The
Authority of Babylon announced on many privileges for the
investors
Translated by IRAQdirectory.com - [21.10.2008]
The Director of the Investment Authority in Babel Alaa Harba, clarified
that: the bureau is receiving continuously a number of related applications
for investment in various industrial, residential, agricultural
and tourism areas and the body is working hard to welcome investors
without the conflicting with Iraqi laws and environmental standards
related to investment. Harba stressed on that the aim of the Iraqi
investment law is to transfer of modern technology and industrial
development and employing the workers in a step to eliminate the
unemployment, also to construct a base of developed industrial,
agricultural, health and tourism in Iraq and that the law has many
privileges to investors, including tax exemption for a period of
ten years, and in the case of sharing with Iraqi investor by 50
percent of the project, the Exemption will be up to fifteen years.
Harba said: The Iraqi investment law gave to the Investment Authority
in the province, the freedom in deciding on investment projects
up to 250 million dollars, and if it exceeds more then it must obtain
the approval from the Council of Ministers. The director of the
Investment Authority said that the investor is allowed to enter
engineering machinery equipment, vehicles and free of customs equipment,
as well as the facilitation to obtain a land for the project up
to 50 years, depending on the type of project, and it is renewable,
as well as respecting the investor financial and material property,
and reserving his full property from expropriation and nationalization
, and the Authority is responsible to obtain the approvals for him
from the competent authorities.
________________________________________
The Central Bank sold
820 million dollars within a week
Translated by IRAQdirectory.com - [19.10.2008]
The volume of aggregate demand to buy the dollar had increased during
the sessions of the Central Bank of Iraq this week, for up to 820
million and 906 thousand dollars against 645 million and 262 thousand
dollars last week, a decline in the exchange rate at one point in
the middle of the week.
And the total cash demand registered 208 million and 955 thousand
dollars, while foreign remittances recorded a size of request amounted
to 611 million and 951 thousand.
The demand rate has increased to its higher record, with 164 million
and 181 thousand dollars, while the third-quarter of the current
year had registered $ 150 million in each session.
This week has witnessed a remarkable disparity in the sizes of requests
to buy the dollar during the course of the auction, when the opening
session on Sunday last week, registered the minimum requests during
the one session worth 110 million and 625 thousand dollars, while
on Monday's session, the demand reached to its peak of value at
233 million and 890 thousand dollars, Double the quantity.
The exchange rate for the current week dropped of one point between
the opening session on Sunday which registered 1179 dinars to the
one dollar, while in the closing session on Thursday registered
1178 dinars, also on Tuesday the exchange rate dropped as well,
while the last week sessions did not witness any change.
This week sessions for auction did not register any bids to sell
the dollar by the contributing banks in the auction.
________________________________________
Many countries
compete on investment in Iraq
Baghdad, Sep. 22,2008
Investment Authority disclosed competition of many developed countries
to execute huge projects in the country, it include US, UK, France,
UAE, Saudi Arabia and other countries, the Authority Chief, Ahmed
Ridha, said.
Iraq received investment's bids of about $ 74 billion during past
six months, as the country's budget devoted big allocations to develop
Basra's airport, Baghdad international airport and holy city of
Najaf, while there's project to build tourism city in Kut, Ridha
said.
____________________________________________________
The Ministry of
Industry ranked top among ministries in actual spending for
this year
Translated by IRAQdirectory.com - [07.09.2008]
The Ministry of Industry and Minerals ranked the first among other
ministries in the proportions of their expenses for the current
year reached 277 billion and 358 million dinars from the allocated
amount of 400 billion dinars, up to last June which is 69 percent
of their actual expenses. An official source in the governmental
investment of the Ministry of Planning and Development Cooperation
stated to a press , that The Ministry of Electricity has followed
the Ministry of Industry in volume of actual expenditures reached
907 billion and 641 million dinars from the allocated amount of
trillion and 560 billion dinars, which is 58 percent, while the
Ministry of Oil came in third place in spending a trillion and 254
billion and 442 million dinars from the allocated amount of a trillion
and 400 million dinars.
