The Dinar Daily, Sunday February 1, 2015 - Page 3
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Thread: The Dinar Daily, Sunday February 1, 2015


    
  1. #21

    Re: The Dinar Daily, Sunday, 1 February 2015

    Barzani's visit to Baghdad and Kurdistan soon constitute a body to coordinate with their representatives in the capital


    Long-Presse / Sulaymaniyah

    The President of the Kurdistan Regional Government Nechirvan Barzani, on Sunday, his intention to visit Baghdad soon to "clarify" the paragraphs of the Convention and to address the problems, and praised the role of the Kurdish MPs in the House of Representatives approve the financial budget for the current year 2015, and as he emphasized that the project was passed in the highly popular for Iraq and the region, the county government revealed the formation of a joint body to coordinate with their representatives in Baghdad.

    Kurdistan Regional Government said in a statement received by the (long-Presse), a copy of it, that "the President of the Kurdistan Regional Government Nechirvan Barzani held a joint presidency of the region and to the government and related parties with representatives of the Kurdistan team meeting in Baghdad."

    And affirmed the territorial Government, that "Barzani expressed the region's commitment to Arbil and Baghdad Convention," pointing out that "will visit Baghdad in the near future to clarify anything about the Convention and to address the remaining problems will meet with Iraqi Prime Minister Haider al-Abadi and related parties."

    She said the territorial Government, that "Barzani praised the role of the Kurds in the Iraqi Council of Representatives House of Representatives to approve the Iraqi general budget for the current year 2015," stressing that "the project was passed in the highly popular for the region and Iraq."

    KRG and drew that "these parties discussed in detail the last details of the agreement between Arbil and Baghdad on the subject of oil," indicating that "the parties involved in the government of the region responded to the questions and comments of the representatives of the Kurds in Baghdad."

    The Kurdistan Regional Government, that "it had decided with the heads of parliamentary blocs in the Iraqi parliament and ministers of the Kurds in the federal government to form a joint body for coordination and cooperation between the two parties, to develop a mechanism of interaction between these blocks and the ministers and government institutions in the region."

    She Kurdistan Regional Government, that "the conferees came out definitely that there is coordination and cooperation permanent between the presidency and the concerned authorities in the Government of the Territory and representatives of Kurdistan in Baghdad," noting that they "have decided to form a special joint committee of the two parties to form after a joint commission for cooperation and coordination to develop a continuous cooperation mechanism between the two parties. "

    The head of the Government of the Territory, that "this mechanism comes for the continuation of the exchange of information between the relevant institutions in the region and representatives of the Kurdish government in Baghdad and the Iraqi Council of Representatives and the level of the Presidency."

    The head of the Kurdistan Regional Government Nechirvan Barzani confirmed, in (January 28, 2015), that there is a misunderstanding with the central government on the export of oil, and pointed out that the region will not issue more than the agreed amount, and as pointed out that Kurdistan is facing the biggest financial problem, He stressed that the government is obliged to take special measures to address them.

    Agreed the central and Kurdistan governments on the second of December 2014), to allocate a portion of the federal allocations of Iraqi ground forces to the Peshmerga forces, and delivery of the Kurdistan Regional Government, 250 thousand barrels of oil per day in addition to the export of Iraq, 300 thousand barrels per day of Kirkuk.

    With the agreement also included the granting trillion and 200 billion dinars for the Peshmerga forces and the allocation of a percentage of the budget of the Ministry of Defense have.

    He acknowledged the Iraqi Council of Representatives, on Thursday (January 29, 2015), the financial budget for the current year 2015, B119 trillion Iraqi dinars and a deficit of 25 trillion dinars, with House Speaker Salim al-Jubouri confirmed it was the first time that the adoption of the budget is during the first month of the year, and described it as "achievement".

    The Council of Representatives of Iraq, last Thursday, its ninth of the second legislative term of the first legislative year to vote on the financial budget for the current year 2015, under the chairmanship of Salim al-Jubouri, and the presence of 260 deputies, after being postponed for one hour at the request of the Finance Committee, as the parliament voted on the budget of $ 424 billion and 825 million and 482 thousand dinars, and the Supreme Judicial Council's budget of $ 411 billion, 837 million and 534 thousand dinars, High Commissioner for Human Rights of $ 20 billion, 675 million and 807 thousand and 520 dinars.

