Jumat, September 29, 2006

World Bank grants Iraq over USD 6 million to finance socio-economic survey

The Bank said in a statement posted on its web site that the "first survey of this type to be conducted in Iraq since 1993, it will examine income, expenditures, and living standards, yielding valuable data on poverty and complementing other surveys financed by the United Nations." Up to USD 5.1 million of the total sums of money will be used by Iraq to finance the survey and data analysis, and a USD 1.5 million will be used to provide technical assistance on the latest data collection and analysis techniques, said the statement.

A generation ago, Iraq's income and education and health indicators were high compared to regional averages. In recent years, living standards have declined to among the lowest in the region, said the World Bank statement. Joseph Saba, a World Bank Director for the Middle East Department, said "This project will enable Iraq's government to establish a poverty line, develop policies to reduce poverty and increase employment, and target social assistance to the neediest.

"Modern systems for data collection and dissemination are essential for providing Iraqi's policymakers with reliable information on which to base their decisions," added Saba.(Source)Kuna

Kamis, September 28, 2006

Korean companies willing to invest in Iraqi oil sector

He added that South Korea prepared to enter in joint projects to invest oil fields and other oil investments that came during a meeting between Iraqi Oil Minister and Korean Ambassador in Baghdad.(Source)AlSabah

Iraqi Oil Ministry: We will Reconsider all Investment Contracts

The drafting of the law is supposed to be finished and approvals gained from the cabinet and parliament by the end of the year. “The Ministry is studying all the contracts concluded with companies including those concerning Kurdistan Region”.

This subject is one of many that have been discussed early this month during the three meetings of the Ministerial Energy committee presided by deputy prime minister Barham Salih. The Kurdish side has finished drafting the oil law of Kurdistan Region and was supposed to be presented to the Kurdish Parliament soon. However, some sources anticipated that the presentation of the bill will be postponed for later due to the continuous coordination and discussions with the Iraqi Energy committee in order to avoid any contradiction and duality in laws.

Also, the Ministerial Committee has agreed to transfer all oil profits, from the new and current fields, to a central authority and then distribute them according to the population in each province. But the disputes over who will distribute the money among provinces and regions, and who will discover and develop the new fields are still on.

Another dispute is still going on among the concerned sides over who will undertake the responsibility of negotiating and signing the excavation and developing contracts with foreign companies. In spite of the many statements of Minister Ashahristani about the central role of the Ministry in reconsidering and agreeing to all contracts, the Kurdish constitution draft is presuming otherwise and entrusting the Kurdish authority with these jurisdictions.

Officials in the Supreme Council of Islamic Revolution in Iraq, headed by Mr. Abdulaziz Al-Hakeem, stated more than once that they will apply the same laws legislated in Kurdistan region in the suggested central and southern region as well.

Iraqi Minister of Oil, Hussain Ashahristani, confirmed that his ministry will start investing two fields east of Baghdad as well as Al-Ahdab field at Kut in the south of Iraq during the next few days. He said that his investment process is the first in oil fields; 30 thousand barrel a day of crude oil will be excavated from Al-Ahdab field as a first stage rising to 60 then to 90 thousand barrel a day as a maximum production power during the third stage. He pointed out that the excavated amounts will be invested to supply Al-Kut electricity station which will be operated soon by the Ministry of Electricity.(Source)Dar-AlHayat

Fixing up Feeding System of a Production Line in an Engineering Company

The informative office in the Ministry said that the company managed to re-operate the controlling system which was damaged because the main feeders “the Thirstier” of the fusion furnaces of the line were burned down as a result of the continuous and sudden severances of electricity.

The same source added that the company decided to maintain the line without the help of the supplying company through searching for local replacement of the damaged materials.

After locating the damages and training the cadres, specialized in operating and maintenance, by preparing studies and making special designs for this issue the controlling board was re-operated and its validity confirmed, and then was linked to the production line.(Source)Azzaman

Iraq signed an Agreement with the International Financing Company (IFC)

This was stated by an authorized source inside the Iraqi-American Commerce and Industry Chamber. He added that the items of the agreement stipulated that the IFC is bound to work for the chamber as a trainer within its training sector during periods specified by the chamber and according to the requirements of the program (IFC – Business Edge). The source confirmed that this training program includes not only Baghdad but also all northern, central and southern Iraqi provinces.

