Nechirvan Barzani discusses with an Emirati envoy enhancing investment and partnership in Kurdistan.

Kurdistan Region President Nechirvan Barzani expressed his pleasure on Wednesday to receive Saeed Al-Hajri, the UAE Minister of State and Special Envoy for Economic Affairs to the region.

Barzani thanked the leadership of the United Arab Emirates for its support for the Kurdistan Region and Iraq, stressing in a tweet on the (X) website that Al-Hajri’s appointment represents an important step that embodies the UAE’s commitment to its strong ties with the region.

He added that the meeting included discussions on the strong relations and ways to expand cooperation, with a shared commitment to enhancing investment and partnership opportunities.

Meanwhile, the Kurdistan Region Presidency said in a statement received by Shafaq News Agency that the President of the Region, Nechirvan Barzani, received this morning Saeed Al-Hajri, Minister of State and Special Envoy of the United Arab Emirates for Regional Affairs, and his accompanying delegation. The statement indicated that the two sides praised the history of friendship and relations between Kurdistan and the UAE, stressing the common will to develop them and expand areas of bilateral cooperation, especially in sectors of importance to both sides, with a focus on providing a legal environment and a climate conducive to investment in the region.

The statement indicated that President Nechirvan Barzani expressed his gratitude and appreciation for the UAE’s support for Iraq and Kurdistan, and considered the appointment of an Emirati special envoy an important step that reflects the UAE’s commitment to bilateral relations. He reiterated his gratitude to His Highness Sheikh Mohammed bin Zayed Al Nahyan, President of the UAE, and noted their recent meeting in Abu Dhabi, which included confirmation of the dispatch of a special envoy to the region.

During the meeting, according to the statement, the two sides discussed investment opportunities and strengthening the presence of Emirati companies and the private sector in Kurdistan, with the possibility of expanding activities in various fields. The meeting also touched on economic diversification and providing a clear vision for expanding Emirati investments in Iraq and the region. It also discussed Iraqi-Emirati relations and a number of issues of mutual interest, with a number of officials from the region in attendance.

Shafaq.com

The Iraqi Foreign Ministry launches the “Tas’heel” service for electronic document authentication.

This came during the inauguration of the service by Foreign Minister Fuad Hussein at the Consular Department of the Ministry’s building, in the presence of the Head of the Consular Department, Falah Abdul Hassan, and representatives from the Ministry of Communications.

According to a Foreign Ministry statement received by Shafaq News Agency, Hussein listened to a detailed explanation of the program’s working mechanism during the opening, stressing in a press briefing that “this project, which aims to complete and authenticate transactions electronically, will serve citizens wherever they are.”

He explained that “the project would not have reached its final stages without close cooperation with the Ministry of Communications, extending his thanks to the Minister and the relevant departments who contributed diligently as part of a fruitful collective effort to complete this project.”

The minister noted that “this step comes within the framework of automating the work of the Ministry of Foreign Affairs and is the first of its kind among Iraqi ministries,” expressing his hope that other ministries will follow suit.

Hussein emphasized that “the project will contribute to enhancing transparency and eliminating the role of intermediaries in completing transactions, which will enhance citizen confidence and contribute to combating corruption.”

Iraqi Minister of Communications Hiyam Al-Yasiri announced the launch of the “Tas’heel” service on Monday to track and process government transactions for citizens.

For her part, the Director General of the Iraqi Postal Service, Zainab Abdul Sahib, told Shafaq News Agency on Monday, “The Tas’heel platform launched by the Ministry of Communications is purely Iraqi and its investor is Iraqi, not foreign. All documents received from citizens are fully secure in terms of the system and the platform, and no external server or anything else is used.”

She confirmed that “the Ministries of Interior, Foreign Affairs, Education, Industry, and some universities within the Ministry of Higher Education have participated in the (Tas’heel) platform.”