    The US Embassy in Baghdad congratulated, in (January 30, 2015), the Iraqi government and the House of Representatives to pass the federal budget for 2015, as shown that this "achievement" reflects the extent of the country's strong commitment to defeat (b Daash) and the return of displaced people to their homes, confirmed that approval House of Representatives on the 2015 budget is the fastest since 2010.

    https://www.almadapress.com/ar/news/43541/%D8%A7%D9%84%D8%A8%D8%A7%D8%B1%D8%B2%D8%A7%D9%86%D 9%8A-%D9%8A%D8%B2%D9%88%D8%B1-%D8%A8%D8%BA%D8%AF%D8%A7%D8%AF-%D9%82%D8%B1%D9%8A%D8%A8%D8%A7-%D9%88%D9%83%D8%B1%D8%AF%D8%B3%D8%AA%D8%A7%D9%86
    Last edited by AR Transplant; 02-01-2015 at 07:14 PM.



  2. #22

    Foreign Exchange Auctions Opinion Article - GREAT READ!

    Here is an interesting article from Mr. Ali Merza, Ph.D.. He worked for the Iraqi Ministries of Oil and Planning and for the United Nations Department of Economic and Social Affairs in the Middle East and North Africa.

    https://iraqieconomists.net/eng/wp-co..._Feb_2013N.pdf

    https://iraqieconomists.net/en/2013/0...-by-ali-merza/

    Page 7-13
    Section 3 Statement:
    "A fixed-exchange-rate arrangement, in a balanced market, requires adequate oil revenues and international reserves. If oil prices plummet and/or international reserves fall below critical level, fixed-exchange-rate arrangement becomes unsustainable. The CBI may need, in this case, to revert to crawling-peg arrangement and at the same time impose stricter controls, largely on capital account. Furthermore, rules of meeting ordinary demand need to be continued, CBI independence maintained, and political and extralegal interferences stopped.

    4. Foreign exchange auction has long lasted its purpose. Alternative arrangement is needed to serve foreign exchange demands of both public and private sectors. The depositing of all oil revenues in CBI instead of DFI will enhance such arrangement and make CBI the main provider of foreign exchange to the public sector. The lifting of UN Chapter VII’s Sanctions will facilitate the new role.

    5. Institutional set-up of the exchange market is in need of restructuring, especially in terms of management, procedures, monitoring, documentation, and data processing and assimilation. Restructuring can enhance the efficiency of the market and its transparency. Development of tools and setups to early identify imbalances and devising measures to overcome them, are necessary. Imports documentation needs to be streamlined to match actual with reported costs.

    In my opinion, today's CBI Announcement https://www.dinarupdates.com/showthread.php?15056-The-Dinar-Daily-Sunday-1-February-2015&p=95311&viewfull=1#post95311 and the 75 Million Dollar cap seem to be doing this exact thing. Transforming the auction process, cutting down on fraudulent remissions and reimbursements, electronic payment in US Dollars directly into foreign bank accounts (hence bypassing misdirection of payments) and lowering the dollar in the market.

    According to this document and author's opinion, if we HAVE to wait for the spread to be 2%, like others postulate, we will be waiting a VERY long time!
    Page 11-13
    Auction sales, therefore, need to increase by 585%, i.e. from $148 million daily, in April 2012 (table 1 in the text), to $1,014 million daily in order to reduce the gap rate to 2.9% in May. Under auction rules, which are geared to satisfy ordinary demand, especially private imports, such increase is hardly feasible and might be politically unacceptable. This state of affairs signifies the limitation of supply increase to reduce the gap rate. In contrast, the higher elasticity of the gap with respect to additional demand indicates that reduction in demand is more effective."


    With a 75 Million dollar cap, it doesn't seem like the auctions would be the mechanism to accomplish the reduction of the spread between official rate and market rate.

