Date set for Iraq Investment Forum
The Iraqi Economic Council announced on Wednesday the date for the Iraq Investment Forum, noting that 139 investment opportunities will be showcased at the event.
Council Chairman Ibrahim al-Baghdadi said in a statement reported by the official news agency and seen by Al-Eqtisad News that "a preparatory meeting for the forum was held, chaired by Deputy Chairman of the Executive Office Ali Marzouqi, and the dates of the "Iraq Investment Forum" were set for June 14 and 15, after the approval of the Prime Minister."
He added that "the forum will witness broad participation from companies and investors inside and outside Iraq," noting that "scheduling it after the Eid al-Adha holiday came to allow the largest possible number of officials, businessmen and investors to attend."
He stated that "the number of investment opportunities has increased since the beginning of preparations from 120 to 139, including 27 opportunities in the electricity sector, including the 2,000-megawatt Al-Faw thermal power plant and a number of wind energy projects that will be announced for the first time in Iraq." He pointed out that "the sectoral ministries will present these opportunities in specialized workshops with the participation of the governorates, with signboards to facilitate access to the workshops."
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Saudi Aramco signs 34 memoranda of understanding and agreements with US companies worth approximately $90 billion.
Saudi Aramco announced that it has signed, through its group of companies, 34 memoranda of understanding and agreements with major American companies in various fields, with a potential value of approximately $90 billion.
The company said in a statement on Wednesday that the signed memoranda of understanding and agreements cover cooperation and partnerships in a number of activities related to the company's business, including liquefied natural gas, fuels, chemicals, emissions reduction technologies, artificial intelligence, and other digital solutions, manufacturing, financial asset management, short-term cash investments, and the procurement of materials, equipment, and services.
The memoranda of understanding and agreements also included strengthening the relationship between Saudi Aramco and American companies, maximizing shareholder value, and enhancing cooperation and innovation in the energy sector and beyond, according to the statement.
The signing of this agreement came on the sidelines of US President Donald Trump's visit to the Kingdom of Saudi Arabia on Tuesday, May 13, at the start of a Gulf tour that also included Qatar, which he arrived in today, and the UAE.
Saudi Aramco stated that the memoranda of understanding and agreements it and its companies signed with American companies include:
Refining, Chemicals and Marketing
- A Memorandum of Understanding with Honeywell UOP regarding the licensing of advanced technology for the Aromatics project.
- A Memorandum of Understanding with Motiva regarding an aromatics project in Port Arthur, subject to a final investment decision.
- A Memorandum of Understanding with Afton Chemical to develop and supply chemical fuel additives for pipeline and retail fuel offerings.
- A memorandum of understanding with ExxonMobil regarding the evaluation of major development works at the Samref refinery, and the expansion of the facility into a world-class integrated petrochemical complex.
Exploration and Production
- A Memorandum of Understanding with Sempra Infrastructure relating to a previously announced non-binding preliminary agreement for a LNG equity stake and a purchase interest in the second phase of the Port Arthur LNG project.
A memorandum of understanding with Woodside Energy to explore global opportunities, including an equity stake and the purchase of liquefied natural gas (LNG) from the Louisiana LNG project. Additionally, the two companies are exploring potential collaboration in the low-carbon ammonia space.
- A final agreement with NextDecade to purchase 1.2 million tons per annum of LNG for 20 years from Train 4 of the Rio Grande LNG facility, subject to certain conditions, including a positive Final Investment Decision (FID) for Train 4.
Research and Innovation
- A non-binding strategic framework with Amazon/AWS on digital transformation and carbon reduction initiatives.
- A Memorandum of Understanding with NVIDIA regarding the development of advanced AI computing infrastructure in the industrial sector, the establishment of an AI center and AI platforms for enterprises, a center of excellence in engineering and robotics, training and skills development, and cooperation with NVIDIA's startup ecosystem.
A Memorandum of Understanding (MoU) between Aramco Digital and Qualcomm aims to explore opportunities for strategic collaboration focused on the use of key digital transformation applications in the industrial sector, leveraging Aramco Digital’s 450 MHz 5G network to connect smart end devices and on-device AI capabilities, including smartphones, rugged industrial devices, robotics, drones, cameras, sensors, and other Internet of Things devices.
