Selasa, Mei 29, 2007

Credit Cards Come to Iraq

At least one Iraqi bank is offering the service, unheard of during the Saddam era, to customers.

But Iraq is still very much a cash-based society. Many say the find the cards more useful when they're out of the country.

The banking system is no more sophisticated. Bank employees lug boxes stacked with 10,000 dinar notes to government offices to pay employee salaries.

"For people that we know, we can take some risk and give credit card. For people who have no history we start with pre-paid," said Zaid Mahdi, who is in charge of business development at the Trade Bank of Iraq. He says his bank has issued 15,000 credit cards so far.

The Trade Bank has had to start from scratch in a country embroiled in war.

"We have to know a client. Things are not like in the west. They just put your Social Security number and they know your credit history," Mahdi said. "We don't have that in Iraq yet."

There's a massive billboard on one street corner in downtown Baghdad with the word "VISA" emblazoned on it. This is a typical sight in most countries, but in Iraq the sign, more often than not, elicits blank stares.

Mahdi says the bank has only three ATM machines operating in all of Iraq. Progress in the banking is slow, he says, but it is moving forward, despite the uncertain security situation.

But it's more than just getting people to use credit cards.

"You know there are sometimes problems buying things in the first place," said Ahmed Fadhil, a 26-year-old dentist. "If you want to pay with your debit card … you have to list your address. Sometimes the lists do not have Iraq ..."(Source)AlSabah

Tabatabai re-elected Chairman of the Iraq Stock Exchange Trustees Board

Tabatabai expected that the coming period would witness the completion of a draft capital market bill, allowing stock market investment activity to satisfy a large segment of Iraqi investors.

He pointed out the most prominent achievements of the bourse since it was reactivated three years ago: opening to investors, obtaining a modern headquarters, completion of preparations for electronic trading, and allowing non-Iraqis to participate.

He said that it intends to transform the Iraqi securities market into a commercial contributory company and access immigrant Iraqis' capital, indicating an intention to encourage Iraqi mediators to open foreign offices to support investment and bourse activity.(Source)AlSabah

Largest natural gas field in Iraq discovered

Jihad said that the European Union is exceptionally interested in the Ukash gas field in Iraq because of its proximity to the European Union via the strategic gas pipeline project linking to Egypt, Jordan and Syria through Turkey.

Jihad pointed out that the Ministry of Oil held intensive talks with the European Union delegation in the past few days on the Ukash field.

Assim Jihad stressed that future investments in the Ukash field would make Iraq one of the largest producers of natural gas.(Source)AlSabah

"Rotana" of UAE negotiates for Iraq hotel management

The Gulf hotel industry has made great strides in becoming international. Specialized national enterprises in hotel management were started and were widespread regionally and globally within a few years, riding the economic boom which created new sectors. While the Emirates Group governmental company Dubai Holding's Jumera Hospitality was the first to achieve international fame through owning and running dozens of hotels around the world, the Emirates Group's Rotana for Hotels is the second with a significant breakthrough in an industry previously monopolized by the West through specializing in the management of hotels owned by other investors in many countries of the region.

Al-Zeer revealed deployment plans beyond the Middle East are coming soon, now that the group exists in most its States. Saudi Arabia is an absolute priority for the company during the current year, in light of its anticipated surge in tourism, followed by Morocco. UAE companies are expected to achieve the largest breakthroughs in the regional hotel industry in the coming years, given their great knowledge of the market and the habits and traditions of the region, not to mention the international level of their professional expertise.

He pointed out that Saudi Arabia was the only country in the region where the Group did not to operate so far, which makes it the company's first priority. There have been important economic developments and legislative reforms, opening the promise of a great hotels and tourism industry. He confirmed that the Group is studying offers for the management of hotels in Mecca and Medina; also, it is looking for new opportunities in other big cities such as Riyadh, Dammam and Khobar.

Rotana currently runs 25 hotels with 5615 rooms in Lebanon, Egypt, Jordan, Syria, Sudan and the Gulf States, and it will operate 28 hotels now in development, bringing the 2010 number to 53 hotels with about 16 thousand rooms.

Regarding the entrance into the Iraqi market at the present time, he indicated that there are negotiations with investors for the management of hotels in Irbil and Sulaymaniyah in northern Iraq as a first stage, stressing that political and security problems affect the tourism and hotel sector more than other economic ;;/sectors, but said, "We must deal with these problems as a part of life, and there are practically no regions in the world free of problems."