The source mentioned that according to the items of the agreement, the chamber is the sole owner to the rights of applying this program in Iraq. The International Financing Company agreed to that and promised not to carry out any training courses about the program without the supervision of the Chamber.

The source pointed out that one of the main purposes behind this program is building and qualifying Iraqi cadres to perform their training role in future, coinciding with the Chamber’s plans to develop the human resources and entrust them with Iraqi hands.

On his part, manager of the Chamber’s branch in Amman Faris Al-Muslih said: “The Chamber was the first institution that worked hard since its foundation to communicate with Iraqi industry men and tradesmen, then link them to the industrial and commercial institutions outside Iraq.” Al-Muslih promised to keep on working with the institution of the International Bank in order to develop the Chamber’s performance.

The IFC representative, Dr. Ahmad Ateeqa, praised the achievement of the Iraqi-American Industry and Commerce Chamber in the field of training and qualifying. He promised to keep on training and qualifying Iraqi cadres through one of the biggest training programs carried out by the company and included seven countries including Iraq. He pointed out that there is a notable decrease in activities of the International Bank in Iraq due to the deteriorating security status.

The program (IFC – Business Edge) is the trade name of the International Products Formation for Managerial Skills Training. This program includes 36 management books dealing with five different topics: marketing, human resources, production and operating, financing and accounting as well as productive skills.(Source)Alsabah

Selasa, September 26, 2006

Cyprus cancelled all debts on Iraq

He added that Finance Minister Baqer Jabbr and his Cypriot counterpart Michaels Sazeeres signed a dual agreement in Singapore which included cancellation of one hundred percent of Iraqi debts.

Worth mentioning that Cyprus is fourth country which cancelled all its debts on Iraq resting on Paris Club dealing in November 2004 which require decline 80% of Iraqi foreign debts.(Source)AlSabah

Iraq Central Bank to apply International Standards Concerning Sufficiency of Capitals

The source added in a statement during the economic session, about the role of banks in the economic reformation process, held in the Ministry of Industry and Metals that Iraqi Central Bank is working fast to take an active role in the economic stability process in the country. The Bank is trying to dispense with some of mechanisms that were prevailing during the time of the ex-regime, especially lending governmental institutions. Therefore, there are serious studies about the possibility of starting and developing a governmental exchange market that will provide all institutions with cash fluidity as fast as possible. In addition, this will enable individuals and capital owners to find new types of guaranteed local investments and limit their running away outside the country.

The same source declared that Iraqi Central Bank is fully independent. It is exhorting great efforts to achieve a stable financial policy that will enhance Iraqi economy and rebuild it through several constructive steps.

The most important step among them is replacing the national currency. Old Iraqi dinar currency was replaced on the 14 of January, 2004 through substituting 4 trillions of old Iraqi dinars by a new currency. The step had many advantages which greatly regained trust in Iraqi dinar and improved the exchange rate. The late approval to grant licenses to foreign banks is another important step to build an active and competitive banking sector in Iraq. In addition to holding a daily auction of foreign exchange for Iraqi Central Bank. The main purposes of this auction are to reduce extreme changes in the exchange rate which may happen suddenly.

The Bank, also, legislated a new law that gives it: complete legal independence, clear authorization to work on achieving stable prices and active monitoring authorities. It started utilizing the open market processes through selling and buying the treasury transfers in order to control economic fluidity and stabilize the exchange flow. The Bank approved a new law concerning commercial banks and this is a main step towards establishing a financial system works according to the criteria. Iraqi law of commercial banks will enhance the Iraqi trade and release the interest rates.

The complete and full release of interest rates on local financial devices (goods, deposits and exchange) is already operative. The bank considers this procedure as an important step towards the emergence of an efficient contemporary financial sector enables loan borrowers to make up their own decisions in stead of being chained by the instructions issued by Iraqi Central Bank.

The bank is now applying several projects. The most important of which is: the reframing and re-qualifying of governmental banks, applying a serious monitoring system and developing the local one, creating a complete united statistical work that covers all main sectors and finally starting a governmental exchange market.(Source)Al-Sharq Al-Awsat

Director of the Iraq stock exchange market: the people are in need of a direct edification in iraq Stocks Investment

Taha said that there are several reasons for not circulating some companies’ stocks which are involved in selling and buying processes some of the companies are busy with their general boards’ meetings while others are prevented from circulating.

