25 February 2008

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Iraqi Dinar Too Good

Bull run on Iraqi dinar too good to be true
Thu Dec 13, 2007 9:21am EST

by Mussab Al-Khairalla

BAGHDAD (Reuters) - A bubble in the Iraqi currency popped on Thursday after the central bank denied rumors of a revaluation, causing confusion on streets where the main risk of trading is usually violent death, not currency fluctuations.

A normally stable currency backed by billions of dollars in oil revenue, the Iraqi dinar had risen by 10 percent practically overnight. But a sudden bull run on the dinar proved too good to be true.

Street traders who had raised the price of Iraq's currency over the past few days abruptly lowered it again after the central bank denied it was trying to haul the currency up to sudden parity with the U.S. dollar.

The Iraqi dinar had been gaining value slowly for months after the government announced a plan to gradually raise the exchange rate, now officially 1,210 to the U.S. dollar.

But the past week had seen the rate on Iraq's streets climb suddenly as high as 1,080 as rumors spread through Baghdad that the government was planning to move the official rate suddenly to 1,000 and remove three zeros, making a dinar worth $1.

Not so, the central bank said, blaming speculators.

"An authorized source at the Central Bank of Iraq denies rumors that claimed the bank wished to value the dollar at 1,000 dinars, or less or more, or change the currency denominations, or remove the zeros from the present currency," the central bank said in a statement.

"The Central Bank is following the phenomenon of less demand for the dollar closely," it said. "Information or widespread rumors like this are designed to allow very quick trading benefits for some at the expense of the people."

SELLING DOLLARS

At Abu Mohammed's storefront currency exchange shop in Baghdad's central Karrada district, the price of a dollar was back up to 1,180 dinars on Thursday, close to the official rate, after falling as low as 1,080 on Wednesday.

Abu Mohammed earned a profit on Wednesday from customers who rushed to get rid of dollars as they lost their value.

"I feel sorry for those who traded yesterday, but what can I do?" he said.

The currency moves caused confusion in shops. Most Iraqis receive salaries in dinars but stores list prices for expensive imported items in dollars.

Refrigerator shop owner Abu Ibrahim hadn't yet heard that the dollar was recovering and thought he was now stuck with fridges priced in a U.S. currency worth far less than when he bought them.

"The central bank has to change the rate slowly if it wants to succeed. If someone has a contract a year ago in dollars and everything become more expensive for him, then he won't be able to gain any profits."

Iraq's currency stability is a point of pride, both for the government and its U.S. backers.

Thanks to rising oil prices and increasing exports, Iraq's public finances are in surprisingly good shape for a country that has seen nearly five years of war follow 12 years of U.N. sanctions. Iraq exports nearly 2 million barrels of oil per day and next year's budget is expected to be $48 billion.

(Writing by Peter Graff; Editing by Caroline Drees)

© Reuters 2007 All rights reserved

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Invest In Your Future

Once In A Life Time Chance - Invest In Your Future.

Think of Iraq as a company selling stock. Every Dinar you purchase represents a share in Iraq's bright new future. As Iraq recovers and starts rebuilding, the country's infrastructure resumes production. With the 2nd largest oil reserves in the world, and the demand for oil increasing daily, Iraq's economy is positioned for long-term growth. Expect the Dinar to appreciate in value as the oil driven economy booms.

You Can Benefit From the Future Economy of Iraq

The Dinar has long been a strong International currency. Right now it's at a historically low rate, similiar to what happened in Japan and Germany after World War II. Those economies were shattered, so you could buy their currency at very low prices.

Investors who took advantage of that opportunity realized tremendous profits as those economies recovered and expanded. Now you have a similar opportunity with the birth of the new Iraqi Democracy and the potential growth as money and investments pour into Iraq from around the world.

