Iraq to be the third largest Arab exporter of goods in 2024

he World Trade Organization announced on Thursday that Iraq ranked third as the largest exporter of goods in 2024.

The organization said in a report seen by Shafaq News Agency that Iraq ranked third among Arab countries as the largest exporter of goods, with exports valued at $102 billion, a 3% change from last year, representing 0.5% of global exports.

The organization added that the UAE ranked first in the Arab world in commodity exports in 2024, exporting $603 billion, followed by Saudi Arabia in second place with exports amounting to $503 billion, followed by Qatar in fourth place with exports amounting to $94 billion, followed by Kuwait with exports amounting to $76 billion.

The organization added that Oman came in sixth place with exports amounting to $63 billion, Algeria came in seventh with exports amounting to $50 billion, Morocco came in eighth with $45 billion, Egypt came in ninth with $42 billion, and Libya came in tenth with exports amounting to $30 billion.

Shafaq.com

Avoiding billions of dollars in losses, Iraq wins dozens of international lawsuits.

The Iraqi Ministry of Justice announced on Thursday that it had won 36 international lawsuits in favor of Iraq without incurring any losses, avoiding paying large sums estimated at billions of dollars if it lost those lawsuits.

The Ministry’s media office said in a statement received by Shafaq News Agency, “The Ministry of Justice won 36 international lawsuits filed against the Iraqi state, without recording any significant losses. This achievement is a remarkable legal precedent achieved thanks to the direct and continuous follow-up by the Minister of Justice, Khaled Shawani, and as a result of the intensive efforts made by the Ministry’s Legal Department.”

The ministry affirmed, according to the statement, that “these cases, which were distributed among a number of international courts and bodies, involved huge financial claims, and that sound legal procedures and meticulous pleadings contributed to sparing Iraq the payment of large sums estimated at billions of dollars, which would have represented a heavy burden on the public treasury had it lost them.”

The Ministry of Justice reiterated its commitment to “continue to represent the Iraqi state competently and professionally in various judicial forums, in a manner that protects its rights and enhances its legal presence internationally.”

Shafaq.com

The Iraqi Ministry of Finance issues a new bond issue worth more than 2.2 trillion dinars.

The Iraqi Ministry of Finance announced on Thursday the launch of the third issue of national bonds for public subscription, with a total value of 2.262 trillion and 942 million Iraqi dinars.

The Ministry of Finance said in a statement received by Shafaq News Agency that the issuance of these bonds is being done through the Public Debt Department in cooperation with the Central Bank of Iraq, indicating that the bonds include two categories: the first is worth 500,000 Iraqi dinars, and provides an annual return of 8% paid every six months for a period of two years, while the second category is worth one million Iraqi dinars, and provides an annual return of 10% paid every six months for a period of four years.

She added that the subscription period for these bonds begins on April 20, 2025, and continues until May 20, 2025.

According to the statement, subscriptions will be conducted by submitting purchase requests to branches of banks authorized by the Central Bank of Iraq, along with the required identification documents. The amount will be transferred via the RTGS system on the subscription day. Subscribers will receive a temporary receipt until the bond is prepared and delivered later.

The Ministry of Finance called on citizens, investors, and companies to take advantage of this issuance, which offers fixed returns and a government guarantee, noting the importance of this step in supporting financial stability and enhancing local investment opportunities.

Shafaq.com

126,000 solar panels arrive in southern Iraq to support the electricity grid.

Iraqi Electricity Minister Ziyad Ali Fadhil announced on Thursday the arrival of more than 126,000 high-efficiency solar panels to the site of the “Shams Basra” solar energy project in the Artawi field, which is being implemented by the French company Total with a capacity of 1,000 megawatts.

The minister said in a statement from his media office, received by Shafaq News Agency, that “the Shams Basra project is one of the largest renewable energy projects currently being implemented in Iraq, and it will contribute to meeting the growing demand for energy, especially during peak times.”

About 160 containers of imported solar panels from top global manufacturers arrived yesterday, in addition to 18 containers containing high- and medium-voltage cables needed for the electrical grid.

The minister explained, “Basra possesses the potential for diversifying its energy sources and electricity infrastructure, thanks to the efforts we have made over the past period, which have contributed to modernizing the province’s energy sector.”