    Meliah Lore

  3. #23

    Re: The Dinar Daily, Sunday, 1 February 2015

    Statistical's [where]: the central bank sold $ 2.8 billion in the first month of 2015




    Central Bank auction sales of the dollar in the first month of the new 2015 / January last more than $ 2.8 billion, a decline for the month of sales in December last the previous year.

    The bank's dollar sales in December amounted to more than $ 3.8 billion.

    According to statistics conducted by the agency all of Iraq [where] for such sales in the past month, according to the daily bulletin of the Central Bank of the auction, has reached two billion and 870 million and 355 thousand dollars.

    These sales were distributed between two billion and 483 million and 286 thousand dollars Khawwalat, and 386 million and 15 000 dollars as cash.

    The Iraqi central bank held last month auction of five sessions per week for the sale and purchase of foreign currencies, from Sunday to Thursday, and held during the January 19 hearing where the auction stopped 12 days are Fridays and Saturdays with official holidays in the New Year 1/1 and On the founding of the Iraqi army 6/1.

    It was the seventh day of the last month is the highest in the bank, where sales amounted to 250 million and 297 thousand dollars in record 28 days from the lowest in terms of sales amounted to 40 million and 151 thousand dollars.

    The central bank sold the dollar over the past year in 2014 $ 49 billion, 579 million and 738 000 dollars and is expected to fall in the dollar auction sales this year, according to the law of the state budget, which began last Thursday,

    The law stipulates that the central bank is committed to identifying sales of hard currency [dollar] in the daily auction ceiling does not exceed $ 75 million a day with the exercise of justice in the sales process, and calls for participating in the auction the bank providing the introduction of cargo documents and statements of tax settling accounts and savings Alkmarki within 30 days from the date of buy it for the amount and otherwise apply to the bank penalties stipulated in the Central Bank Act or regulations issued it, and use other banking tools to maintain the strength of the dinar against the dollar.

    It was not known if the price of the Iraqi dinar will be affected by the application of this Article Observers fear that the lack of supply of the dollar in the markets will lead to a high price in dinars and is well known that the official price of the dollar is 1166 dinars while sold in the market at a price of 1220 dinars

    For his part, member of the Finance Committee Jabbar al-Abadi's [where] that "the budget is the law of one fiscal year and thus central bank is obliged not to sell more than $ 75 million in its daily auction during this year."

    He pointed out that "the central bank was selling to domestic banks amounts up to $ 300 million, the Finance Committee noted that this sale, reduce the hard currency in the bank and the country, and therefore requires, put restrictions on these sales, private, and these sales taint laundering operations funds so we put these restrictions designed to preserve the hard currency within the central bank ".

    https://www.kululiraq.com/?p=187545
    Last edited by AR Transplant; 02-01-2015 at 07:17 PM.

  4. #24

    Re: The Dinar Daily, Sunday, 1 February 2015

    Efforts to amend the draft oil and gas law

    Fundamental differences between the political blocs to prevent approval of Baghdad Najla Salahuddin: plans for the oil and energy parliamentary, resolving the enactment of the oil and gas law after amendments to the draft, while the Legal Committee of Parliament stressed the need to start legislation of the law.

    He said the Oil and Energy Committee member Ibrahim Bahr al-Ulum , in an interview with "New Morning", "The oil and gas law needs to be major changes as drafted written since 2006, and during this period we have seen a lot of developments that must be observed when the enactment of the law."

    And that "the developments of lower oil prices in the global market, as well as resolving differences between Baghdad and Erbil on the export of oil. "

    The MP pointed out the mass citizen, a former oil minister, that "there is a joint committee of the Council of Ministers and the Commission on oil and energy parliamentary to amend the law in accordance with the recent events in the country," stressing "the need to accelerate the completion of the draft law by the government for the purpose of the legislation, because the country is currently undergoing a vacuum legal concerning oil and gas."

    He suggested Bahr al-Ulum, "the revival of the National Company for Oil Marketing Organization (SOMO), and granted some concessions, for example, the proportion of oil revenues as an incentive encouragement" .