Kuwait example

Prior to Saddam Hussein invading Kuwait: 1 million Kuwaiti Dinar = US $2,790,000. After the Kuwaiti invasion by Iraq: 1 million Kuwaiti Dinar = US $ 100,000. Today: 1 million Kuwaiti Dinar = US $3,423,900. That's a 34-fold increase

Investors Belife

Prior to the Gulf War, 1 million Iraqi Dinar = US $3,200,000. Now you can buy 1 million Iraqi Dinar for $1000. If the Iraqi Dinar appreciates to just one penny, then 1 million Iraqi Dinar = US $10,000. You profit US $9,000. If the Iraqi Dinar appreciates to the pre-Gulf War rates, then 1 million Iraqi Dinar = US $3,200,000. You profit US $3,199,000.

24 February 2008

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U.S. says it spent $260 million on Najaf

U.S. says it spent $260 million on Najaf
By Saadoun al-Jaberi
19 February 2008 (Azzaman)
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The United States has spent $260 million on reconstructing the religious city of Najaf during the past four years, its Iraq ambassador said.

The ambassador Ryan Crocker made the remarks in a rare visit to the city during which he met with the provincial officials including Governor.

The ambassador said he was “pleased with the development in Najaf. We have found many great achievements. There is prosperity and stability.”

It is the first visit to Najaf by a U.S. ambassador in Iraq. The visit was made in response to an invitation by the provincial council.

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MP urges support for agricultural, industrial sectors

Amman, 18 February 2008 (Voices of Iraq)

A parliamentarian from the Sunni National Dialogue Front (NDF) called for supporting the Iraqi agricultural and industrial sectors in a way that enables the country to achieve self-sufficiency and reduce its imports to a minimum.

"The amount allocated from the 2008 budget for importing foodstuffs is relatively large compared to that allocated for supporting local agriculture and industry…," MP Sheikh al-Jarba told Aswat al-Iraq, Voices of Iraq, (VOI), by phone from the Jordanian capital Amman.

The parliamentarian highlighted the competition between local agricultural products and imported goods, which he said has resulted in a decline in the agricultural sector and the loss of a vital element in Iraq's economy.

He called on the government to help farmers by arranging personal loans for them and support manufacturers by encouraging food processing industries.

The National Dialogue Front, led by Saleh al-Motlaq, holds 28 seats in the 275-member parliament.

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Trade Bank of Iraq's record start to 2008

The Trade Bank of Iraq (TBI) saw a record start to 2008 in terms of Letters of Credit (L/Cs) issued by private banks.
21 February 2008 (AME Info FZ LLC)

In January, 88 of the 126 public sector L/Cs received by TBI (69.8%) were channeled to private sector banks in Iraq.The figure for 2007 was 28.25% and for 2006 only 7.4%. TBI expects a continuation of this strong support for the private sector in 2008.TBI's increasing business sharing with private banks is yet another reflection of the efforts TBI is making to assist the overall development of Iraq's banking sector.'We are very proud of the number of L/Cs we have been channeling through private sector banks and this number is set to grow in 2008, both in absolute terms and as a proportion of L/Cs issued.The L/Cs were used by private sector banks to, among other things, cover the imports of Iraqi Ministries and Government Departments. In 2007 we also extended credit facilities to some private sector banks in Iraq; such facilities constituting about 26.8% of our total cash credit facilities,' commented the Trade Bank's chairman, Hussein Al Uzri.In 2006, TBI and the private sector banks agreed on the procedure to be adopted in their public sector L/C business sharing. TBI's criteria for choosing a bank depends on its balance sheet, correspondent network, membership of the SWIFT network and the capacity of its staff and their experience in issuing L/Cs.

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Bill Gates hears about KRG’s

Bill Gates hears about KRG’s ICT plans at Government Leaders Forum
Abu Dhabi, 11 February 2008 (KRG)

