Thread: Archive News - Iraqi Dinar Think Tank - 06/10/2010 - 24/01/2011

Iraq's cabinet will vote next week on the third oil licensing round

An adviser to Iraqi Prime Minister's outgoing Economic Affairs, The Council of Ministers will vote next week on the third oil licensing round.

Salam al-Quraishi, a Kurdish news agency (Rn), Friday, "The Council of Ministers included on its agenda for the meeting next Tuesday to read the contracts concluded by the Ministry to develop oil and gas fields Mansourieh crutch and Ciba."

The licensing round, the third oil, which was launched on 20 October Oktobralamadi resulted in the winning consortium of Kuwait broad social mission, Kuwait T-NBA or Turkish investment field Saybah invasive south of Basra, and Vozaitlav company Kazalcazakstanip Inc. Kocaz Korean investment of the crutch in Anbar province, while the field Mansourieh gas in Diyala province, a coalition of the share of firms Petroleum International, which share 50%, and "Kuwait Energy," and has 30% of the project, and "Korea Gas Corp." (036460.SE) and have 20% of it.

And Quraishi, "The Iraqi government will vote positively on the gas contracts the initial order to activate the gas investment in the country and the development of production after the time of neglect," noting that "the government is trying to bridge the gap in views between the provinces objecting to the gas investment and the Oil Ministry with an emphasis on the management of these fields of competence of the Ministry of Oil exclusively. "

He pointed out that the Quraishi, "The Oil Ministry made positive steps to develop oil and gas in the country despite the lack of adoption of a special law that regulates the process of extracting oil, gas and exported by the Iraqi Council of Representatives the past."

Iraq seeks to develop and reality of the oil through the establishment of licensing rounds and encourage foreign companies to invest oil and gas in the country, especially after the oil ministry announced that Iraq has the third Okpraaniati of crude oil in the world is estimated at 115 billion barrels after Saudi Arabia and Iran.

And exceeded exports of Iraqi oil earlier this year to two million barrels per day ceiling, the first time since its invasion of Kuwait in 1990.

Iraq held two rounds of last year licenses to invest in oil fields resulted in winning several international companies of different nationalities to develop ten fields in different regions.

Iraq seeks to access the oil produced within the next six years to the roof of production ranges between 10-12 million barrels per day in accordance with the licensing rounds, entered into with international oil companies.

http://www.aknews.com/ar/aknews/2/193468/

Senior Economist expects to see the next phase of the government deficit can not control it

Expected economic expert safety Sumaisem to see the next stage because of the government deficit supportive measures that can not control it.

The Sumaisem to the Agency by news that it expects that there will be a significant deficit in the government's performance after the stability of their mission through support policies which will lead to a significant slowdown in the volume of spending rates to effective demand.

She added that the increase in consumption Sumaisem current moving toward the economic downturn with an unemployment gap, noting that the Iraqi economy will face the problems the government can not control.

She drew Sumaisem to the global crisis directly affected the States, but Iraq is affected indirectly in a timely manner, but after a time began to appear during the crisis and capital transactions and the volume of investments in Iraq outside the country.

She said that the Iraqi economy Sumaisem is the yield economy depends on oil, in the case of landed prices such as the global crisis Siwtheraly Iraqi budget and therefore it will see the case of disability

http://radionawa.com/Ar/NewsDetailN....604&LinkID=155

Iraq's leaders gather today in Erbil

Iraqi leaders meet on Sunday to invite the Iraqi Kurdistan Region President Massoud Barzani of the meeting to try to solve node Government.

A source in the Kurdistan Alliance yesterday that the meeting of leaders of the blocs will be on Sunday,

According to the initiative of the President of Iraqi Kurdistan Massoud Barzani, the source said <a meeting of the political blocs to be held this afternoon, will be followed Saturday's meeting, the leaders meeting will be held on the initiative of Barzani on Sunday>.

The source, who requested anonymity, that <the venue of the meeting on Sunday did not specify the until now> note that it is likely that it is in Irbil, indicating that <the Kurdistan Alliance is working carefully on the success of the initiative of President of the Region, especially after I got the support of regional and Arab>.

The National Alliance leader, Abdul-Halim Zuhairi confirmed yesterday that the political blocs reached during the meetings to resolve more than 80 percent of controversy and attention to the cooperation shown by members of the Iraqi List, during the meetings.

On the other hand and in accordance with parliamentary blocs, said Fuad Masum, interim president of Iraq's parliament yesterday postponed a meeting that was scheduled for the House of Representatives on Monday to elect a president and two vice presidents for three days.

