Thread: Archive News - Iraqi Dinar Think Tank - 22/06/2010 - 04/10/2010

Economists critical of the investment law and call for the amendment

Iraqi economists called Iraqi Council of Representatives amendments to the investment law, asserting that the Act need to be changes "radical."

He said economic Dokhi Tahir told the Kurdish news agency (Rn) that "the investment law in its current form requires radical review, because it did not lead to the strengthening of trust between the government and Iraqi investors, especially with regard to the subject of the ground."

He explained that "the investment law, proceeded in a hurry because of the large momentum of the laws in the previous parliamentary session".. Required to be aware, "Review of the seriousness of the law."

He added that "Iraq is a breeding ground for investment, but the impact of this law, political changes may impede the bringing global investment firms."

For his part, Ayed 's economic cactus (Rn) that "the investment law, he wrote, seems only to foreign investors, local investors are ignoring the obvious in most of the paragraphs."

He pointed out that "This law" requires an amendment to encourage national investment."

He explained that "public investors, whether foreign or local, are afraid of the work according to the formula law in this way, for failing to provide solid protection for the continuing implementation of its projects."

He Ayed "We hope that the current parliamentary session will be more serious and interactive with investment projects and seeks to protect the investment of funds."

And formed the National Commission for Investment in 2007 after the issuance of the new law to invest in Iraq. According to the law are responsible for all strategic investment projects of a federal nature exclusively, while the regional and provincial bodies responsible for investment planning and granting investment licenses in their areas.

http://www.aknews.com/ar/aknews/2/185236/

Expectations of Increased robberies on banks in the governorates of Iraq

An official source at the Iraqi Interior Ministry, said Friday that armed groups are trying to carry out an armed robbery of some government banks to finance their operations.

The source, who preferred anonymity, told the Kurdish news agency (Rn) that "the robbery of banks may spread in the coming period on the background of funding cuts from the neighboring countries for the armed groups" as he put it.

He continued that "terrorist groups affiliated with al-Qaeda changed the sources of funds".. Saying she was "transformed from a system of central funding to a system of private financing, that is, each group charged with masterminding terrorist operations."

According to the source, the security forces would step up its presence in the vicinity of government and private banks and shops selling gold, especially in the capital Baghdad and Diyala province, these groups may try to exploit.

The security forces have foiled an attempt yesterday to armed robbery of a bank in the Bayaa area, southwest of Baghdad.

According to reports by U.S. military and Iraqi , that al-Qaeda militant was losing its strength, especially after the killing of their leaders Abu Omar al-Baghdadi and Abu Ayyub al-Masri , in a joint military operation carried out several months ago, in the Thar Thar area southwest of the city of Tikrit (160 km northwest of Baghdad).

The Iraqi government says that al-Qaeda in Iraq faces "significant failures", and turned into "gangs" to extort millions of dollars a year from companies in a "desperate attempt" to find alternatives for financing its activities.

And al-Qaeda , his wings spread in a number of countries in the region, including Iraq, is a militant organization , was founded in the Eighties of the last century, and pursuing a "jihad" against the West Bank and "collaborators" with him.

http://www.aknews.com/ar/aknews/2/185230/

economic adviser : Iraq will become a transfer station global

economic adviser in the government that his government is seeking to turn Iraq into the global transportation through an integrated plan to develop a network of railways.

Salam al-Quraishi, in a press statement transferred via "The government is seeking to turn the country into transport Based in the Middle East and the linkage between the major industrial countries, through integrated transport system."

He referred to "an integrated and ambitious plan for a period of five years to turn Iraq into a better transport system by rail , through the development of the dry canal and connect them with important countries such as Iran and the Gulf States."

He said, "changes the security Nhawwalavdil contributed to the emergence of this plan, which would support Iraq economically and enhance his standing with the regional countries."

Qureshi stressed that the "plan, which begins after the completion of technical procedures it will take the role of investment companies to enhance the transport system mediated by rail within cities in the country."

http://al-iraqnews.net/new/economic-news/27726.html

Iraqi Finance : this year's budget focuses on aspects of service, rather than security

The advisor to the Iraqi Ministry of Finance , that the general budget for fiscal 2011, focusing on basic service projects, unlike previous years, the focus was on the processing of security institutions.