The Kurdistan Regional Government (KRG) made its debut at the prestigious Government Leaders Forum in Abu Dhabi in late January, joining prominent figures from politics, business, education and the NGO sector to exchange experiences and perspectives and discuss issues common to the Middle East and North Africa region.During the forum, the KRG’s Director General of IT, Botan Mahmoud Osman, discussed the KRG’s e-Government and ICT initiatives with Bill Gates, the chairman of Microsoft. They also discussed the establishment of a Microsoft Iraq Office in the Kurdistan Region and the possibility of aid from the Gates Foundation to Kurdistan. Assurances were given for Microsoft’s support for the KRG’s Department of IT in achieving its goals.Mr Osman said: “It was an important and fruitful mission, KRG’s representation at such an event is a significant step towards the development of our region. It was an honour to meet Bill Gates and share our ideas to enhance ICT in Iraq as a whole and the Kurdistan Region in particular.”This was the first time that a regional government had been invited to the event. During his keynote speech, the Microsoft chairman highlighted the transformative power of education and the critical role played by public-private partnerships and information and communication technology (ICT) to create a strong, vibrant economy across the region."Technology has touched millions of lives and played a significant role in fostering economic development across the (Middle East) region," Mr Gates said. "Microsoft's goal is to work in close partnership with governments and partner organisations to help them use technology to accelerate social and economic development."The forum was hosted under the patronage of Sheikh Mohammed bin Rashid Al Maktoum, Prime Minister of the United Arab Emirates, and was attended by Sheikha Lubna Al Qasimi, Minister of Economy of the UAE.Regarding KRG’s ICT development Mr Osman said: “The Department of IT pledges to bring together experiences from around the globe and apply them to the Kurdistan Region, and through this create the right policies and environment for ICT development, which will focus on delivering the best services for our citizens”

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USAID team meet in Thi Qar

Thi-Qar, 21 February 2008 (Voices of Iraq)

The businessmen's union in Thi Qar held its first economic development conference to support private sector institutions in southern Iraqi provinces under the supervision of the USAID and in coordination with the local chamber of commerce."An agreement has been made with the United States Agency for International Development (USAID) to establish a development center with the aim of supporting small projects in the southern area," the union's head, Ahmad Bonyan, told Aswat al-Iraq, Voices of Iraq, (VOI)."The conference's objective is to coordinate efforts with international organizations and raise businessmen's capabilities through coordination with the businessmen's union," Bonyan explained.As part of coordination, a large number of businessmen have been sent to attend training courses in Arbil province, he added.Meanwhile, Sean Osner from the USAID said that the center will boost the private sector in the province of Thi Qar."The tourism and agricultural sectors are part of our plan, given their importance to the province," Osner added.Nassiriya, the capital city of Thi Qar province, lies 380 km south of the Iraqi capital Baghdad.

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Drop in the demand for the dollar

Baghdad, 21 February 2008 (Voices of Iraq)

Demand for the dollar dipped sharply in the Iraqi Central Bank's auction on Wednesday, registering at $27.940 million compared to $127.325 million on Tuesday."The demand hit $1.870 million in cash and $26.70 million in money transfers outside the country, all covered by the bank at an exchange rate of 1,210 Iraqi dinars per dollar, unchanged for the eleventh session in a row," according to the central bank's daily bulletin which was received by Aswat al-Iraq- Voices of Iraq- (VOI).The nine banks that participated in the auction offered to sell $1 million, which the bank bought at an exchange rate of 1,208 Iraqi dinars per dollar.Speaking to VOI, Ali al-Yasseri, a trader, said that cash bids and remittances significantly dropped during the session as traders lost hope that the exchange rate will decline.The Iraqi Central Bank runs a daily auction from Sunday to Thursday.

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ISX opens with 5-million-share contract

Baghdad, 22 February 2008 (Voices of Iraq)

The Iraqi Stock Exchange (ISX) opened its session on Thursday with a 5-million-share contract at a value of 1,350 Iraqi dinar (1 U.S. dollar =1,223 Iraqi dinars) per share.The contract was concluded by a foreign company, which bought the shares from companies working under the al-Ahli Bank.Also during the session, an Iraqi 600,000-share contract was concluded at a value of 1,400 dinars per share.The Iraqi Stock Exchange holds three sessions a week: Sunday, Tuesday and Thursday.

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ISX closes with 711,817-share contract

Baghdad, 22 February 2008 (Voices of Iraq

The Iraqi Stock Exchange (ISX) closed its session on Thursday, the last this week, with a 711,817-share contract at a value of 1,950 Iraqi dinar (1 U.S. dollar =1,223 Iraqi dinars) per share.