He added that the Ministry of Migration had achieved 40 percent
after spending 404 million dinars from the allocated amount of one
billion dinars, then followed by the Ministry of Foreign affairs
which spent 37 percent of 9 billion and 444 million dinars from
the allocated amount of 25 billion dinars and then comes the Ministry
of Municipalities which spent 33 percent 169 billion and 377 million
dinars from the allocated amount of 500 billion dinars. The Source
explained that the Ministry of Human Rights spent 657 million dinars,
regarding to the allocated amount of two billion dinars ,thereby
achieving 32.9 percent of the actual expenses , also the Ministry
of Water Resources expenditure 32.2 percent of the actual expenses
, spent 145 billion and 297 million dinars from the allocated amount
of 450 billion dinars , while the House of Wisdom achieved 28 percent
of achievement rate and spent 842 million dinars from the allocated
of 3 billion dinars.
The Supreme Judicial Council had spent 6 billion and 959 million
dinars from the allocated amount of 25 billion dinars, thus achieving
27 per cent of the actual expenses, while the Ministry of Construction
and Housing achieved 20 percent of the actual expenses after spending
the 63 billion and 411 million dinars from allocated sum of 309
Billion and 306 million dinars, then the Ministry of Higher Education
and Scientific Research achieved 14 percent after spending 28 billion
and 733 million dinars from the allocated amount of 200 billion
dinars. He continued that the Ministry of Agriculture spent 8 billion
and 73 million dinars from the allocation 74 billion and 473 million
dinars, thereby achieving 10.8 percent of the expenditure rate ,
followed by the Ministry of Labour and Social Affairs which spent
two billion and 93 million dinars from the allocation of 200 billion
dinar , with expenditure rate of 10.2 percent. While The Ministry
Of Trade spent two billion and 867 million dinars from the allocation
of 28 billion and 500 million dinars with expenditure rate of 10.1
percent and then the Municipality of Baghdad that spent 44 billion
435 million dinars from the allocation of 470 billion dinars with
expenditure rate 9.5 percent. The Ministry of Health has achieved
7.6 percent of expenditure rates which has yet to spend 7 billion
and 613 million dinars from the allocation of 100 billion dinars.
And the Sunni Cabinet achieved 7.5 percent of spending 894 million
dinars from the allocations of 12 billion dinars, while the Ministry
of Justice has achieved 7.4 percent of expenditure 884 million dinars
from the allocation of 12 billion dinars. The Source added that
the Christian Cabinet achieved 5.8 percent from expenditure ratios,
spending 491 million dinars from the allocation of 8 billion and
410 million dinars. And the Shiite cabinet has achieved 5.1 percent
of spending 507 million dinars from the allocation of 10 billion
dinars, while the Ministry of the Environment achieved 2.3 percent
of projects expenditure 228 million dinars from the allocations
of 10 billion dinars, the Ministry of Transport has achieved 2 percent
of expending rate and spent 5 billion and 929 million dinars from
the allocations of 300 billion dinars. He explained that the actual
expenses of Ministry of Interior were two billion and 305 million
dinars from the allocation of 145 billion dinars ,with expenditure
rate 1.6 percent, while Ministry of Culture spent 202 million dinars
from the allocation of 21 billion and 750 million dinars.
__________________________________________
Solar boilers
in Iraqi markets soon
VOI -06.09.2008
The head of the Iraqi Industrial Assembly on Saturday said that
Iraqi-made solar boilers will be available in local markets in three
months' time to help solve the country's electricity crisis.
"These types of boilers will store the solar energy through
plates that will covert sunlight into energy, which can be used
to heat water in winter," Abdelhassan al-Shamri told Aswat
al-Iraq- Voices of Iraq- (VOI).
Shamri noted that many local industrial projects have started to
use new operating programs that meet the real needs of Iraqi citizens
and local markets.
The Iraqi Industrial Assembly was established in 2004 by 300 owners
of small industrial projects in an attempt to coordinate their efforts
and help their businesses flourish.
_____________________
Iraqi Finance Minister
and Italian ambassador discussed means to speed up Italian
loan to Iraq
Translated by IRAQdirectory.com - [9/5/2008]
The Iraqi Finance Minister Baqir Jabr Al-Zubaidi discussed with
the Italian ambassador in Baghdad Maryso Melanie and his accompanying
delegation, to speed up procedures for the Italian loan to Iraq
of four hundred million Euros allocated for the purchase of Italian
machinery and agricultural equipment to supply the peasants. Al
Zubaidi, during the meeting, explained that the government is keen
on opening horizons for fruitful cooperation with Italy in all fields,
particularly the rehabilitation of infrastructure and implementation
of projects which will contribute significantly to upgrading the
reality of agriculture in Iraq. For his part, Italian Ambassador
expressed his country's readiness to support the Iraqi government
by participating in reconstruction projects and rehabilitation of
the Iraqi staff.
