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

(Voice of Iraq) - 17-08-2006 shall Sent this topic friend

Undersecretary of the Ministry of Finance for (time) :-exception land ownership in the foreign investment law
The latest
Samir Nasser
Baghdad
The law grants investors a number of other concessions to encourage them to employ their investments in Iraq, including :
- 1 grant foreign investors the right to stay in Iraq and to facilitate the entry and exit to and from Iraq.
2-To facilitate the entry and exit of workers in the investment projects of non-Iraqis from Iraq, to stay in accordance with the law.
3. Non-nationalization or confiscation of investment project under the provisions of this Act or part.
As well as the recommendation by requiring investors to recruit a number of Iraqis living no less than 50% of the total employed in the project.
It also enjoys the project reached on vacation investment from the investment exemption from taxes and fees for five years from the date of commencement of commercial operation and the different rates varying between 25% and 100% according to the areas of development which ranks law to four categories according to the degree of economic development and the nature of the activity.
The Act provided for the application of investment conditions contained in an international convention to which Iraq was a party, If the best of the other conditions for foreign investors who are investment operations in Iraq. and is not subject to the provisions of the law proposed by the investment in the extraction and production of oil and gas and investment in the sectors of banks and insurance companies.
- What is your remarks on the draft of the proposed law?
Undoubtedly, the draft bill Alastthmarhi step forward in encouraging national and foreign investment (taking into account the situation of the cultural and psychological reality of Iraqi society when the current) and can include some of the observations of the land since the draft law is to encourage foreign investment, but whether this Walch Jia required level? How do foreign companies to invest in Iraq rather than other States Kalamarat or Lebanon or Jordan or Malaysia? It is true that the draft has allowed the treatment of foreign investors treatment investor Iraqi but omitted an important area for the land, The draft provides for the possibility of leasing land for the project for which the investment project is based on not more than 50 years, renewable with the approval of the Board, If we are aware of the background and the sensitivity of this subject but the investor can not Appreciation class itself, For example, large housing projects, complexes massive trade and strategic projects giant beyond investments in the hundreds of millions of dollars can not be undertaken by investment companies on land leased important long-term lease because the global system for the financing of such projects take ownership of the land to the requirement to give credit Kab seen these projects, especially in the current circumstances of Iraq because such large projects planned on the basis of recovery of capital in the long run mostly dependent increase in the value of the project rather than its annual revenues. This can happen if the land was leased, on the other hand, the housing projects private rely basis of the sale of a housing unit owned disbursement rather than building on land leased therefore can not be conceivable Success market sale of residential units along those lines and therefore can not serve the housing market without the addition of material requiring land ownership housing note that h Faced with Iraq's current housing units is more than 3 million housing units, and neither the government to fill the shortage, Therefore, we must rely on the sector to invest in building residential complexes especially if we know that the private sector does not have the territory housing suitable for building projects Mmjmaat residential and therefore without attracting investment companies housing will be able to solve the housing crisis in Iraq, we are proposing the lease term Alamdlmdh 99 years are l renovation
As well as the ownership of land by 100% in the case of projects of special importance or Alstratejeh after the proposal of the Chairman of the Board and approval by the Council of Ministers of capturing special projects residential complexes and the like.
Regarding the first chapter, which came under the heading of objectives and the means, we believe that it is not legal but are reasons law requires legal drafting sound incorporated into the reasons and not in the form of legal materials independently.
We suggest that the title of the first chapter Hualtarev is to include all definitions of the terms contained in the law, such as the body, investor, Chairman of the Board ... Etc. The article issued the following wording (designed following terms shall have the meanings contained in the interview unless the law otherwise).
Kmaaordt paragraph 3 of article 11 to ensure the lack of possibility of nationalization or confiscation of projects or part came drafting absolutely While should include that there are legal situations that after a court ruling to take such actions as in breach of the procedures of contracting or committing acts fall under other laws in force, With divided Article 15, paragraph 1 of tax exemptions regions four categories (a, b, c, d), by region and the importance of investing, This is important and good, but we must also add (the) division of the four categories of investment as a priority need for state investment project. Vlaijoz promised all investment projects in the region and one (a category, for example) are equally important and deserve the same support, Since the Iraq - at this stage-in dire need of major strategic projects that eliminate unemployment and to support the Iraqi economy moving and restore the balance of economic infrastructure, therefore needed more support than some of the projects that are not restricted within the priority needs of the country and the needs of the citizen. Therefore, we must add the division of the four categories depending on the importance and the need for Iraqi projects in addition to the unification of the tax exemption of 100%, but the disparity distributed on the basis of the time that we believe that only between 5-15 years.
- What you propose in this regard?
As it is known, reducing the length of recovery of the capital and is obsession with the first investors which makes it tends to invest in economic sectors needed by Iraq really Paragraph IV of chapter V gave the Cabinet powers of renewal or granting of exemptions and this is not consistent with the Constitution, where (not tax nor exemption sine lege) Lzl k Valaslm is to include all the benefits proposed in the legal text of the proposed Article III / Item V has pointed out that the body would be put plans for investment and did not rule out that the Board is obliged to put up an investment plan of comprehensive annual All regions of Iraq covered real need for projects and prioritized. The renewed annually according to plan projects and vacant, and the twenty-seventh article did not refer to the eligibility of the foreign investor. In the case of legal dispute with the Board, Use Consultation international legal ensure that the right and firm as a valid internationally-wanted - in the use of the judiciary in countries known Bhiadetha and experience in resolving issues of investment, such as-Switzerland-Britain-America-Holland - that the article assured the world's major corporations to ensure that their investments in Iraq. especially in light of the experience of a new Iraqi does not have a history of investment and international reputation in solving the issues of investment, Article 3 of the Investment Authority, it did not specify the identity of the members of the Governing Council, except the President of the even set quota private sector in this Council as merely paragraph as with the experience, competence and suggest that the members of the Governing Council representatives from the ministries and departments concerned who is Undersecretary of the Ministry or adviser representatives of the private sector and see to be identified, who heads the Federation of Industries and Chambers of Commerce as well as the Iraqi President of the Federation of Iraqi contractors and a representative of the commercial banks eligibility who are no less degree by the head of the department or the director, It did not specify which worked in any of paragraphs decision-making mechanisms (unanimously, a majority, etc.) and whether these decisions are advisory in nature or binding, and this must be clearly defined in law.
- Do you have any final remarks singing this topic?
Above remarks represent most of what has been inferred from a reading of the draft proposed The question is whether this law played a role in attracting foreign capital in the present stage?
In order to achieve the goals we have set for the law to address the issue of the security file, which is now the Chairperson of Aqaba in directing investments to the economy of Iraq, The solution that the phased replacement of wait-and-see attitude believe that adopting the law formula areas of investment protected in each governorate, which can be determined at the substantive studies on the areas that could be set up such a reserve, the State guarantees and under special supplement law Alastthmarmenha providing security protection projects located annexation n these areas and Tovirbanni infrastructure necessary for the creation of projects, including water and electricity as well as to give the right of ownership of land, by 100% and to the extent needed project provided that the project is important to achieve greater economic and social well-being that Ttk Goff State securing these projects if the damaged caused by the acts of sabotage that generates confidence among investors on capital employed in the project.