The contract was concluded by an Iraqi company, which bought the shares from companies working under the Iraqi al-Mamoura company.Today's session opened with a foreign 5-million-share contract at a value of 1,350 Iraqi dinar per share.Also during the session, an Iraqi 600,000-share contract was concluded at a value of 1,400 dinars per share.The Iraqi Stock Exchange holds three sessions a week: Sunday, Tuesday and Thursday.

20 February 2008

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4,100 projects financed under Basra loan program

Basra, 20 February 2008 (Voices of Iraq)
Basra municipal council has agreed to finance 4,100 economic projects under its provincial loan program of $25 million, an informed source said on Tuesday.

"The projects will receive the loans under the soft loan program that includes agricultural, industrial, and trade activities," a member of the council's economic development committee, Kareema Hassan Hussein, told Aswat al-Iraq, Voices of Iraq, (VOI).

Basra province has allocated $25 million for the establishment of 5,000 projects, Kareema explained, adding that most of those who will benefit from the loans are unemployed holders of bachelor's degrees.
The deadline for the loan application is February 22, 2008, she added.

The Shiite province of Basra lies 590 km south of the Iraqi capital Baghdad.

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Iraq, China sign deal

Baghdad, 20 February 2008 (Al-Sabaah)

Ministry of Communication signed a contract with Chinese ZTE Company to establish communication a wireless network in Baghdad and Najf.

Undersecretary Mohammad Selman Al Hamdany informed Al-Sabah that a contract has been signed with the Chinese company ZTE to establish communication wireless network with capacity of 100 thousand numbers in Baghdad and 500 thousand in Najaf, adding that telephone contains sound and information service, referring that it will be in two forms, fixed and carried.

The Ministry had contracted with Two Companies; High Connection and Al-Saraj to establish network wirlies in Anbar province.

On the other hand, ex-minister of communication Mohammad Alawi said that those companies are well-known in the field communication and have a high capacity of service in connection and wireless internet so that it could work anywhere by using card

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Presidency council approves Japanese loan agreement

Baghdad, 19 February 2008 (Voices of Iraq)

The Iraqi presidency council approved a Japanese loan agreement of $490 million to finance two water development projects in Basra and rehabilitate the power grid in Iraq's Kurdistan region, a presidential statement said.

"On Sunday, the presidency council approved a Japanese loan agreement presented to Iraq in the form of letters and a report, and signed on July 31, 2007 between the Iraqi minister of finance and the Japanese ambassador in Baghdad," read the statement that was received by Aswat al-Iraq, Voices of Iraq, (VOI).

"The agreement is concerned with a 57.716 billion yen loan given to the Iraqi government to finance water development projects in Basra and reconstruct the electricity sector in the Kurdistan region," the statement explained.

The agreement, which had been discussed and approved by the Iraqi parliament, was signed by Iraqi President Jalal al-Talabani and his deputies Tareq al-Hashemi and Adel Abdul Mahdi, the statement added.

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Baghdad - Work for Work

Baghdad, 17 February 2008 (Voices of Iraq)

Under the slogan “Baghdad – Work for Work,” the Iraqi-American Chamber of Commerce and Industry (IACCI) is sponsoring a conference and fair to review the rebuilding process of Iraq.

IACCI's new activity, started on February 15, 2008, at Al-Rasheed Hotel in Baghdad (International Zone), aims at providing a business environment, for Iraqi and international companies, suitable for negotiations and deals.

On May 2003, IACCI was formed in Los Angeles (LA), California, U.S., as a non-profit organization keen to develop Iraqi businessmen, and to provide job opportunities in Iraq on the way to establish an open-market system in that country. The IACCI currently has 10735 members, 3 offices in Iraq (Baghdad, Arbil, and Sulaimaniya), and 2 offices out of Iraq (Amman – Jordan, and San Diego (California) – U.S.)

Executive manager of IACCI, Raad Omar, said to Aswat al-Iraq – Voices of Iraq – (VOI) "Baghdad is the capital of Iraq, and it plays a great role in the stability of this country," explaining "The first fair that the IACCI held in Iraq was in Arbil (capital city of Iraqi Kurdistan region) in 2005, and then in Sulaimaniya (Kurdistan) in 2006 and 2007." He added, "In 2007, 600 companies from Baghdad and Kurdistan attended that fair, and many of them were able to sign contracts."

