Thread: Archive Latest News - Dinar Think Tank - 27/08/08 - 15/01/09

International Projects Center is preparing to assess Iraqi Business Organizations

According to an expert at the Center for International Private Enterprise CIPE, that preparations continue to visit the chambers of commerce and businessmen associations in all Iraqi provinces to see the reality and diagnose weaknesses and its strengths.

"Dr. al-Ahmed told press: The status" form specialized task forces will visit chambers of commerce and businessmen associations in all provinces ", pointing out that these teams will" diagnose the strengths and weaknesses of the performance of these organizations under special forms prepared for this purpose.

Waili said: that the center aims behind this activity to assess the performance of these organizations and contribute to the upgrading capability and level of work in accordance with international standards", noting that this would" activate the role of these associations and enable them to the positive impact in the growth of the Iraqi economy and policies of the country Science-based internationally accredited. "

Waeli said that the follow-up performance, businessmen associations and federations of chambers of commerce in the provinces over the past few years that followed April 2003, revealed "numerous structural deficiencies in the Iraqi private sector," However, that "a natural result of a decades-long policy of universality and the absence of the private sector and non - Allow it to exercise its role in economic growth. "

The visits will continue for these associations across the provinces over the next month of October for the field on the nature of these organizations and discuss all matters relating to work and correct them according to international standards for accredited in the form prepared in this regard ", noting that these standards" include policies and objectives and methods Management and the nature of relationships and business by. "

According to that through data gathered by the task forces and analysis "will be descriptions, the reality of those organizations and the nature of the procedures to be followed to develop its capabilities under development and specialized training programs," indicating that this would "increase the capabilities of the Iraqi businessmen and the private sector in general to serve the Iraqi economy, which In transition towards a market economy and use its mechanisms.

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Oil falls below $92 as financial turmoil spreads

Oil prices fell below $92 a barrel on Monday in Asia on fears a U.S.-led financial crisis is spreading across the globe, ex****bating an economic slowdown that will cut crude demand.

Light, sweet crude for November delivery was down $1.96 to $91.92 a barrel in electronic trading on the New York Mercantile Exchange by midday in Singapore. Earlier, it fell as low as $91.60. On Friday, the contract dipped 9 cents settle at $93.88 a barrel.

Worries that the crisis is enveloping Europe intensified after Germany announced Sunday a new bailout package totaling 50 billion euros ($69 billion) for Hypo Real Estate, the country's second-biggest commercial property lender. The move is part of a scramble by European governments to save failing banks.

"What happened over the weekend was further evidence of the spread of this financial crisis to Europe," said Victor Shum, an energy analyst with Purvin & Gertz in Singapore. "This further deepens the sentiment that we're going to see a more widespread economic slowdown or even recession, and that's no good for oil demand."

Investors shrugged off Friday's approval by the U.S. House of Representatives of a $700 billion bailout package to buy bad mortgage debt, aimed at stabilizing the U.S. financial system.

Oil demand in the world's richest countries had already begun to slow since May, before the worst of the financial turmoil hit the United States last month, Shum said.

"The rescue plan should keep a complete financial meltdown from occuring," Shum said. "But the demand data is not encouraging. In the developed countries it's falling, and that's why we're seeing downward pressure on prices."

Traders were digesting a series of developments out of Europe. On Sunday, Belgian Prime Minister Yves Leterme said that France's BNP Paribas SA had committed to taking a 75-percent stake in Fortis NV.

British treasury chief Alistair Darling said he was ready to take "pretty big steps that we wouldn't take in ordinary times" to help the country weather the credit crunch. And in Iceland — particularly hard-hit by the credit crunch — government officials and banking chiefs were discussing a possible rescue plan for the country's overstretched commercial banks.

Investors will be watching if the Organization of Petroleum Exporting Countries moves to cut output should prices fall further.

"OPEC has signaled it may defend $80," Shum said. "There's uncertainty over what OPEC may do."

Traders were also watching currency movements as investors tend to buy commodities like oil to defend against dollar weakness and a hedge against inflation, but sell crude as the U.S. currency strengthens.

