Thread: Archive News - Iraqi Dinar Think Tank - 01/10/09 - 27/03/10

Rashid Hotel is hosting an economic conference addresses the challenges of the next phase

Institute held the Iraqi economic reform conference today to address the economic challenges faced by Iraq program in the next stage.

A correspondent That the conference hosted by the Al Rashid Hotel and was attended by central bank governor and an expert on peace Shabibi Iraqi economy Albehri Dr. Kamal, Dr. Akram Abdel-Aziz, General Manager of investment projects in the form of national investment and the number of experts Alaqsaddein Iraqis and the Europeans and Americans discussed the ways to address the economic situation in Iraq and the challenges facing the Iraqi economy in the next phase.

http://al-iraqnews.net/new/iconomi/56648.html

Central sells $ 642 million in the auction this week

Sales from the Central Bank of the dollar down by 14% during the week to exceed $ 642 million, mostly in the form of remittances outside the country, a stable exchange rate was 1170 dinars per dollar.

The central bank sales of foreign currency during the week of $ 642 million and 851 thousand dollars, a low rate of 14% from last week's record 744 million and 306 thousand dollars, a stable exchange rate since mid-January last year had reached 1170 dinars to the dollar, through the held five meetings of the auction from Sunday to Thursday.

And divided the total sales on the cash demand was significantly reduced up to 42 million and 120 thousand dollars, compared to 71 million and 30 thousand dollars last week, the exchange rate was 1183 dinars per dollar commission inclusive of the Central Bank of $ 13 dinars to the dollar.

Foreign remittances also declined this week to reach 600 million and 731 thousand dollars, compared with 673 million and 276 thousand dollars last week, the exchange rate reached 1173 dinars to the dollar commission inclusive of the central bank's three dinars per dollar.

Owners, "says one banking offices in Baghdad that the U.S. dollar exchange rate stable in the local market on the price of 118 thousand dinars per cent against the dollar as the rate of purchase of the citizen Vicu The sale price more than a thousand dinars of the purchase price of any 119 thousand dinars per hundred dollars.

He said there were high expectations of the exchange rate slightly during the election period because of the holiday that will last for several days as a result of not holding the central bank to its being an official holiday.

http://www.radiodijla.com/cgi-bin/ne...?id=2010-02-26

New system will help the Iraqi banks in external borrowing

President of the Association of Banks said the Iraqi Special Fouad al-Hassani said the central bank put a 5-point allows upgraded calendar Iraqi banks that provide quality services to help them get a loan outdoors.

Hasani said that this system is very important for the sector to the quest for enhancing the activity of Iraqi banks, in the form that made them keep pace with the required role to play in the field of economic development, according to the controls that allow them access to foreign loans in the process of increasing its funding.

Al Hassani confirmed that the new system would broaden the base of the presence of Iraqi banks in diverse economic sectors, particularly in the area of investment, because the system allows the Bank, which received the necessary assessment scores, to contract with different state institutions and transfer of credits from Trade Bank of Iraq.

He explained that this system enhances the contribution of banks to GDP, currently accounting for only 7% felt that the private banking sector "is the financial arm of the economy, as it requires the introduction of modern methods and mechanisms to enhance this role."

http://www.radiodijla.com/cgi-bin/ne...?id=2010-02-27

Potential rivals to take over the oil ministry after the Iraqi parliamentary elections
May be replaced by the new Iraqi government to be formed after parliamentary elections scheduled for March 7 (March)

May be replaced by the new Iraqi government to be formed after parliamentary elections on March 7 (March), Oil Minister Hussain al-Shahristani, who oversaw a series of transactions that a country can be a member of the Organization of the Petroleum Exporting Countries (OPEC) to a major producer.

Can increase production capacity to 12 million barrels per day, which provides for Baghdad, the funds it needs to rebuild after years of war and economic sanctions and lack of investment.

And strengthened the influence of transactions Shahristani is close to Prime Minister Nuri al-Maliki, is likely to continue in office in the event of al-Maliki win new term. At the same time there is a possibility to replace it. Following is the names of other candidates for the post:

Ibrahim Bahr al-Ulum:
Served twice as a minister of oil since 2003. And he criticized al-Shahristani on his rapid signing contracts with foreign companies before the election.

Preferably Bhlr science who was educated in the United States short-term technical agreements on long-term services contracts signed by Iraq. He said he should have been passing laws on energy that political differences have been held hostage in the parliament before signing deals.

Bahr al-Ulum and run the elections on the list of Shiite Iraqi National Alliance is likely to pose the greatest challenge to the owners in the elections.

Thamer Ghadban:
One of those who occupied the post of oil minister after 2003 and an adviser to Maliki for energy. Expressed some doubts about the government's ability to meet the output targets set out in some new signings. Analysts rule out that this could be in the geological former deputy modified the current path.

Tarek star:
Powerful as a director of Maliki's office. But it has no economic background. Has given its proximity to the al-Maliki preference in the prime minister if he wins a second term and wanted to stress his grip on the oil ministry.

