Thread: Iraq/Dinar News. 09/05 to 01/14/07

Originally Posted by bluezzguy

Adam,

With the FIL already passed, but not in the gazette(as of this moment), do we know what the longest term scenario is for implementing it? Or can it just sit there ad infinitum?

Randy

Well they said a month from 10 October. Whether it is enacted automatically after that I'm not overly convinced.

I would think we will see it in the Gazette in the next week.

Originally Posted by Amanda

Ok, it must be because I can't sleep at night anymore wanting this to happen so much....but I am a bit lost. What is everyone checking and what is it telling us.

Sorry...very confused today.

We're looking for the announcement of the Foreign Investment Law in the Gazette. Once this happens it's ready to go go go......

Originally Posted by Adster

Well they said a month from 10 October. Whether it is enacted automatically after that I'm not overly convinced.

I would think we will see it in the Gazette in the next week.

Okay, I do have a question....I know this is splitting hairs so to speak but I gotta' ask....is a month considered a month like October 10 to November 10 or is it 30 or 31 days....sorry if seems petty just trying to figure this out. If it is 31 days then 8th or 7th for 30 days.

With direct support from the Central Bank and the American Agency for Development
02 November 2006 (Al-Sharq al-Awsat)
Eleven Iraqi banks, with the direct support from Iraqi Central Bank and the American Agency for Development, announced the establishment of the Iraqi company for loans that provides financial liquidity for those wishing to establish small projects. About this project, applied for the first time in Iraq, the banking expert, Izz al-Din Muhammad Abid, said: this Company is complementary to the Iraqi Company for Banking Guarantees which was established a short while ago with a total capital of three and a half million dollars. It aims at enhancing the obtainment of small, medium-sized and minor enterprises in Iraq on loans from private banks, in addition to supporting the use of modern practices of credit and international banking standards in granting loans to small and medium-sized enterprises. All of this is to support the continuing economic growth in Iraq, and especially the support and development of the private sector. Giving small and medium-sized enterprises this importance stems from the fact that they share the spirit of individual initiative; that is, starting a project by an individual to improve his standard of living. It should also be noted that these projects constitute a significant proportion of economic activity for many countries in the world, whether they were developing or developed; they also constitute a high proportion of enterprises that widely contribute in developing the economies of these countries, especially the developed ones. Such projects, generate self-employment and jobs and participate in helping the important groups in the labor market, as well as having several important advantages like: working with simple, low-cost and local materials within a limited area, as well as working with primary skills and techniques; in addition to the possibility of easily adapting to the new circumstances in the market and the rapid response to its needs. Finally, they contribute in the rehabilitation or changing infrastructures and equipment; such as inventing agriculture and construction tools or producing essential services commodities in times of crisis. In response to a question concerning the establishment of this Company to study the conditions of projects in Iraq, and the possibility of exposure to profit or loss, Izz al-Din, explained that in spite of facing small and medium-sized enterprises for numerous problems and challenges, especially in times of unstable security, but, and as much as it concerns the banking system, the main problem facing them is cash funding for the establishment and support of these projects. Thus, the foundation of the Iraqi Company for Banking Guarantees, in the time being, forms the mainstay of such projects, in order to assist them in obtaining loans from Iraqi private banks to participate in the capital of the Company, in addition to helping those banks through the utilizing the amount of the guarantee for the development of managing loans and their risks. The Company is owned by (11) Iraqi banks supported by the Iraq Central Bank due to its important part in deepening the role of the Iraqi market. The guarantee amounts differ according to the type of risks associated with them; they could reach 75% of the value of the original loan, which ranges from $ 5000 to $ 25000. The company's operations are based on developing institutions and building the financial capacity of banks and the Company itself when marketing and the applying the program of loans guarantee. The Company's activity will cover all of Iraq by the network branches of the banks involved in such comprehensive coverage. It will assist small and medium-sized enterprises to enter the world of credit in all Iraqi provinces. The Company will provide loans with a high level of quality for the productive, service, agricultural and commercial projects throughout guaranteeing the banking loans offered by the participating banks. Accordingly, we can say that the company achieved a step or steps forward on the way of developing and modernizing the Iraqi banking system.

11 Iraqi banks agree to launch a specialized company to finance special projects | Iraq Updates

Originally Posted by CharmedPiper

Okay, I do have a question....I know this is splitting hairs so to speak but I gotta' ask....is a month considered a month like October 10 to November 10 or is it 30 or 31 days....sorry if seems petty just trying to figure this out. If it is 31 days then 8th or 7th for 30 days.

Best allow a full month, so we're looking at 10th November....

Thanks Adster....

I'm sorry to be so slow. I am at work and reading the forum in between phone calls and people bothering me. My small brain is just not taking it today. Thanks for helping!!

