Saudi companies prepare to launch giant investments soon in Iraq

{Economist: Al Furat News} Saudi businessmen revealed that Saudi companies are close to launching giant investments soon in Iraq in the fields of manufacturing industries, noting that there are promising opportunities for Saudi products of building materials and food in the Iraqi market.

The businessmen explained in a press statement that “some Saudi companies specialized in raising livestock and cows have presented to the Iraqi government the idea of ​​investing 4 million dunums in the Western Desert located between Anbar Governorate, passing through the cities of Karbala and Najaf, to the Samawah desert, with a contract extending for more than 50 years to cultivate.” agricultural and cattle breeding crops.

For his part, Mohammed predicted leader Vice Chamber of Commerce and industry Chairman of Riyadh, to witness the Saudi – Iraqi relations prospects welcome , especially in the field of economic, commercial and investment cooperation, pointing out that the visit of Prince Khalid bin Salman , deputy Minister of Defense, Iraq, come under Integration, communication and permanent coordination between the two countries, pointing out that it is a visit that supports closer relations at all levels, including the economy.

Al-Murshid added that “the opportunities for integration between the Kingdom and Iraq are great.” Other areas that we will soon see their fruits … The Iraqi market is large and Saudi products are well received in it. ”

For his part, Abdullah Al-Melehi, President of {Tamayouz} said: “There are promising opportunities for Saudi products in the Iraqi market, as the Iraqi market is one of the great opportunities for Saudi products. In sharing borders with Saudi Arabia, an opportunity to export the Saudi product with the facilities provided by the Kingdom through The Saudi exports program to open new markets for manufacturers in the Kingdom, in addition to supporting the Kingdom’s government and the leadership’s keenness to build relationships in various fields.

Al-Melehi added: “The Iraqi market is promising and there are many export opportunities that national companies can benefit from,” adding that “the volume of Saudi non-oil exports to the Republic of Iraq amounted to 2.6 billion riyals ($ 693.3 million) during the past year 2020, while topping the list of the most prominent sectors. The exported building materials activity amounted to 859 million riyals (229 million dollars), and the foodstuff activity with a value of 790 million riyals (210.6 million dollars). ”

Al-Melehi pointed out that “there is a tendency to offer investments in the oil and gas field to Saudi companies, indicating that discussions are underway with the concerned authorities to clarify investment opportunities, as investors are always looking for specific opportunities or privileges to bring them to the market, especially after the Saudi Export Bank announced granting investors financing for this field.” Exports are a factor that attracts investors, “noting that” both Saudi Arabia and the UAE have allocated more than 6 billion dollars to invest in Iraqi lands, strengthen economic relations and create new opportunities for cooperation and partnership. ”

Al-Melehi explained that “there are Saudi investment projects currently in the Iraqi cities of (Anah) and (Al-Qaim),” indicating that “there are investments that Saudi companies will soon launch in Iraq in the fields of manufacturing, agriculture and various projects, while Saudi investment companies have offered specializing in livestock breeding and cows on the Iraqi government ‘s idea to invest 4 million acres in located between the Anbar province , passing through the cities of Karbala , Western Sahara and Najaf access to the desert of Samawah, a contract extends to more than 50 years for the cultivation of agricultural crops and cattle breeding.

He Malihi: “among the investments The Emirati and Saudi companies will implement them by producing some internal industries in Iraq, as joint factories between Iraq and these two countries will be implemented … Also, one of the most important investment projects is the interest in electric power projects from Saudi Arabia and the United States”.

Alforatnews.com

Hamid Al-Ghazi: The government is serious about opening up to the countries of the world

Baghdad: The Secretary-General of the Council of Ministers, Hamid Naeem Al-Ghazi, said, during his meeting with the ambassador of the Kingdom of Norway who is not residing in Iraq, Tun Elizabeth, that the government is serious about opening up to the countries of the world because of what Iraq has of the elements that attract international countries and major investment companies.