For its part, the group of civil society organizations in Iraq filed a lawsuit to reclaim more than $ 40 million received by the MPs who attended one session in the parliament that lasted less than 20 minutes last June.

A statement issued by <civil initiative to preserve the Constitution> it will invite to sit on Saturday in central Baghdad because of the expiration of eight months to hold elections and> continuing constitutional violation, although the Federal Court decision> cancel open meeting of the parliament.

At this time embraced an Iraqi group linked to al Qaeda and said the recent attacks is <the first rain, and on one of the many days ahead of them stained with blood (• • •) and the next is horrible, and >, For his part, denounced the Iraqi Shiite leader Moqtada al-Sadr yesterday fatwas <some takfiris> blaming them of the responsibility of the Church and the massacre that followed the bloody attacks in Baghdad And Sadr called on the government to the formation of battalions to protect the mosques, shrines and churches.

http://www.almowatennews.com/news_view_11390.html

Decline in the potential of "Al Qaeda" to attract foreigners to Iraq

Washington has confirmed that Akaddart operational base for the smuggling of foreign fighters into Iraq is witnessing a big drop but the danger remains present in the moment and the future.

The official said the strategic effects of U.S. forces in Iraq, Gen. Jeffrey Buchanan, told reporters that al Qaeda's ability to bring foreign fighters into Iraq had dropped, but it did not stop entirely.


"We left a clear impact in terms of the decline of the network used by al Qaeda in bringing foreign fighters from different countries, but these activities did not stop completely yet".

.

And confirmed the presence of a small number of foreign fighters who cross the border, "especially from Syria, but this does not mean they are from this country."

He pointed out that "Al-Qaeda fighters brought from a rate of 5 to 10 percent compared with the numbers that used to come to them a few years ago." However, he did not specify any number. "But I think that al Qaeda still a threat and will remain so in the future."

http://translate.google.co.uk/transl...n&hl=&ie=UTF-8

General Authority for banks require $ 250 billion dinars for the opening of any bank

The director of the Central Bank in the province of Basra on Saturday, for the General Authority for banks issued a decision to require a capital of 250 billion dinars for the banks, which opened recently, noting that this decision would help to "fill a need for the Iraqi market".

He said Zuhair Ali Akbar, told the Kurdish news agency announced today that "the General Authority for banks, issued a resolution circulated to all the Iraqi provinces, which was the capital of any bank recently opened 250 billion dinars" .. He pointed to the fact that "private banks and all government and since the beginning of the month of December next raise its capital from 100 to 150 billion dinars."

He explained that "banks can not implement this we suggest that it is in union with other banks, the composition of capital required to meet the market needs of the Iraqi currency of Iraq."

He pointed out that the biggest "The central bank has cut interest loans in banks from 16% to 12% and seek to cut more service to the Iraqi investor" as he put it.

He added that "the province of Basra this month will see the three banks open a new civil Sumer and Mansour and Al Ahly will give soft loans to citizens." Noting that his administration is considering the possibility of opening a private bank in women like your bank is located in Najaf.

The province of Basra (550 km) south of Baghdad, opened three months ago, the Iranian bank to give loan A loan was rated one of more than 30 million dinars, and is still going to give these loans an interest rate of 12%.

http://www.aknews.com/ar/aknews/2/193668/

Jaafari: settled position Talabani the presidency and the government of Maliki and the parliament's (brothers) for the year

Met with Talabani and al-Maliki and al-Jaafari in the latter's house and stated that the issue of forming the government and resolve the situation over the presidency to Talabani and Maliki's government and parliament will be given to (the brothers) for the year

Talabani, the deployment of words participants Ballqa

Jaafari said:

In the name of Allah the Merciful the uterus ..

The meeting today, which included President Jalal Talabani and Prime Minister Nuri al-Maliki is the fact that a personal invitation fraternity, but the invitation extended to accommodate the basic things the task that govern the country and ambition, which advocates for the advancement of the political process and out of the national government, especially now we are at the door of a parliament session which seeks to have all eyes firmly topics.

It was a general assessment of the level inside the National all the conditions and methods of the parliament which is now more favorable than ever, political forces and the compromises that you get with the blocks, the basic position that links between the National Alliance and the Kurdistan Alliance, as well as address us and our assessment of the other forces, said all the brethren that they most are keen to ensure the implementation of the findings from the parliament and government formation in a timely fashion.