Could adopt some of the positions, more nationalistic policies of Maliki, who pledged during the election campaign not to sign contracts with any foreign company to develop the fields is the companies that won contracts in an auction conducted last year.

Mahdi Al-Hafiz:
Deputy Minister of Planning, the former 2003 and 2005. Become the representative of Iraq to the United Nations in the late seventies and later headed the Arab Society for Economic Research in Cairo.

The keeper with a PhD in the economy open to foreign investment.

Ahmed Chalabi:
Banker and former deputy prime minister. Stepped into the spotlight as leader of «National Congress» Exhibitions, who played a major role in promoting the administration of President George W. Bush to invade Iraq in 2003. Took over the Ministry of Oil during the tenure of the interim government in 2005. Seen by many Iraqis with suspicion. It seeks to return to power as part of the Iraqi National Alliance. Is also a potential prime minister of the new government.

Haider Abadi:
Served as minister of communication in the post-Saddam Hussein, a senior member of the coalition led by the rule of law-Maliki, a close aide of Prime Minister. The chairman of the economy and investment in the parliament.

Bayan Jabr:
Is the current Finance Minister, a prominent member of the Supreme Council, the largest political parties in the country, and one of the partners Maliki Shiites, who turned to the ranks of competitors in the election. Served as Minister of the Interior after 2003 at the time of death squads have caused chaos in the ministry.

Adel Abdul-Mahdi:
Other prominent member of the Supreme Council. Is one of the Vice President and a political family traditions. Served as minister of finance in the era of former Prime Minister Iyad Allawi. In spite of the probability of selection as prime minister in case the Council has the results of the elections, is expected to be a contender for the post of oil minister. It is open to foreign investment and the business world

http://translate.googleusercontent.c...46KVdxPUT0zZrw

Oil revenues optimization would solve Iraq’s problems – Maliki

Iraqi Prime Minister Nouri al-Maliki said on Sunday that the optimization of Iraq’s oil revenues would solve all the country’s problems and repay all foreign debts.

“Contracts with global oil corporations and conglomerates can also help repay all compensations for some Arab and Gulf states and meet all reconstruction obligations,” Maliki said in response to questions through the National Information Center.

Since 2003, Iraq has been seeking to have its $120 billion worth of foreign debts accumulated during the former regime’s time written off. The war-ravaged country, however, managed to get nearly half of this sum - $55 billion owed to the Paris Club of creditor nations – dropped.

Still Iraq owes a sum of $21 billion to some Arab countries, including $21 billion to the Gulf states - $15 billion to Saudi Arabia and $6 billion to Kuwait, over which negotiations are underway.

http://en.aswataliraq.info/?p=127795

Dollar sales reach 102m on Sunday

The Central Bank of Iraq’s (CBI) dollar sales rose to $102.642 million in its daily auction on Sunday, compared to $89.812 million in the previous session.

“The demand hit $4.100 million in cash, covered at an exchange rate of 1,183 Iraqi dinars per dollar, and $98.542 million in foreign transfers outside the country, covered at an exchange rate of 1,173 Iraqi dinars per dollar,” according to a CBI news bulletin received by Aswat al-Iraq news agency.

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

http://en.aswataliraq.info/?p=127769

Supplementary budget may be allocated for ration cards

The Iraqi Ministry of Trade said that this year’s allocations for ration card items are insufficient, adding that a supplementary budget might be provided for this purpose.

“A total of $2.9 billion U.S. dollars has been allocated for rations cards from the 2010 budget,” Trade Minister Safaa al-Din al-Safi told Aswat al-Iraq news agency.

“A supplementary budget may be provided to cover any deficit,” the minister pointed out.

Iraq’s federal budget for the year 2010 is 84 trillion Iraqi dinars.

http://en.aswataliraq.info/?p=127763

Ministry of Industry & Minerals signs MoU with Korean firm to build iron & steel plant

The Iraqi Ministry of Industry & Minerals signed a memorandum of understanding with South Korea’s STX to build an iron and steel plant that will operate at a capacity of 3 million tons at a cost of $3 billion, according to a press release on Sunday.

“Negotiations took place with the South Korean company to build the new factory, in addition to a power plant that will operate at a capacity of 500 megawatts,” read the release as received by Aswat al-Iraq news agency.

Meanwhile, the release said that a project is underway to dispose of radioactive contamination in the iron & steel plant below the second and third furnaces.

http://en.aswataliraq.info/?p=127781

Security Council stresses on Iraq stability

The Security Council affirmed its commitment to Iraq’s stability, unity and territorial integrity and supported everything that ensures the safety and security of the Iraqi people, the region and the international community.

The Security Council said it could consider lifting trade restrictions it imposed on Iraq's civilian nuclear program and other industries after its 1990 invasion of neighboring Kuwait if Iraq ratified the International Atomic Energy Agency's (IAEA) so-called Additional Protocol, among other steps.