Al-Zeer expected a boom in the hotel sector in the region exceeding the estimates announced recently by international companies, which expected the establishment of 50 thousand rooms in the region by 2010, pointing out that the plan of the government of Dubai alone requires lifting the Principality's capacity from about 40 thousand rooms now to 100 thousand. This means that Dubai alone will add about 60 thousand rooms to the regional capacity

In spite of expectations that the large increase in the number of hotels in the region will lead to a corrective wave, he said that any correction in the sector will only take place after about four years, in light of the unprecedented boom and the opening of many large markets such as Saudi Arabia. He said that in case the correction happened, it won't be more than a simple easing closer to stability rather than a decline, rejecting the comparisons with shares, which he described as "paper" -- unlike hotels, which are real and concrete investments. He also denied expectations of low hotel room prices, or a hotel price war with the entry of new hotels to the market, stressing that the decisive factor in this matter is supply and demand, and that demand in the region is much larger than current supply and is expected to remain so during the next few years. Hotel occupancy in the UAE is currently estimated at 95%; a correction would draw it down to 90 or 85%, still higher than the international average.(Source)Brian Hall

Minggu, Mei 20, 2007

Three billion dollar airport in Karbala, Iraq

Abdul Al al- Yasiri, head of the city council of Karbala, said that a Cypriot-British company specializing in building aircraft, made an offer to implement this project and a Kuwaiti investor indicated willingness to finance three billion dollars for it. The implementing company expressed its willingness to bring in the biggest planes in the world within one year of starting the project. But the Kuwaiti investor said that there will be 11 taxes imposed on the airport, and expressed willingness to provide the necessary amounts to the company implementing the insurance with the city council and enter as a partner only for one of these taxes.

Mr. Abdul Al al-Yasiri, head of Karbala City Council and Mr. Mohsin Al-Kinani, member of the Committee of Transport and Communications met the Adviser to the Prime Minister, Ali Saadawi, and reviewed the steps performed by the City Council in completing Karbala International Airport and the subsequent steps to find a financier to build the airport. Al-Yasiri demanded during the meeting that the central government allocate a sum for the completion of this project so they won't have to turn to investment companies, since this project is a vital one which will bring substantial profits to the province. Also, ideas about investment and how to transfer control of the airport were discussed during the meeting.(Source)AlSabah

Jumat, Mei 18, 2007

Quantum leap to shares after adopting the electronic trading on the Iraq Stock Exchange

Head of the Trustees Board of the Stock Exchange, Talib Al-Tabatabai, said that the transition from manual trading system to electronic trading is a quantum leap in the distinct performance of the "Iraq market for securities", and he expected that the next stage will witness the activation of investment activity as consistent with the desire and aspiration of more than one million citizens who are active in the shares' sector.

He added that the introduction of electronic circulation coincides with the decision of the "Securities Body"that allows non-Iraqis to circulate in the Iraqi Stock Exchange, starting on the first of next June, and according to the Investment Law No. 13 of 2006 which everyone looks forward to activate it, which helps to overcome all obstacles that prevent expansion of the Arab and foreign investment in Iraq. He pointed out that the circulation of non-Iraqis in equities and bonds in the Iraqi bourse is, "a step in the right direction to achieve a rise in stock prices, after the significant slump in their value last year".

He explained that increasing the number of circulation sessions from two in the week, to ten in the morning and afternoon, in addition to doubling the volume of circulation, will have a large return for the investment sector in Iraq. Al-Tabatabai expected that the outcome of this qualitative leap of shares in the bourse, will have a big economic value differs from the previous phases, as in other countries.

The American Company "IBM" for Computer under the supervision of the Swedish company "O.M.X", has trained Iraqi engineers and all staff of Iraqi stockbrokers in the Jordanian capital, Amman, on electronic trading and the central depository, in addition to the completion of the internal linkage with the offices of those intermediaries, and also equipped the special hall of electronic circulation in the bourse according to the latest global designs.(Source)AlSabah

Iraq grants Jordan preferential prices for oil

He added, during his presence in the fourth international exhibition for the reconstruction of Iraq held in Amman, that the problem is in the unstable security situation on the road between Beiji and the Iraqi border, which impede the implementation of the agreement signed in Baghdad, when the Jordanian Prime Minister, Maaroof Al-Bikheet visited it last year, and not in the relations between Iraq and Jordan. He stressed the needed of the two countries for pipeline between them, but such a pipeline has not been built despite the need for it. He pointed out that after this period, the Jordanian government found the road unsafe for the transport of oil from Iraq, and we are still ready to implement this project if not for the security dilemmas that accompany the transport process.