The last reason is the investor himself; most capital owners think that the best way of investing is to buy stocks and keep them. That is, they do not speculate them because either they are afraid to do so or they have no knowledge and experience in this kind of investment. That is why a large rate of some companies’ stocks is not circulated in the market. Taha confirmed that Iraqi exchange market planned, since its foundation, to educate the investor and whoever wants to enter the market through issuing regular publications about the market and the mechanisms of speculation. There is also the internet service which gives its visitor the access to inquire about almost anything. In addition, to thorough lessons about stocks and the exchange market.

Taha stated that electronic circulation, starting soon, will increase the range of circulation to include the rest of the provinces through agents who will be assigned to manage the speculation process in each province.

About the late revival of the circulated stocks’ prices, he explained that the rate of the increase in prices reached (5.2%) and it is a good one. What is more important is that the market maintained this raise. Taha anticipated that as soon as the electronic circulation begins, it will increase this rate even more and this will certainly revive the Iraqi stocks’ market. There is also the successful works of the participant companies which will eventually be reflected on the circulation prices of their stocks in the market.(Source) Al-Sharq Al-Awsat

Minggu, September 24, 2006

Steady gas and power supplies in Iraq boost petrochemical output

A statement faxed to the newspaper, said the hike in the company’s output is mainly due to the steady supply of power and gas it enjoyed in the same period.

Erratic power and gas supplies were blamed for the company’s troubles. The company has several factories in Iraq with the largest complex situated in the southern city of Basra.

The company’s products this year has been instrumental in relative boost in agricultural produce.

Plastic sheets to protect plants and fertilizers are among the main products the company churns out.

The statement said the company has become a major supplier of fertilizers and plastic sheets to the Ministry of Agriculture.

It said the company currently supplies the private sector with its products.

In the 1970s Iraq constructed several petrochemical companies and was on its way to become one of the largest producers of petrochemicals in the world.

But wars and U.N. trade sanctions hindered the attempt.

The Basra-headquartered company has 4500 workers on its payroll. (Source)AlZamman

Muqtada Sadr urges followers to resort to ‘peaceful’ opposition in Iraq

Sadr commands one of Iraq’s most powerful and lethal militias in Iraq and has so far waged two major uprisings against U.S. troops and numerous mutinies against the government.

His military wing, called al-Mahdi Army, easily defeated Iraqi government and security forces in the southern city of Diwaniya early this month. The troops sought U.S. troops’ help to regain some semblance of control.

Sadr said his call for comprise and civil resistance was for the sake of sparing Iraqi blood. But still he had harsh words for the United States.

“I do not think this new attitude will persuade America to give up its tyranny. It is an aggressor country and will remain so. And as for me there will be no letup in my opposition to the occupier,” he said.

Sadr took part in the last parliamentary elections and won 30 seats in the 275-member assembly.

His group has two ministers in the government as part of the ruling Shiite coalition.

Sadr has a large following among the Shiites in Baghdad and several other cities in southern Iraq.

“I want you to wage a peaceful war against them (Americans). I do not wish to see a single drop of blood shed because it is very dear to us. Engage them (Americans) in a popular, peaceful and political war,” he asked his followers.

However, he said Iraqis should not expect but “death and destruction” from the United States. (Source)Abdulhussein Zair, Alzamman

Zawbaee Discusses Foreign, Interior Performance in Berlin

On the other hand, Zawbaee met the Germany interior minister Volvagang Shweblah and discussed with him mechanism of training Iraqi policemen and military forces on watching tools by using it in fighting terror then enhancing security in Iraq besides using modern ways of searching crimes.(Source)AlSabah

No increase in fuel prices in Iraq

Shehrasstabi said that any new increases on fuel prices will not happen after we had agreed with International Fund, referring that the ministry had asked the fund to grant Iraq a complete space in this regard to avoid exhausted the citizen budget. (Source)AlSabah

Sabtu, September 23, 2006

In order to Make Foreign Investment Acceptable in Iraq

Foreign investment has many advantages like creating an additional income for the country which would be reflected on the national economy in many ways such as the wages of local workers that may exceed 25% of the volume of the foreign project's capital; there is also the direct tax ((20-25%)) and the profits after tax ((10%)).Yet, it has another side that we need to be cautious of and that is the mismanagement of this investment either by the state hosting it or by the investors and the foreign investing companies themselves.. So, the precautions are as follows:

•The nature of the foreign investment activity should not be similar to that of a local one. Otherwise, this will create an irregular and dishonest competition that will terminate the local industries originated by the private sector, in particular, or even the ones developed by the state.