Abdul Sahib explained that “the platform facilitates procedures for employees, retirees, civilians, and all segments of society to request documents and endorsements electronically. These documents must be obtained through the platform and by mail for a nominal fee.”

Shafaq.com

5 billion dinars returned to the Iraqi treasury after two companies were defrauded.

Iraq’s Supreme Judicial Council announced on Wednesday that the Karkh 2nd Investigation Court had recovered an amount of five billion Iraqi dinars for a financial fraud case.

In a statement received by Shafaq News Agency, the judiciary indicated that “the sum was recovered from two companies that violated the law by fraudulently obtaining the difference in the dollar exchange rate through money transfers outside the country.”

According to the statement, “The Second Karkh Investigation Court, through extensive efforts and under the supervision of the court’s first judge, recovered this amount. These efforts are ongoing to take legal action against the remaining companies that employ illegal methods to obtain large profits, thereby harming public funds.”

Shafaq.com

Tehran: We are ready to develop Iraqi gas, and the decision is up to Baghdad.

Iran’s Deputy Oil Minister, Hossein Zadeh, announced on Tuesday (September 9, 2025) his country’s readiness to work within Iraqi territory to develop and extract gas fields, which will support the Iraqi National Gas Company’s supplies.

Zada pointed out in press statements that the future of this vital cooperation “is determined by the Iraqi government” in light of ongoing international pressure, stressing that Iraq must decide for itself.

He added that Iran has always “extended a helping hand to the Iraqi people,” and that the offer of assistance and investment in this field had been on the table since the Iranian oil minister’s recent visit to Baghdad.

These statements come at a critical time, as Iraq faces a significant daily electricity production deficit that threatens the stability of the electricity grid, especially after the end of US waivers on Iranian gas imports in March 2025. Iraq’s summer energy demand is approximately 50,000 megawatts, while its domestic production does not exceed 28,000 megawatts.

Burathanews.com

SOMO: We have prepared a plan to make Iraq an open market and a pivotal energy hub.

The State Oil Marketing Organization (SOMO) announced a plan to increase Iraq’s production and export share, transform it into a pivotal energy hub, enter into global partnerships, and provide strategic storage sites.

SOMO Director General Ali Nizar said, “Iraq seeks to increase its production and export share in line with global market needs and balance, as the second-largest producer in OPEC.” He noted that “Iraq possesses enormous reserves that qualify it to meet international demand for crude oil and gas.”

He stressed that “Iraq possesses exceptional investment opportunities in the oil and gas sector, making it an open market for reputable international companies,” noting that “the government and the Ministry of Oil are showing great openness to cooperating with investors to increase production and end the phenomenon of gas flaring.”

Nizar explained that “the company’s plans focus on strengthening Iraq’s position as a pivotal energy hub by diversifying export outlets, entering into partnerships with global refineries, providing strategic storage sites, and expanding the pipeline network, thus positioning Iraq in its natural position as a major and stable source of energy in the world.”

miliq.news

Experts: Banking reforms are necessary to enhance financial stability.

Experts – Banking reforms are necessary to enhance financial stabilityThe Iraqi banking sector is undergoing a pivotal phase marked by comprehensive reform and institutional development. The Central Bank, in collaboration with private banks, the government, and the global consulting firm Oliver Wyman, is implementing a strategic plan aimed at enhancing financial stability, diversifying the economy, and gradually transitioning from a cash to a digital economy.

Experts believe these efforts pave the way for ending restrictions on Iraqi banks’ dollar transactions and opening new horizons for the banking sector to achieve sustainable development.

pivotal stage

Economic expert Dr. Mustafa Hantoush explained that “the Central Bank and the banking system are going through a critical phase that could lead to the end of restrictions imposed on Iraqi banks’ dollar transactions.” He pointed out that “the Central Bank’s decision to extend the deadline for increasing the capital of banks included in the reform to more than two years, instead of the previous deadline of the end of this year, reflects a state of joint cooperation with these banks and supports them in facing challenges.”