Regarding the aims of the 2008 IACCI fair, Omar told VOI "Through this fair, we are trying to provide a suitable environment for Iraqi and foreign companies to meet in Baghdad," explaining "190 out of the 250 companies that participate in the 2008 IACCI fair are Iraqi companies," adding "Different Iraqi Ministries will submit 66 road-maps to this fair, which is the first of IACCI in Baghdad, but not the last, as I hope."

It wasn't easy for IACCI to hold its 2008 fair and conference in Baghdad, but "The Iraqi government helped us, and we hope that this fair will contribute to the economic progress in Iraq," Omar asserted to VOI. He clarified "New contracts mean employing more people, minimizing the unemployment effects on Iraqi society, and helping to accelerate security stability in Iraq," referring "Foreign companies came here to Baghdad for one reason, to sign contracts with Iraqi companies and end-users."

Concerning future plans of IACCI, Omar said to VOI "This fair is the first step of IACCI in the Iraqi capital – Baghdad, and we have plans to rehabilitate some buildings within Baghdad International Airport to have a showroom side by side with a hotel there, so that size of subsequent fairs of IACCI in Baghdad would be larger, a matter that allows a greater participation for Iraqi companies."

From his side, Majid Foad, deputy head of the IACCI, told VOI "This fair and conference (Baghdad – Work for Work) is considered the first in Baghdad. The conference aims to introduce companies to each other, reinforce ties between Iraqi and foreign companies via investment contracts, and rehabilitate the infrastructure of Baghdad that requires a lot of work," adding "Security stability in Baghdad encouraged us to proceed with this big project."

Merriam Al-Rayess, counselor to Iraqi Premier Nouri Al-Maliki, attended the opening of the 2008 IACCI fair in Baghdad. "Definitely, it is a fabulous step, because since 2003, all fairs have been held outside of Baghdad," Al-Rayess told VOI, referring "Many Iraqi official figures were surprised to see all these products in this fair, and to have all this demand on the Iraqi products," hoping that "next fairs would be on the heels of the Baghdad International Fair, because there a greater Iraqi audience will be attracted."

Director General of Ibn Sina state-owned company, Dr. Moayed Gassid, said to VOI "We came to the 2008 IACCI fair with hopes to have strategic partnerships with the companies participating in this fair," adding "In addition to developing some of the products that Ibn Sina Company currently produces."

Head of the Iraqi Organization for Solving Disputes, Ahmed Shiaa Al-Baraq, assessed the 2008 IACCI fair and conference, saying to VOI "This fair is crucial for Iraq within this domain," explaining "Since the Iraqi government and parliament have devoted year 2008 to the rebuilding process in Iraq, the presence of Iraqi and international companies in Baghdad is an impulse to initiate this mission. Having this conference itself in Baghdad reinforces the stability of security in this city."

Representative of Businessmen’s Center at Baghdad International Airport, Ali Ahmed, said to VOI in an optimistic tone, "We hope that all coming fairs would be held in Baghdad, and to be magnets that attract businessmen, from any place in the world, in order to enhance the economy of Iraq and respond to the compelling demands of average Iraqis."

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Former Iraqi president meets Kuwaiti ambassador in Jordan

Amman, 20 February 2008 (Kuwait News Agency (KUNA)
Former Iraqi President Ghazi Al-Yawar paid a visit to Kuwait's Ambassador to Jordan Sheikh Faisal Al-Humoud Al-Malek Al-Sabah.

Sheikh Faisal received Al-Yawar at the Kuwaiti embassy where he listened to a detailed review of developments in Iraq.

The Kuwaiti ambassador confirmed Kuwait's commitment to Iraq's stability, security, and unity and noted that Kuwait and Iraq share deep-rooted relations on all levels.

Sheikh Faisal said he regrets the vicious circle of violence which continues in the neighboring country, but noted that the security plans carried out by the Iraqi government dramatically curbed terrorism and violence.

On his part, Al-Yawar expressed his gratitude for Kuwait's stance towards the developments in Iraq, and specifically for humanitarian aid offered by Kuwait to the Iraqi people.