He said that there is a complex security situation, but this does not prevent us from the construction process, "We can not achieve any security success unless the Iraqi citizen senses a kind of prosperity and improved services".

About the budget, he said that the security aspect has put pressure on our budget for this year; $8 billion have been allocated to fund security and military forces out of $41 billion of the State' budget, to build these forces and get them ready to assume full security responsibility from the multinational forces that could leave Iraq at any time; they are free in their decision, but we must be prepared for that.(Source)AlSabah

The Central Bank of Iraq starts applying the electronic payment system

A source in the Bank said that: the modern payments system would facilitate payment processes among banks and between them and the Central, as all banks have accounts in the Central Bank; reconciliations are done through moving these accounts also. He added that the Bank seeks to develop such a mechanism in future in a way that exceeds the scope of the banking sector, pointing out to linking the Ministry of Finance to this system, and added that the work on linking the Iraq market for securities, as well as remittances and bonds in the Central Bank. The source indicated that the Bank is working on establishing a system for clearing checks electronically and has good and concrete preparations to develop the Iraqi banking sector to cope with the international development.(Source)AlSabah

Sabtu, Mei 12, 2007

Iraq's reconstruction efforts continue amid major security problems

The huge exhibition which is the fourth of its kind included companies from all over the world including the United States , Brazil, Italy, United Arab Emirates and Japan.

The organizers of the exhibition said that the market of reconstructing Iraq worth $100 billion; however, the worsening security situation, the daily explosions and kidnappings prevent foreign companies from sending their workers and experts and rely more on Iraqis.

Faris Muslih, Executive Director of Reconstructing Iraq Council, said that Iraq's poor security situation is deporting foreign firms from Iraq and slowing down the reconstruction efforts, but it also opened the way for Iraqi companies which are in need of capital and basic materials.

He said that holding such forums provide an opportunity for foreign investors to meet the real needs of the Iraqi market and to create an opportunity to form partnerships with Iraqis especially that Iraq faces major problems in the infrastructure of water and electricity and others.

The companies participating in this forum represent all commercial and industrial sectors of electricity and oil plants to food and raw materials and other needs.

Harry Korkain, chief executive of HP in Britain and the Italian Bertoli transformers, said: "There are significant security problems ... Everyone is facing problems in Iraq".

Korkain, who lived in Iraq for two years and was wounded in Fallujah, added that he won't send any foreign workers unless the project is huge and that his company is using Jordanian companies for the transfer of power transformers which it wishes to instill in Iraq where it relies on Iraqi staff there.

He said, "We rely more on Iraqi workers and we train them either in Amman or in Turkey, but some of them who left Iraq do not wish to return, and this is a problem we are facing".

A security campaign backed up by the United States led to the retreat of sectarian killings in the capital but the gunmen intensified their attacks on highways around the capital, and the American leaders believe that the armed men are re-assembling there.

American President George Bush, who is under pressure from the democratic opposition to set a timetable for the withdrawal of American forces, says that the American Forces will leave Iraq when the Iraqi forces are able to assume responsibility for security in the fighting against the death squads and gunmen.

Ali Shamara, an Iraqi businessman, said that investment companies in his country have been greatly affected by poor security situation, but he called on Arab and foreign companies to be proactive in investing in Iraq without waiting for the security situation to improve.

He said: "We hope that companies do not wait till the security situation is settled to invest in Iraq. Certainly there are risks but sometimes there are positive points as well". (Source)AlSabah

Minggu, Mei 06, 2007

Iraq oil exports in April 1.605 million barrels a day

April is the second month that witnessed a high level of exports after it has remained up to 1.5 million barrels a day for a period.

The spokesman, Assim Jihad, said the exports in April include 1.594 million barrels a day through the ports in Basrah in south; another 11 thousand barrels were exported daily to Syria through Ein Zalah field near the city of Mosul in the north.

Jihad told Reuters "crude oil exports from Kirkuk in the north continue to stumble because of the continuing sabotage to the oil pipelines in the region".