Sotaliraq.com

Originally Posted by cigarman

OK Pipshurricane, I need your great detective work. Rumor is President Bush is meeting Friday at Camp David with the Iraq Minister of Finance to discuss economic policies. It was supposedly mentioned on a news station but I'm sure it's in print somewhere and I know if anybody can find it you can.

Sorry i don't believe this one.Did not see this news post on the net!!!

Originally Posted by pipshurricane

http://www.isx-aman.com/

After going to the site it would appear that Aman ISX is open to the World!. Go to the Clients section on the top of the page.

Clients

The Iraq Stock Exchange is open for international investors who desire to contribute to the reconstruction of the Iraqi Economy. New legislation with the purpose of liberalising the oil-rich Iraqi economy and promoting free market economics stipulates that:

foreign investor shall be entitled to make foreign investments in Iraq on terms no less favorable than those applicable to an Iraqi investor, unless otherwise provided herein. Ref: Investment Law
The amount of foreign participation in newly formed or existing business entities in Iraq shall not be limited, unless otherwise expressly provided herein. Ref: Investment Law
A juridical or natural person foreign or domestic has the right to acquire membership in (all) companies … as a founder, shareholder or partner . Ref: Commercial Company Law

Tale,

Was this posted on the site when you opened your account?.

Is this for real? The ISX is open Now. The reval has to be next then.

Legal : Iraqi authorities continue in efforts to resolve remaining arrears to private creditors

Wednesday, August 16th 2006
Send to a friend


Iraq's authorities are making an effort to resolve the remaining arrears to private creditors.