At the same time emphasis was placed on the Government of national participation to meet the parties Iraqi politicians without that there will be no effect on the dates specified, at the same time directing the compass to the priorities, which is building a new state and enforce the Constitution and make the next government-sharing government wide integrated with the parliament and to implement its programs service and other political parties.

As well as in the light of the return of Mr. President of the Republic of his previous visits at the Summit was to assess the attitudes of Arab States in support of the new Iraq, on the whole we are moving in the political process forward and all eyes tight for the Iraqi national forces to promote this mission. "

Talabani said:

"In the name of God the Merciful ..

Today was this fraternal meeting at the kind invitation of our brother Mr. Jaafari, and there was a good opportunity to exchange views on the need to form a real partnership and the views consistent between the three brothers on the necessity of solving the remaining problems and the determination to hold a parliament session and to be this meeting session critical by the Constitution.

We must also uphold the constitution and the powers prescribed by, the executive, legislative and judicial.

And the views also agreed on the assessment initiative, the brother of President Massoud Barzani and participate in meetings to be held in Arbil soon, have also been insisting on speed to reach satisfactory results and required and put points on the characters and as you know that the deliberations that took place in Baghdad proved that there is a convergence severe, if not completely match between the National Alliance and a coalition of Kurdish blocs for the paper presented and thus is an important point to note in assessing and evaluating the situation.

We emphasized the need to speed up the formation of a strong government holds the Iraqi constitution, according to the task of imposing security and stability, prosperity and complete service projects as quickly as possible. "

Maliki said:

"In the name of God the Merciful ..

The beginning thank you very much to Dr. al-Jaafari to allow for this meeting, which was considered important because we are in the final phase of the effort waged by all the blocks of winning the elections and the formation of the government, not the purpose is to form a government as you agree to if we want to form a government according to the numbers we could have formed during the Declaration results, but our quest for us to all this delay and the time is for ripening the conditions for the formation of a government Ti_rk all parties and is pleased by the Iraqi people and be strong and able to assume responsibility in the reconstruction and building and sustaining the momentum in the political process because we do not want the political process be reversed, so our did not go in vain, but results were good and we are in this meeting today, which we had discussed the approximation steps and the final touches for the meeting of the House of Representatives, which will be, God willing, definitely next Thursday, because the situation is no longer tolerate any more as long as the conditions have matured, and who wants to participate in the government is the way he took the all the data has become clear that the necessary arrangements for the meeting first and Elections whether to elect a president and two deputies or the President of the Republic, this means that we have settled and finished all the consultations we have had according to base a true partnership and national do not exclude anyone, but do not give a chance but the progress of the political process forward.

This meeting was preceded by a meeting leaders of the blocs, and this meeting also and the next meeting of the leaders of the blocks will culminate in meetings attended by representatives of the masses who gathered every day, morning and evening to discuss all the papers and ideas on the basis of the political process and the unity of Iraq and the constitution which should be the ruler of all proposals and ideas raised in discussions".

http://www.aliraq-online.com/14086.html

Syrian-Iraqi Business Council Launched

The Syrian-Iraqi Business Council was launched on Saturday with the aim of supporting and enhancing the economic relations and increasing the volume of trade and investment exchange between the two countries.

The Council also aims at introducing businessmen and investors to the economic and investment opportunities available in Syria and Iraq, in addition to exchanging expertise and keeping up with the latest scientific and technological developments. New markets for the Syrian and Iraqi products will be opened in the framework of the Council which will work on developing the exported products through holding various exhibitions and marketing campaigns on the economic and investment activities in Syria and Iraq and the facilitations provided for investors. The Council will also work on pushing the bilateral trade relations forwards and activating cooperation in the domains of investment and the exchange of information to improve the investment atmosphere in both countries.

Minister of Economy and Trade Lamia Assi expressed the Syrian Government's keenness on enhancing the economic and trade relations with all the Arab countries, particularly the neighboring ones. Minister Assi stressed that Iraq was the first commercial partner of Syria in 2008 as the trade exchange volume between the two countries hit USD 3 billion. She said that the Syrian Government believes in the great role of business sector in implementing investment projects and opening new markets for the Syrian exports in Iraq, in addition to developing cooperation through small and medium-sized companies. She highlighted the role of the Syrian-Iraqi Business Council in pushing forward the trade and economic exchange between the two countries. The minister pointed out that the legal framework of the bilateral relations has been completed through abiding by the provisions of the Greater Arab Free Trade Area (GAFTA) and the agreements regulating the bilateral cooperation. She said that the international economic developments and the competition require establishing an economic alliance between the Syrian and Iraqi business sectors which will remove all the obstacles and implement more joint projects in various sectors.