The chancellor said Zia Alckheon Kurdistan News Agency (Rn) that "the budget in 2011 focused largely on service projects the task, after the budgets of previous years, interest in the security situation."

He pointed out that "service projects this year will have the lion's share, obviously the fact that security has improved significantly compared to previous years, which was the security ministries and projects take big budgets."

Alckheon stressed the need to invest government institutions and service provincial funds allocated in the right way, and that the government is working on the development of future services and health in the country.

He predicted that "this budget covers most of Iraq's needs for service projects needed by the Iraqi citizen."

Revealed the Ministry of Finance earlier in preparation for the largest annual budget in general for 2011, with 90 trillion Iraqi dinars, and it is hoped to present to the Council of Ministers in the coming days.

http://www.aknews.com/ar/aknews/2/185216/

Originally Posted by Seaview

economic adviser : Iraq will become a transfer station global

economic adviser in the government that his government is seeking to turn Iraq into the global transportation through an integrated plan to develop a network of railways.

Salam al-Quraishi, in a press statement transferred via "The government is seeking to turn the country into transport Based in the Middle East and the linkage between the major industrial countries, through integrated transport system."

He referred to "an integrated and ambitious plan for a period of five years to turn Iraq into a better transport system by rail , through the development of the dry canal and connect them with important countries such as Iran and the Gulf States."

He said, "changes the security Nhawwalavdil contributed to the emergence of this plan, which would support Iraq economically and enhance his standing with the regional countries."

Qureshi stressed that the "plan, which begins after the completion of technical procedures it will take the role of investment companies to enhance the transport system mediated by rail within cities in the country."

http://al-iraqnews.net/new/economic-news/27726.html

Iraqi government: Iraq will turn into a railway based in the region

The economic adviser in the Iraqi government ended its mandate, the Government sought to turn Iraq into the global transportation through an integrated plan to develop a network of railways.

Salam al- Quraishi, a Kurdish news agency (Rn) that "the Iraqi government seeks to turn the country into transport Based in the Middle East and the linkage between the major industrial countries, through integrated transport system."

He referred to "an integrated and ambitious plan for a period of five years to turn Iraq into a better transport system by rail, through the development of the dry canal and connect them with important countries such as Iran and the Gulf States."

He said, "changes the security Nhawwalavdil contributed to the emergence of this plan, which would support Iraq economically and enhance his standing with the regional countries."

Qureshi stressed that the "plan, which begins after the completion of technical procedures it will take the role of investment companies to enhance the transport system mediated by rail within cities in the country."

Iraq has witnessed the recent developments in the field of transport facilitation after the first flight between Iraq and Syria through the dry channel of the province of Nineveh to Aleppo in Syria.

Iraq is linked to the Canal Association or dry house as iron, which is the largest railway transport channel between the number of countries in the world, with links between the countries of the Mediterranean Sea and the Arabian Gulf and East Asia.

http://www.aknews.com/ar/aknews/2/185213/

Iraq to announce an increase in oil reserves

Iraq Ministry of Oil Spokesman Issam Jihad said on Thursday that Iraq will announce next Monday increasing its oil reserves which are currently estimated to be 115 billion barrels. Iraq crude oil reserves are the third in the world. Iraq government had signed contracts with international companies in order to boost the productivity from 2.5 million bpd to 12 million.

http://www.alsumaria.tv/en/Economics...-reserves.html

No delay on Iraq gas round licensing - gov't official
Tendering for Iraq's gas round will begin as planned in October, despite the lack of a government in the country.

"No, the gas round will be on October 20, I think the oil ministry has decided to go ahead with that," Ali Al Dabbagh, official spokesman for the Iraqi government, told Arabian Business on the sidelines of the Economist Iraq Business and Investment Summit in Bahrain.

"So they will be opening the tenders on October 20 and will distribute the information on 10 October. There is a decisive position from the government to go ahead with that."

Al Dabbagh said that the delayed tenders had been caused by companies asking for more details about the bids.

The official comment comes despite growing concern over the legitimacy of any contracts handed out before a new government is confirmed.

Iraq has now been without a government since a general election resulted in a hung parliament seven months ago.

Speaking to reporters at the Bahrain event, Al Dabbagh admitted that the deadlock had put some potential investors off.

"I don't deny there is a waiting stage for investors...and the markets are influenced by the fact the government is not yet formed," the official added.