•Caution from involving foreign investors in local industries that already have sufficient investment conditions inside the state (whether the were big or small projects)..Otherwise, it will only drain the human and material resources of the developed country (the host).

•The main purpose for any foreign investment is to gain profits; therefore, it is able to control the prices of the produced goods. This will be directly reflected on the final consumer ((the final victim)) of this apparently normal politics. Thus, either there should be no investment in goods that are in direct contact with the consumer's life or the state should deal with this defect through the regular ways or through adopting the local investment projects that have similar activities. Also, avoid taking up loans from well-known foreign financing sources like The International Bank for Reconstruction and Development.

•The hosting state should be cautious of involving in Arabic and foreign investments that have the form of far away dictations or do not serve the national interests.

•Legislator of the foreign investment law should either prevent the right to own the land where the foreign investment project is set or grant it for a specific period of time that does not exceed 50 years at the most. Afterwards, the ownership of land and project goes back to the state; unless, there is what is called reciprocation which means that the country of the foreign investor should grant the local investor the right to own the land and establish investment projects on it of the same kind and size.

•The terms of granting a license to the foreign investor for investing must serve the national interests in the first place. The legislator of such investment projects should look far into the future and not be confined to the current phase or a little beyond.

•Caution of leaving the foreign investor all alone making service or consumer projects which the state could carry out by itself. It is better to utilize foreign investment in carrying out projects able to create an additional income to the national economy as well as being technically high and too impossible to be done by local efforts.

•The legislator should distinguish between the local investor and the foreign one when issuing licenses to establish investment projects, unless the investing state in the hosting country does not distinguish between the two as well.

•Legislating too many investment projects' laws in one country may create an uneven investment opportunities among the regions of that country. This is normal due to their different natures, but it is quite incorrect because they oppose the laws of the central state. Therefore, one law is much better and it could be included some exceptional articles concerning some regions.

•Never give full freedom to the foreign investor because this will allow him to interfere with official performances of the state. Therefore, this freedom should be limited within the investment work only.

•Allowing the foreign investor to invest in sectors that do not affect the economy of the state or manipulate it. In other words, this investment should not include gas or oil sectors, for example.

•Never neglect the local investors and capital owners that are able to carry out high-cost investments. How ever, their deals with foreign investors must be submitted to a suitable form for both sides put by the state.

•Never let political parties and under any names to access the investment field, unless they are out of the decision authority.

Such procedures and adjustments require constitutional legislations. Even if that meant reconsidering the articles of the constitution, before issuing the law of foreign investment in the country.

Generally speaking, our country is capable of developing its economy through local projects of positive outputs. This is to provide a suitable atmosphere for local investment soon, with the help of partial or total reliability on foreign scientific technology that could be obtained through many ways known to the specialists.(Source)AlSabah

Rabu, September 20, 2006

Zalmai Khalil Zad Invites American Companies to Invest in Kurdistan, Iraq

Khalil Zad said during the opening session of the Fair in a hotel lies on top of a hill north of Arbil (350 Km. north of Baghdad) on Wednesday evening " I invite all and especially American companies to invest their capitals and profits as well, and to help the Iraqi people at the same time."

More than 800 companies representing 27 countries including many big American companies especially in the field of cars industry are participating in Arbil International Fair which will last for four days.

The American ambassador added " I don't want you to spend four days in Kurdistan then go back without making any contracts. Personally, I invite you to utilize and invest in the agricultural field and especially fruit being available all over the Province." He continued " Iraq and Kurdistan have many resources like oil and gas; they have the second biggest reserve of oil in the world. In addition to that there are numerous water resources and agricultural lands as well as fine and skilful men power."

The ambassador, also, said "I think you will gain more profits if you invest in the tourism sector in this Province than you will in the oil sector. You will see during the fair that Kurdistan is witnessing a great development and you should not miss this." He commended the Investment Law in the Province saying "I congratulate Barzani and the Kurdistan Parliament for issuing this law which encourages the investment process." Zelmai concluded by wishing the Fair " all the success… work and gain profits."

Until late of Wednesday evening, Zelmai met with president of Iraqi Kurdistan Province, Masud Barzani, members of the Kurdish government, investors as well as local and foreign companies' owners in the hotel gardens.