According to the ministry, the “Shams Basra” project will provide clean energy to the electricity grid in Basra Governorate, enhance its stability, and open new horizons for investment in the renewable energy sector in Iraq.

Shafaq.com

The Iraqi dinar strengthens as the Baghdad and Kurdistan stock exchanges close.

The markets of the Iraqi capital, Baghdad, and Erbil, the capital of the Kurdistan Region, witnessed a decline in the exchange rate of the US dollar against the Iraqi dinar with the closing of the stock exchange on Thursday evening.

Shafaq News Agency correspondent reported that the dollar exchange rate fell on the Al-Kifah and Al-Harithiya stock exchanges in Baghdad, recording 144,600 dinars for every $100, after it was 145,200 dinars this morning.

Exchange rates also fell in Baghdad’s local markets, with the selling price reaching 145,500 dinars for $100, and the buying price reaching 143,500 dinars.

In Erbil, the capital of the Kurdistan Region, stock exchanges recorded a similar decline, with the selling price reaching 145,200 dinars per $100 and the buying price reaching 145,100 dinars per $100.

Shafaq.com

Ministry of Oil: New marine pipeline connects 3 strategic export ports

The Ministry of Oil announced on Wednesday details of the third marine pipeline project, confirming that the project will enhance the export capacity of crude oil from the southern region, with a design capacity of 2 million and 400 thousand barrels per day, by linking three strategic outlets. The Director General of the Basra Oil Company, Basem Abdul Karim, told the official agency that “the third marine pipeline project for exporting oil is one of the strategic projects to which the government has attached great importance,” indicating that “the project will enhance export capacity from the south and contribute to increasing it significantly.”

He added, “The project consists of a 48-knot diameter offshore pipeline, extending 61 kilometers offshore and 9 kilometers onshore.” He noted that “the pipeline connects three offshore platforms: the first for valves near the Basra oil port, the second near the Khor al-Amaya port, in addition to an SPM-4 export platform.”

Abdul Karim also explained that “the project also includes vital support projects, including the marine terminal, which includes communications systems, electricity, and electrical control and communications systems.”

He explained that “a coalition of the Italian company Mycoperi and the Turkish company Ista was chosen to implement the project after a technical, commercial and financial evaluation of four companies applying, and under the supervision of the Japanese consultant accredited for the project.”

He pointed out that “the two companies submitted a comprehensive technical and commercial proposal for the construction of the pipeline and all its systems. The project was referred by the subcommittees of the Basra Oil Company, then through the central committee at the Ministry of Oil and the Ministerial Energy Committee, and finally to the Council of Ministers, which officially approved its transfer to the Italian-Turkish coalition.”

He also stressed that “the project connects three main ports: Basra Oil Port, Khor Al-Amaya Port, and the SPM-4 export platform, with a design capacity of approximately 2.4 million barrels per day.”

He concluded by saying, “The project will be implemented over a two-year period, while initial operations of the Basra section will begin within 8 to 9 months, a period included within the project’s full timeframe.”

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Oman expresses its readiness to cooperate with Iraq in the fields of ports and airports.

Shafaq News / Iraqi Prime Minister Mohammed Shia al-Sudani discussed on Thursday with the Omani Minister of Transport, Communications and Information Technology, Said bin Hamoud al-Maawali, developing cooperation in various fields. The latter expressed his country’s readiness to do so, especially in the ports and airports sectors.

This came during Prime Minister Mohammed Shia al-Sudani’s reception of the Omani minister in Baghdad. Al-Sudani welcomed al-Maawali and extended his greetings to the Sultan of Oman.

Al-Sudani pointed out, according to a statement from his media office received by Shafaq News Agency, the progress and advancement of the development, labor, and investment sectors in Iraq, including the telecommunications sector, thanks to the political, security, and social stability and the economic renaissance witnessed by the country. He stressed that the many commonalities between Iraq and the Sultanate of Oman represent an opportunity to develop economic and investment cooperation between the two countries.

For his part, Al-Maawali commended Iraq’s achievements on various fronts and reviewed the results of his discussions in Baghdad, affirming the readiness of his country’s public and private sectors to cooperate with Iraq in the field of the digital economy and digital government. He also expressed his country’s willingness to cooperate in the ports and airports sectors by investing in projects related to various Iraqi airports.

