Thread: Archive - Latest News Think Tank - 15/01/09 - 04/05/09

Basra is witnessing an investment with major international companies

Confirmed the governor of Basra Mohammed al-Waeli, a major economic conference that will be held in the city of Basra, the middle of next week with a major global investment firms, including Rolls Rice (I think they mean Rolls Royce ) Shell.

Waili said that the press conference will be held next Monday at the Basra International Airport in coordination between local government and the British consulate, and in the presence of major global investment firms.

Waili said that "the conference, which convened for one day is designed to clarify the investment map of the city, which has strategic importance and its proximity to the three countries, namely Iran, Kuwait and Saudi Arabia.

Waili said that "the conference will be an opportunity for the development of international companies within the true picture of the investment in the city during the next phase, in particular investment in the Basra International Airport and in the areas of oil and gas industry as well as in aspects of tourism."

http://209.85.229.132/translate_c?hl...ecjlte-DkzfbBg

Gulf central bankers meet amid FX union plan challenges

Gulf Arab central bankers will face pressure at a meeting next week to specify an alternative timetable for rolling out a single currency as markets become increasingly sceptical about the project's viability. The Gulf Cooperation Council (GCC) last month gave its first official acknowledgement that issuing common notes and coins will take longer than the 2010 target agreed on eight years ago. But as regional policymakers focus on the more pressing concern of shoring up their economies and banks against the global financial crisis, some analysts wonder if the project could be left to languish for many more years. Decisions on the location of the Gulf central bank and when it will start operating remain undecided as central bank governors from Saudi Arabia and five other oil exporters gather for a twice yearly meeting April 6-7 in the Omani capital, Muscat.

'The comments that we saw last month seemed to confirm that it is being delayed. We're likely to see that formally stated at the summit,' said Simon Williams, regional economist at HSBC.

'If at the end of summit we don't see some evidence of progress, the market is likely to conclude that the project has been allowed to lapse, not merely been delayed.'

The monetary union plan, part of a wider project to create a regional common market including a customs union, has lost credibility in the last three years after Oman decided not to join and Kuwait severed its dinar's peg to the dollar. In 2001, the GCC -- a loose political and economic bloc also including the United Arab Emirates, Qatar and Bahrain -- had agreed to keep pegs intact until a single currency comes into force.

VARIED RESPONSE

In the past year, Gulf central bank governors have insisted that monetary union is back at the top of their agenda. The region's leaders signed key monetary union accords in December and governors have said they hope to name the currency and decide on the convergence rate by the end of the year. Yet the oil exporters have adopted separate policies to tackle the global crisis that ended a six-year oil-fuelled boom.

'This is an occasion to focus on the benefits of monetary union because it would enable a more coordinated response with common policy tools.' said Nasser al-Saidi, chief economist at the Dubai International Financial Centre.

Monetary union has in many ways become more urgent as Gulf states face the worst global financial crisis in 80 years and oil prices collapse nearly $100 a barrel since a peak last July. One way they could shield themselves from U.S. economic problems is by pegging the Gulf currency to a basket of major currencies rather than tying their fate to the dollar. Monetary union could also help them develop regional money markets, giving them more tools to affect monetary policy by intervening in buying and selling securities.

'I think the difficulties the Gulf is experiencing strengthen the case for monetary union but arguably make it more difficult...because the outlook is so uncertain,' Williams said.

SHAKY CREDIBILITY

The key hurdle facing Gulf monetary union is building institutions and securing the political will to push it through. The six convergence criteria, such as achieving a public debt ratio of less than 60 percent, have mainly been met. Gulf inflation rates have fallen more in line recently and a joint central bank will not target an official inflation rate. Still, questions linger over how much monetary policy power the autocratic states will yield to their common central bank.

'The institutional setting that is necessary to credibly uphold a viable monetary union is virtually non-existent,' Goldman Sachs analyst Ahmet Akarli said in a note last month.

He called the project's success 'highly unlikely'. 'In fact, we believe that monetary policy frameworks throughout the GCC are more likely to diverge over time, in line with varying policy priorities of different GCC economies,' he said.

http://www.xe.com/news/2009-04-03%20...&currentPage=1

Conference on the distribution of oil wealth on the next week

The coordinator of the Government of the Kurdistan region of Iraq for the United Nations, the conference will be held on the seventh of this April in Arbil, about the distribution of oil wealth in Iraq under United Nations auspices and participation of international experts.

The Dr. Dindar Zebari said, "The conference is a continuation of the first such conference held in Baghdad over the distribution of oil wealth in Iraq and calling for directions to amend the Iraqi constitution in line with the process of sharing the wealth."