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BP and Shell Among 70 Oil Giants Interested in Iraq

By Peter MacMahon

20 February 2008 (The Scotsman)
More than 70 firms have registered to compete for tenders to help develop Iraq's oil reserves -- seen as vital to providing the funds to rebuild the shattered country -- the country's oil ministry disclosed yesterday.

The war-ravaged country currently produces only a fraction of its vast reserves, the third-largest in the world and among the cheapest to produce.

International oil firms have been positioning for years to gain access to what is now one of the most under-developed and easily accessible oilfields in the world.

Big oil companies such as Royal Dutch Shell, Total, Repsol YPF, ConocoPhillips, BP, and Norway's StatoilHydro are among firms that have said they have registered or intended to do so.

Asim Jihad, the spokesman for Iraq's oil ministry, said yesterday: "We are going to carefully study and check the documentation. Next month we will declare the companies which are permitted to work in the Iraqi oilfields."

Iraq produces about 2.3 million barrels of oil a day, dwarfed by its 115 billion barrels of proven crude oil reserves. Only Saudi Arabia and Iran have larger reserves.

One oil official said last year that Iraq's oil sector could need as much as dollars 75 billion in investment.

Iraq has not said what fields it will tender, or on what terms, but the service and extraction contracts on offer are seen as a stop gap until a crucial oil law is passed.

Violence and political wrangling over the law, which will decide how to share the country's oil wealth among its different regions, has stifled foreign input in the oil sector.

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Australia contemplates pulling out of Iraq

Sydney, 20 February 2008 (Gulf News)
Australia’s top military personnel believes the time to withdraw forces from Iraq has arrived.
Citing that responsibility has been turned over to Iraqi forces, Air Chief Marshal Angus Houston said their objectives had been achieved. “It's time to leave," he added.

Currently 550 troops and another 1,000 personnel are stationed in Iraq, particularly in the southern provinces of Al-Muthanna and Dhi Qar.

Prime Minister Kevin Rudd is confident that most troops will return by mid-2008.

However, some forces will remain, including the air bases outside Iraq, a warship guarding offshore oil terminals and the Baghdad security team.

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No permanent American bases, says Iraq minister

No permanent American bases, says Iraq minister
By Jumana Al Tamimi
Dubai, 20 February 2008 (Gulf News)
Iraq will seek to reach a long-term political agreement that defines its relationship with the US, but will not approve a long-term military agreement that would include permanent American bases in Iraq, an Iraqi minister has said.

Sharwan Al Waely, Iraqi State Minister for National Security Affairs, also hoped the next round of Iranian-US talks over Iraq, which was scheduled this week, would be held as early as possible after it was postponed for "technical reasons."

"Iraq doesn't want, nor seek, to establish [American] bases inside Iraq," said Al Waely in an exclusive interview with Gulf News during his visit to Dubai to participate in a conference on Iraq's defence and security.

"Iraq is not in favour of a long-term military accord with the US, but with a long-term political accord that would consolidate both countries' interests....This agreement will be subjected to principles that don't include the presence of US troops in Iraq," said the minister.

Future relations

Both Iraq and the US are scheduled to meet in the coming weeks to discuss their future relations. The Bush administration and Nouri Al Maliki's government agreed last November on a set of "principles for friendship and cooperation" that created a foundation for a more formal agreement, which would normalise relations between the two countries.

However, the form of the future Iraqi-US relations is unclear, noted analysts. And the picture has became even more vague with the presidential elections in the US, as some believe the Republicans winning would mean agreement with Iraq on a long-term military presence similar to post-war agreements reached with many other countries, including Japan and Germany. While the victory of the Democrats would not necessary mean the same result, they added.

US administration officials have denied on several occasions the intention to establish permanent bases in Iraq. Some analysts were quoting as saying it would not be in the interest of the US to look like an occupier, as many Arab and Muslim nations view it. But, at the same time, US reports and analysis said plans were already drawn for future bases in Iraq - the US is building a giant mission in Iraq, the biggest in the world.

"In the case of Iraq, it is hard to determine how many forces should stay there because, unlike most other nations with SOFAs (Status of Forces agreements), Iraq is still far from stable," said a recent report by the Christian Science Monitor.