The 15-nation euro fell to $1.3615 in trading Monday from 1.3774 late Friday while the dollar dropped to 103.18 yen from 105.30 on Friday.

In other Nymex trading, heating oil futures fell 3.89 cents to $2.62 a gallon, while gasoline prices dropped 3.43 cents to $2.19 a gallon. Natural gas for November delivery fell 14.2 cents to $7.21 per 1,000 cubic feet.

In London, November Brent crude fell $1.90 to $88.35 a barrel on the ICE Futures exchange.

PUKmedia :: English - Oil falls below $92 as financial turmoil spreads

Othman: An important meeting to be held in Baghdad soon

In an interview with al-Hayat newspaper, Iraqi MP from Kurdistan Alliance Bloc Mahmoud Othman said “the current political situation in the country, the dispersion of the main political blocs and differences between Kurdistan region government and federal government need a lot of urgent meetings between these parties, because these problems can affect negatively on the political process.”

Othman added that an important meeting will be held in Baghdad in the next two days between President Talabani, his vices, PM al-Maliki and the heads of the political blocs to discuss the latest political developments, including the security deal with US.

He added “the problems between Baghdad and Kurdistan region government will be discussed. The two sides are heading toward signing an agreement concerning these differences, where a high ranking Kurdish delegation will arrive to Baghdad to start talks about this agreement.”

PUKmedia :: English - Othman: An important meeting to be held in Baghdad soon

Arab League's new envoy to start work in Iraq on Monday

Egyptian diplomat Hani Khallaf, appointed in July to head the Arab League's mission in Iraq said Sunday he will take up his post in Baghdad on Oct. 6.

Khallaf said both the Cairo-based Arab organization and Egypt believe that it's time to move more Arab efforts for the Iraqi issues.

Khallaf previously held the post of Egypt's assistant foreign minister for Arab and Middle Eastern affairs and was also the country's permanent representative to the 22-member Arab League.

The 22-member body opened its diplomatic mission in Baghdad in 2006.

Egyptian Foreign Minister Ahmed Aboul Gheit made an unannounced visit to Iraq on Sunday and promised to reopen an embassy in Baghdad soon.

PUKmedia :: English - Arab League's new envoy to start work in Iraq on Monday

Iraq, Egypt to boost oil cooperation

The Egyptian Ministry of Oil expressed its willingness to help modernize Iraq's oil capabilities, an official Iraqi spokesperson said.

"Minister of Oil Hussein al-Shahrestani discussed with his Egyptian counterpart Sameh Fahmi mutual cooperation between the two countries in the oil field," a media spokesperson for the Iraqi Ministry of Oil, Aasem Jihad, told Aswat al-Iraq.

A delegation comprising representatives of specialized Egyptian companies will pay a field visit to Iraq to explore opportunities of mutual cooperation, Jihad noted.

On Sunday, Iraqi Prime Minister Nouri al-Maliki received the Egyptian ministers of foreign affairs and oil, Ahmed Aboul Gheit and Fahmi, and discussed with them means of enhancing bilateral cooperation in the political, security, economic and trade fields.

Yesterday, the Egyptian officials arrived in Iraq on an unannounced visit to meet with the Iraqi president and premier in the highest-ranking visit by an Egyptian delegation since 1990.

Aswat Aliraq

The Times: Iraq risky land of opportunity

The Times newspaper in London reported today entitled "Iraq: the land of opportunity risky" to Deborah Haynes. Heinz says Iraq after nearly three decades of war and international isolation, has become the Ithrq to attract investment

And knowledge of foreign, adding that the country is witnessing an unprecedented manner, the establishment of state-owned industries, including the fields of oil and gas, agriculture and steel.

If the unprecedented opportunities available, the risks, despite its decline compared with the period a year ago, is still high. The military operations against Shiite militias in southern Iraq, hunting down terrorist elements in the Sunni center and the north have helped reduce violence to its lowest level in four years.

The analysis goes on saying that the security gains achieved will remain, while important, are a setback, and therefore, it is worth waiting for whether the Iraqi police and army be able, over the next year, to maintain the relative calm of the country, especially in the direction of the U.S. military to reduce its presence And the readiness of the remaining British troops to withdraw from Iraq.