For his part, Iraqi Minister of Trade Safa al-Deen Alsafi said that establishing the Syrian-Iraqi Business Council comes in implementation of the Joint Higher Committee's decisions which was held in Baghdad last April.

"The Council aims at opening new prospects of cooperation between the two countries in economy, in addition to creating true partnerships that would increase the trade exchange volume and establish joint investment structures to push the wheel of economy forwards in a way that would reflect positively on the development process in both countries," Minister Alsafi added.

He indicated to the diverse economic potentials of Syria and Iraq which can be invested in carrying out projects that would contribute to achieving integration in industry and other economic sectors, referring to the role of the Council in increasing the volume of trade exchange and enhancing the role of the private sector in both countries.

Director General of the Syrian Investment Commission Dr. Ahmad Abdul-Aziz presented an overview on the available investment opportunities in Syria in various domains, indicating to the solid legislative basis of the investment atmosphere which gurantees the rights of the investors.

Head of the Syrian side at the Council Ahmad al-Shihabi highlighted the role of the Council in putting the Syrian-Iraqi economic and trade relations on the normal track. Al-Shihabi called for activating the contribution of the private sector in the economy of both countries.

For his part, Head of the Iraqi side at the Council Jaafar al-Hamadani said that the Council is an opportunity before businessmen in both countries to contribute to developing the economic capabilities, adding that it would provide new job opportunities and encourage investment. Al-Hamadani called for coordinating trade strategies and making more partnerships between the two countries.

Meetings of the Syrian-Iraqi Joint Ministerial Committee kicked off on Saturday to discuss prospects of developing and bolstering economic, commercial and investment relations between the two countries.

Minister Assi, who Head of the Syrian side, underlined the importance of these meetings in boosting bilateral cooperation in economic and commercial fields, as they serve to raise commercial and investment exchange and bolster partnerships among businessmen. Assi affirmed Syria's desire to deepen cooperation with Iraq on all levels to serve the two countries' peoples, hoping that Iraq will be blessed with complete stability and economic prosperity. She also reviewed the most important topics on the Committee's agenda, which include cooperation in the fields of commerce, investment, finance, banking, industry, petroleum, agriculture, health, culture, transport, housing, construction, social affairs, labor, electricity, communications, irrigation, water resources, justice, planning, sports and youth.

For his part, Minister Alsafi said the Committee's meetings affirm the mutual desire to push brotherly relations forward and achieve the two countries' aspirations through true partnership and creating a state of integration in economic fields and strategic projects. Alsafi stressed that the Iraqi government seeks to make its relation with Syria an example based on transparency that builds trust and opens up cooperation prospects, noting that Iraq is undertaking an ambitious development plan using its promising wealth of natural resources, which will create considerable commercial and investment opportunities. He called on Syria to invest its resources in the process of reconstruction in Iraq and in supporting the development process.

Later, the two sides' specialized technical committees continued to discuss the Committee's agenda.

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

Oilfield Services Companies in Line for Iraqi Contracts

MEED reports that prospects look good for the only oil services companies eligible to bid for work on Iraq’s oil fields.

At the Adipec oil and gas conference, which took place between 1-4 November in Abu Dhabi, the stands belonging to the ‘big four’ US oilfield services companies — Schlumberger, Baker Hughes, Halliburton and Weatherford — were busy as people queued up meet their senior decision-makers.

Prospects are definitely looking up for the big four at the moment and the reason, according to MEED, is Iraq. They, together with local Oil Serv, are the only oil field services companies being allowed to bid for work on the country’s existing oil fields.
After spending so much money during the licensing rounds, the international oil companies need to ramp up production on the Iraq fields and the quickest way to do it is to give the work to the services companies on a turnkey basis. By taking on such a risky venture, these five companies are hoping that it positions them correctly for when the market opens up fully.

Working in Iraq is risky in many ways, but developing these oil fields is about as close as you can get to a sure thing in the country. The industry knows that developing Iraq’s hydrocarbon reserves is real and it is happening. That’s why the big four’s stands were so popular at Adipec.

With Abu Dhabi and Saudi Arabia becoming quieter as they reach their production targets, the whole of the upstream oil and gas industry is relying on Iraq to drive regional revenues for the next 10 to 20 years.