Director General of the Iraqi Economic Development Center, Raaid Al- Rahmani, confirmed " there are about 200 sections representing 800 companies from 27 countries " He pointed out that big international companies are taking part in the fair such as: American Motorola for Communications, General Motors and Ford from America too, Falkswagen and Mercedes from Germany as well as Toyota from Japan for cars. He added that international companies in the field of excavating for oil and investment are also taking part in the Fair.

Al-Rahmani said that a big delegation from the Iraqi government is taking part in the Fair especially from the Ministry of Oil, Planning Housing and Construction as well as from other commercial attaches present in Iraq. He continued that the Center will organize seminars about reconstructing Iraq during the Fair which is held at Al-Shaheed Sami Abd-ul-Rahman Park in Arbil under the slogan "Hand by Hand We Build New Iraq ".(Source)AlWatan

Sabtu, September 16, 2006

Iraq ministry of Labor supports private sector

The ministry is ready to adopt all things necessary to develop the national industry including: electric power, procedural facilities to carry out the law and solving labor problems peacefully. Radhi said during his meeting with president and vice president of the Iraqi Union of Industries: we realize and feel painful for the deteriorating status of the industrial private sector where problems are very difficult and complicated… He added: the investment plan for the year 2006-2007 emphasized the vital role of the private sector in reconstructing Iraq, supportable setups and removing obstacles faced by labor activity… He also, pointed out that developing the private sector is the right investment of money and manpower; it helps a lot to take away young men from unemployment and introduce them to the field of work and production.

Radhi emphasized the necessity of cooperating with international organizations like the International Labor Organization which adopts many programs of developing, qualifying, vocational training and striving against unemployment by providing working opportunities for young men… President of Iraqi Union of Industries praised the Ministry of Labor for its support and for providing the suitable circumstances to develop the industrial sector in Iraq where the Ministry adopted the basic issues especially releasing finance.(Source)AlSabah

Iraq Ministry of Trade ready to import Cars and Construction Materials

Abdul Falah Al-Sudani, Ministry of Trade stated that the Ministry is working on distributing cars among citizens by installment plan according to the instruction of the Cabinet and through all governmental banks.

He pointed out that the Ministry is working hard to contract with big international companies to import cars of high quality and good reputation. He, also, confirmed that a specialized delegation from the Ministry is discussing a number of offers presented to it. He added that the Ministry will work to carry out the Cabinet instructions concerning the distribution of cars as soon as possible and distributing them among employees in state divisions. He confirmed that the Ministry personnel are qualified enough to succeed in this initiation, and the General Company of Cars Trade has been assigned to search for the best international sources.

On the other hand, Al-Sudani said: the Ministry of Trade is planning to import large quantities of construction materials from the best qualities and sources… He confirmed that the staff of lab inspection and quality control will work on examining these materials to insure their fine quality and being identical to the world's specifics… He explained the role of the Ministry in the process of constructing Iraq and the building of residential compounds which the government intends to do in order to eliminate the housing crisis. He pointed out that the Ministry will import: cement, iron, skewer, water pipes, health materials and ceramics. Al-Sudani confirmed that the Ministry is planning to take loans from the Ministry of Finance in order to launch this campaign and also taking loans from local banks and pay them back continuously.(Source)AlSabah

Poland Provides Iraq with Helicopters and Electronic Surveillance Devices

However, the statement did not reveal the exact cost of the deal which include supplying the army sector with developed troop carriers and armored vehicles.

Another contract was made during Al-Ubeidi's visit to Turkey, granting Iraq contributions valued by two million USD in the form of military equipments. Also, activating the contract that had been concluded with Turkey valued by 9 million USD and was suspended for some time because the Turkish side was not ready.

The statement confirmed that the Turkish government has agreed to help and facilitate training Iraqi Armed Forces in Turkey under the supervision of N.A.T.O.

The Polish Arms Company "Bomar" had announced signing two contracts to sell the Iraqi Army troop carriers valued by 150 million USD, in the middle of 2005. Director General of the company, Roman Bazintchki said: we signed a contract valued by 120 million USD includes 600 troop carriers type-Dzeek3- and another at the value of 3 million USD includes 115 troop carriers type-BTR80. He affirmed that his company had already signed 35 contracts at value of 400 million USD.