Heinz believes that many of the reasons for success in attracting foreign investment depend on the government of Prime Minister Nouri al-Maliki as the investment in the private sector needs to obtain the required licenses from the relevant ministries in his government, including the bureaucratic procedures and facilitate the success of trade negotiations.

The analyst recalls that some foreign companies have indicated a willingness to Alastmthar in Iraq felt the slow action that accompanies the decision-making process in Iraq, adding that investors are looking for guarantees that the trade legislation adopted by Iraq's actions should be consistent with international standards adopted In this regard.

The analyst added that the conclusion of a bilateral security agreement between Washington and Baghdad to specify the nature of relations between the two countries after the end of the year, including the Status of Forces Agreement that would give more clarity on the Iraqi scene, which sometimes confused the securities.

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Lower demand for the dollar on Mon

Demand for the dollar was down at the Central Bank of Iraq (CBI) auction on Monday, registering at $77.23 million compared to $99.795 million in the previous session.

“The demand hit $35.23 million in cash and $42.0 million in foreign transfers outside the country, all covered by the bank at a stable exchange rate of 1,179 Iraqi dinars per dollar,” an official source from the bank told Aswat al-Iraq.

None of the 11 banks that participated in the session offered to sell dollars.

The Central Bank of Iraq runs a daily auction from Sunday to Thursday.

Lower demand for the dollar on Mon. : Aswat Al Iraq

Secretary of State for Provincial Affairs is preparing for the economic reality of the provinces

Prime Minister Nuri al-Maliki that he instructed the Ministry of Finance allocated an amount of fifty million dollars in addition to the amounts allocated to a number of governorates, including the province of Muthanna for the expansion of construction projects, investment and services.

Maliki called on "officials in those provinces to invest the remainder of their funds in the budget allocated to their provinces by the end of this year to benefit fully from their provinces next year's budget."

He urged Maliki to work to "improve the pension provision of services and adequate housing for citizens, and always match our words with deeds in order to provide for the welfare and prosperity of our people," adding that international companies began "to compete for work in Iraq has signed contracts with several particularly in the area Construction, reconstruction and development of the electricity sector."

By the start of another State Minister for Provincial Affairs immortality Sami Al-paste the seventh day of October next round of investment projects in the provinces of the Middle Euphrates, accompanied by a working group of economists and professionals.

Information ministry spokesman Ahmad Al-Zeini between "These include projects implemented within their budget or development programs Territories," saying the trip "includes the governorates of Babil, Karbala and Najaf."

Zainy and during the tour would be "seeing the completion rates in each project and identify any found to treat and coordination between local administrations and the central government to resolve any of these problems to the smooth completion of the projects while working to accelerate the pace of achievement." In the framework of activating the investment in housing Iraq's director of Housing Fund loans, 84 billion Iraqi dinars for 14 thousand citizens have applied for the construction of housing units of their own, pointing out that the completion of the completion of six thousand housing units so far.

The fund manager Fouad Hamid Reza, in a press statement, "The Fund has lent citizens of staff and retirees exclusively for the construction of housing units through their own money up to, 25 million Iraqi dinars for the housing unit in Baghdad, and 20 million dinars provinces, and 18 million dinars The aspects of the districts. "

Hamid noted that "the period of repayment of those loans would amount to a maximum of 20 years, the financial interest of 6 percent, according to certain controls," confirmed that "the objective is to solve the housing crisis is part of the citizens through building the units themselves."

Hamid explained that "the amounts of loans, including all provinces except the territory of Iraqi Kurdistan", and revealed at the same time, "the Fund seek to open offices to lend to the citizens of the territory of Iraqi Kurdistan to include all of Iraq without exception."

Have been estimated Iraq's need for housing units until 2015, two million and 500 thousand housing units. "

In the same context, Director of Housing Fund the Fund's efforts to finance the construction of residential lending by contractors and investors to set up projects in housing investment, "noting that" the project, which the bank aims to finance all investors, whether Iraqis or foreign lifted to the top, for approval ".

On a related level, said the investment in the city of Kut on the contract with the Austrian company to build ten thousands of housing units allocated to the various segments of society.

