Iraq News Highlights and Points to Ponder Monday AM 12-30-24
Iraq On The List Of Countries Most Attractive To Investments
Economic 12/30/2024 Within two years, thanks to government measures, Iraq achieved a foreign investment inflow of more than $62 billion, placing it on the list of countries most attractive to investments.
Experts believe that the security and political stability that the country is experiencing was an important factor in achieving this boom, pointing out that the growth in investments came as a result of the country avoiding economic recession and financial problems, while they stressed the need to invest in this attractive feature in selecting only giant and solid companies to work inside Iraq.
Economic consultant and researcher Imad Al-Muhammadawi considered this growth a “positive initiative” that places the country among the ranks of economically important countries and countries that attract investment after China, Singapore, Brazil and other important economic countries, and in the top ranks in the Arab world, calling for the need to diversify investments in the economic and service sectors, especially the housing sector. And energy.
Effective Step
Al-Muhammadawi added to Al-Sabah that “the recent openness that the country is witnessing at all levels was coupled with structural reforms carried out by the government, which represent an effective step in the right direction, contributing to the country entering a new phase of development and economic growth,” considering it “an opportunity to prove the return of Iraq’s role as an effective and influential player in the region due to its strategic location and the promising human and environmental potential it abounds in.”
Development Path
Al-Muhammadawi said: “Investments can prepare the country and prepare it to enter into the important strategic project known as the “Development Road,” which contains ambitious plans that serve the country’s interests, in addition to the fact that they constitute regional and global economic integration, especially after the gradual disappearance of tensions in the region.”
Prime Minister Mohammed Shia al-Sudani recently confirmed that comprehensive reforms were the reason for attracting foreign investments that were initiated and exceeded 62 billion dollars in two years in the oil, gas, housing, industry, agriculture and hotel sectors, and indicators from international organizations and institutions indicate an increase in the growth rate during this period.
Economic Sectors
For her part, Suhad Al-Shammari, who is interested in economic affairs, pointed out that “Iraq has recently sought to activate and revitalize the economic sectors and develop short-, medium- and long-term plans to enhance the role of investments in Iraq in all aspects.”
Riyadh Forum
Al-Shammari pointed out to Al-Sabah, “the directive to open the doors of investment in Iraq with important countries, which the Prime Minister began with a tour of Europe during his participation in the Munich Conference and his trip to the United States and the signing of important agreements that focused in their entirety on reviving the Iraqi private sector,
in addition to launching a dialogue that opens the door to lifting the sanctions on private banks that caused the exchange rate to rise in the local market of Iraq,” indicating that “Iraq opened the doors of economic cooperation leading to the Riyadh Forum, in which the government reviewed Iraq’s capabilities through its strategic location in the region and as an important political player in regional issues.”
Management And Planning
She pointed out that “the continuous tours of senior Iraqi officials, accompanied by economic plans that were developed according to the will, management and planning, aim to enhance Iraq’s financial revenues and diversify the economy, which for many years has been a rentier economy that relies solely on oil and is affected by the conditions of low and high prices,” noting that “the regional factors in the recent period have been unstable due to conflicts and wars, and Iraq has avoided them after adopting a realistic vision in attracting foreign investments to avoid factors of economic stagnation and financial problems.”
Multiple Sectors
It is noteworthy that the Chairman of the National Investment Commission, Haider Mohammed Makiya, explained that the investments were distributed among various sectors, and represented a great opportunity to improve Iraq’s global ranking as an attractive destination for investment. He also stressed that the entry of prestigious international companies of various nationalities reflects the attractiveness of the promising Iraqi market, especially in sectors such as renewable energy, oil and associated gas. https://alsabaah.iq/107905-.html
Iraqi Oil Stabilizes At High Level At The Beginning Of Year-End Trading
Economy | Baghdad Today - Follow-up At the beginning of the end of the year's trading, today, Monday (December 30, 2024), Iraqi oil recorded stability at an increase during the opening of trading for the week in global markets .
According to data reviewed by Baghdad Today, Basra Heavy crude recorded $70.19 per barrel, while the average recorded $73.29 per barrel, with a change rate of -0.16, respectively, for delivery in February 2025 .