According to Waely, Iraq started crawling towards a state of stable security after the formation of political stability.

He strongly believes that by using the latest technology in monitoring Iraq's borders, Iraq will be able to stop the daily cycle of violence in the country.

"Should our borders be monitored by the [latest] security technology, which checks each vehicle, human and material ..... there will be a noticeable decrease in these [terrorist] attacks," said Waely.

"The US has a big military power on the Iraqi territories... but they can't install [monitoring] equipment on all entrances and exists to Iraq," commented the Iraqi minister, a Shiite, who also enjoys good relations with the Shiite leaderships in Iraq.

The US military announced last week that insurgent attacks in Iraq have dropped more than 60 per cent since a joint US-Iraq crackdown on insurgents began a year ago.

It is widely believed in Iraq that a big segment of the daily deadly attacks are carried out by either people who crossed Iraq's porous borders to fight the American and Iraqi troops, or by groups who are getting support from outside. The US and many parties are accusing Iran of supporting some groups in Iraq and fuelling the attacks, mainly against the Americans.

Meanwhile, the Iraqi minister said the postponement of the fourth round of the US-Iranian talks was because of "technical reasons and regional developments", without elaborating.

"We hope the meeting will take place as soon as possible and it will tackle the nitty-gritty of the core issues because until now the crucial issues and details have not been dealt with" which are related to Iraq.

Also, Iran's president, Mahmoud Ahmadinejad will visit Iraq in March in the first official visit to the country by an Iranian leader since Iran's revolution in 1979.

"This is an important visit," said Waely.

Responding to questions on the controversy over the Iraqi government relations with Iran, the Iraqi minister for National Security Affairs, said: "Iraq seeks good relations with all its neighbours. Iran was the first to bless the Iraqi project [after the overthrown of Saddam's regime].It may be was smarter that the rest," he said.

"There is an Arab vacuum in Iraq now, and we blame our Arab brothers. The Arab presence is very importance.... and we don't want to create fake enemies like the former regime", he said.

Should our borders be monitored by the [latest] security technology, which checks each vehicle, human and material ..... there will be a noticeable decrease in these [terrorist] attacks."

Iraq is not in favour of a long-term military accord with the US, but with a long-term political accord that would consolidate both countries' interests .... This agreement will be subjected to principles that don't include the presence of US troops in Iraq."

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Iraq Ministry of Industry & Minerals Commercial Investment Summit

Iraq Ministry of Industry & Minerals Commercial Investment Summit
Investing in Iraq’s Industrial Sectors – ‘Public & Mixed’
19-20 April 2008, Dubai

Iraqi Minister of Industry & Minerals HE Fawzi Hariri has announced the forthcoming 'Investing in Iraq’s Industrial Sectors - Public & Mixed' Commercial Investment Summit, to be held in Dubai on 19-20 April 2008.

The summit comes following the decision by Minister Hariri to open up Iraq's state owned industries to the global market. This will allow international companies the opportunity to be joint venture partners, as Iraq begins its journey from centrally planned economy to regional economic powerhouse.

Such partnerships and production sharing agreements will play a leading role in Iraq's industrial rehabilitation. Over 40 of the country's most productive and lucrative state owned enterprises are now looking to enter into such agreements, having been given the go-ahead by the Ministry.

Therefore, a senior delegation of Iraqi officials will be travelling to Dubai to sign agreements with operators and investors for these opportunities. The delegation will be led by the Minister and will feature the six leading director generals from the Ministry along with government legal advisors. The officials are responsible for Iraq's six primary industrial sectors, these being petrochemicals, food and pharmaceuticals, construction, engineering, industrial services and textiles.