He Starr Jaber told the official news: The body and face many problems and difficulties due to lack of real investment by other ministries, land allocation must be on the other ministries are the Ministry of Finance and the Ministry of Municipalities and Agriculture, which owns the land can not be given land The investor unless the owner agrees to lease land. Other problems are the problems and constraints of legal and administrative bodies to invest in the provinces has so far not issued any instructions to facilitate the implementation of Investment Law No. 13 of 2006.

On the most important of these projects have not been able to implement because of the constraints that between Jaber: First we had projects referred to as the city is safe Jawadip Jawadip industrial and construction and the city of Kut, scene of the new allocation propelled to the Ministry of Municipalities and Works had not been approved by the Ministry of Defense to allocate the land for this After taking the project and indicated we could get the approval of Defense Minister to allocate land and so far have been approved but the approval of oral translation and the project still stalled and the second project we have an investment project for a dairy.

Jaber said that the Commission reached an agreement with the Austrian LE session of the thousands of housing units throughout the city, he said: "Shortly before we signed a memorandum of understanding with a gm Austria, consisting of 200 companies from Turkey, Switzerland and Spain, attended by a representative to the province of Wasit It was agreed to the establishment of 10 thousand housing units are integrated service at the end of the month of Ramadan or after the holiday we will break ground on this project.

Translated version of http://www.iraqdirectory.com/DisplayNewsAr.aspx?id=7020

Update.......

Al Maliki urges Arab countries cooperation

Visiting Egyptian Foreign Minister to Iraq Ahmad Abu Al Ghayt met with Prime Minister Nuri Al Maliki who called on Egypt and the Arab countries to help ease international sanctions imposed on Iraq in virtue of Article VII noting that Iraq is keen on its sovereignty and interests in current negotiations with the US over the security pact. A governmental statement cited Al Maliki as saying that Iraq is determined to build up relations with all the countries mainly Arab neighbors and is keen not to interfere in other countries’ affairs provided that no one would interfere in its internal issues.

Al Maliki added that Iraq needs the cooperation of its neighbors mainly Egypt looking for cooperation between Arab countries on construction and economic development levels. He added that the visit of Egyptian Foreign Minister to Iraq will boost up relations on the political, security and economic levels as security has improved and encouraged reconstruction and investments urging Egyptian companies to engage in construction projects. For his part, Abu Al Ghayt reiterated Egypt’s support to the Iraqi Government in its endeavors to ascertain security and stability as well as impose the rule of law in respect to the Constitution and on the path of national reconciliation asserting Egyptian companies’ willingness to contribute to Iraq reconstruction.

Al Maliki urges Arab countries cooperation | Iraq News | Alsumaria Iraqi Satellite TV Network

Basra Governor talks with delegation from Dubai Holding ways of implementing investment projects

Mr. met with the governor of Basra Mohammed al-Waeli, a delegation from Dubai Holding to discuss ways of implementing investment projects in the city.

Basra's governor said the delegation's visit to the province of Basra at this time reflects the seriousness and interest in strengthening ties of cooperation with the sons of the city and this is the first step towards the right direction for the advancement of the investment process in the province of Basra.

He added that the brothers in the UAE have broad prospects and great and have previous experience they are serious to enter all their strength to maintain investment, especially in the field of ports and other projects for the other side investment.

He said the delegation toured around the city of Basra and saw ports Oct Arabs and expressed admiration for what they found positive changes in the concrete security and stability.

He said there are a lot of Arab and foreign companies announced their readiness to implement investment projects in Basra province and will start during the recent granting of licenses to those companies for the conduct of its work.

For his part, Vice President of the ports in Dubai Hédi good visit Balmovqp he informed the delegation to the reality of Basra and Iraqi ports.

He stressed that the UAE and Arab investors to look at Basra as a place of investment is important, and want to find job opportunities in various economic fields and the next two months will witness positive steps in this area.

The meeting was attended by the Chairman of Investment Authority and the Director of Basra Chamber of Commerce and director of ports and the decision of the provincial council in Basra, director of the Central Bank of Iraq in Basra and a number of businessmen in the province.

Translated version of http://nahrain.com/news.php?readmore=28113