At the end of last June, Poland announced that its troops in Iraq will withdraw by mid-June of 2007. It leads an MNF squad formed of two thousand soldiers from 12 different countries within whom are 880 Polish soldiers. Twenty one Polish had been killed in Iraq; 17 soldiers and 4 civilians, two of them are reporters working for the governmental T.V. in Iraq since March 2003.(Source)AlWatan

Iraqi Banks hold meetings in Arbil

A lot of members of administrative boards of the banks and companies taking part in these meetings are living outside Iraq ; thus they would be unable to participate in these meetings in case they were held in Baghdad.

An Iraqi investment pointed out that the International Investment Bank in Basrah along with Al-Khaleej and Sumar banks are preparing to hold their meetings in Arbil but this procedure will not provide much information for the stockholders in these banks and companies about the meetings or what will be discussed in them concerning the present and future of their banks. How ever, another source who refused to reveal his name confirmed that the disturbing security situation in Baghdad justifies this exceptional step.

The indexes of the Iraqi stocks market sessions are pointing out for a high rise in circulated stocks in the banks sector at the cost of other sectors. The stocks of 10 banks have been circulated in the last session and their prices went high. The most distinguished bank among them was of Basrah which achieved the highest percentage estimated at 50, succeeded by the bank of Baghdad at a percentage of 22.2. The banks sector index closed at 39.752 points at a rise of 3.561%

The bank sector shares exceeded 400 million stock of the circulated stocks (79.7% of the overall stocks circulated in the session, at a value exceeded 79.8% of the overall mass of circulation).(Source)AlSabah

Two billion iraqi dinar Compensations for Shorja Fires and Robbed Banks

He said that these compensations included tradesmen who had insured their shops and this reflects their insuring awareness for it reduced their loss. Mirza explained that the reinsuring process included banks suffered from robbing; The process also participated in increasing the insuring limits against terrorist actions up to 15 million iraqi dinar for university professors, and there is a study going on to include other society sections.

The director general talked about the Reinsurance Company activities to restore trust of the international insurance markets in the Iraqi one and make contracts with the big companies again. The Company is trying to settle its financial obligations, which surpassed their due dates, to international institutions. It is also making attempts to release blocked funds, which are about 27 million USD, in and out side Iraq; this will reinforce its financial status and a possible increase in the company's capital up to 5 billion iraqi dinars if subsided by the Minister of Finance, Baqir Jabur Solagh, who confirmed his support to expand the range of insurance and find new covers to encourage international investment.

Mirza pointed out that the company supports private insurance companies which are about 12 active ones distributed all over Iraq. The company subsides 90% of their work and that reinforces their financial status and enhance the public trust in them.

The director general confirmed that the company is working on investing its financial surplus through constructional projects and participating in developing Iraqi industries through establishing co-ed sector companies. The company has a lot of investments in the fields of stocks, real estates and lending citizens for commercial building. All this will participate in developing the constructional and industrial activity.

In international relations, the director general pointed out that Iraqi Reinsurance Company is a founder member in the Arabic General Union for Insurance located in Cairo; the company is participating in increasing the capacity of Arabic Insurance market and also has an active participation in Arabic assemblies like managing the assembly of engineering and fire insurance. The company is also a founder member in the Afro-Asian Union for Insurance which took an active part in experience exchange.

Mirza said that the company is participating in the study of obligatory insurance law through presenting suggestions to activate it which is administrated by the national Insurance Company and that would result in better services for those injured in car accidents.

He added that the Minister of Finance confirmed the necessity of a thorough study for this law and law number 15 for the year 2005 which organizes the insurance work in Iraq. The Minister of Finance, also, insisted on developing the insurance work and subsiding companies.

Finally, Mr. Mirza said that the company intends to take part and support national and international investments in order to achieve quick development in this field. He also pointed out that the company is attempting to re-operate its office in London in order to expand its work with international insurance companies and it is about to re new its contract for the year 2007 with these companies.(Source)AlSabah

Kamis, September 14, 2006

Iraq oil ministry plans to lay new pipeline to Turkey

(Al-Ahdab oil field) in Wassit Province since 1997 Authorized source in the Ministry told Alsabah that the Oil Minister Hussein Al- Shahrstani would visit China in a short time to discuss with Chinese officials issues of the same matter.