He pointed out that the conference "sponsored Aleonami Office in Iraq, the participation of international experts and experts from the United Nations and the ministries of oil, finance and planning in the Iraqi Kurdistan Regional Government and members of the Iraqi House of Representatives and the President and members of the Parliament of Kurdistan." Noting that "Congress is scheduled to be always in the next week on 7-8 from the month of April being in Arbil.

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Shell: Iraq possesses huge reserves of gas

Officials in the Shell world that Iraq has huge reserves of gas by the most important among the 10 gas-exporting countries in the world in advance of increasing global demand for electric power generation and water desalination.

The Vice-President of the Middle East at Shell Mounir Bouaziz that Iraq is capable of producing more than 700 million cubic feet of associated gas is enough to cover domestic consumption and export.

Estimated in his daily life, more than 70% of the gas for a gas attendant to the process of extracting oil from Madjal estimates determine the losses of the House of Representatives Iraq, 100 billion Iraqi dinars per day.

He pointed out that the amount of the burned gas per day, enough to double the country of Jordan and to mobilize the power cylinder 300 A gas a day, but it imports large quantities from neighboring countries could in time become the largest exporter in the Arab region, according to Bo Aziz.

http://209.85.227.132/translate_c?hl...yzjn-OhIFKprbQ

Rafidain include all branches of smart card system

The director of the Bank of Baghdad, Sunday, that the management of the bank is seeking to introduce modern technology in all the joints in order to promote the banking business, adding that he would be the inclusion of all branches of the bank Smart Card system and the destruction.

A statement posted on the website of the Ministry of Finance said on Sunday that the Director-General Abd al-Husayn Rafidain Yasiri visited a number of bank branches in the province of Babel to determine the needs and constraints that prevent the development work. He was quoted as saying that the "management of the bank is seeking to promote the work and the introduction of the banking modern technology in all joints of banking work, and to achieve speed in completing the transaction."

He referred in this context that "there will be coverage of all branches of the smart card and the Global System of the future." Indicating that "Rafidain Bank seeks to be Bmsaf banks worldwide." The bank called on all workers to make efforts in this context of this objective.

Yasiri said during his visit and meeting with the Director-General of the General Company for Mechanical Industries in Alexandria that "Rafidain Bank seeks to provide the best services to clients and support all sectors and companies to contribute to the development process, grant management-oriented branch of Alexandria," the validity of opening credits in coordination with the international section of the public administration and study of the prerequisites set by the company wishing to access loans from the bank to promote its work. "the statement said.

Rafidain Bank was founded in 1941 with a capital of 50 thousand dinars, and the number of branches currently 153 branches in Iraq in addition to the nine branches abroad, have already started in February last award of the salaries of retirees in Baghdad by the smart card system.

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Finance Committee warns of the use of central bank reserve

Chairman of the Finance Committee in the House of Representatives, Iyad al-Samarrai said the financial reserve at the Central Bank is the cover of the Iraqi currency, the World Bank and it is working to support and encourage investors to invest in Iraq.

The al-Samarrai, told a news briefing on Monday that there is a desire of the government of using treasury bonds at the central bank, but the House of Representatives under the use of this reserve, but with his consent.

Samarrai, warned of the encroachment on the reserve, indicating that Syotr negatively to the stability of the Iraqi dinar and the dollar weakens, as it will distract the investors from investing in Iraq to cover the absence of the Iraqi currency.

http://209.85.227.132/translate_c?hl...C9C86fjIWyncvg

Barham Salih is calling for change in energy policy and reality in Iraq

Deputy Prime Minister Barham Saleh on Sunday, The reality of power in the country suffering from "the problems and constraints," also had its effects on the activities of economic actors and citizens, calling for the need to change the realities of energy policy in Iraq.

He explained in a speech in favor of a symposium held by the Ministry of Science and Technology on Sunday, attended by agency (Voices of Iraq) that "the reality of power in the country suffer from the problems and constraints have an impact on economic activities and events of the citizen, it is necessary to rely on renewable energy and invest properly and exploit all the possibilities natural and human."

Saleh said during the symposium held at the Mansour Hotel in Baghdad under the banner of (the reality of power in Iraq and prospects for the future) that "the former used the scientists and researchers in matters purely military, and remote creativity in other things."

He added, "The Ministry of Science and Technology is investing in the capabilities today are serving the interests of the country in all fields of science, social and environmental."

On his part, Minister of Science and Technology Raed Fahmi told (Voices of Iraq) that "the application of government policy provides innovative investment environments conducive to the transfer of Western technology to developing countries."

