Thursday, March 28, 2024

Baghdad

As terror subsides, some companies cautiously return to Iraq

 As terror subsides, some companies cautiously return to Iraq

Representational Photo

Representational Photo
Representational Photo

(IraqiNews.com) Basra – Oil companies have shown their keen interest in doing business in Iraq and as the situation continue to grow better, some foreign companies cautiously return to Iraq.

“Some bit of stability has returned to Iraq after years of crisis and disruptive anti-corruption protests earlier this year. And as the turmoil appears to be subsiding, some foreign oil companies see opportunity and investors’ interests have also increased,” informed a well placed source in Erbil.

“Weak oil prices that gradually weakened Iraq’s economy, in the recent times have shown some recovery and as Iraqi Security Forces (ISF) in association with the US-led international coalition have further weakened ISIS’ presence in the country, the interest in the country from serious investors have thus increased. After Fallujah and Ramadi everything changed,” the source said quoting a senior banker.

It can be mentioned here that in January General Electric signed contracts worth $1 billion to upgrade Iraq’s electricity infrastructure and this the company’s largest power deal in the country since 2008.

In April, the World Bank’s International Finance Corporation arranged a $375 million financing package.

Wyndham Hotel Group announced plans to open two new hotels in Najaf, a pilgrimage destination for Shiite Muslims, by 2018.

Commenting about the change, International Monetary Fund informed that Eversheds- an international law firm, is working on two deals to acquire assets in Iraq. World Bank expects Iraq’s economy to grow about 7 per cent in 2016.

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