By May 2006, Iraq had resolved almost $18 billion of claims submitted by private creditors through debt and cash exchanges, and submitted almost $1 billion of claims arbitration.

According to an International Monetary Fund (IMF) August 2006 report, in June 2006, the authorities reported the conclusion of the arbitration process of unreconciled claims of large creditors, resulting in an issuance of additional dollar-denominated bonds and multi-currency loans of $143 million. The arbitration process of small creditors' unreconciled claims is ongoing.

Authorities continued with the strategy of resolving the remaining arrears of about $2 billion through debt or cash exchange offers - including the arbitration process - through July. The authorities plan to develop a follow-up strategy regarding commercial claims still outstanding after July.

Since the amount of the remaining private arrears is relatively small - about four percent of the total external debt in 2006 - they are unlikely to pose significant risk to the program, according to the IMF report.

Iraqi authorities continue in efforts to resolve remaining arrears to private creditors

Iraqi Economy : Central Bank of Iraq, Ministry of Finance work to restructure state-owned banks

Wednesday, August 16th 2006
Send to a friend


The Central Bank of Iraq (CBI) and Iraq's Ministry of Finance are working together toward the restructuring of state-owned banks.

The CBI has established a bank restructuring unit, tasked with advising on bank restructuring plans.

According to an August 2006 International Monetary Fund report, the Iraq's Ministry of Finance intends to appoint an international auditor to conduct a financial and operational audit of the banks.

The Ministry aims to have devised a comprehensive restructuring plan by the end of 2006.

Central Bank of Iraq, Ministry of Finance work to restructure state-owned banks

Neno,

That was my post copied off the IIF. Aman-isx is a brokerage house nothing more!. If you go to the there home page http://www.isx-aman.com/ and click on client on the top to the page it mentions that there is a new law allowing investors.

As the link is not working this is how it reads:

Clients

The Iraq Stock Exchange is open for international investors who desire to contribute to the reconstruction of the Iraqi Economy. New legislation with the purpose of liberalising the oil-rich Iraqi economy and promoting free market economics stipulates that:

foreign investor shall be entitled to make foreign investments in Iraq on terms no less favorable than those applicable to an Iraqi investor, unless otherwise provided herein. Ref: Investment Law
The amount of foreign participation in newly formed or existing business entities in Iraq shall not be limited, unless otherwise expressly provided herein. Ref: Investment Law
A juridical or natural person foreign or domestic has the right to acquire membership in (all) companies … as a founder, shareholder or partner . Ref: Commercial Company Law
To deal with Aman Financial Services Inc, the investor is required to open an account, for which he is required to fill an Account Opening form.

ISX to liberalize transaction cost, August 1, 2005



In a bid to boost trade volume in the small Iraqi bourse, the Governing Board of the Iraq Stock Exchange, ISX, has approved a move to float commission rates charged by the fifty or so brokers licensed to trade in the exchange, according to informed sources. Brokers have been charging a uniform 1% on the value of the buy or sell transaction. Brokers now can charge less or more then 1% depending on the size of the transaction and the range of service they offer, the same source added. The ISX will continue to charge brokers a fee equal to one fifth the commission calculated at 1% for accounting purposes.



Governor of the exchange Dr. Kubba said "the move is aimed to liberalize the market injecting competition among brokers" . "The move is expected to lower transaction cost of doing trade in the ISX to half current figures" he explained. Trade volume in the ISX has increased about 10 folds compared with pre 2003 figures. "But trade is still very small compared with nearby regional exchanges such as that of Amman and Cairo" commented Dr. Kubba adding that the reduction in transaction costs is but one component in a strategy to develop the ISX to regional standards. Current trade figure, hover between $1 million and $4 million.



Automation, opening up to international investors, and improving the regulatory environment to international standards are the other building blocks of the ISX according to Dr. Kubba The Iraq Stock Exchange working with the support of donor countries has been studying automation requirements including electronic trading and a central depository system. It is hoped that this project will bear fruit during 2005. "A lot has been done on the regulatory front" noted Dr. Kubba pointing to the fact that "the ISX is now a self-regulatory organization outside the direct control of government". He explained that oversight over the bourse has been delegated to an independent government agency, the Iraq Securities Commission. This arrangement has freed the bourse from the direct intervention and micro-management of government departments such as the Finance Ministry as was the case in the days of the defunct Baghdad Stock Exchange. He added "as result the bourse is that much more efficient and is free of caps on price movements that were imposed by the Ministry". A second tangible result of the new regulatory arrangements has been that members of the bourse have been able to democratically elect the management of the ISX. Last June some fifty members of the exchange successfully arranged a general meeting during which eight governors were elected for the ISX.