_____________________
$50,000 cost loans to small, middle industries
Baghdad, Aug 13,
Ministry of Industry and Minerals has called owners of projects
registered in industrial development to get use of loans opportunity
which businessmen can obtain them now. Director-General of industrial
Development, Ministry of Industry and Minerals Abbasss Nassar Allah
said that current year and last years industrial development loans
have been tax-exempted. He added that all new loans have increased
to be among $25,000-50,000 and due to the projects capacity of productive
side and their real need after the resuming of its work. Borrowers
of industrial projects became capable of get using from new increasing
and submitting to obtain contrasts, indicating that pervious loans
were not exceeded $ 8,000-19,000
_____________________
New airport to be
built in Middle Euphrates
Baghdad, Aug. 13, P. 3
Transportation Ministry would build an international airport in
Middle Euphrates area
its capacity 6 million travelers annually, senior undersecretary,
Bankeen Rikani, said. This airport will serve religious and commercial
tourism in this area, as the ministry calls private sector companies
to bid and receiving the project requirements, Rikani said.
_____________________
Iraq's 2009 budget $
100 billion
Baghdad, Aug. 13, P. 1
Finance Ministry refers to Parliament at next October estimated
budget of the next year that would amount $ 100 billion
if crude oil prices remain at its current level. The oil and gas
committee's chairman at the Parliament, Ali Hussein Delli, said
that recent Iraq's oil exports range from 1.9 mln b/d to 2 mln b/d,
and if there's any surplus in this year budget, it would added to
the next year. Economic experts that the huge budget of 2009 would
contribute at decreasing unemployment and improve living standards
of people, if it spent properly, as they call the Govt. to curb
inflation and set prices of esseential goods.
_____________________
Putting the
cornerstone of Iraqi German hospital in Baghdad
Translated by IRAQdirectory.com - [8/5/2008]
Common characters represented by Iraq and German governments put
the cornerstone yesterday of a modern hospital in Karada Asharqia
, a cost of $ 150 million dollars at a time when the government
agreed to implement 38 projects in Sadr City service.
The spokesman for the( imposition of civil law) Dr Shaykhli announced,
explaining that the Iraqi German hospital to be established in the
vicinity of the Al Mua'alaq bridge ,with time of completion estimated
about two years, and it will be specialist to provide public services
for all citizens of Baghdad, specialized in the liver and heart
diseases, and both Iraqi and German doctors will work in this hospital
,which has a capacity of 250 beds.
A Shaykhli clarified about the Cabinet approval to set up 38 service
projects in various areas Sadr City.
He pointed out that those projects include the establishment of
health clinics in a number of sectors of the city and the rehabilitation
of a number of hospitals and providing them with modern medical
equipment, adding that the Council also decided to build 22 new
schools and rehabilitate another 51 schools in the city, as well
as supplying all schools with computers and photo copiers , in this
regard they allocated ten thousand computers and 400 photo copiers.
The spokesman stated : that the Ministry of Electricity began its
processing to supply Al Sadr City with 200 electric generators ,
in addition to 1580 illuminative pillar of solar flare in all the
city streets.
He stressed that Baghdad Secretariat will build 20 parks in Sadr
City and a number of children's playgrounds and sports fields, thus
contributing to the revitalization of the sport movement inside
the city.
Iraq is rehabilitating
225 oil wells within 9 months
Translated by IRAQdirectory.com - [8/3/2008]
An Iraqi official stated yesterday that his country was able to
rehabilitate and repair 225 oil wells ,which their production rates
ranging between 250- 300 thousand barrels per day in the context
of plans to increase crude oil production.
Jabbar Allaibi Director-General of the oil company clarified to
Al Bayan Emirates paper :«rehabilitation and repair of 225 oil wells
during the past nine months will enhance the expected production
from oil fields ranging between 250 and 300 thousand barrels of
daily production rates, climb to 2 millions and 300 thousand barrels
then the current rates that are about one million and 970 thousand
barrels» .
South Oil Company which was founded in the early seventies last
century in the city of Basra, owns the investment rights and prospecting
in 70% of Iraqi territory and its operations are extending on a
large area starts from Basra in southern Iraq to the east of Baghdad
, and it discovered more than 70 oil fields in those areas, including
20 fields Partially exploited.
The Iraqi official stated we have a plan «aimed at drilling 10 wells
in oil fields of the Dome of Safwan and Arkatah which they lie on
the south-west of Basra, the common borders with Kuwait, and the
company has completed drilling of two oil wells in Arkatah field
which is producing 20 thousand barrels per day and two wells in
the dome Safwan, which range between 6-7 thousand barrels a day
».