    , calling for "a road formulated according to good regulatory framework map so that they are beginning to remove all the problems and obstacles the future."

    comes these endeavors against the backdrop of an agreement between the governments in Baghdad and Erbil on the export of 250 thousand barrels per day from the Kurdistan region of oil and 300 thousand barrels per day of oil Kirkuk, and a commitment to be exported via the SOMO.

    For its part, the Legal Committee of Parliament, confirmed that "there are a number of economic laws will go in the Council of Representatives of legislation in the next phase," stressing "the need to begin legislation oil and gas law."

    said committee member Mohsen al-Sadoun , in an interview with "New Morning", that "there are laws set we need it in the next stage, and committees of economy and investment, and services Alniabaten laws for the development of important projects come benefit the Iraqi people and to supply the budget money."

    He stressed the Kurdistan Alliance MP "start legislation oil and gas law, being the most important requirement to regulate the relationship between the federal government and the Kurdistan region. "

    He explained that "the adoption of the law does not require a lot of time, because obstructive President of the law is the difference between the center and the region, and this dispute is over," he said, adding that "the atmosphere in the House of Representatives good to pass law, and thus there is no delay will happen when approval. "

    But the economic and investment commission member of the parliamentary Nora Albjara, confirmed "there are substantial differences between the political blocs to prevent the adoption of the oil and gas law, including the distribution of oil revenues among the provinces mechanism."

    revealed in an interview with the "morning The new ", that" the controversial problems between the blocks lie in granting oil-producing provinces larger share than others, as well as oil export mechanism. "

    stressed MP for coalition forces of Iraq, that "there is an economic technical committee in the Council of Ministers shall review the draft oil and gas law, and make adjustments where necessitated it. "

    They pointed out that "the government is trying to invest the current positive atmosphere to address the obstacles that hinder the enactment of the oil and gas law," asserting that the law "will end the problems with the Kurdistan region and local governments of the provinces of oil-producing and those that may get in the future, as well as that Adoption of the law from within the document the government program items. "

    https://www.kululiraq.com/?p=187689
    Last edited by AR Transplant; 02-01-2015 at 07:20 PM.

  5. #25

    Re: The Dinar Daily, Sunday, 1 February 2015

    China overtake the United States in foreign direct investment



    BAGHDAD / Baghdadi News / .. China overtook the United States for the first as the destination for foreign direct investment for the first time since 2003.

    Last year, foreign companies invested $ 128 billion in China and 86 billion in the United States, in accordance with the United Nations Conference on Trade and Development Organization.

    The reported growth in foreign investment in China's service sector, while the manufacturing sector slowed.


    In general, foreign investment fell by 8 percent to 1.26 trillion dollars last year.

    It was the second slowest level since the start of the economic crisis, due in part to the "fragility" of last year, the international economy and political risks in the world.

    The report said "foreign direct investment fell to the developed countries by 14 percent to an estimated $ 511 billion, largely influenced by the withdrawal of foreign investment from the United States."

    And decreased the value of US investments last year, two-thirds, due primarily to the purchase of the US company Verizon shares valued at $ 130 billion in partnership with Vodafone in the UK.

    The United States is currently the third best country in the world for foreign investment after China and Hong Kong.anthy 21

    https://www.kululiraq.com/?p=186825
    Last edited by AR Transplant; 02-01-2015 at 07:22 PM.

  6. #26

    Re: The Dinar Daily, Sunday, 1 February 2015

    World Bank experts in Baghdad soon to participate Development and Investment

    Amid expectations of improvement in the Iraqi economy

    Baghdad Ahmed Hussein:

    Despite the "brakes" many to improve the Iraqi economy, which talked about economists, but the optimism Bthnoh comes through as shown by the international financial institutions to help Iraq to overcome the financial and economic stayed with him, praising at the same time interest and the participation of the World Bank to provide assistance to Iraq in this regard.
    This comes at a time when the World Bank announced the creation of a number of projects in partnership with the Iraqi government for the development of investment and the advancement of the country, which was confirmed by the government saying that the anticipated visits to the delegations from the bank will reach Baghdad in support of Iraq in the face of crises financial and economic.