The data also showed an increase in global crude prices, as British Brent crude recorded $74.30, while US West Texas Intermediate crude recorded $70.66 per barrel, with a change rate of +0.13 and +0.05, respectively . Source: "Baghdad Today" + websites LINK
Half A Trillion Dinars For Baghdad Projects
First 12/30/2024 Half a trillion dinars for Baghdad projects 51a076da-9e8e-4eb0-947a-0e2876bade6e
Baghdad Provincial Council has prepared a project plan at a cost of (500) billion dinars to be implemented during the coming year, while Baghdad Municipality has pledged a qualitative shift in services during
(2025). Member of the Baghdad Provincial Council, Muhammad Al-Shaalan, told Al-Sabah: “The governorate has prepared its plan for next year at a financial cost of about (500) billion dinars.”
He added, "The aforementioned plan includes projects in various sectors, including water, sewage, roads linking districts and sub-districts to the center, and infrastructure in outlying areas."
He noted that "the focus will be on deprived areas that have not been included in the service effort and have not been included in the plans," indicating that (50) percent of the budget for the year (2023) has been allocated to road and bridge projects and investment and strategic projects, in addition to the fact that the budget is distributed between the Baghdad Municipality and the governorate, and a small share of it goes to areas Parties. https://alsabaah.iq/107931-.html
500 Billion Dinars For Capital Projects By 2025
Iraq 12/30/2024 Baghdad Provincial Council has prepared a plan for projects worth 500 billion dinars to be implemented during the coming year. While the Capital Municipality pledged a qualitative shift in services during the first four months of 2025, the Parliamentary Services Committee revealed that the focus will be on infrastructure and completing ongoing and stalled projects.
Ali Al-Hamidawi, a member of the Parliamentary Services Committee, told Al-Sabah: Baghdad Governorate’s plan for next year will be limited to ongoing and stalled projects and infrastructure.
He pointed out that the most important of these projects are the entrances to Baghdad-Hillah and Abu Ghraib, as they are part of the government program, as well as sewage projects, most notably Al-Mahmoudiyah, whose implementation this year has witnessed a significant delay, in addition to the implementation of infrastructure, including paving, sidewalks, health centers, and water stations, especially in the areas of Kuweirish and Al-Hussainiya.
Al-Hamidawi pointed out the impossibility of launching new strategic projects due to the allocated financial allocations amounting to nearly 400 billion dinars.
He explained that the ongoing projects, which number about 500, need large financial allocations, noting that Parliament seeks to overcome the legislative obstacles facing the capital next year, in order to implement the projects in the best possible way.
For his part, Baghdad Provincial Council member Mohammed Al-Shaalan told Al-Sabah: The governorate has prepared its plan for next year at a financial cost of about 500 billion dinars.
He added that the aforementioned plan includes projects in various sectors, including water, sewage, roads linking districts and sub-districts to the centre, and infrastructure in outlying areas.
He noted that the focus will be on deprived areas that have not been included in the service effort and are not included in the plans, indicating that 50 percent of the 2023 budget has been allocated to road and bridge projects and investment and strategic projects, in addition to the fact that the budget is distributed between the Baghdad Municipality and the governorate, and a small share of it goes to the outskirts.
In turn, the Director of the Projects Department in the Baghdad Municipality, Engineer Yaqzan Al-Waili, told Al-Sabah: The municipality has begun implementing 84 diverse service projects, the most prominent of which is developing all traffic intersections and decorating the streets with lighting and green areas, in addition to covering the sidewalks with Muqarnas.
He added that the first four months of next year will witness a qualitative shift in terms of services, after the completion of infrastructure works and cladding projects, noting that three municipal departments, namely Al-Kadhimiya, Al-Adhamiya and Al-Karkh Center, are close to completing the cladding works within their sector by 100 percent.
Al-Waili explained that the works currently being implemented in various areas of the capital include renewing water, sewage and rainwater networks, in addition to replacing side molds and paving streets with muqarnas, in addition to paving and covering streets and main roads, explaining that these projects aim to improve the service reality of the capital in conjunction with its selection as the Arab Tourism Capital for the year 2025. https://alsabaah.iq/107912-.html