"I am disappointed with how little investment there has been...they are worried about the security situation but I can assure everyone that with all the threats and challenges that we see, it is not to the level that would stop investment."

Al Dabbagh also said that the country that had provided the most investment in Iraq was Turkey, closely followed by the Gulf states.

http://www.arabianbusiness.com/59821...-govt-official

Originally Posted by Seaview

Iraq to announce an increase in oil reserves

Iraq Ministry of Oil Spokesman Issam Jihad said on Thursday that Iraq will announce next Monday increasing its oil reserves which are currently estimated to be 115 billion barrels. Iraq crude oil reserves are the third in the world. Iraq government had signed contracts with international companies in order to boost the productivity from 2.5 million bpd to 12 million.

http://www.alsumaria.tv/en/Economics...-reserves.html

Iraq to announce big rise in oil reserves Monday
Iraq will announce on Monday a "big increase" in its oil reserves, currently 115 billion barrels, a spokesman for the oil ministry said on Thursday.

Iraq's crude reserves are the world's third largest but its production lags. The government has signed a series of deals with oil majors to ramp up output capacity to about 12 million barrels per day from around 2.5 million bpd now.

"The oil minister will announce on Monday a new higher figure for Iraq's crude reserves and it will include a big increase compared to the old figure of around 115 billion barrels," Oil Ministry spokesman Asim Jihad said.

Companies such as US giant ExxonMobil, Britain's BP, Royal Dutch Shell, Russia's Lukoil, Eni of Italy and China's CNPC have signed on to develop Iraq's rich oilfields.

The government needs to boost oil revenues to rebuild after years of war, international sanctions and neglect.

Jihad said Oil Minister Hussain al-Shahristani would hold a news conference on Monday to announce the new figure.

"The big increase ... is going to be an incentive and encouragement to more oil companies to come and work in Iraq," he said.

The Iraqi government has said in the past it believes actual reserves could be up to three times as high as the current figure.

"The new figure will be very important to Iraq," Jihad quoted Shahristani as saying. (Reuters)

http://www.arabianbusiness.com/59827...eserves-monday

Economist: Banks Iraq needs $ 10 billion in 3 years

Investor, announced that Iraq's banks need to raise fresh capital of at least $ 10 billion over the next three years to prepare for the unexpected boom in the construction industry fueled by oil and to meet new regulatory requirements. While detecting a spokesman for the Ministry of Oil that it will be next Monday to announce a "substantial increase" in the country's oil reserves, currently estimated by 115 billion barrels.

Iraq has signed agreements worth billions of dollars with international oil companies to increase production capacity to 12 million bpd within the next 7 years. Can provide this money for Iraq needed to rebuild after decades of wars, sanctions and economic decline, opening up opportunities for the banking sector to finance projects. Iraqi banks and lending to the private sector is very weak now because of the limited capital.

Said Eric Le Blanc, Chief Operating Officer in the "Merchant Bridge" investment Reuters: "The banks can not so far from lending any form structured. "Merchant Bridge has a majority stake in the " Al-Mansour Bank," Iraq's plans to increase its capital to $150 million. Le Blanc said that to meet the new regulatory requirements and an increase in demand for loans by the private sector banks should raise at least $10 billion over the next three years.

A note seen by Reuters that the new rules approved by the Central Bank required banks to increase the Iraqi capital to 250 billion Iraqi dinars ($214 million) at least by 2013. Le Blanc said that the capital can be obtained from banks in the region as well as some international banks. He added that among the risks faced by foreign banks, lack of experience in Iraq to deal with bank failures. It is expected to force the new requirements of capital, Iraqi banks to merge. He says, "will remain a small number of leading banks and the rest will collapse quickly ... is still the central bank in the process of training".

http://www.uragency.net/index.php?aa=news&id22=12330

NIC establishes One Stop Shop policy

Nineveh Investment Commission announced that it took several measures aiming at facilitating investment process in the province and that thru activating "One Stop Shop" (OSS) policy which spares investors from dealing with the bureaucracy of the government.

- A delegation from Kirkuk local government visited Al Basra Province in order to unify the stands and to pressure on the federal government so as it increases oil and gas allocation of the two provinces.

http://www.alsumaria.tv/en/Economics...op-policy.html