Iraq Roundup: Fire outbreak, bilateral ties, tourism, foreign travels
Tourism
Iraq’s Prime Minister Mohammed Shi’a Al-Sudani has launched the first phase of the Ur Tourist City project in Dhi Qar Governorate, which includes a cultural centre, Sumerian theatre, interfaith dialogue centre, and more. Construction Week reports that planned expansions feature a 400-room hotel and a mosque. Infrastructure improvements include the completion of Nasiriyah International Airport and enhanced electricity supply, with over 2,400 MW of power projects underway. Al-Sudani's recent visit is part of ongoing efforts to improve local development and reconstruction in the region.
Fire outbreak
A fire at the Parvez Khan border crossing between Iraq and Iran killed one person and injured 17, including 12 civilians and four security and health personnel. The fire, which broke out on Monday evening, destroyed 15 trucks and involved several oil tankers. According to Rudaw, the injured were treated at Shahid Hazhar Emergency Hospital and are in stable condition. This crossing is a vital route for oil exports to Iran and other goods entering the region.
Foreign travels
Masoud Pezeshkian, the newly elected president of Iran, will make Iraq his first foreign destination, emphasising the importance of Iran-Iraq relations, Tehran Times reports. His visit, in response to an invitation from Iraqi President Abdul Latif Rashid, is scheduled before his attendance at the United Nations meetings in New York. The trip follows a recent press conference in Baghdad where Iran's former foreign minister, Ali Bagheri Kani, called for an end to violence in Gaza and highlighted the shared commitment of Iran and Iraq to support the Palestinian population amid regional tensions.
Automotive market
Toyota led the Iraqi automotive market in the first half of 2024, with sales reaching 19,629 units. Car sales overall increased by 26.4% compared to the same period in 2023, totalling 69,072 vehicles sold. June marked the eighteenth consecutive month of rising sales, with 11,022 cars registered that month. According to Iraqi News, Kia followed Toyota with 17,986 sales, and Hyundai ranked third with 7,980 units sold. The Iraqi market, which faced declines between 2014 and 2016 due to the ISIS conflict, has seen significant growth since 2017, with 2022 showing a 26.7% rise in annual sales to 107,990 vehicles.
Investment
The International Development Bank (IDB), Iraq's largest private bank, aims to enhance its business operations in the UAE by providing innovative financial solutions for various clients, including individuals, SMEs, and corporations. During a recent media briefing, IDB chairman Dr. Ziad Khalaf Abd highlighted the bank's focus on customised services such as flexible financing, cash management, international trade facilitation, and comprehensive treasury solutions. The bank emphasises a client-centric approach to support businesses in achieving their investment goals and expanding into global markets, according to Khaleej Times. Dr. Abd also noted the importance of technological innovation and financial inclusion in driving the bank's success and enhancing the financial infrastructure in the Arab region.