The source added that the Ministry made a plan to lay new pipeline from Kirkuk to Turkish Cyhan Port for transporting oil exports.(Source)AlSabah

Consideration of dispensing with American Company implementing the contract of oil-exportation meters

Asim Jihad, spokesman of the Ministry, said "The American Company had failed in keeping its promise to finish installing these meters; also, refusing to reveal the exact cost, except for saying that it is executing it within the American grant to Iraq and the sum of that grant is unknown to us too. This relieves the ministry from its obligation to it. Besides, many international companies presented good offers to implement the project in a record time due to its importance and also the desire of the Ministry to overpass this matter which raised a lot of talk.

What's worth mentioning here is that Iraqi oil sector has been accused of corruption because of the inability to install these meters in the loading ports up until now, after three years since the regime changed. This makes it possible to manipulate calculating the amount of crude oil exported from the Southern ports of the country.(Source)Dar Al-Hayat

Iraq Central Bank presenting financial adjustment with available reserve

Sinan Al-Shibibi, Governor of the Bank, emphasized the possibility of succeeding to maintain a stable financial status in Iraq if the reserves are enough to keep the currency exchange rate stable. He pointed out that the net foreign cash reached 10 billion USD at a rise estimated by 2 billion USD since last January. This matches the set down limit within the program of the International Monetary Fund.

Al-Shibibi said that increasing violence kept the inflation high about 10% over the set down limit of the Bank. Part of this is due to the unexpectedly high security costs. He anticipated that the country would not only maintain economic stability but also achieve more progress after the improvement of security status. Al-Shibibi pointed out that Iraq is on the right track in its financial reforms including: the change of banking system from one depending on cash to another depending on trust as well as improving banks' managements and developing the technology they use to conclude transactions.(Source)AlSabah

Rabu, September 13, 2006

Real estate agents says : the reason behind the growth of this problem is turning the rich and big companies specialized in real estate investment to

The fair was inaugurated by Amr Mosa, Arab League Secretary General and Egyptian minister of international cooperation, Faiza Abu Naja. Iraqi minister of planning, Ali Baban, was also present.

More than 250 Arab entrepreneurs attended the opening session as well as 8 companies.

The fair is part of Iraqi government’s efforts to lure foreign investors, particularly from Arab countries.

Foreign companies and investors have left Iraq due to the upsurge in violence.

Iraqi government officials at the fair promised to remove hurdles preventing Arab investors from working in Iraq.

Investment opportunities are plenty in the country whose basic infrastructure is in urgent need of repair.

It is hard to persuade foreign investors to return at a time Iraqi entrepreneurs are fleeing the country along with their capital.(Source)Azzaman

Economic Depression and Lack of Security Brings down Real estates and Land plots in Iraq

Real estate agents says : the reason behind the growth of this problem is turning the rich and big companies specialized in real estate investment to the neighboring countries because it is more secure , profitable and successful for their big projects as well as maintaining their capitals ; while here , depression seems to affect almost every aspect in life .

Big investors are too afraid to stay in Iraq especially after hearing the terrible incidents that some of their colleges had undergone like the abduction of some by organized crime gangs and were only released after paying thousands or perhaps millions of USD as ransom. Another incident is what happened to the owner of one of the biggest real estate investment companies in Baghdad when armed men dressed in uniforms broke into his office.

Such violent deeds against investors had terribly affected the commercial and investing situation in Iraq ; This caused a great recession in real estate market and brought down the prices of real estates and land plots to about 50% in different areas in the Iraqi capital, met by a high demand on renting houses and rising rents because of the increasing numbers of those who were forced to migrate or move from their places in different areas from Baghdad and other governorates. Mustafa Saad, one of the real estate agents in Al-Mansoor region, said "Insecurity and economic depression has affected the sales of land plots and real estates which made the capitals and their investors escape to the neighboring countries. Also, prices of construction materials have become twice as more as they were last year.

Mustafa added : land plots' prices has went down a lot ; in Al-Mansoor region , for instance , the price of a meter used to be one million I.D. but now it is about 650 thousand I.D., as for the price of a big house of 2500 meter in area at Al-Ghazalia region it used to be 250 million I.D. but now it is about 100 million I.D. and so is the case in other regions .Mean while , a lot of Iraqi capitals are invested in neighboring countries like Amman , for example , where big investors has chosen many regions to build residential compounds and luxurious apartments as well as establishing gigantic commercial complexes.

Also, in Damascus Iraqi investors had built residential compounds that pour out large sums of money especially in seasons of tourism in summer.