That is where the big four are going and the rest are queuing up to follow.

http://www.iraq-businessnews.com/201...aqi-contracts/

Reconstructing Iraq
How is the construction sector faring in Iraq and what opportunities exist for firms? CW investigates

For those working in the Middle East’s more modernised countries such as the UAE or Qatar, Iraq may seem like another world away. Used to designing and constructing large-scale and innovative projects in a stable climate where the biggest issues include winning work and getting paid for work done, it’s not hard to see why the prospect of carrying out the same tasks in an area that was so recently a war zone may be unattractive.

But despite the perceived, and in some areas very real, risks to personnel, many firms are seeking contracts in Iraq. In a period where the amount of new work on offer in most countries worldwide is significantly reduced, there are many lucrative and varied construction projects now available in Iraq.

The country’s gross domestic product of about $12 billion is expected to double by 2014. And changes in regulations, such as the law passed in November 2009 that allows foreigners to own land for housing, have opened up construction opportunities, with the key potential of foreign investment now possible.

In addition, security and safety within much of the country also appears to have improved, with the incidence of violence reportedly dropping greatly since 2007 and the rebuilding of the major infrastructure is being prioritised. So what opportunities exist and what work is underway?

Changed economies

Any doubts over the huge potential for Iraq’s construction sector should be allayed by two major industry exhibitions that were held over the past two months.
The Erbil International Fair was held on 18-21 October and featured exhibitors from several sectors that are aiming to do business in Kurdistan and Iraq. Organisers highlighted the government investment plans for the country and opportunities for international firms.

Prior to this, in late September the construction fair Project Iraq was held. The sixth exclusive construction show to be held in Erbil in five years, the international fair for building equipment and electrical appliances for the construction industry had around 300 exhibiting companies from 23 countries.

“With some $25 billion in housing projects, $8 billion in transportation and $5.5 billion in water and sewage, the Iraqi government is focusing primarily on reconstruction and rehabilitation,” stressed Fady Darwish, general manager of Project Iraq organiser IFP Iraq. “Several new cement plants are being either revamped or erected to satisfy a growing need and major international players are now present. Iraq consumes around 15 million tons of cement yearly, with the Iraqi ministry being the largest consumer,” he added.

Erbil itself is one area that is offering serious potential to foreign businesses. The capital of Kurdistan, it is a secure and stable region that acts as the northern gateway to the country and is often called ‘The Other Iraq’. Its investment law is cited as one of the most investor-friendly in the region and it has a booming real estate industry.

Another positive sign for potential investors was the announcement by The World Bank in mid-October that it will insure an investment in Iraq by the Turkish Karo Dis Ticaret ve Sanayi. The first time such a guarantee has been given, this has been taken as a sign that small, private firms are now willing to invest in the country and provides the chance for firms to invest with a certain level of security.

The $5 million guarantee will insure the firm’s investment in a polyethylene terephthalate (PET) plant 17km south-east of Baghdad against expropriation; war and civil disturbance; and currency risks, assures the bank’s political risk insurance arm, the Multilateral Investment Guarantee Agency (MIGA). Established in 1988, MIGA promotes foreign direct investment in developing countries by guaranteeing investments through political risk insurance.

“It is a nice demonstration that you can do business in Iraq, even with a security situation which is of concern to everyone and an environment that is not yet conducive to large projects,” commented MIGA chief operations officer James Bond. “What you’re beginning to see, even though things are taking perhaps longer than we all would’ve liked to get the larger complex projects moved forward, is private investment of a smaller scale,” he added.

Contracts underway

A number of high-profile, large-scale projects are underway in the country, with several projects announced over the past few months. From the early days of reconstruction where basic infrastructure such as roads and power plants were a primary focus, the projects underway have become increasingly diverse and combine to form a list that would not be out of place in many major cities, with hotels, housing and irrigation among those included.

The major hotel management company Rotana took its first step into the country in December 2008, signing an agreement with Summit Hotels for a five-star property in Baghdad’s Green Zone. Dewan Architects and Engineers won the design contract for the project, which will include 300 bedrooms, a ballroom, plus a conference centre.

The 35,000m2 project is currently under construction and is scheduled to complete in 2012. Aimed at both business travellers and tourists, the hotel is intended to become a landmark development for the country. “When completed the Rotana will become one of the pilot buildings in post-war Baghdad – a city which is recovering from years of destruction,” predicted Dewan executive director Ammar Al Assam.