Technical services field
- Procurement and Supply of Materials and Services: Memoranda of Understanding (MoUs) reflecting existing relationships with strategic suppliers in the United States were signed with: SLP, Baker Hughes, McDermott, Halliburton, Nabors, Helmrich & Payne Ltd., Valaris, Nesser, Weatherford, Air Products, KBR, Flowserve, NOV, Emerson, GE Vernova, and Honeywell Group.
Aramco said these suppliers provide high-quality materials and professional services that help support its projects and operations.
Strategy and Institutional Development
- A memorandum of understanding with Guardian Glass to localize the manufacture of glass for architectural applications in the Kingdom.
Financial services sector
- Custody asset management agreement with PIMCO, State Street Corporation, and Wellington.
- Agreements to manage short-term cash investments through a unified investment fund, Fund of One, with BlackRock, Goldman Sachs, Morgan Stanley, and PIMCO.
Exclusive - After the lifting of sanctions, Syria plans to revive production in partnership with Iraq.
A Syrian Ministry of Economy and Industry official announced on Wednesday that the decision to lift US sanctions on Syria will make a "significant difference," revealing his country's desire to revive production in partnership with Iraq.
Hassan al-Ahmad, director of the ministry's media office, told Shafaq News Agency, "The decision to lift US sanctions on Syria is one of the most significant economic milestones that we believe will make a difference in the country's near future. It represents the beginning of a new path toward recovery, stability, and Syria's repositioning in the regional and international economy."
He added, "From the Ministry of Economy and Industry's perspective, this decision not only means easing restrictions on financial and commercial transactions, but also represents a restoration of economic sovereignty and an opportunity to relaunch the productive wheel based on well-thought-out principles that are grounded in reality and aim to achieve qualitative development in the structure of the national economy."
He stressed: " We are working today to develop a comprehensive plan that focuses on productive sectors, particularly manufacturing industries, the agricultural sector, energy, and the pharmaceutical and food industries."
He pointed out that " Syria possesses sufficient resources, competencies, and infrastructure to become an exporting country, not an importing one. This goal is not out of reach if it is invested in scientifically and through genuine partnership with friendly countries, foremost among them our brothers in Iraq, with whom we have strong historical and economic ties."
He continued, " The role of the economy will be pivotal in the next phase, not only in improving citizens' living standards, but also in establishing stability and enhancing confidence in Syria as a country capable of rising again from the rubble."
US President Donald Trump announced on Tuesday that he would work to lift sanctions on Syria after discussions with Saudi Crown Prince Mohammed bin Salman .
Al-Sudani: Expect surprises at the Arab Summit, and a second term is a natural right.
Prime Minister Mohammed Shia al-Sudani spoke on Wednesday about surprises expected at the Arab Summit scheduled to be held in Baghdad next Saturday.
"Any weapons outside the state's control will be destabilizing," Al-Sudani said in an interview followed by the Iraq Observer.
He added, "Iraq is a virgin land for all investments, and not a day goes by without companies welcoming investment in Iraq."
He continued: "We have made great strides in reducing poverty rates in Iraq."
He pointed out that "corruption is a challenge in Iraq, and we have stopped many cases and stopped the abuse of power."
He stressed that "the government has started with the concept of recovering funds and wanted persons."
Al-Sudani spoke about attending the Arab Summit, saying, "There will be surprises."
When asked about his ambition for a second term, he said: “It is a natural right
Qaani arrives in Baghdad and meets with al-Araji on border security
look how happy he is to see him and they are holding hands!
Iraqi National Security Advisor Qasim al-Araji received Iranian Quds Force Commander Esmail Qaani in Baghdad. The meeting discussed the implementation phases of the security agreement between the two countries. Al-Araji stressed the importance of successful negotiations between Tehran and Washington to achieve sustainable stability in the region.
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Is Iraq Losing Financial Freedom? SWIFT, Sanctions & the U.S. Dollar Trap
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