News December

Housing for Terror Victims

         The Ministry of Construction and Housing announced the start of the project to build housing units for victims of terrorism. The total number of housing units is 2500 and will be in Baghdad, Wasit, Babylon and Anbar provinces; they are expected to be finished next year. (Iraq Business News)

New Oil Discovered in KRG

        Lately there has been news about discovering new oil resources, yet no one thought that it would happen that fast. Marathon Oil Corporation found oil in Mirawa 1 Drilling site near Erbil; this discovery is expected to lead to produce  an extra 11,000 bpd.

Karbla, the Most Expensive Property in all of Iraq

        The sacred governance of Karbala, where two religious Shrines exist, is experiencing a real estate boom because of religious tourism. The city is witnessing an increase in real estate prices because of the increasing number of tourists and as a result increasing the demand for hotels and tourist villages.  (Iraq Business News)

Rainstorm Hits Baghdad

        Heavy rain hit Baghdad early November, which caused a shutdown of government institutions and private businesses. The water system in Baghdad is old and it is not sufficient due to climate change and the increase in yearly rain; the government contracted many companies to improve the system, yet little action was done.

Income per Capita reaches $5000 in KRG

        KRG economic performance has developed, adding that to the political stability; this all has caused the region to prosper. Poverty has decreased by 4% since 2003. More positive actions are expected. ( AL-Sumaria)