The Rotana Baghdad is one of a number of prestigious projects being undertaken in the city by Dewan, the firm having reopened its Iraq office in 2008 after the previously high levels of violence subsided. It is also undertaking the Bab Al Muraq Hotel and mall complex and the redevelopment of the area surrounding the Holy Shrines in Al Kadhimiya, which will include the restoration of historic buildings as well as new buildings and utilities services.

Competition for the latter project demonstrated the huge interest in construction work in Iraq, with Dewan being chosen from a shortlist of ten international and Iraqi firms bidding for the contract. The design process for the multi-billion dollar project is expected to take five years, with construction expected to continue for 10-20 years.
“The Iraq market offers huge potential,” stressed Al Assam. “There is good potential in Basra, Najaf and Sadr City,” he added.


Moves by international firms into the market are also underway in the housing sector. In mid-October, Lebanese construction firm Home International Group won two contracts for the construction of more than 1,000 flats in the southern Province of Missan, one of the most impoverished Iraqi provinces. Each contract is worth around $80 million (79 billion dinars).

The overall interest of international firms for available contracts in the housing sector led to the doubling of a target to build 500,000 homes. The government now aims to build one million new homes within three years, with a further million needed by 2015 to meet the shortage caused by war and sanctions. Construction projects for the one million properties have been estimated to have an overall value of $50 billion.

The government has estimated that 85% of home building will be carried out by the private sector and foreign investments. Contracts have already been awarded to firms including the UAE-based Al Maabar and Bonayan International as well as firms from countries as diverse as the USA, Turkey, Germany and New Zealand.

Iraq’s National Investment Commission chairman Sami Al Araji explained: “When we saw the huge interest by giant firms...this made us seize the opportunity instead of 500,000 to reach for one million.” More than 100 firms from countries including USA, UAE, China, Turkey and Canada have reportedly shown interest in the projects. Canadian Traugott Building Contractors are among those that have been named as interested. “When we reach the stage of understanding with any company, we will sign a contract with it immediately,” Al Araji announced earlier this year.

Much of the interest follows the setting up by the government of favourable terms to lure construction companies.

“We will bring the land and the buyer, and we will participate in funding the project,” explained Al Araji. “They will not risk any money, they will finish the work and they will sell [the home] to a company that we will establish,” Al Araji said.

In the infrastructure sector preparations have begun for a 128km-long transportation canal that will run from northern to southern Basra. The concrete-layered transportation canal will have a discharge capacity of 30m3/s.

“The total cost of the project will be around $299 million [350 billion Iraqi dinars],” he Iraqi Water Resources Ministry said in a statement.

A further plan is underway to build nine new quays in Basra’s Umm Qasr port to cope with the increased activity in the country. The Iraq Ports Company has confirmed that Umm Qasr will be refurbished to improve navigational depths to allow different cargo ships entry. There are currently 21 quays in the port.

Yet more firms are actively seeking work within the country, among them the USA-based Flatter & Associates. The firm provides international programme management services and has been involved in the rebuilding work for three years. In October 2010 it undertook a trade mission to the country in an effort to increase its business deals in Iraq. Its current focus is on infrastructure, as well as a port rehabilitation project and railway reconstruction work.

And while concerns remain from foreign investors regarding potential corruption, plus the difficulties of operating in a country where the regulatory, commercial and legal framework are in their infancy, the risks of working within Iraq do appear to have significantly reduced. The number and type of projects on offer to construction firms is set to increase hugely, making it a country that has got to be considered by firms seeking to expand their business operations in the region

http://www.arabianbusiness.com/recon...42.html?page=0

Baghdad calls on Turkey to invest in infrastructure projects
http://www.tehrantimes.com/index_View.asp?code=230011

Turkey has been given priority in taking over construction and infrastructure projects in Iraq which present high profit and low risk, the governor of Baghdad said at a meeting in the central Turkish province of Aksaray.

“Priority used to be given to United States and European investors but in recent years Turkey gained great importance, with the investors offering low cost solutions with high efficiency for the long-lasting infrastructural problems of Iraq,” Governor of Baghdad Salah Abdul Razaq told the Hurriyet Daily News and Economic Review.

At the meeting, Razaq invited Turkish businessmen to visit Iraq. “Iraq offers variety of opportunities for Turkish companies and the projects on the table have a business volume of nearly $10 billion.”

The Iraqi government strongly supports Turkish companies’ growth in Iraq, the governor said.

Demand in the country is still high, Razaq said. “Iraqis’ monthly average income per person rose to $500 recently, but the country still strives under a lack of proper infrastructure, houses, hospitals, schools, youth centers, and efficient water treatment facilities.”

---- Turkey always one step ahead