He pointed out that "the exploitation of renewable energy is one of the important events that are related to social and economic situation and the energy of traditional oil exhausted and can not be back, but the industry of renewable re-use and leave no residues harmful to environmental realities."

The Qusay Abdel-Sattar, the representative of the Ministry of Electricity, said the symposium was told (Voices of Iraq) that "the Ministry of Electricity needs to be 18 billion dollars annually (the U.S. dollar equivalent of 1170 dinars) for the maintenance of production plants and energy networks."

He added that "to go to some kind of renewable energy reduces reliance on electric power."

He pointed out that the "crisis of electricity needed to support and cooperation to create a culture of consumption as well as rationalization and the establishment of a national body to represent the energy of the members of the various ministries to control the import of electrical appliances."

On a related level, the head of the education in the Parliament Alaa Makki told (Voices of Iraq) that "contributed to an increase in the allocation of the Ministry of Science and Technology in the service of science and scientists and the development of the country and the reality of scientific research applied to the ground."

Out the symposium was highlighted in a number of recommendations, according to a correspondent agency (Voices of Iraq), who attended the symposium: the adoption of national projects and expansion of all renewable energies, and to provide economic support financial, as well as legislation and laws regulating the activities of renewable energy.

http://209.85.227.132/translate_c?hl...2443Olk5FMQjxQ

Trade Minister: Our stated that displays in the Iraqi economic, commercial and large investment

Said Commerce Minister Abdul Falah Hassan, the Sudanese, "Our orientation in the light of the ministry and its programs is to make the gate of the Iraqi opposition's economic, trade and investment and leading a large monument in activating the role of the Iraqi economy at the external level."

The minister presented during his meeting with the President and members of the Board of Directors of the Iraqi opposition a number of ideas and directions that would push the Iraqi opposition to the steps to the versions that make it one of the most outstanding monuments of trade and investment, cultural and economic in the country.

He noted the importance of the Sudanese to take advantage of opportunities for a visit by a delegation of British businessmen in Iraq's current investment and reconstruction in the country, stressing in particular, have fled to take advantage of investment in the course of Al-Iraq, which will be held in London at the end of this month, and this exhibition is provided by the major investment opportunities and wide of the British companies in the country.

The Sudanese minister of the General Manager of the Iraqi opposition to provide a detailed explanation of the exhibitions being held in the inside and outside Iraq, especially the preparations and actions taken on the organization of an exhibition (the gateway to Iraq) in Gaziantep Turkish end of May, and the 36 th session of the Baghdad International Fair, which is regulated through November next.

The Minister of Commerce "to his ministry and the direction of future projects based on the possibility of the project to establish the Baghdad International Fair, the methods and means to achieve the objectives of economic, trade, cultural and scientific desired aims of Iraq and turn the Baghdad International Fair, to present a large commercial center, referring to the possibilities of attracting top investment companies and investors in world to contribute to the achievement of such a large project.

Sudanese and heard during the meeting to explain the general manager of the Iraqi opposition and the President of the board of directors, Hatem Mohamed Hashem promised the Sudanese minister overcome problems and technical difficulties that we face and financial cooperation and coordination with ministries and official bodies concerned.

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Accordance Front to respect Parliament candidacy decision

MP Nour Din Al Hiyali announced that the Accordance Front will commit to the federal court decision about the candidacy to Parliament Speaker position Iyad Al Samirrai whether negative or positive.

The Accordance Front noted that parties opposing his candidacy have changed their stand and are now in favor of Samirrai.

http://www.alsumaria.tv/en/Iraq-News...-decision.html

Baghdad, Damascus to sign economic agreements

The Joint Iraqi-Syrian Supreme Committee, headed by premiers Nouri al-Maliki and Naji al-Otari, will convene in Baghdad later this month to sign economic agreements, the Syrian al-Watan newspaper said on Monday.

"The agreements include an oil agreement that will allow the repumping of Iraqi oil across Syrian territory," the newspaper said in its Monday issue.

In late December 2007, talks were held with Syrian companies to develop Okaz oilfield so it could be connected to the Arab Gas Pipeline.

The Arab Gas Pipeline is a pipeline that exports Egyptian natural gas to the Middle East and by the possible further extension, to Europe. When completed, it will have a total length of 1,200 kilometers (750 mi) at a cost of US$1.2 billion.

"A Syrian technical delegation will soon head to Baghdad to discuss preparations for the supreme committee's meeting," the newspaper added.

http://www.zawya.com/Story.cfm/sidZA...c%20agreements