Shafaq.com

Experts: The US has moved a third of its naval forces to the Middle East in preparation for a major war.

Shafaq News / Satellite images revealed that the United States has moved a third of its naval forces to the Middle East, appearing to be preparing for a major war if negotiations with Iran over the nuclear issue fail.

Erem News reported that, according to satellite images from specialized websites, the aircraft carrier CVN-70 Carl Vinson was spotted, along with a number of other warships from the Carrier Strike Group 1 (CSG-1).

At the same time, the guided-missile cruiser CG-59 Princeton and two Arleigh Burke-class destroyers, believed to be DDG-104 Sterett and DDG-108 Wayne E. Meyer, were observed patrolling off the coast of Oman.

The destroyer DDG-108 Wayne E. Meyer departed its home port of Pearl Harbor, Hawaii, as part of Carrier Strike Group 11 (CSG-11) alongside the aircraft carrier CVN-68 Nimitz, which is currently operating in the Pacific Ocean.

The Pentagon had previously announced the deployment of three US aircraft carriers to the Middle East: the aircraft carrier USS Nimitz (CVN-68), the aircraft carrier USS Abraham Lincoln (CVN-72), and the aircraft carrier USS George Washington (CVN-73).

Aircraft carriers are powerful and advanced military units and an important strategic asset for the US Navy, tasked with carrying out military missions in various countries around the world.

The US Naval Institute confirmed that the number of military vessels deployed by the US in the Middle East and Indian Ocean region has reached approximately 96, representing one-third of the total US naval force.

According to previous statements made by military sources to “Erem News,” the large mobilization of this number of naval vessels stems from strategic and geopolitical reasons that have contributed to the US increasing its naval presence in the Middle East.

Military sources confirmed that the mobilization of a third of the US Navy in the Middle East, as witnessed in recent days, is not related to minor tensions or limited conflict. Rather, these sources believe that the United States and Israel are preparing for a major war.

It is noteworthy that the US naval buildup in the Middle East in recent days has been accompanied by the deployment of approximately one-third of the US B-2 bomber fleet, a quarter of the B-52 fleet, and a tenth of the B-1 fleet to its military bases in the region.

Shafaq.com

New and fortified… The United States begins building trenches for its forces at Ain al-Asad base.

Al-Maalouma /Anbar… A security source in Anbar province revealed, on Thursday, that US forces have begun the process of constructing fortified trenches for their forces inside the Al-Assad base building, west of Anbar.

The source said in a statement to Al-Maalouma agency, “The US forces stationed inside the Ain Al-Assad base building in the Al-Baghdadi area of ​​the Hit district, west of Anbar, began the process of constructing fortified trenches for their forces, coinciding with the landing of a plane carrying US soldiers.”

The source added that “the US forces also began constructing new buildings for their forces to sleep in, in addition to deploying 80 CIRAM defense systems around the base building,” indicating that “the US forces have installed dozens of watchtowers around the building as part of measures that suggest the presence of a military operation, the details of which have not been determined.”

He explained that “the US forces have deployed ground forces at the entrances leading to the base building.”

The source concluded by saying, “Senior US military officials and officers visited Ain al-Assad base unannounced.”

Almaalomah.me

Iraqi government banks suspend loans and advances

Shafaq News / An informed source stated on Thursday that some government banks, including Rafidain Bank, have suspended granting loans and financial advances to citizens.

The source told Shafaq News Agency, “Some government banks, particularly Rafidain Bank, have stopped granting loans and advances so far, despite the passage of five months of the current fiscal year. Others have issued loans and advances, but on a very limited basis.”

He added, “The main reason behind banks’ failure to perform their credit role, including granting loans and advances, is the lack of financial allocations.”

The source also pointed out that “many citizens have called on Parliament, the Finance Committee, and the government to intervene to release loans, advances, construction loans, and home purchase loans.”

Both Rafidain and Rashid Banks provided loans and advances to employees and citizens for various purposes, such as construction, land purchases, car purchases, and other purposes, at a specific interest rate and for a predetermined period.

Shafaq.com