Dr kubba who sits on the Board of Governors of the Exchange as an independent member with Information Technology expertise acknowledged that little progress has been made on opening the ISX to foreign investors. "This matter is outside the control of the ISX" he explained adding the delay "can be squarely blamed on the current transitional government of Iraq". The ISX has been urging the government of Iraq to sanction the move to open up the exchange to international investors for the last twelve months he said. "We have devised regulatory systems to regulate such trade ensuring property rights of foreign investors" adding "that sufficient measures have also been put in place to prevent money laundering and criminal activities". Despite these measures the government of Iraq remains aloof, he said. "They have neither given the green light nor openly and publicly opposed opening up" he stressed. "This situation is not helping the bourse as both local and international investors have been thrown into confusion" he added.



Meantime trade volume has been slipping gradually. Today's volume, August 1, is just over $1 million compared with $1.5 10 days ago. Prices have been steadily falling also. In particular the last few weeks has seen a significant fall in banking stock. For example the shares of the Middle Bank fell today below the ID8 barrier closing at ID 7.9. The shares of this particular bank were being traded around ID10 couple of weeks ago.



Analysts attribute the decline in the price of banking stock to government intervention. The Company Registrar seems to have blocked transactions according to which foreign banks bought significant holdings in Iraqi private banks. One such deal relates to the acquisition of the Jordanian Export Bank of 49% stake in the Iraqi National (Ahli) Bank. "Investors are still awaiting the resumption of trade in the ISX of the Ahli shares" one broker noted. According to Dr. Kubba the ISX cannot allow resumption of trade of shares that are subject of dispute especially if the quarrel involves the Company Registrar. "The ISX has been informed officially by the Company Registrar that trade cannot be resumed in new share issues by the Ahli Bank" Dr. Kubba explained. He added that "legally speaking an objection by the Company Registrar, right or wrong, to proceedings taken by the Ahli Bank in the issue of new shares means a veto on the resumption of trade in these shares". Informed sources say that this issue which is one of several similar ones has now been put before the cabinet for a quick resolution. The position of the cabinet has not come out yet.



http://www.isx-aman.com/

Originally Posted by sporter

Neno,

That was my post copied off the IIF. Aman-isx is a brokerage house nothing more!. If you go to the there home page http://www.isx-aman.com/ and click on client on the top to the page it mentions that there is a new law allowing investors.

As the link is not working this is how it reads:

Clients

The Iraq Stock Exchange is open for international investors who desire to contribute to the reconstruction of the Iraqi Economy. New legislation with the purpose of liberalising the oil-rich Iraqi economy and promoting free market economics stipulates that:

foreign investor shall be entitled to make foreign investments in Iraq on terms no less favorable than those applicable to an Iraqi investor, unless otherwise provided herein. Ref: Investment Law
The amount of foreign participation in newly formed or existing business entities in Iraq shall not be limited, unless otherwise expressly provided herein. Ref: Investment Law
A juridical or natural person foreign or domestic has the right to acquire membership in (all) companies … as a founder, shareholder or partner . Ref: Commercial Company Law
To deal with Aman Financial Services Inc, the investor is required to open an account, for which he is required to fill an Account Opening form.

Ok Thanks.

Like us...they too have their share of glitches...

Error Occurred While Processing Request
Error Executing Database Query.
Timed out trying to establish connection

The error occurred in \\NAWINFS02\home\users\web\b846\rh.isx-aman\index111.cfm: line 19

17 :
18 : and casedt >= #CreateODBCDate(sd)#
19 : and casedt <= #CreateODBCDate(ld)#
20 :
21 : order by casedt desc



--------------------------------------------------------------------------------

SQL select distinct * from trans2006,mdata,sector where mdata.code=trans2006.code and mdata.sectorid=sector.sectorid and casedt >= {d '2006-03-19'} and casedt <= {d '2006-08-16'} order by casedt desc
DATASOURCE aman

Please try the following:
Check the ColdFusion documentation to verify that you are using the correct syntax.
Search the Knowledge Base to find a solution to your problem.