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

Back to Baghdad
For foreign firms able to see past the explosive news reports, Baghdad is the next business frontier. As the general election looms, Arabian Business reports on the companies waking up to a new Iraq.

For an army town, it's not an unusual sight; a stampede of squaddies in shorts and T-shirts running through the streets in a training exercise. But when the town is Ramidi, a former Al Qaeda hotbed in western Iraq, and the soldiers aren't strapped, sweating, into bulletproof vests, it's not just a drill. It's a sign the times are changing.

"These are the kind of changes I'm seeing on the ground. If an army unit can take a 5k run through a town, it's a sign the good outweighs the bad in Iraq," says Kipp Teamy, director of Dunia Frontier Consultants (DFC) and a regular visitor to the Arab state. "And what it's saying to investors is that Iraq is wide open for business again."

Iraq is the Middle East's most unlikely gold mine. Bruised by decades of war and crippling sanctions, the country has seen its infrastructure blown apart. Everything from power plants to poultry farms have been razed to the ground, leaving Iraq a blank slate.

The bill for a new Baghdad is likely to top $400bn, and its wishlist is vast. From housing to hospitals, roadways to railways; Iraq needs it all. For foreign firms then, the risks might be high but the returns are higher and as the troops roll out, they are rolling in.

Last year Iraq snaffled more than $156.7bn in capital commitments from foreign firms, DFC data shows; a 241 percent increase over the previous year. The largest slice of the cake came from ten multibillion-dollar oil deals, signed with Big Oil's biggest and set to resuscitate Iraq's rusted crude fields.

But even outside the energy sector, investments are hitting new heights. Iraq cut at least $27bn worth of real estate deals in the first three quarters of 2009. The largest, from a group fronted by UAE's Bonyan International Investment Group, for a $20bn real estate project in Baghdad.

"Clearly there's huge potential for investors in Iraq," says Julien Barnes-Dacey, an Iraq analyst with risk consultancy firm Control Risks. "Quite simply, everything needs to be rebuilt. There will be a lot of oil revenues coming in over the next few years that will give the central government a chance to really push forward reconstruction plans. Iraq has huge potential."

Baghdad is betting on black to push its coffers out of the red, and pay for much-needed rebuilding. Sloshing under Iraq is the world's third largest crude reserves, and its government is keen to exploit them. In January, the state handed out the last of ten licences to foreign firms bidding to operate in its oilfields and has pledged to more than quadruple its crude production within six years. From its current output of 2.5 million barrels per day (bpd), Iraq intends to churn out 12 million bpd - on a par with oil giant Saudi Arabia - the speediest output increase in history.

Even better, it has wrung a ruthlessly tight deal from foreign oil firms, including BP and Exxon Mobil, insisting they pocket less than $2 a barrel and funnelling the lion's share of profit to the central government.

It's an ambitious plan says David Smith, a Dubai-based oil analyst with Celerant Consulting, but there's no guarantee it will proceed on track. Faced with Iraq's decrepit pipelines, oil majors are realistically looking at "three, four years down the line before there's significant product appearing," he says. "It's difficult enough to make these projects run on time and within budget in easier places to work. We're talking about a country with no infrastructure and security risks."

As worrying is the impact a flood of Iraqi crude could have on oil prices. Any surge could force OPEC into fresh production cuts and force prices down, giving Iraq less on the barrel - a pinch, now oil is no longer trading at $147.

With limited state cash to splash now, Iraq's door is wide open to commercial investors. And Middle East firms have been the first to knock. UAE-based outfits poured $37.7bn of private capital into the war-torn state in the first nine months of 2009, 50 percent more than any other country. The Gulf state accounted for 24 percent of all investment into Iraq in that period. Lebanese firms stumped up $10.1bn, and Kuwait-based firms $6.9bn - more than Australia and Japan combined.

Quick to spot a business trend, Bahrain's Gulf Air resumed commercial flights to Baghdad in September - the first Gulf carrier to pick up its route.

"It's a genuine emerging market, there is no doubt about that," says DFC's Teamy. "Oil and gas might be game-changers, but there are all these other great sectors that are offering opportunities. I don't care if you're talking about date ****s or cigarette manufacturing. They're all available."

Nearly all the Gulf deals were outside the energy sector, tapping into Iraq's gaping lack of services.

UAE retail giant Majid Al Futtaim Group last week revealed it is in talks to open a branch of Carrefour, the French hypermarket it holds the Middle East franchise for, in the northern city of Arbil. Al Habtoor Leighton, one of the UAE's largest contracting firms, has said it is bidding for tenders in Basra to build ports and other key structures.

At the time of writing, Etisalat, one of the UAE's two telecom firms, is on the verge of snapping up a majority stake in Iraq's Korek Telecom, one of three operators in the war-torn state.

Bloom Properties, an Abu Dhabi-based developer, has gone a step further, closing a $18bn deal to build a sprawling development in Karbala.

http://www.arabianbusiness.com/582360-back-to-baghdad