    Said Antoine in an interview with "New Morning", "The World Bank forecasts about the improved economic situation in Iraq in the next few stage, based on the indicators and studies serious and monitoring keen economic conditions in the country."
    He added, "In addition to these studies there are indications the rise in global oil prices up to 60%, if accompanied by an increase in exports will start the Iraqi economy to recover gradually. "

    He pointed out that "there is an extensive and long-economic program, the first phase is to improve the industrial, agricultural, tourism and other productive sectors," adding " But the improvement and economic growth will be in phases and not a month or two economy relapse quickly, but it is not improving at the same pace. "

    He noted Antoine that "this bunion in oil prices should serve as authorized Iraqi economy jar to reconsider their positions and it remains dependent on oil revenues."

    And Partnership between the Iraqi government and the World Bank and the projects can be implemented, Antoine explained, "The World Bank does not provide funds, but it is suggested projects and is funded by, and already the bank that made ​​many projects for Iraq, especially in the sectors of water and sewage."

    Abizaid "but unfortunately due to poor business environment in Iraq and rampant corruption and the presence of a repulsive environment for investment because of the red tape and corruption, cause that these projects has prompted the World Bank to the frequency sometimes in financing. "

    He pointed out that "The World Bank stands ready to implement investment projects in different sectors and working to create an attractive investment environment in Iraq." .

    He stressed the economic expert on the need to "fight corruption vigorously and take deterrent action against the corrupt collaboration among all stakeholders, and that before he could spoilers from the implementation of their business and escape out of the country."

    But he cautioned that "the fight against corruption is not between overnight and spoilers established entities within some departments and ministries and they need to deter and chase and follow-up, regardless of their political affiliations and who may stand behind them. "

    Antoine believes that "there ballasts and obstacles standing in front of improvement and recovery of the Iraqi economy, which is what we have, and what they are not removed, as well as the launch of economic visions mature and engaging Iraqi competencies and to stop the appointment of advisers who do not understand something in the economic process, the economy will not recover. "

    He announced the Country Director of the World Bank in Iraq, Robert Abu quality, on Sunday, that "the World Bank expects the improved economic situation in Iraq in the coming stage." .

    He revealed that "the bank is now working with the Iraqi government within the strategy have been created in partnership with them to help in a number of projects in order to provide better services to the people in the field of electricity, water, roads and advisory services."

    He added that "the project is with the relevant ministries," stressing that "those projects will help create new jobs as well as help the government in the field of investment development. "

    For his part, Saad al-Sabri, spokesman prime minister, announced that "delegations comprising experts and representatives from the World Bank will visit Baghdad soon to provide support for Iraq and coordination with the government to develop a perception of a strategy to restructure the economy and the development of the private sector and encouraging investment to cope with the financial and economic crisis. "

    and that "the Prime Minister Haider al-Abadi, and during his recent interview of Switzerland called on the international community to provide more support for Iraq and the continuation of talks between the leaders and the economy and the formulation of a common vision and a course of action in Baghdad."

    He added The Abadi "held talks with the World Bank director who expressed willingness to send delegations and specialized bodies to help the government carry out economic and financial reforms and the development of the private sector."

    https://www.kululiraq.com/?p=187699
    Last edited by AR Transplant; 02-01-2015 at 07:27 PM.

  7. #27

    Re: The Dinar Daily, Sunday, 1 February 2015

    Cabinet Secretariat hosts the Governor of the Central Bank to discuss the mechanics of the budget exchange




    Hosted by the General Secretariat of the Council of Ministers Council of Central Bank Governor Ali Mohsen Ismail, Sunday, to discuss the mechanics of the general budget disbursement after approval by the House of Representatives.

