Thread: Archive Latest News - Think Tank - 15/04/08 - 26/08/08

Activating capital markets active investment movement in the country

An economist said that capital markets can play a crucial role in attracting the surplus non-employed capital and effectively employ it in the economic cycle through investment operations carried out by individuals and companies in bonds and stocks announced in the securities markets. He pointed out to benefit provided by the Capital Market Law in stimulating the investment environment, considering those markets among the influential facilities in various aspects of economic activities and fields.

Member of the Trustees Board of the Economic Development Centre in Kurdistan, Shirwan Anwar Mustafa, said during a speech on the sidelines of a workshop organized by his center focusing on the laws and procedures affecting the investment environment that the success achieved in the work of the stock market has had a significant impact in the activation and development of the investment environment proved by the participation of foreign investors whose circulation reached (7) billion shares and the size of the circulation (17) billion dinars through the implementation of (337) contracts, and this is the first experience of investment for non-Iraqis since the beginning of August 2007. Mustafa recommended that the body of securities need to have an opinion about the law of privatization, and a position to put controls on some projects for public subscription and then convert them into joint stock companies, pointing to the importance that they coincide with the rules of the Central Bank and Ministry of Finance in respect of government bonds traded in the stock market. He also said that there are many companies have the desire to work and participate in the reconstruction operations in Iraq, and in return many international investment institutions are ready to fund such projects provided they are guaranteed by the banking system existing in the local investment environment, especially that the returns could be achieved by those international companies are significantly profitable, in comparison to relatively stable world markets where the rates of growth and profitability are very limited ..

Mustafa stressed the need to spare no efforts to restore the activation of the Iraqi economy comprehensively to suit its wealth and human resources... He explained that the long isolation experienced by the institutions of the business environment in Iraq from the business environment in the world now requires fast and maximum efforts to build these institutions and to encourage them to participate in reconstruction operations.

Activating capital markets active investment movement in the country | Iraq Updates

The credit card system adopted by Al-Warkaa Bank in Maysan

Al-Warkaa Investment Bank in Maysan province began using the ATM (credit card) in business dealings with its clients. The branch manager, Hussein Abdul-Hassan, said in a press statement, "the new banking system which was introduced to work in the two sub banks located in Al-Sarai and Al-Hussein districts facilitates the task of citizens and the banking development in the province." He added that the smart card or visa card or credit card has several names and several types; they are used for the daily disbursement of cash through the ATM or through e-procurement through the (Internet) and they have a certain number that can only be used by the same person. The amounts of these cards are from $50 to $5000, pre-determined according to an agreement between the two sides." He also pointed out, "This service is very important from the economic aspect in terms of speeding up procurement and protecting shopkeepers from counterfeit currency."

The credit card system adopted by Al-Warkaa Bank in Maysan | Iraq Updates

Iraq and Egypt agree to establish joint investment cooperation

Iraq and Egypt have agreed to establish joint investment cooperation between Iraqi and Egyptian businessmen to support the investment process between the public and private sectors; the cooperation should include ten members of the Egyptian side and the same number of Iraqis.

Riyad Ghareeb, Minister of Municipalities and Public Works and head of the Iraqi investment delegation visited Egypt last week, said that this cooperation was formed after the delegation met with Egyptian and Iraqi businessmen, the Governor of Cairo, the Egyptian Investment Minister, the Egyptian Minister of Works and Municipalities in addition to many Egyptian officials and businessmen from the public and private sectors in Iraq.

He pointed out that the delegation included the Minister of Housing and Construction, Head of Investment Authority, seven governors of central and southern Iraq and a number of Iraqi businessmen to get acquainted with the Egyptian market; the visit was instructed by His Excellency the Prime Minister, Nuri al-Maliki, to activate the role of Arab investment in Iraq and make 2008 the year of investment in Iraq.

He explained that the delegation reached several agreements in addition to the establishment of this cooperation that will be the best start to invest in Iraq.

The delegation concluded its visit by meeting Sheikh Al-Azhar and Mr. Tantawi, and it delivered the greetings of Prime Minister, Nouri al-Maliki, and the Iraqi people to the Sheikhs of Al-Azhar.

Iraq and Egypt agree to establish joint investment cooperation | Iraq Updates

Accordance Front return to Cabinet definite
The scenario of Accordance Front return to government has come into completion as debate is ongoing over the names of potential ministers to fill vacant posts.

The scenario of Accordance Front return to government has come into completion as debate is ongoing over the names of potential ministers to fill vacant posts. A number of Accordance leaders affirmed that return to government is definite while the final list of Accordance Front candidates should be handed to Prime Minister Nuri Al Maliki during the coming days for vacant ministerial posts and deputy Prime Minister’s position. Member of Iraq’s people conference MP Salman Al Jmaili noted that debates are ongoing over the names for candidacy noting in an interview with Al Sharq Al Awsat Newspaper that most candidates are not part of the Parliament. Al Jmaili denied any rows between the front members over names of candidates clarifying that a number of MPs opposed to certain names.

For his part, Accordance Front official spokesman Salim Al Jibouri affirmed that naming candidates will be decided within the few coming days before the end of the current week. He explained that candidates’ names would be announced after a series of meetings with Prime Minister Nuri Al Maliki.

While the stands of Accordance Front officials show some optimism, the government has shown reservation over some of the names. Cabinet spokesman Ali Al Dabbagh asserted that certain names need to be reconsidered for comp****t figures are chosen to merge into one team work that would form a complementary ministerial team up to major tasks. He added that Al Maliki is considering personally the names to study their administrative and technical capacities. Therefore, replacing certain names is necessary, he explained affirming that selection will not take long for the country’s crisis needs to be resolved soon.

