Iraq Economic News and Points To Ponder Saturday Morning 12-13-25
Bank Of Baghdad: Committed To International Compliance And Transparency Standards
Friday, December 12, 2025 | Economy Number of views: 304 Baghdad / NINA / Bank of Baghdad, one of the first Iraqi banks, affirmed its unwavering commitment to its professional approach, which it has maintained since its establishment decades ago.
This approach is built on trust, sound governance, and strict adherence to the regulations and instructions issued by the Central Bank of Iraq and local and international regulatory bodies.
In an official statement released today, Friday, in response to reports circulating on social media platforms regarding US restrictions on financial deposits held by the bank, the bank's management stated, "We continue to strengthen our position as a leading financial institution in developing banking services and supporting the national economy."
The statement added, "Bank of Baghdad will remain close to its clients and partners, interacting with them transparently and responsibly, and continuing to provide safe and reliable services that comply with the highest standards of governance and compliance." /End 5 https://ninanews.com/Website/News/Details?key=1266427
Iraq Announces Completion Of The Five Projects For The Grand Faw Port By The End Of 2025
Economy | 12/12/2025 Mawazin News - Baghdad: The Ministry of Transport announced the completion of the five main projects within the Grand Faw Port project by the end of this year, emphasizing the government's continued direct oversight of the project's details due to its strategic importance to Iraq and the region.
Ministry spokesperson, Maitham al-Safi, stated that the government recently held a meeting of the Higher Committee for the Development Project to review progress rates and discuss the latest developments on the ground, noting that work is proceeding according to schedule.
Al-Safi pointed out that one of the most significant recent developments was the opening of the road connecting to the Grand Faw Port, which had been in the detailed design phase.
He explained that the road construction is 68% complete, while the cumulative detailed design work has reached 83%, with significant progress being made on the railway line.
He further stated that the Grand Faw Port project is witnessing substantial progress in the implementation of its main projects, including the five berths, the connecting road, and the navigation channel, confirming that work is proceeding at an accelerated pace.
Regarding the container terminal, Al-Safi confirmed that it has reached an advanced stage of completion and is nearing handover. He added that the submerged tunnel, a crucial structural element that will enhance future port operations, has exceeded 80% completion.
He further stated that the five main projects within the Grand Faw Port project will be completed by the end of this year, paving the way for further infrastructure development.
Al-Safi concluded that the Ministry is working on a comprehensive future vision for the port, which will become one of the most important ports in the Middle East and a pivotal hub in the development corridor project.
The Grand Faw Port is a strategic project located in the far south of Iraq, on the Faw Peninsula in Basra Governorate. It aims to transform the country into a regional trade hub by connecting it to global transportation networks. The foundation stone for the project was laid on April 5, 2010.
The project costs approximately $4.6 billion, covers an area of 54 square kilometers, and is expected to have a depth of 19 meters to accommodate the largest commercial vessels.
Its handling capacity is expected to reach 99 million tons annually, making it one of the largest ports in the Arabian Gulf and the tenth largest globally.
In 2024, the concrete wall for the quays was completed, the pilings were prepared, and work began on the container yard, with work progressing in parallel, focusing on completing the last five projects simultaneously.
This year, significant progress has been made on the submerged tunnel, with most of its components installed, the pilings secured, and the tunnel itself submerged. This tunnel is considered a vital project within the Grand Faw Port.
The Grand Faw Port is expected to bring about a major transformation in regional and international trade by connecting Iraq to global transportation networks and facilitating the movement of goods between East and West.
https://www.mawazin.net/Details.aspx?jimare=271505
Iraq Announces A Plan To Increase Private Sector Investment In 19 Economic Sectors.
Money and Business Economy News – Baghdad The Iraqi Private Sector Development Council has revealed details of a comprehensive plan to enhance its role in 19 economic sectors, which will begin to be implemented in the coming months.
Abdullah al-Jubouri, the second deputy of the Private Sector Development Council, said that "the Private Sector Development Council represents a vision that was launched with international support and aims to develop all areas of work in the Iraqi private sector, and to leave the economic pattern that previously tended towards socialism."
Al-Jubouri added that "the council was formed during the current year, and it represents 19 sectors that include all the joints of the Iraqi economy," stressing "the serious work to build promising sectors, correct legal legislation, as well as establish an institutional system in all sectors that support the national economy."
He pointed out that "work is currently underway to establish an economic edifice supported by the Private Sector Development Council, which will officially change its name to the Supreme Council for the Iraqi Private Sector, to undertake all tasks that would advance the private sector in the country." Al-Jubouri affirmed that "the coming months will witness the launch of an effective and practical plan in this field."https://economy-news.net/content.php?id=63308
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