    A statement by the Secretariat and the agency / information / copy of "received the General Secretariat of the Council of Ministers hosted today's central bank governor Ali Mohsen Ismail, to discuss the mechanics of the general budget of the exchange, "explaining that" During the meeting, which was chaired by the Secretary General of the Council of Ministers offer extensive details of the budget materials and the preservation of the Iraqi dinar exchange rate. "

    The statement added that "the meeting dealt with the importance of uncles smart card in the trading and banking business dealings, and educate citizens use to reduce the procedures. "

    He noted that "the Department of citizens Affairs presented its first report on the indicators monitored program of e-Government citizen and the number of users and government agencies that responded to the program."

    The statement noted that "the meeting was attended by deputy secretary and aide to the secretary and general managers of the departments of the Secretariat and their collaborators and the Director of the Executive Office of Government and director of media and communication.

    https://www.almaalomah.com/news/10168/امانة-مجلس-الوزراء-تستضيف-محافظ-البنك-
    Last edited by AR Transplant; 02-01-2015 at 07:29 PM.

  8. #28

    Re: The Dinar Daily, Sunday, 1 February 2015

    Parliamentary Economy: next week will hold a major economic conference




    Revealed the economic and investment commission in the House of Representatives, Sunday, that the next week will hold a major economic conference to discuss the economic situation and ways to promote it.

    The Vice-Chairman of the Committee Harith al-Harthy told / information / that "an important economic conference will be held on the fifth of this month in the presence of senior figures, economic, legal, and investors and businessmen and university professors, experts and world-class economists, "pointing out that" the conference will address the discussion of all the obstacles that stand in the Iraqi investment, in addition to a comprehensive plan for Iraq's economy in the coming years."

    Harthy said that "there are many projects earmarked budgets to develop as factories of the private sector as well as agricultural projects that will be activated and sustain, in addition to the development of the tourism sector."

    It is said that the Iraqi government has confirmed its intention to move towards investment and development of the private sector in order to cope with the financial crisis and the state of austerity. Finished

    https://www.almaalomah.com/news/10135/الاقتصاد-البرلمانية:-الاسبوع-المقبل-سيشهد-عقد-
    Last edited by AR Transplant; 02-01-2015 at 07:31 PM.

  9. #29

    Re: The Dinar Daily, Sunday, 1 February 2015

    Jihad: The Ministry of Oil continues to invest associated gas extraction operations




    Said the official spokesman for the Oil Ministry, Assem Jihad, Sunday, that the oil ministry continues to gas investment associated with the process of extracting oil, noting that he is a wealth of the country and fill the local need, especially to run power stations.

    Jihad said in a statement to the Agency / information /, "The Oil Ministry is seeking to accompanying the process of extraction of crude oil, which is a financial resource additional as well as filled the domestic need for gas rather than imported from abroad gas investment."

    He added that "the ministry has made ​​great efforts in this area resulted in the establishment of the company called the gas company Basra, in collaboration with Shell Global and Mitsubishi, "adding that" this national company will invest associated with oil in three oil fields in Basra gas. "

    He said "it was the way to go is important by the Ministry of Oil in this area and we hope to have a good amount by 2018 especially in supplying the electric power stations of liquid gas needed for the sustainability of their work. "

    The economist lion Muhammad Ali had told Agence / information /, that Iraq is continuously burning billions a day as a result of lack of investment associated with the process of extracting oil and natural gas, indicating that the burned gas price up to 95 billion dinars a day without the benefit of it.

    and lose Iraq billion cubic feet of gas per day by burning mostly in the south. And intends to use the gas production is a joint venture with Shell in the domestic market to meet the growing demand for electricity has issued surplus.


    https://www.almaalomah.com/news/10191/جهاد-:-وزارة-النفط-ماضية-في-
    Last edited by AR Transplant; 02-01-2015 at 07:34 PM.

  10. #30

    Re: The Dinar Daily, Sunday, 1 February 2015

    Airport to be built by Kuwait in Iraq forecast as gateway for Gulf investments -- Sheikha Eman
    Iraq


    The Al Nasriyah Al Kuwaitiah Company's wining of a contract to build and operate the Diwaniya Airport and Aerotropolis in South Iraq comes within the framework of Kuwait's role and efforts to help neighboring Iraq restore its economic, social and cultural renaissance, said the CEO of Al Nasiryah Sheikha Eman Nasser Sabah Al-Nasser Al-Sabah.