Final Report

Hantoush told Al-Sabah: “The Central Bank has contracted with Oliver Wyman to conduct a comprehensive study of the banking sector,” noting that “the company completed its study and submitted its initial report three weeks ago, while the final report was issued recently, including a package of mechanisms to address banking challenges and regulate dollar transactions.” He added that “these mechanisms are currently under discussion between the Central Bank and the consulting firm,” expecting “the dialogue between the two sides to continue to reach compromises, whether by extending the capital increase period to more than three years, or reducing the required amounts in line with the capabilities of Iraqi banks.”

tangible progress

For his part, Economic and Banking Advisor Samir Al-Nusairi stated that “the measures and efforts led by the Central Bank of Iraq, in cooperation and consultation with private banks, have yielded tangible progress in implementing the objectives, mechanisms, and standards of the comprehensive banking reform project. This progress is being made in partnership with the government and the global consulting firm Oliver Wyman, and within the framework of the Central Bank’s third strategy.”

productive sectors

Al-Nusairi explained to Al-Sabah that “the project came in response to current economic challenges and an effort to enhance the banking sector’s role in supporting sustainable development by activating non-oil productive sectors, diversifying sources of national income, achieving financial stability and economic growth, regulating foreign trade financing, supporting infrastructure projects for digital transformation, and expanding the use of electronic payment tools to achieve financial inclusion.”

international recognition

Al-Nusairi explained that “the reform and development plan for the banking sector for the period 2025-2028 focuses on developing the banking system and ensuring its compliance with international banking and accounting standards, building a modern, flexible, and inclusive banking sector, enhancing citizens’ confidence locally, and obtaining international recognition for its transparency and commitment to standard criteria, ensuring the confidence of global correspondent banks. It also aims to rehabilitate restricted or weakly active banks to enable them to return to full operations. It also aims to focus the role of banks on financing and development lending, enhancing financial inclusion and increasing its percentage. It also aims to move from a cash economy to a digital economy by withdrawing funds circulating outside the banking cycle – which constitutes approximately 80 percent – ​​and integrating them into the banking system.”

Evaluation and classification

Al-Nusairi pointed out that “what has been achieved during the years 2023, 2024, and until mid-2025 represents ‘ambitious’ levels in building the foundations upon which the reform project is based, which has enabled the evaluation and classification of banks according to their level of achievement of objectives.” He noted that “there are banks that have achieved remarkable progress, while others still need additional time, while exceptional efforts are being made by the Central Bank and the administrations of some troubled banks to rehabilitate them.” Central Bank Governor Ali Al-Alaq had previously revealed details of the banking reform plan, particularly regarding the foreign partner and the plan’s objectives, stressing that the foreign partner is not a condition of the reform plan, while indicating that the banking reform is based on international laws and standards.

Reform plan

Al-Alaq said, “The banking reform plan is not a surprise, but rather a well-thought-out plan, and it took more than a year to develop in coordination with banks and international bodies. It was agreed upon the need to review the Iraqi banking sector after years of practical experience.”

He pointed out that, “After numerous problems emerged, all parties agreed to adopt a plan that would place our banks within international standards and practices, and within the framework of the Central Bank Law and the Iraqi Banking Law. Therefore, the standards are not innovative, but rather stem from the Central Bank Law.”

Alsabaah.iq

Iraqi Telecom launches “Tas’heel” service to track and complete government transactions

Iraqi Minister of Communications Hiyam Al-Yasiri announced on Monday the launch of the “Tas’heel” service to track and complete government transactions for citizens .

“Today, we announce the official launch of the project to facilitate the transfer of citizens’ personal documents and facilitate their access via Iraqi Post,” Al-Yasiri said during the project launch conference, attended by a Shafaq News Agency correspondent. She added, “The project allows the delivery of all official documents from state institutions to citizens in modern and confidential ways, using the latest technological techniques .”

