Latest news with #TradeBankofIraq
See - Sada Elbalad
7 days ago
- Business
- See - Sada Elbalad
Iraq Launches 'City of Gold' in Baghdad to Boost Non-Oil Economy and Jewelry Industry
Waleed Farouk In a move with significant economic and strategic implications, Iraq has officially launched the 'City of Gold' project in the capital, Baghdad — the country's first zone dedicated to the manufacturing and marketing of gold and jewelry. The initiative is part of a broader government plan to stimulate the non-oil industrial sector, create jobs, and elevate Iraq's regional standing in the gold jewelry market. An Integrated Hub for Gold Manufacturing According to Haider Makiya, Chairman of the National Investment Commission, the project falls under the state's economic diversification strategy, aiming to reduce reliance on oil revenues and stimulate national income. The city will be established on nearly 50,000 square meters in the Al-Nahda area of Baghdad and will feature workshops, factories, and refineries for gold processing, along with specialized training centers in jewelry design and craftsmanship, and commercial markets for both local and international gold products. Makiya explained that the project will be carried out as an investment venture in cooperation with the Trade Bank of Iraq (TBI), which will fund and support its execution phases. This will enable the participation of both local and international private sectors and attract global luxury brands to the Iraqi market. Reviving a Neglected Sector Iraq's gold sector suffers from a lack of supporting infrastructure and limited domestic manufacturing, resulting in a heavy reliance on imported finished gold — particularly from Turkey and the UAE. Project leaders hope that the City of Gold will reverse this trend and transform Iraq from an importer into a regional hub for production and export. Mohammed Naeem, Advisor to the Prime Minister on Investment Affairs, noted that the project goes beyond establishing a marketplace. It envisions a comprehensive ecosystem, including technical education and workforce development, by founding a vocational institute to train young people in gold craftsmanship, especially amid growing demand for skilled labor in the industry. Positive Market Reactions The project has been met with enthusiasm from economic circles, with experts saying it could represent a turning point if linked to broader reforms in the sector's legal and financial frameworks. Economist Nabil Al-Marsoumi commented that the City of Gold reflects "localization of a traditional industry with high added value" and could contribute to improving the balance of payments through future exports. Meanwhile, the Iraqi Goldsmiths Association has called for the inclusion of local artisans and traditional workshops in the design and operational phases to ensure skill transfer to younger generations and avoid monopolization by large companies. A Regional Outlook Iraq's City of Gold emerges at a time when the region is seeing intense competition in the jewelry industry, with established centers like Dubai, Riyadh, and Cairo. However, Iraq is banking on its rich heritage in precious metal craftsmanship and a vibrant domestic market to reposition itself as a key player in the field. Amid the many challenges facing Iraq's economy, the City of Gold presents a promising opportunity — not only to revive a long-neglected sector but also to reshape the country's image as a hub of innovation and manufacturing. If successful, the project could pave the way for a new 'Made in Iraq' label in the world of gold and jewelry in the coming years. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters Arts & Culture "Jurassic World Rebirth" Gets Streaming Date News China Launches Largest Ever Aircraft Carrier Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle Business Egyptian Pound Undervalued by 30%, Says Goldman Sachs Sports Get to Know 2025 WWE Evolution Results News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" News Flights suspended at Port Sudan Airport after Drone Attacks
Iraqi News
09-07-2025
- Business
- Iraqi News
Iraqi cabinet approves gas deal with Turkmenistan
Baghdad ( – As part of the country's efforts to secure the fuel needed to operate power plants during the summer, Iraq revealed new developments in the gas deal with Turkmenistan. The Iraqi cabinet made several decisions on Tuesday aimed at resolving one of the country's most serious challenges. The Iraqi cabinet decided to move forward with a deal to import gas from Turkmenistan in quantities ranging from 14 to 15 million cubic meters per day, potentially providing an additional 2,000 megawatts of electricity. Iraq signed a memorandum of understanding in 2023 with Turkmenistan to import the gas it needs to operate its power plants, according to the Ministry of Electricity, which indicated that the step requires additional negotiations related to the mechanism of transporting gas through Iran. Power plants in Iraq depend on gas imports from Iran, which cover one-third of the country's energy needs. The gas supply agreement with Turkmenistan aims to provide Iraq with an average of 20 million cubic meters per day. This gas will be transported to Iraq via pipelines that connect Turkmenistan and Iran to compensate for the decreasing gas supplies from Tehran. This approach has been hindered by the Trade Bank of Iraq's (TBI) inability to issue a letter of credit to allow Iraq to pay for gas imports due to US sanctions on Iran. In May, the Iraqi Minister of Electricity, Ziyad Ali Fadel, visited Turkmenistan to accelerate the fulfillment of a gas supply contract with Iraq. Fadel indicated earlier that Iraq will get gas from Turkmenistan through Iran's pipeline network, which is connected to Iraq and will eventually serve the country's power plants. Over the next five years, the arrangement will allow Turkmen gas to be transported to Iraq across Iran.
Shafaq News
20-05-2025
- Business
- Shafaq News
Rush at TBI as Kurdistan speeds up 'My Account' rollout
Shafaq News/ Long queues formed outside the Trade Bank of Iraq (TBI) in al-Sulaymaniyah of Iraqi Kurdistan on Tuesday as public employees rushed to complete their registration for the My Account (HISABI) system. 'We arrived early this morning after being informed that the cards were ready,' said Nour al-Din Wali, a government employee from the Garmian Administration. 'Without this card, we cannot receive our May salary.' The My Account initiative—launched under Prime Minister Masrour Barzani and supported by the Central Bank of Iraq (CBI)— allows employees to freely choose among six participating private banks to open their salary accounts and gain access to over 19 monthly banking services, including loans, transfers, and payments, for a nominal fee of 2,500 IQD ($1.9). The project complements a parallel government initiative, the 'domiciliation' system, which assigns employees to specific banks based on agreements between the Ministry of Finance, accounting units, and financial institutions. Both programs aim to reduce cash dependency, enhance payment security, and combat corruption through improved financial transparency. The KRG has mandated that all public employees register by May 27, in line with a Federal Supreme Court decision calling for unified salary disbursement mechanisms nationwide.
Iraq Business
14-05-2025
- Business
- Iraq Business
Dollar Transfers from Iraq: JP Morgan awards TBI
By John Lee. 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. 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. (Sources: Trade Bank of Iraq, SWIFT)
Iraqi News
07-05-2025
- Business
- Iraqi News
Iraq to launch $119m energy investment corporation
Baghdad ( – In a strategic move to bolster its energy sector, Iraq has approved the creation of a new $192 million corporation dedicated to investing in energy-related projects across the oil-rich country. The decision, made by the Iraqi cabinet in Baghdad, marks a significant step toward unifying regional governmental efforts under one ambitious venture. According to sources, key stakeholders in the corporation include the State Pension Fund and the state-owned Trade Bank of Iraq. The new entity will focus on financing, developing, and managing energy projects, aiming to attract investment and improve infrastructure in the nation's critical energy sector. This initiative reflects Iraq's broader goals of modernizing its energy industry and increasing its role in the global energy market.