    "The Airport and Aerotropolis, which Al Nasiryah Co. will build and operate, will become the engine that drives the socio-economic development of Southern and Central Iraq for several decades and assist with Iraq's goal of sustainable economic development," Sheikha Eman said in an interview with KUNA.

    "It is also anticipated that the airport and aerotropolis will attract additional investments into Iraq and foster the further development of closer economic and political ties between Iraq, Kuwait and the rest of the Gulf Cooperation Council (GCC) member states." Sheikha Eman also noted that the USD 1.35 billion-worth contract was signed with representatives of Iraq's National Investment Commission and Diwaniya Governorate.

    "Wining this big contract shows that the Kuwaiti private sector's companies are capable of competing for and executing the biggest projects in the world," she said.

    Kuwaiti companies are fiercely competing major national and multinational companies on wining contracts of mega projects, she added.

    The CEO of Al Nasiryah said the project comprises three phases: the first phase for building the Airport, the second for establishing a free trade zone and the third for building the aerotropolis.

    "The first phase will take 26 month and the whole project will take five years to complete," she told KUNA. "The project is a milestone for the economic growth of the Diwaniya Governorate as it will create job opportunities in different domains and contribute to the Iraq rebuilding efforts to restore its pivotal role in the region," she said.

    She suggested that the experience of Kuwaiti companies, especially the Al Nasiryah Company, could be employed to contribute to the infrastructure projects in Iraq and help accelerate development process there.

    Sheikha Eman said the airport will have an extremely positive socio-economic impact on the Diwaniya and create a large number of permanent jobs during its construction and operation.

    "The whole area surrounding the project is expected to see an economic boom which will be reflected on the economic situation of families living there," she clarified.

    She reiterated that the wining this contract is a considered a historic development in Kuwaiti-relations with Iraq and an example of the speedy growth of the bilateral cooperation.

    "Aside from the socio-economic importance of the airport for southern and central Iraq, it is a remarkable milestone in the establishment of closer economic ties between Kuwait and Iraq," she told KUNA.

    She went on to say that "Given the significance of the Airport project, it had also received the prior approval of the Iraqi Premier Haider Al-Abadi as well as of the Iraqi cabinet." The ground breaking for the USD 420 million-first phase of the project will take place in the spring of 2015 and the airport is projected to be fully operational in early 2017, she unveiled.

    She elaborated that Al Nasriyah, in its capacity as the airport sponsor and developer, will lead an international consortium of airport consultants, engineers and EPC contractors to design, build and operate it for 45 years. The extraordinary investment and project are a culmination of nearly one year of meetings and negotiations that first began when Diwaniya Governor Dr. Ammar Al-Madani and Al Nasriyah signed a Memorandum of Understanding in April of 2014, when it was also approved by the Ministry of Transportation, she said.
    Sheikha Eman pointed out that the airport will be the largest cargo air facility in Iraq and will provide full service air freight and passenger operations for southern and central Iraq.

    The airport will occupy 7,000 donums (17.5 million sq. m. or 1,750 hectares) of land adjacent to Highway 1 outside of Diwaniya, she said, noting that "once the airport is fully operational, it will become the foundation upon which Al Nasriyah is going to develop an entire aerotropolis".

    She added that this full service aerotropolis will include hotels and an entertainment district, exposition cente, public plaza, shopping center, hospital, medical center, sports complex, industrial parks, university campus, research and technology park, just-in-time manufacturing facilities, and mixed use commercial and residential housing.

    The aerotropolis will occupy an additional 7,000 donums (17.5 million sq. m. or 1,750 hectares) of land that will be leased to Al Nasriyah once that phase of the project is ready to be commenced. The airport and aerotropolis will result in a total investment of USD 1.35 billion once all three phases of the project are completed, she said.

    Al Nasriyah Al Kuwaitiah Company signed late January the 45 year-land lease license for the Airport in Diwaniya in a ceremony attended by a large number of Iraqi and Kuwaiti officials.
    (kuna)

    https://iraqdailyjournal.com/story-z10263478

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