The minister emphasized that “the government attaches great importance to digital transformation and has launched a number of projects in this field,” noting that “the Ministry of Communications is the primary driver of digital services thanks to the available infrastructure, such as the unified card, passport, banking, and internet services .”

Al-Yasiri added, “The project is being implemented by the General Postal and Savings Company with the participation of the private sector. It is one of the most important projects that reduces financial and administrative corruption, limits direct contact between citizens and employees, and contributes to the speedy completion of transactions through automation .”

She explained that “the service will save citizens the trouble of having to visit ministries to obtain the required documents, as they will be delivered digitally,” noting that “the Ministries of Higher Education, Education, Foreign Affairs, and Interior can easily deliver their documents to citizens through the project .”

She emphasized that the project represents “a true automation of the Iraqi postal system, which had been virtually halted before the ministry took over. We have succeeded in revitalizing this sector.” She added, “The measure of any country’s success lies in its postal services, and we have achieved accomplishments in data exchange indicators for aviation, express mail, shipment tracking, and technology quality. We have also restored Iraq’s membership in the Universal Postal Service after it was previously frozen due to sanctions and financial fines .”

Regarding the project’s mechanism, Al-Yasiri said, “This is achieved by providing citizens with a postal code that facilitates many procedures, especially in e-commerce.”

Shafaq.com

Al-Sudani’s advisor: The development path will contribute 20% to diversifying the Iraqi economy.

Mudhar Mohammed Salih, an advisor to the Iraqi Prime Minister, revealed on Monday that the development road project will contribute 20% to diversifying the national economy.

Saleh told Shafaq News Agency, “The development road project, which connects the port of Al-Faw in southern Iraq to Turkey via a 1,200-km railway and road network, is one of the largest logistics projects in the region, with an estimated cost of $17 billion.”

He added, “The project will open the door to diversifying the national economy, as the road connects to free economic zones, industrial cities, and advanced logistics services.” He predicted that it “will contribute approximately 20% to diversifying the national economy in terms of its contribution to the GDP in the long term.”

Saleh pointed out that “this will be a basis for employing the national workforce of approximately one million workers and activating important joints in the national economy, in addition to advanced land and rail transportation services, in addition to attracting regional and international investments without interruption, as it connects the Gulf to Europe via Türkiye, which are important economic regions globally in terms of relative weight.”

The government advisor concluded his remarks by saying, “The project will sustainably strengthen the Iraqi economy and improve the country’s resilience to global market fluctuations. If invested efficiently and integrated with plans to boost industry, trade, and services, its impact could undoubtedly be as significant as that of oil in the long term.”

In April 2024, Iraq, Turkey, the UAE, and Qatar signed a quadripartite agreement on the Iraq Development Road Project, under the auspices of Iraqi Prime Minister Mohammed Shia al-Sudani and Turkish President Recep Tayyip Erdoğan.

The agreement aims to enhance cooperation regarding Iraq’s strategic development project, as the four countries will work to establish the necessary frameworks for its implementation, according to a statement issued by the Prime Minister’s Office.

Shafaq.com

It will not reduce Iraq’s deficit and will increase pressures. An expert comments on the OPEC+ decision.

Economist Ahmed Abd Rabbo confirmed on Monday that OPEC+’s decision to increase production starting next month will not reduce Iraq’s fiscal deficit in the near term, but may even exacerbate financial pressures. He emphasized the need for the Iraqi government to undertake urgent financial and economic reforms to ensure stability .

Speaking to Shafaq News Agency, Abdul Rabbo said, “OPEC+’s decision to increase production by 137,000 barrels per day starting next month reflects the group’s desire to regain some share in the global market, even if it comes at the expense of prices.” He explained that “the economic and financial impact of this decision on Iraq requires careful reading in light of the budget situation and the existing deficit .”

