IRAQ IS BACK

The Iraqi Securities Commission (ISC) has taken a significant step in enhancing the country's financial landscape by approving the listing, deposit, and trading of shares for five new companies on the over-the-counter (OTC) trading platform. This decision was made during the Commission's third session, which took place on April 7, 2026.

The newly admitted companies to the OTC platform include:

• Al-Yam Al-Azraq General Trading Company
• Asia Gate Insurance Company
• Al-Andalus Insurance Company
• Al-Khair Insurance Company
• Dar Al-Aman Insurance Company

This expansion of the OTC market is expected to provide greater opportunities for investors and enhance liquidity within the Iraqi financial system. By welcoming these companies, the ISC aims to foster a more dynamic trading environment, which is crucial for the growth and stability of Iraq's economy.

The inclusion of these firms not only diversifies the investment landscape but also reflects the ongoing efforts to strengthen the financial sector in Iraq, making it more accessible and attractive to both local and international investors.

Proton VPN has reported a remarkable surge in its user base in Iraq, with free signups skyrocketing by over 1,200 percent. This surge follows a significant disruption to Telegram services, which began on April 3rd at 18:00 GMT. The increase in registrations on April 4th is directly linked to this local outage or potential restrictions affecting the popular messaging platform.

Key highlights from this development include:

• A staggering 1,200% rise in free Proton VPN signups in Iraq.
• The surge is attributed to the disruption of Telegram services.
• Iraq has reached an unprecedented level of usage for Proton VPN.
• The country has now entered Proton VPN's top 10 markets for free VPN usage.

The ongoing rise in VPN usage in Iraq underscores a growing demand for alternative access tools, particularly during periods of service interruptions. This trend reflects not only the increasing reliance on digital communication platforms but also the necessity for secure and unrestricted internet access in the region.

The Iraq Stock Exchange (ISX) has reported a notable performance for the trading week ending April 9, 2026, with significant movements across various market indexes. The Rabee Securities Market Indexes indicate a robust increase, with the IQD-RSISX closing at 2,759.2, reflecting a weekly change of 4.6% and a year-to-date increase of 7.9%. Similarly, the USD-RSISX mirrored this trend, also rising by 4.6% for the week.

In terms of trading volume, the ISX saw a total of IQD 9,601.6 million traded, with 104 listed companies and 71 actively trading. The market capitalization reached IQD 26,793 billion, equivalent to approximately $20,297 million. The week recorded 6,477 total trades, with 33,075 million shares exchanged. Among the listed companies, 13 saw gains, while 34 experienced declines, and 24 remained unchanged.

The top gainers for the week included Iraqi Middle East Investment Bank (BIME), which surged by 50% to close at IQD 0.090, and AL-Wiaam for Financial Investment (VWIF), which increased by 48.9% to IQD 0.670. Other notable gainers were Sumer Commercial Bank (BSUC) and Gulf Commercial Bank (BGUC), with increases of 25% and 8.8%, respectively.

Conversely, the week also saw some significant losers. Iraqi for General Transportation (SIGT) dropped by 10% to IQD 1.620, while Al-Hamraa for Insurance (NHAM) fell by 9.7% to IQD 5.510. National Company for Metal Industries (IMIB) and Rehab Karbala Company (HKAR) also experienced declines.

In terms of trading activity, the banking sector dominated, accounting for 81.3% of total trading volume, followed by the telecom sector at 8.6%. The top five companies by trading volume included Erbil Bank for Investment & Finance (BERI), which led with a trading volume of IQD 2,915 million, followed by Al-Mansour Bank (BMNS) and Bank of Baghdad (BBOB).

Several significant corporate actions were noted during the week. A cross transaction involving 26.5 billion shares of Erbil Bank for Investment & Finance occurred on April 6, valued at IQD 2.915 billion. Additionally, the National Company for Tourism Investment (HNTI) has invited shareholders who have not received cash dividends for 2023 and prior years to visit the company headquarters for collection.

The Investment Bank of Iraq (BIBI) successfully completed legal procedures for a capital increase, raising its capital to IQD 300 billion through rights and bonus issues. The ISC has also approved a four-month extension for Economy Bank (BEFI) to finalize its capital increase process.

On April 6, the ISX resumed trading for AL-Wiaam for Financial Investment after a suspension since July 2025, with its share price rising significantly. Furthermore, Sumer Commercial Bank is set to transition from the Undisclosed Companies Market to the Regular Market starting April 12, 2026.

In terms of bond trading, the ISX has suspended trading of various Enjaz bond issuances due to upcoming maturity dates and coupon distributions, with trading expected to resume shortly thereafter.

Upcoming events include the suspension of trading for the National Bank of Iraq (BNOI) as it prepares for its AGM on April 26, where discussions will include financial statements and capital increases.

Overall, the ISX continues to demonstrate resilience and growth, reflecting a dynamic investment environment in Iraq.