Al-Ghazi indicated, in a statement, that “the government is determined to end the issue of the displaced and restore stability to the liberated areas, and that the Ministry of Immigration and Displacement has made great steps towards closing a large number of camps and returning the displaced to their areas voluntarily, after the relevant ministries and international organizations contributed. To restore the infrastructure, road projects, schools, water and electric power networks.

For her part, Elizabeth praised the “efforts of the Iraqi government to restore stability in the liberated areas and its high coordination with the international community,” stressing “the Kingdom of Norway’s willingness to extend a helping hand to contribute to ending the issue of the displaced and rehabilitating the liberated areas.” She expressed.

“She expressed her hope that the Norwegian companies will take their role in the reconstruction of Iraq and the establishment of investment projects, especially since their companies have started implementing projects related to solar energy in Karbala Governorate and Alexandria.”

Alsabaah.iq

Allocating one trillion dinars in the 2021 budget for the petrodollar fund

Economy News – Baghdad… The Parliamentary Oil and Energy Committee revealed, on Saturday, the allocation of one trillion dinars to the petro-dollar fund for oil-producing provinces, while confirming that the accumulated amounts of petrodollars for previous years are estimated at 25 billion dollars.

A member of the committee, MP Sadiq Al-Sulaiti, said, “The petrodollar is an entitlement for the oil-producing and refined crude and gas-producing governorates, indicating that the project allocates 5% of the oil revenues to improve the infrastructure of those governorates,” according to “WAA”.

He pointed out that “the petrodollar did not enter into force during the previous years despite its confirmation in the budgets, due to the failure to allocate the funds by the ministries of planning and finance, under the pretext of a financial deficit or the lack of sufficient liquidity,” stressing that “there have been accumulations of petrodollar sums during previous years that are estimated. About 25 billion dollars. ”

Al-Sulaiti pointed out that “his committee sought during the current year to amend and include the section on petrodollar allocations in the budget, by establishing a fund after the budget is approved,” indicating that “accounts for the fund will be opened to be fed monthly from oil revenues.”

He explained that “a trillion dinars have been allocated for the amounts of petrodollars,” noting that “in the event that the Ministry of Finance does not open accounts for the fund and feed it with revenues, the ministry will be exposed to legal accountability, whether by the provinces or members of Parliament, for not applying the most important provisions of the budget.”

Economy-news.net

Biden signs a decree regarding Iraq .. these are its details

International: Al Furat News… Today, the US President, Joe Biden, signed a decree extending the state of national emergency, related to the situations in Iraq and Syria, for another year.

“There are still obstacles to the orderly reconstruction of Iraq, the restoration and maintenance of peace and security in the country, and the development of political, administrative and economic institutions in Iraq,” said a statement extending the state of emergency with regard to Iraq, published on the White House website.

The statement added that these obstacles “pose an extraordinary threat to the national security and foreign policy of Iraq and the United States of America as well. Therefore, (Joe Biden) decided that it is necessary to continue the state of national emergency declared under Executive Order 13303 regarding the stability of Iraq.”

In another separate statement regarding the extension of the state of emergency in Syria, the White House said that “the brutality of the regime and its suppression of the Syrian people … not only endanger the Syrian people themselves, but also generate instability throughout the region.”

The statement added that the Syrian regime’s actions and policies, including the pursuit of chemical weapons, their use and support for terrorist organizations, represent an “extraordinary threat to national security, foreign policy and the economy of the United States.”

“For these reasons, (Joe Biden) decided that it is necessary to continue implementing the state of national emergency declared in Executive Order No. 13338 regarding the policies of the Syrian government,” the statement continued.

The statement added that the United States condemns the Assad regime’s human rights violations, which it is practicing with the support of its Russian and Iranian allies.

In the statement, the United States called on the Assad regime and its supporters to stop its war against its people, and to cease fire in all parts of the country in order to deliver humanitarian aid to those who need it.

Resolution 13303 on Iraq was issued in 2003 during the era of US President George W. Bush, while Resolution No. 13338 on Syria was issued in 2004, which prohibits the export of some goods for the institutions of these two countries, in addition to punishing personalities and entities.