Browser Mozilla/4.0 (compatible; MSIE 6.0; Windows NT 5.1; SV1; .NET CLR 1.1.4322)
Remote Address 62.234.94.34
Referrer http://www.isx-aman.com/
Date/Time 16-Aug-06 10:15 PM

Stack Trace (click to expand)
at cfindex1112ecfm532566599.runPage(\\NAWINFS02\home\ users\web\b846\rh.isx-aman\index111.cfm:19) at cfindex1112ecfm532566599.runPage(\\NAWINFS02\home\ users\web\b846\rh.isx-aman\index111.cfm:19)


java.sql.SQLException: Timed out trying to establish connection
at coldfusion.server.j2ee.sql.pool.JDBCPool.requestCo nnection(JDBCPool.java:750)
at coldfusion.server.j2ee.sql.pool.JDBCManager.reques tConnection(JDBCManager.java:123)
at coldfusion.server.j2ee.sql.JRunDataSource.getConne ction(JRunDataSource.java:138)
at coldfusion.server.j2ee.sql.JRunDataSource.getConne ction(JRunDataSource.java:125)
at coldfusion.sql.CFDataSource.getConnection(CFDataSo urce.java:37)
at coldfusion.sql.DataSrcImpl.getCachedConnection(Dat aSrcImpl.java:149)
at coldfusion.sql.DataSrcImpl.getConnection(DataSrcIm pl.java:103)
at coldfusion.sql.SqlImpl.execute(SqlImpl.java:214)
at coldfusion.tagext.sql.QueryTag.doEndTag(QueryTag.j ava:498)
at cfindex1112ecfm532566599.runPage(\\NAWINFS02\home\ users\web\b846\rh.isx-aman\index111.cfm:19)
at coldfusion.runtime.CfJspPage.invoke(CfJspPage.java :152)
at coldfusion.tagext.lang.IncludeTag.doStartTag(Inclu deTag.java:343)
at coldfusion.filter.CfincludeFilter.invoke(Cfinclude Filter.java:65)
at coldfusion.filter.ApplicationFilter.invoke(Applica tionFilter.java:210)
at coldfusion.filter.PathFilter.invoke(PathFilter.jav a:86)
at coldfusion.filter.ExceptionFilter.invoke(Exception Filter.java:50)
at coldfusion.filter.ClientScopePersistenceFilter.inv oke(ClientScopePersistenceFilter.java:28)
at coldfusion.filter.BrowserFilter.invoke(BrowserFilt er.java:38)
at coldfusion.filter.GlobalsFilter.invoke(GlobalsFilt er.java:38)
at coldfusion.filter.DatasourceFilter.invoke(Datasour ceFilter.java:22)
at coldfusion.CfmServlet.service(CfmServlet.java:105)
at coldfusion.bootstrap.BootstrapServlet.service(Boot strapServlet.java:78)
at jrun.servlet.ServletInvoker.invoke(ServletInvoker. java:91)
at jrun.servlet.JRunInvokerChain.invokeNext(JRunInvok erChain.java:42)
at jrun.servlet.JRunRequestDispatcher.invoke(JRunRequ estDispatcher.java:257)
at jrun.servlet.ServletEngineService.dispatch(Servlet EngineService.java:527)
at jrun.servlet.jrpp.JRunProxyService.invokeRunnable( JRunProxyService.java:204)
at jrunx.scheduler.ThreadPool$DownstreamMetrics.invok eRunnable(ThreadPool.java:349)
at jrunx.scheduler.ThreadPool$ThreadThrottle.invokeRu nnable(ThreadPool.java:457)
at jrunx.scheduler.ThreadPool$UpstreamMetrics.invokeR unnable(ThreadPool.java:295)
at jrunx.scheduler.WorkerThread.run(WorkerThread.java :66)

$120 billion of Iraq's debt to be cancelled before 2008


MENAFN - Middle East North Africa . Financial Network News: $120 billion of Iraq's debt to be cancelled before 2008



"(MENAFN) The Iraqi central bank governor stated recently that $120 billion of the total Iraqi debt is expected to be cancelled by the end of 2007, Kuwait News Agency reported.

The official explained that the reasons behind the Iraqi debt reaching $146 billion was because of the former Iraqi regime's policies.

The official added that his country cannot execute new deal.

It is worth mentioning that $50 billion of total Iraqi debt to Paris club members had been cancelled."