The Iraqi government has taken a significant step towards economic revitalization by approving annual funding of IQD 100 billion (approximately USD 76.3 million) for each province included in the Reconstruction Fund for the Most Impoverished Areas. This initiative targets five provinces: Basra, Babil, Diwaniyah, Muthanna, and Najaf.

This funding is part of a broader strategy aimed at fostering development and enhancing economic conditions in regions that have faced considerable challenges. By channeling resources into these lower-income areas, the government seeks to stimulate growth and improve the quality of life for residents.

The allocation underscores the commitment to addressing disparities and promoting sustainable development across Iraq, reflecting a proactive approach to rebuilding and strengthening the economy in underserved provinces.

The Iraqi government has taken significant steps to enhance the country's energy infrastructure and promote sustainable development. During a recent meeting of the Higher Committee for Coordination between Provinces, led by Prime Minister Mohammed Shia Al-Sudani, provincial authorities were tasked with monitoring market prices to prevent hoarding and ensure the stability of essential goods amidst current regional challenges.

Among the key initiatives approved are the installation of solar energy systems in 850 government buildings. This ambitious project will see 550 buildings funded through domestic resources and 300 through international financing over the next six years. Additionally, the government has greenlit 101 afforestation projects aimed at creating green belts and enhancing forest cover across the nation.

As part of a broader national initiative, clean energy and emissions reduction projects will be implemented under the supervision of the Ministry of Environment. These efforts reflect Iraq's commitment to environmental sustainability and reducing its carbon footprint.

Administrative and regulatory measures were also discussed, including the transfer of contracts to the Ministry of Labour and Social Affairs following the approval of the 2026 federal budget law. Local authorities have been assigned the responsibility of removing illegal constructions within a 90-day timeframe, with costs borne by the violators. The Ministry of Construction, Housing, and Municipalities will continue to oversee compliance with these regulations.

In addition to energy and environmental initiatives, the Council reviewed several development projects in Babil province. These include the construction of a multi-storey car park with commercial facilities, various commercial building projects, and the rehabilitation of a tourist hotel. Progress is also being made on a residential complex project known as Ashur 2.

Further approvals have been granted for commercial developments in Hilla and Abu Ghraq, along with preparations for an investment hospital project in Babil. In a move to support the educational sector, governors have been instructed to assist students in their final examinations. Additionally, a new initiative to name "Lions of Mesopotamia Street" across provinces has been introduced, celebrating Iraq's qualification for the 2026 FIFA World Cup.

The Iraqi government has taken a significant step forward in the development of the Basra-Haditha crude oil pipeline project by approving a revision to its previous decision. This change allows for a direct invitation process for companies interested in participating in the project.

Under the newly amended Decision No. 578 of 2025, the Ministry of Oil will actively invite specialized firms to submit their bids, moving away from the earlier tender arrangements. This strategic shift is expected to streamline the bidding process and attract a wider range of qualified companies.

The Basra-Haditha pipeline is deemed a crucial infrastructure initiative that aims to enhance Iraq's oil transport capabilities and improve export flexibility. By facilitating a more efficient bidding process, the government is positioning itself to strengthen its oil sector and bolster economic growth.

The Iraqi Civil Aviation Authority (ICAA) has announced the reopening of the nation's airspace and the resumption of civil aviation operations, marking a significant step forward following recent improvements in security conditions. As of Wednesday, all civilian flights—including overflights, departures, and arrivals at Iraqi airports—are permitted to resume in accordance with established regulations and safety protocols.

The Joint Operations Command (JOC) confirmed that airport operations across Iraq will restart, having completed necessary technical and security measures to ensure safe air navigation. This development is crucial for revitalizing the aviation sector and enhancing connectivity within the region.

Key highlights of this reopening include:

• The full reopening of Iraqi airspace to both international and domestic flights.
• The resumption of operations at all airports nationwide.
• The implementation of stringent safety and security protocols in collaboration with relevant authorities.
• Ongoing coordination with international aviation organizations to align with global standards.

In light of these changes, the Civil Aviation Authority will be issuing updated flight schedules and operational guidance. Travelers are encouraged to check directly with airlines for the latest information regarding departures and arrivals.

Officials emphasized that these measures are designed to restore normal air traffic flows while upholding high standards of aviation safety and security. This reopening not only enhances travel options for passengers but also signals a positive shift for Iraq's economy, fostering greater international connectivity and encouraging business opportunities.

The Iraqi government has officially confirmed the tax settlement arrangements concerning operations at the West Qurna 2 oil field, marking a significant step in the ongoing contractual and financial adjustments within the sector. This decision involves the North Oil Company (NOC), which serves as the government partner in the contract, responsible for settling tax obligations as per Decision No. 41 of 2026.

Additionally, the Council of Ministers has acknowledged that the outstanding liabilities associated with Russia's Lukoil have been factored into the overall value of the final settlement approved under Decision No. 129 of 2026. This comprehensive settlement framework encompasses tax dues for the years 2025 and 2026, reflecting the government's commitment to ensuring clarity and stability in its oil sector operations.