Saad points:" We did not even sell one house through our office since a year now because of the low purchase capacity of citizens and the leaving of investors. But when it comes to renting houses and apartments there is a great demand on that especially from families who has migrated or deserted their living places.

" Real estate agents and big investors hopes that their sector would witness some revival like the one it had right after the fall of the previous regime when land plots and real estate sale rates went high because of the governmental encouragement to investing offices, prohibition of insured loans to buy lands and building or investing them.

Also, taking part of profits for the State paid by phases with guarantees undertaken by the investor through some encouraging facilities before this sector falls down and becomes to hard to be amended.(Source)AlSabah

Iraq and Iraq sign oil fields development agreement

"The two countries would sign the agreement after technicians finish marking boarders, in a step to boost commercial relations between the two countries," Al-Shahristani said in a statement.

"Similar agreements would be signed with Kuwait and Syria as well," he said.

The anticipated agreement coincided with Iraqi Prime Minister Nouri Al-Maliki's visit to Tehran on his first such mission after assuming his new post. (Source)Kuna

Iraq and Iraq sign oil fields development agreement

"The two countries would sign the agreement after technicians finish marking boarders, in a step to boost commercial relations between the two countries," Al-Shahristani said in a statement.

"Similar agreements would be signed with Kuwait and Syria as well," he said.

The anticipated agreement coincided with Iraqi Prime Minister Nouri Al-Maliki's visit to Tehran on his first such mission after assuming his new post. (Source)Kuna

Rabu, September 06, 2006

Trade Ministry Carries Out Cars Supplying Program

In the mean time, the Trade Ministry decided to provide one kilo of lentil next Ramadhan to families to be included in the monthly ration card food stuff with keeping on work of maintaining the recurrent items recorded in the ration card.(Source)Al-Sabah

Iraq and Iran set up free-trade zone

The provincial council in Basra has separate trade agreements with Iran. Provincial delegations travel to Iran and sign deals. They only notify the Baghdad government about their moves.

Shops in Basra and other southern cities are crammed with Iranian goods.

Iran wants to use the zone, straddling the borders at the Shalmja border post, as a major warehouse to stockpile goods destined for Iraqi markets.

Exact trade figures are hard to obtain in Iraq, but Iran is believed to have become the country’s top trade partner.

Iran hopes the warehouses at the new zone, the first between the two countries, will reduce transport costs for Iraqi traders.

To assist the transport of its goods, Iran is constructing a highway linking the new zone to the provincial center, the city of Basra.

It is also repairing al-Tanoma Bridge on the Shatt al-Arab Waterway.

Trade exchange between the countries is now estimated at nearly $3 billion.

Iranian exports to Iraq include food stuffs, household utensils, clothes, agricultural implements and electrical appliances.

Iraqi exports to Iran include dates and hides.(Source)Azzaman

Selasa, September 05, 2006

IITA supports “1st Gulf Iraqi Expo 2007” in Bahrain

This exhibition will be held in the Kingdom of Bahrain for 24-26 March 2007, supported by the Iraqi government and the government of Kurdistan and the Iraqi ministries such as the Ministry of Oil, Ministry of Transport and Communications, Ministry of Electricity, and the Ministry of Housing and Reconstruction, chambers of commerce, commercial unions, and Ireland Iraq Trade Association as well.

Upon this an agreement had assigned between the I-Vision for Events and Media and the Ireland Iraq Trade Association regarding the participation IITA members in which all members will be given 5% discount on the registration fees for this huge event.

This exhibition will provide a great opportunity to support and pave the major investments in Iraq, where would a large number of companies operating in various fields from different sectors. This exhibition will be attended by more than 12000 visitors from Iraq and the Gulf countries will be meeting with more

than 900 companies and more than 300 of the decision-makers in the Iraqi government. GIX will be held annually in different Gulf States, this exhibition.

This exhibition will serve as a better forum for all companies in the region.

To learn more details about the exhibition and its participants and supporters can visit the following website:

www.gixexpo.com

For more information please contact the following:

Mr. Ziad Hamoudi

IITA membership department

Mobile: +962-7-88504885

Mrs. Aliaa Malallah

Mobile: +962-7-96708642

MULAI HARI JUM'AT TANGGAL 14 NOV 2008, KAMI MEMBUKA LAYANAN PEMBELIAN DINAR IRAQ

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