49 project of roads and
bridges in Basrah
Translated by IRAQdirectory.com - [8/3/2008]
A source in Basra Governorate Council, stressed that the Committee
for the offers in the provincial council, referred the forty-nine
projects in the roads sector and bridges for implementation in various
regions of the province, at a cost of thirteen billion, six hundred
and thirty two million dinars. Adding that these projects are within
the budget allocated for accelerate the development of the reconstruction
projects in the province of Basra for the current year.
Germany and Iraq signed an investment agreement
Translated by IRAQdirectory.com - [7/27/2008]
Germany and Iraq signed an agreement for investments aimed at strengthening
bilateral trade ties between the biggest economy in Europe and the
oil-rich Arab country.
German Economy Minister Michael Glos and Iraqi Industry Minister
Fawzi al-Hariri signed on Wednesday the initials of the agreement
in Berlin, while German companies announced their plans to invest
in Iraq.
Glos said in a statement after his meeting with Iraqi Prime Minister
Nuri al-Maliki in Berlin, "German companies can invest and
they are supported with guarantees from the federal government ...
to provide in the future an important contribution to the reconstruction
of Iraq."
The spokeswoman for the Ministry of Economy said that the agreement
is the first of its kind to Iraq since the U.S. invasion of the
country in 2003.
Earlier Al-Maliki said that the German companies are to play a more
active role in Iraq and urging them to visit the country to see
the marked improvement in the security situation there.
He said in a press conference, speaking through an interpreter that
Iraq is open for any kind of investment from Germany.
Al-Maliki said that companies which invest in the country would
receive additional protection in Iraq, where violence ebbed to its
lowest levels since early in 2004, as reported by the American army.
Germany was more conservative in the assessment of the security
situation in Iraq, but Glos, who visited Baghdad earlier this month
said that the companies are now expected to be there.
He said: "No more intermediaries."
A number of German companies announced on Wednesday that they had
concluded deals with Iraq. The manufacturing company of trucks Man-
and making auto company Daimler signed a memorandum of understanding
with Baghdad's government for the supply of goods.
Al-Maliki said that his government is keen to encourage Iraqi exiles
to return home.
Iraqi exports increased in 2007 by 40% compared with
the previous year
Translated by IRAQdirectory.com - [7/25/2008]
Today was announced in Baghdad about the Iraqi exports increase
in 2007 by 40% over the previous year 2006 and the advisory body
for reconstruction approved 5 huge projects to implement in a number
of governorates of $ 80 million dollars.
The Central Agency for Statistics and Information Technology, in
Ministry of Planning and Development Cooperation announced today
that Iraq's total exports in 2007 of crude oil and petroleum products
and other commodity materials achieved an increase of 40.6% compared
with the year 2006.
An official source in the body that Iraqi exports of crude oil
rose by (38.2%) during in 2007, while exports registered an increase
(7.5%) believing that the improvement in the dinar exchange rate
led to a decline in the value of exports by the Iraqi dinar (7%)
As in 2006. He added that Arab countries have formed the highest
percentage increase of total commodity exports except for Iraqi
crude oil and petroleum products which rose to (96.1%), Syria was
at the forefront of these states, a rate (31.1%), followed by Jordan
(27.9%) and then by Arab Emirates (20.2%) .. While Switzerland was
at the forefront of foreign countries by (3.6%) of total commodity
exports except for crude oil and petroleum products.
On the other hand, the Commission approved the strategy for Iraqi
reconstruction in the Ministry of Planning on five new project cost
more than $ 80 million dollars.
The Minister of Planning Authority chairman Ali Ghaleb Baban during
a ministerial meeting in Baghdad that was approved on developing
of forces project in the southern province of Basra cost six million
dollars and the establishment of a hospital of maternity and childbirth
in the city of Fallujah in western Anbar governorate cost the country
17 million dollars to the Ministry of Health, and surveillance project
in the area of cost two million and 215 thousand dollars.
In addition to the processing of 12 hospitals in the governorate
of Babil, south of Baghdad with equipment for health centers and
hospitals there cost 55 million and 75 thousand dollars which the
U.S. government paid 50 million dollars while the local government
is paying the rest, and the project of setting up a hydroelectric
power station capacity (30) megawatts for the Ministry of Electricity
In the northern province of Dahuk.
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