Alforatnews.com

Al-Rafidain: Increasing the fixed deposit interest rate for depositors with their money

Shafaq News / Al-Rafidain Bank announced, on Friday, an increase in the fixed deposit interest rate for citizens who deposit their money in the bank.

The bank’s media office said in a statement that it had been decided to increase the interest rate on deposits for a period of six months to 4.5 percent, as well as to increase the interest rate on fixed deposits for a year to 5.5 percent.

The statement added that the interest rate on deposits for two years had been increased to 6.5 percent.

Shafaq.com

Saudi Arabia grants an Iraqi private bank a license to conduct business in the Kingdom

Baghdad – Saudi Arabia agreed to grant a license to open a branch of an Iraqi National Bank in order to conduct its business in the Kingdom.

The Saudi Press Agency, followed by “People,” quoted a number of decisions taken by the Saudi Council of Ministers, which held a video-call session chaired by King Salman, including “approval of the license for the Iraqi National Bank to open a. branch in the Kingdom. ”

Nasnews.com

Al-Kazemi and the French ambassador discuss cooperation in the field of investment

Baghdad: On Wednesday, Prime Minister Mustafa Al-Kazemi and the French Ambassador to Iraq, Bruno Hubert, reviewed the bilateral relations between the two countries, in addition to discussing a number of issues and files of common interest.

According to a statement by the Prime Minister’s Office, the meeting discussed joint bilateral cooperation between Baghdad and Paris, and ways to enhance and develop it in the economic and security fields.

And cultural, as well as cooperation in the field of investment and corporate facilitation French in Iraq.

Alsabaah.iq

MICROCAPITAL BRIEF: Central Bank of Iraq, Mastercard Seek to Boost Digital Payments, Financial Inclusion

Mastercard, a US-based financial services company, recently entered a partnership with the Central Bank of Iraq to expand Iraq’s digital finance ecosystem with the aims of furthering financial inclusion, moving toward a cashless society and promoting socio-economic development in general. The effort will begin by digitizing tuition payments before expanding to address consumer spending, government collections and salary payments. Among the reasons to promote digital payments are to decrease the administrative costs that schools and other businesses incur handling cash as well as to increase government revenue by reducing tax evasion.

Khalid Elgibali, Mastercard’s Division President for the Middle East and Northern Africa, said, “creating a digital payment ecosystem is critical, not only because it encourages economic development, but because there is also a demonstrable… relationship between cash use and the shadow economy. Our work with the Central Bank of Iraq will focus on improving overall efficiencies in the economy, starting with the educational institutions by giving parents, students and merchants a much safer, simpler and more convenient way to pay.”

Headquartered in the US state of New York, Mastercard is a payments and technology company connecting consumers, financial institutions, merchants and governments in approximately 210 countries and territories. As of October 2020, Mastercard reported net quarterly income of USD 1.5 billion on total assets of USD 32 billion.

Founded in 1974, the Central Bank of Iraq is responsible for maintaining inflation stability, regulating private banks, and managing the Iraqi dinar and state reserves. In December 2018, the bank reported total assets of IQD 99 trillion (USD 67 billion).

Microcapital.org

Ziad Khalaf: The Iraqi Summit For Digital Transformation Is A Gateway To The Country’s Development

The Independent / – The Iraqi Digital Transformation Summit dealt with the prospects for digitization and the transition towards electronic transactions and automation and the role of governance in the development that the country seeks for the Iraqi economy.

The conference, organized by Frontier Exchange, with wide global and local participation, shed light on the available opportunities and challenges, in order to advance the reality of digitization and electronic transactions in the country.

The Chairman of the Board of Directors of the Development Bank, Ziyad Khalaf, said: Humanity is now living in the fourth industrial revolution, which is the Digital Revolution, which is an objective merit and an extension of the third industrial revolution, which is the Information Revolution that we have witnessed at the end of the last century. A strategy related to building the information and communication technology sector that includes a number of basic goals and objectives corresponding to the goals of the World Summit on the Information Society, aiming to open investment horizons, most notably investment in the telecommunications and information technology sector in order to make the center of Iraq within the technologically advanced countries, which will open new investment doors that enhance Economy, financial returns, and great job opportunities for Iraqi youth.

