Iraq Economic News and Points To Ponder Sunday Afternoon 5-24-26
Iraq Is Part Of A $700 Million International Cable Project Linking The Gulf To Europe.
Money and Business Economy News – Baghdad A report issued by S&P Global Market Intelligence revealed that Iraq will be part of the international cable project "WorldLink", which aims to create a new digital corridor linking the Gulf region to Europe via Iraqi territory, as part of a global expansion wave in submarine cable and data transmission projects.
The report stated that the project, costing approximately $700 million, is privately funded and involves an Emirati-Iraqi consortium comprising Tech 964 Holding, DIL Technology, and Breeze Investments. The cable is planned to originate in Abu Dhabi, extend through Iraq to Turkey, and include branches connecting Qatar, Bahrain, Saudi Arabia, and Kuwait.
He added that the project was designed to be neutral for telecommunications companies and targets international telecommunications companies and AI-based applications, as well as providing an alternative route to the traditional congested corridors, thus reducing the risk of disruptions and enhancing the flexibility of data traffic between Asia and Europe.
According to the report, the cable's design capacity will be around 900 terabytes per second, with a target of reducing response time to less than 100 milliseconds, which supports cloud computing services, data centers, and advanced digital applications.
He noted that the project's implementation period is up to five years, expecting that the cable's passage through Iraq will contribute to strengthening its position as a regional hub for data transmission and attracting new investments in the digital infrastructure and communications sector.
The report noted that the Worldlink project is part of a global trend to diversify international cable routes and reduce reliance on traditional bottlenecks, while geopolitical developments in the region, including tensions related to the Strait of Hormuz, may affect the project's timeline. https://www.economy-news.net/content.php?id=69427
The Retirement Authority Announces The Completion Of Procedures To Raise Retirees' Salaries For The Month Of June.
Money and Business Economy News – Baghdad The General Retirement Authority announced today, Sunday, the completion of procedures to raise retirees' salaries.
The Deputy Head of the Authority, Hossam Abdul Sattar, stated in a statement to the official agency that "the General Retirement Authority completed today the procedures for raising the salaries of retirees for the month of June in coordination with the Ministry of Finance, Accounting Department, and submitted them to the banks, to complete the disbursement procedures."
Abdul Sattar called on "retirees who receive text messages to check the payment outlets to receive their retirement salaries gradually." https://www.economy-news.net/content.php?id=69482
Years Later, Babylon Lays The Foundation Stone For The "Nationality" Bridge In The Center Of Hilla.
Money and Business Economy News – Baghdad The local government in Babylon announced on Sunday the laying of the foundation stone for the “Nationality” bridge project in the center of Hilla, while confirming that the project will represent an important step to address traffic congestion within the city center.
Babil Governor Ali Turki said, "Today, the province is laying the foundation stone for a new landmark in Babil, after many years in which the city lacked similar projects, even though Hilla practically relies on only one internal bridge."
He added that “the Nationality Bridge is one of the important projects to alleviate traffic congestion, as it will contribute to reducing the pressure on the Bab Al-Awal area, in addition to being a tourist landmark due to its location on the Hilla Corniche, as well as linking the two sides of the city, the right and left sides of Hilla, which provides a direct service to citizens and facilitates movement within the city center.”
For his part, the Director of Roads and Bridges in Babylon, Engineer Hussein Sreisah, said, “The project is one of the projects that the people of Hilla have been waiting for for years, because the city relies mainly on the Bab Al-Hussein Bridge, which experiences frequent traffic jams.”
He explained that “the bridge will connect the Al-Jazair neighborhood to the Hilla Corniche, and will be integrated with 100th Street and 60th Street near the amusement park, within the road network that the governorate is working to develop,” indicating that “the road will have four lanes with integrated service facilities, and it is expected to contribute to reducing traffic congestion in Bab Al-Hussein by more than 70 percent.”
He indicated that "the actual commencement of the project will be immediately after the Eid holiday, with work to complete it before the contractual period."
For his part, the head of the Babil Provincial Council, Asaad Al-Muslawi, said that “laying the foundation stone for this project represents an important start to addressing the traffic crisis within the city center of Hilla.”
He added that "there is a proposal to change the name of the project to (Martyrs' Bridge) in honor of the sacrifices of the sons of the province," stressing that "the bridge will have a major role in facilitating movement between areas of the city, and reducing traffic congestion, especially for those coming from the direction of Baghdad or from the rest of the provinces."
Al-Muslawi added that "the local government is proceeding with the implementation of a package of service projects after the Eid holiday, including opening and developing streets 60, 80 and 100, with the aim of improving traffic flow and relieving pressure on the city center of Hilla, which will positively affect the daily lives of citizens."
https://www.economy-news.net/content.php?id=69469
With $95.7 Billion, Five Technology Companies Account For Nearly Half Of South Korea's Exports.
Money and Business Economy News - Follow-up The top five South Korean companies, including Samsung Electronics and SK Hynix, accounted for about 44% of South Korea’s total exports in the first quarter, amid rising global demand for memory chips amid the artificial intelligence boom.
According to data released Sunday by the Ministry of Data and Statistics, the top 5 companies' exports amounted to $95.7 billion, or 43.5% of the country's total exports of $219.9 billion, during the period from January to March.
The share of the top 5 companies jumped by 14.8 percentage points compared to 28.7% in the same period of 2025, reflecting South Korea's increasing reliance on major technology companies for exports, according to Yonhap News Agency.
Iran's economy and war: A memorandum proposes ending the war on Iran and lifting sanctions on its oil.
The data showed that the top 5 companies saw their exports increase by $50 billion year-on-year in the first quarter, representing 82.8% of the country's total export growth during that period.
Experts said South Korea's recent export gains were driven by an artificial intelligence boom, not an overall recovery in the global economy, noting that the inequality could deepen further in the future.
Kim Kwang-seok, head of the economic research department at the Korea Institute of Economics and Industry, said, "The global economy is only thriving within the value chain of the artificial intelligence industry."
He added: "While major Korean companies seek to seize opportunities within the AI value chain, companies operating in traditional industries face challenges." https://www.economy-news.net/content.php?id=69468
US Officials: Iran Has Agreed In Principle To 95% Of The Agreement.
Arabic and international Fox News reported Sunday evening that Iran had "agreed in principle" to the framework agreement, but that the agreement would not be signed today or tomorrow, according to what it quoted from American officials.
Officials stated that "Tehran has agreed in principle to the framework, and we have completed 95% of it and are negotiating the wording," noting that "Washington will not sign an agreement today or tomorrow with Iran, and that President Donald Trump is inclined to give them several days to complete it."
Earlier this evening, Trump said that "if he makes a deal with Iran, it will be a good and sound deal," arguing that "the deal made by former President Barack Obama gave Tehran huge sums of cash and a clear and open path to a nuclear weapon."
Trump added, via the Truth Social platform, that "the potential agreement with Iran is completely different from Obama's agreement, but no one has seen it or knows what it is... because it is still being negotiated."
The US president urged people not to listen to what he called "losers who criticize the agreement but know nothing about