He added, “Iraq currently exports about 3.38 million barrels per day, while the budget was based on 3.5 million barrels per day at a price of $70 per barrel. Brent prices are currently hovering around $65, which is about $5 less than the assumption, which translates into a loss of approximately $6.2 billion annually. In contrast, every increase of 10,000 barrels per day adds only about $237 million annually, which means that Iraq is more sensitive to price changes than to changes in quantity .”

According to him, “Calculations show that Iraq’s fiscal breakeven price is approximately $84 per barrel, which is significantly higher than current levels, which explains the deficit exceeding 7 trillion dinars (more than $5 billion) in the first half of 2025. Therefore, increasing OPEC+ production will not contribute to reducing the fiscal deficit, but may increase it by putting pressure on prices, especially since Iraq has not yet been granted a significant increase in production share .”

The economic expert pointed out that “the resumption of northern exports via the Turkish Ceyhan pipeline, which has resumed pumping about 80,000 barrels per day, could provide a relative respite worth up to $1.9 billion annually at current prices,” indicating that “these quantitative gains may remain limited if the global price declines by even just $2 .”

Regarding the above, Abdul Rabbo stressed that “the expected impact of the OPEC+ decision on Iraq will be neutral to negative financially, unless Iraq achieves an actual increase in its export quota or we witness a sudden improvement in prices .”

He warned that the government should recalibrate its budget based on an oil price below $70, control current spending, and work to diversify revenue sources and boost export capacity to the north. He also noted that adopting a price hedging policy on a portion of exports could provide protection against market fluctuations .

He concluded his remarks by noting that “OPEC+’s decision to increase production will not reduce Iraq’s fiscal deficit in the near term, but may increase pressures, necessitating urgent financial and economic reforms to ensure stability .”

The OPEC+ group announced yesterday, Sunday, that it would increase oil production in October by 137,000 barrels per day .

Since last April, OPEC+ has been gradually ending its production cuts, increasing its production by approximately 2.5 million barrels per day—equivalent to about 2.4% of global demand—in response to US pressure to lower prices .

Despite the increases, prices remained high, near $66 per barrel, supported by Western sanctions on Russia and Iran.

Shafaq.com

Atomic Energy Chief: Progress in talks with Iran on resuming inspections

nternational Atomic Energy Agency Director General Rafael Grossi confirmed on Monday that talks with Iran on resuming comprehensive inspections had made progress, but warned that time was running out, expressing hope that an agreement could be reached within days .

Grossi said during a meeting of the IAEA’s 35-nation Board of Governors that “the discussions have already witnessed positive steps,” expressing his confidence in “the possibility of achieving a successful outcome soon.” However, he stressed that “time is still available, but it is limited,” according to an official statement from the agency .

Iran’s Ambassador and Permanent Representative to the International Atomic Energy Agency (IAEA), Reza Najafi, announced yesterday, Sunday, that the third round of technical negotiations between Tehran and the IAEA would be held in Vienna, on Friday and Saturday .

He explained that “the new round of talks addressed the mechanism for implementing safeguards obligations in light of the new situation following the attacks targeting Iranian nuclear facilities, and based on the decision of the Islamic Consultative Assembly,” noting that “the two sides exchanged views on the provisions of the text of the directives,” according to the Iranian news agency, IRNA .

A confidential report issued by the International Atomic Energy Agency last Wednesday revealed that Iran had “increased its stockpile of uranium enriched to 60% purity,” a level close to the level required for nuclear weapons, prior to the Israeli attack on its nuclear facilities on June 13 .

The report, which was reviewed by Western media, indicated that “Iran’s stockpile of 60% enriched uranium, in the form of uranium hexafluoride, which can be enriched via centrifuges, amounted to 440.9 kilograms as of June 13. ”

According to the agency’s definition, 125 kilograms of 20% enriched uranium is theoretically sufficient to produce one nuclear bomb if the enrichment rate is increased.

Shafaq.com