The level of exports in March which reached 1.62 million barrels a day were the highest since September 2006, according to Jihad.(Source)AlSabah

Egypt exempts Iraq from debts of $ 800 million

The Minister of Finance, Bayan Jabr, made his statement while the Ministers of more than ten countries and international organizations are meeting for one day at the resort of Sharm el-Sheikh on the Red Sea to agree on an international covenant to Iraq; this International Covenant document is a five-year plan offers financial, political and technical support to Iraqi institutions in return for political, security and economic reforms.

Jabr said that three countries of Eastern Europe: Slovenia, Bulgaria and Poland have also approved to exempt Iraq from 80% of the debts owed to them, but he did not disclose the value of these canceled debts.

He added that the European Union would give Iraq 200 million dollars and that he expects donations from some Asian countries as well.

Iraq, which has the third largest oil reserves in the world, is struggling to rebuild its faltering economy after four years of violence following the invasion led by the United States in 2003.(Source)AlSabah

Rabu, Mei 02, 2007

Iraq oil minister says that Iraq oil reserves may surpass those of Saudi Arabia

Saudi Arabia possesses 25 percent of the world’s proven petroleum reserves and its proven reserves are estimated at 262 billion.

Shahristani did not say whether the surveys conducted so far have substantially increased the country’s current proven reserves which still fall below those of Iran which has emerged as the world’s second largest after Saudi Arabia.

But he said 78 oil fields were discovered most of them of the “gigantic or large” size.

He said the National Oil Company has already reserved 25 massive fields for development.

He said the European Union was interested in Iraqi gas reserves believed to be the world’s tenth largest.

The EU was even keen to construct a gas pipeline network through Syria, Jordan and even Egypt to the terminals on the Mediterranean, he added.(Source)Hazem Duaij

Selasa, Mei 01, 2007

Iraq taxes revenues expected to increase 50%

General manager of the Taxes General Institution, Talib Muhsin Jabir Abu Gaillah, expected that tax revenues will rise by 50% from what they were last year, praising the role played by private sector companies in support of those revenues through their continuous respond to tax and avoid tax evasion, while representatives of some private sector companies called to raise customs deductions on goods and materials entering Iraq in order to activate the role of local industry.. Abu Gaillah added in a symposium organized by the Institution along with a number of representatives of private sector companies: The Institution constantly seeks to support the local product and Iraqi private companies through reducing or eliminating tax deductions on them, pointing out that this step was taken in an effort to raise the productive capacity and to support local Iraqi industry in order to make it a strong competitor of the imported goods. He also explained that the cuts’ rate is minimum compared with the neighboring countries that impose high tax rates on their corporations, but the Institution had consistently supported Iraqi economy and encouraged domestic or foreign investment.

A number of private sector representatives participating in the symposium called for accelerating the drafting of high customs deductions on imported goods which would help to promote the country’s industrial status.. They said in their conversations during the symposium: Many of the materials and goods coming across the Iraqi border are not covered by tax deductions which led to the suspension of the local industry almost completely, pointing out that many of the goods entering are not compatible to the specifications and metrology of the Quality and Control Body and often have less quality than the local product. They also called for exempting the local product from tax deductions in order to support and encourage the factories producing it... The representative of Bunnia group companies, Hashim Jassim, said that local industry is facing great pressure by not providing the proper environment represented by the insufficiency of fuel, and opening the borders to imported goods, in addition to many other obstacles standing in the way of industry. Hashem added: it is very difficult to apply pure tax rules without any tolerance and not protecting the local industry from imported goods, and not supporting industrial projects, noting that it is very difficult for Iraqi industry to compete with goods entering Iraq. Representative of Iraqi Federation of Industries, Abd Jassim Hameed, considered it unlikely for taxes to be one of the impediments that are preventing the growth of industry in Iraq, indicating that the problem of industry lies in the deterioration of the security situation and the migration of capitals and professionals.

Hameed said the problem of the private sector is not in taxes, but there are many other constraints led to the weakening of this sector, where most industrial zones suffer from the lack of security, in addition to flooding the market with imported foreign products of low-quality, which have negatively impacted the sector.

Representative of Talal Albehrani commercial group companies, Yassir Isam, has proposed supporting industrial companies through supporting the final product by exempting it from tax deductions.

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