02 November 2006 (AME Info FZ LLC)

The Big 5 2006, which closed on Wednesday evening, concluding its annual five day showcase of the regional and global building and construction industry, saw deals worth millions of dirhams signed, agents appointed, new distributorships established and solid business leads generated that will be translated into valuable orders in the coming days, weeks and months.

'Among the major deals that were announced at the show was a contract worth Dhs. 20 million which will see Somec Sharaf Middle East installing aluminium and glass window glazing for the 44 storey Dubai Jewel Tower in Dubai's Technology, E-Commerce and Media Freezone,' said Bernard Walsh, Managing Director or organisers dmg world media Dubai.

Other Big 5 deals included Sigma, who received five orders worth a total of Dhs. 1 million for their linkable lighting towers (two from Saudi Arabia and three from the UAE), while first time exhibitor Mil-tek discovered the unique business power of The Big 5, recording an order worth US$22,000 with many more solid leads that the company is confident will result in even more sales. Waterjet Corporation, which manufactures water-cutting machines won a US$2 million order.

Turkish company Yorukoglu Machine Industry, part of the 66 company strong Turkish presence at The Big 5, signed four deals, including one from Iraq, for block-making machines and a batching plant worth US$640,000, and Al Khaleej Ceramics Company confirmed an order for 50,000 square metres of antique-finished porcelain glazed tiles.

Elsewhere at the show, new relationships were being formed, with many new agents appointed and distributorship agreements signed. Announcements included Bayer Material Science and Pearl Insulation Materials, who will open a polyurethane systems house joint venture in Dubai, and Gliderol International Industrial Doors signed an agreement to open an office and manufacturing plant in Sharjah.

Canada, which this year expanded its presence at the show by 40%, also enjoyed success at the show. Winters Instruments, who deal in temperature and pressure gauges for the oil and gas industry, signed a three-year deal for the Bahrain and Saudi markets worth in excess of US$1 million in the first year, and Icynene Incorporated and Better Insulation Construction Systems completed a deal that will see Parand Afra Pars Engineering Co., handling sales and distribution throughout Iran.

Al Hunton of the Ontario Trade Commission from Canada said, 'It's been an excellent show for us - some of our exhibitors have signed great deals, and we are delighted with the contacts and leads that we have picked up.'

IndePane, also from Canada, signed a three year deal for their Dusco Doors with Elegant Products, a leading door manufacturer from Hyderabad, India - it is anticipated that the value of this deal will run into six figures.

Meanwhile, 2006's Big 5 proved, across all criteria, to be the biggest and most successful ever held in the long history of the event, breaking all records - it completely filled eight halls plus the Sheikh Rashid Hall, Sheikh Maktoum Hall, The Pavilion and the new Zabeel Hall.

'Showcasing 2,892 companies from 67 countries, The Big 5 has once again showed why it is so highly rated and respected by the global building and construction industry,' added Walsh. 'By the close of the show, we will have welcomed well in excess of 42,000 visitors, which is far above our initial projections, and feedback from exhibitors has been extremely positive, 72% rating the quality of visitors as good or excellent.'

Multi-million deals done as The Big 5 breaks all-time records | Iraq Updates

02 November 2006 (Reuters)

US troops should stay for up to three more years in Iraq to allow local authorities to build up their own security forces, the Iraqi president says.

At the start of his week-long visit, Jalal Talabani, said his country was not in a civil war and accused the media of focusing only on negative stories.

However, he said international terrorists were still concentrating all their efforts on Iraq which meant the country needed outside help to defeat them.

Speaking at a conference, Talabani said: "We need time. Not 20 years, but time. I personally can say that two to three years will be enough to build up our forces and say to our American friends 'bye bye with thanks'."

Outside support

Talabani is due to meet Jacques Chirac, the French president, later on Thursday.

The Iraqi president said he wanted France to be actively involved in the rebuilding of the country and to help train Iraqi forces.

Public pressure is building in both the US and Britain to withdraw troops from Iraq.

George Bush's Republicans face possible loss of control of Congress in November 7 elections, with dismay over his Iraq policy a critical factor in voter intentions.

Talabani: US must stay for three years | Iraq Updates

BAGHDAD, 02 November 2006 (Reuters)

Japanese oil firms are interested in developing Iraq's oilfields in southern Nassiriya, Oil Minister Hussain al-Shahristani said on Monday.

He added that the Japanese government, which showed its support for the Iraqi government, was willing to offer Iraq soft loans with maturity up to 40 years.


Japanese firms eye developing Iraqi oilfield | Iraq Updates

Exciting that the Gazette is starting to post Oct.. !!
I've lost track of the banks being opened or closed tho... anyone able to give a status of that? thanks :) ez