A comprehensive Ministry strategy has been adopted with the following objectives in mind:
To change the role of the Ministry from a holding company for SOEs to a development agency for the stimulation of the industrial sector and a regulatory agency for the private sector
To increase the industrial output of Iraq's SOEs and private sector companies and subsequently increase the country's Gross Domestic Product (GDP)
To establish a comprehensive system for the recovery of minerals, further increasing their contribution to GDP
To introduce new technologies and modern systems with a central aim of promoting entrepreneurialism, innovation and business creation

Participation is strongly recommended for all international operators, the summit providing one of the first opportunities to participate in the development of Iraq’s largest non-oil sectors and sign letters of intent with the director generals individually responsible for over 40 of Iraq’s leading state owned enterprises. For a full list of Iraq's state owned enterprises please visit the Ministry website: www.industry.gov.iq

The summit will follow a meetings-based format, where delegates can meet face-to-face with the attending SOE director generals and other key Iraqi officials, carrying out assessments of the respective SOEs. The summit is the only business forum that provides this unique opportunity under the Ministry of Industry & Minerals.

To find out more about opportunities for attendance please email info@developmentprogram.org or visit: www.iraqdevelopmentprogram.org

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OPEC Hints At Output Cut If Supply Rise Continues

(www.iraqupdates.com)
The Organization of Petroleum Exporting Countries said Friday weakening world economic growth and demand prospects and ongoing increases in U.S. and European crude and gasoline inventories could soon force the producer group to pare back its own production to avert a drop in crude prices.
"These unfolding developments in the world economy and the oil market warrant close monitoring in the months ahead to ensure a timely response to changing conditions," OPEC said.
The group, in its February oil market report, said current production from all 13 OPEC nations currently stood at about 32 million barrels a day. This level should result in rising global oil inventories in coming quarters.
Such stock increases were already apparent in the U.S., where commercial oil and gasoline stocks are now back above the five-year average following a steady draw down in December, OPEC said.
The group, whose output meets about four out of every 10 barrels consumed globally every day, shaved its forecast for 2008 global oil demand growth by 100,000 barrels a day to 1.2 million barrels a day, representing a rise of 1.4% from 2007. Total crude consumption globally this year is expected at 87 million barrels a day. OPEC is scheduled to meet March 5 in Vienna to review its production policy. Analysts say the group will find it tough, politically, to reduce output, even amid weakening demand and rising oil inventories, if oil prices remain above a lofty, $90 a barrel level because of global economic uncertainty.Crude traded Friday down around 40 cents at $95.15 a a barrel at 1200 GMT as dealers cashed in recent gains.OPEC left production unchanged when it met earlier February, saying global oil supplies were healthy and high prices were related to geopolitical issues, not oil market conditions.
OPEC is decidedly less optimistic on oil demand than other forecasters, including the International Energy Agency. The Paris-based IEA revised down its 2008 global oil demand forecast Wednesday but still sees crude consumption rising this year by 1.9%, a half-percentage point above OPEC's forecast.
Added to its bearish outlook, OPEC said demand for its crude was expected to be even less in 2008 relative to its forecast in January following a revision to 2007 data.The group said daily consumption of OPEC oil this year was now forecast to be 375,000 barrels less than in 2007, compared with an expectation for a drop of 307,000 barrels a day in its January report. Total demand for OPEC oil is expected to average 31.53 million barrels a day in 2008.OPEC production minus Iraq, the only OPEC member that isn't part of the group's quota system, was 29.79 million in January, up 136,000 barrels a day from December. Including Iraq, OPEC output last month averaged 31.99 million, unchanged from December.Saudi Arabia, OPEC's de facto leader due to holding most spare production capacity, pumped 9.08 million barrels a day in January, up 100,000 barrels a day from December and 140,000 barrels a day above the kingdom's output allocation under OPEC's quota system, according to OPEC data.

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Iraqi economy data in World Bank bulletin

Baghdad, 05 February 2008 (Voices of Iraq)
For the first time in 30 years Iraqi economy statistics and data will be published in a periodic bulletin released by the World Bank, an Iraqi central bank statement said on Tuesday.
Statistics on Iraqi economy will be published in a periodic bulletin issued by the International Monetary Fund (IMF) as of early March 2008, according to the statement that was received by Aswat al-Iraq,Voices of Iraq, (VOI)."For the first time since 1977 Iraq has reached an advanced level of progress with regards to the proliferation of macroeconomics information, after it had blocked the international community's access to useful data for over 30 years," read the statement."The publication of these data opens the door to a new era of integration into the international community and ranks Iraq high on international development assessment and transparency…," it added.
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