He pointed out that the Central Bank of Iraq launched the “digital enrollment service”, which is the first of its kind in Iraq, which is an integrated digital financial system that enhances financial independence and freedom from traditional financial systems, as it works to transform Iraq into a country less dependent on cash, which enables the state to bypass bureaucracy In financial transactions within the operating banks in Iraq.

Khalaf added, “Our sponsorship of this conference confirms our interest in the issue of digital transformation, and our keenness to continue investing in infrastructure and database, applying the latest existing technologies, providing banking services on a large scale and investing in human capital for a better future for our upcoming generations.”

We are certain that digital transformation is the prevailing trend to achieve national integration, and it has been proven that we have three areas and outlets that are used in various fields, namely the land, the sea and the air. Therefore, Iraq has to consider the cyberspace as its fourth field because of its effective and clear impact. In leading national tasks such as economic development, trade, transactions, social, medical and health interactions, government operations, and national security.

He said: Iraq adopted the National Cybersecurity Strategy to provide strategic measures and procedures to ensure the security and protection of the Iraqi presence in cyberspace, protect the digital infrastructure, and build and nurture a safe and reliable internet community, as this strategy consists of several supportive short, medium and long-term plans.

In turn, the representative of the organizing company Frontier Exchange, Ahmed Al-Jader, said: This event comes in an important exchange and coincides with the directives of the Iraqi government aiming to transform into a comprehensive electronic system in all state institutions, where the conference will discuss the possibility of applying automation processes in ministries, government institutions and their branches, and other related topics In digital transformation and e-government.

He added that this virtual summit contributes to converging views between life makers from the Iraqi government and local and foreign companies working in the field of information technology, automation and integrated technological solutions in addition to electronic payment companies, as our company owns a large database of many local and foreign companies working in this field.

As for the managing director of the Arab Company for Electronic Payment, Haider Al-Obeidi, he stressed that the direct cooperation between the Central Bank of Iraq and the providers of electronic lift services has contributed to the consolidation of the electronic payment infrastructure, in terms of the database, governance rules and instructions, and local and international compliance.

He pointed out that the companies licensed by the Central Bank, Visa and MasterCard, and the two operators were able to support most banks in issuing international cards and portraying the reality of electronic payment services.

Mustaqila.com

Council of Ministers: We have removed the obstacles to the stalled projects, and we will hold the companies that are lagging behind

Baghdad: The General Secretariat of the Council of Ministers announced the removal of technical and administrative obstacles to the stalled projects, while it revealed holding companies that were lagging behind.

Spokesman for the Municipality, Haider Majeed, told Al-Sabah: “The Supreme Committee for Services and Reconstruction held several meetings with representatives of the governorates in the presence of officials from the Ministries of Construction, Housing, Planning and Finance,” indicating that “the committee decided to focus on projects that have achieved advanced rates of achievement and do not need Many efforts and funds to complete it. ”

He added, “All of those parties and parties have identified projects and removed all existing obstacles, including technical, financial and administrative, and to initiate them will be according to the revised timelines, especially since some projects of the Ministry of Education have doubled efforts in them after the Secretary General of the Council of Ministers, Hamid Al-Ghazi, met with representatives of companies and the Ministry of Education.” and representatives of the provinces ».

He revealed “directing companies to raise the pace of work during the next stage and give them a 3-month opportunity to present achievement rates in schools, and on the contrary, lagging companies will be held accountable and placed on the black list.”

Majeed pointed out that “these companies delivered 8 schools in Dhi Qar and 4 other schools are in the process of delivery, and there are advanced achievement rates in the schools in the rest of the governorates,” while noting that “the next stage will witness the delivery of the Turkish hospital in Dhi Qar province after achieving advanced achievement ratios.” In it and bypassing the simple technical problems between the Ministry of Health and the company executing the project.

Alsabaah.iq