Accordance Front return to Cabinet definite | Iraq News | Alsumaria Iraqi Satellite TV Network

US short of staff for Iraq reconstruction

A senior US official said that the State Department is short of staff to meet the Pentagon’s need to reinforce the provincial reconstruction teams in Iraq and Afghanistan.

Eliot Cohen, counselor to Secretary of State Condoleezza Rice, noted that the US Defense Department hires more musicians than the State Department has diplomats. “When I tell the 5,500 figure, the generals are usually shocked,” Cohen adding that the number of diplomats needed to join Iraq reconstruction teams in unlimited.

US short of staff for Iraq reconstruction | Iraq News | Alsumaria Iraqi Satellite TV Network

CBK looks to buy stake in Iraq bank

KUWAIT (RTRS): Commercial Bank of Kuwait (CBK), the country’s fourth-largest lender by market value, said on Monday it is in talks to buy a stake in an Iraqi lender and could finalize the acquisition this year. “We are in negotiations to buy a stake from an investment company that owns a large stake,” CBK Chairman Abdul-Majeed al-Shatti told Reuters on the sidelines of an economic conference in Kuwait. He declined to provide details or identify the seller, saying only that CBK was looking at a “very significant” stake in the Iraqi bank. Kuwaiti investment firm Iraq Holding said in October it was in talks to sell its 20 percent stake in Bank of Baghdad, without identifying the buyer.

Arab Times :: CBK looks to buy stake in Iraq bank

Kuwait's Damac to invest in Iraq

The General Manager of Damac Kuwaiti Holding said that the company wants to expand to Iraq by investing in real estate and banking and may sell Islamic bonds to help fund its expansion plans, Kuwait Times reported.

He pointed out that the unit of Dubai-based real estate developer Damac Properties is to list its shares on the Kuwaiti bourse next month, adding that Kuwait is always the base to expand to Iraq.

It is worth mentioning that Damac's biggest shareholder is Deraya General Trading Co, which holds a 51 percent stake, according to the prospectus.

MENAFN - Middle East North Africa . Financial Network News: Kuwait's Damac to invest in Iraq

Jordan stops import of Iraqi oil over security concerns

Kuwait News Agency (KUNA)) Jordan stopped importing Iraqi crude oil and fuel, due to "bad security conditions on the international highway between the two countries," a daily reported on Monday.

Al-Ghad daily quoted the General Director of Al-Qawasmi Company, one of the two companies responsible for transporting fuel and crude from Iraq, Riyadh Barakat saying that crude imported since mid 2007 did not exceed 5,000 tons, 36,000 barrels, which is one third of the daily consumption in Jordan.

Jordan and Iraq signed a memo of understanding in the field of crude oil in September 2006, virtue of which Iraq supplies the Hashemite Kingdom with 10-30 percent of its crude needs, an estimated 100,000 barrels, at preferential price.

Jordan resumed imports of "fuel oil" from Iraq last summer, 20 tank trucks per day, equal to 600 tons, virtue of the same memo.

Last month, the two governments decided dissolve the joint company "Iraqi-Jordanian land transport", due to accumulating losses over the past five years since the US war on Iraq in 2003 caused by insecure transport.
Statistics showed that 150 Iraqi trucks carry goods from Al-Aqaba in Jordan to Iraq, whereas 50 Jordanian trucks enter Iraq daily, under private security companies' protection, in addition to 100-150 trucks which enter Iraq every two days as convoys for US forces.

The daily Jordanian consumption of oil was estimated to 100,000 barrels, most of it imported from Saudi Arabia.

MENAFN - Middle East North Africa . Financial Network News: Jordan stops import of Iraqi oil over security concerns

Trial of Tariq Aziz delayed in Iraq - Summary

The trial due to begin Tuesday of Iraq's former Deputy Prime Minister Tariq Aziz, along with seven members of the Saddam Hussein regime, was delayed for procedural reasons, a judge told reporters. The presiding judge, Rauf Rashid Abdel-Rahman, said there were problems getting the defendants to court. Aziz, 72, is reportedly in poor health condition, possibly with a serious lung disease.

The eight ex-officials are accused of ordering the execution of 42 merchants in 1992 for increasing food prices at a time when Iraq was under international sanctions.

As Iraq started to feel the pinch of sanctions, prices in east Baghdad's Shurja wholesale market soared.

Saddam accused the merchants of manipulating prices. They were rounded up, given a speedy trial and then executed.

Among the officials who are standing trial are Watban Ibrahim al- Hassan, a half-brother of Saddam, and the former Central bank governor, Issam Hawish.

Another defendant is Saddam's cousin, Ali Hassan al-Majid, known as chemical Ali. He was sentenced to death in June for his role in the genocide campaign against Kurds in northern Iraq in which poison gas had been used.

The trial will be conducted by Iraq's High Tribunal, which is in charge of trying members of the former regime.

Judge Abdel-Rahman, an Iraqi Kurd, is the same judge who sentenced Saddam to death in 2006 after he was convicted of crimes against humanity over the killing of 148 Shiite Iraqis.

Trial of Tariq Aziz delayed in Iraq - Summary : Middle East World

Iraq boosts crude exports to Turkey

Exports from the northern oil fields of Kirkuk to Turkey have surged to 430,000 barrels a day, Oil Ministry sources said.

But the sources, refusing to be named, added that the volume was 50 per cent less than what the country used to ship to Turkish terminals before the 2003 U.S. invasion.

Kirkuk’s giant fields have the capacity to produce more than 1 million barrels a day and the quantity could be substantially increased with rehabilitation.

The sources described this month as among “the most fruitful” with regard to exports via Turkey since the U.S. invasion.

“It is the first month without sabotage and major interruptions,” one source said.

Storage tanks in Turkish terminals currently hold more than 4.5 million barrels of Iraq crude, the sources added.

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