Baghdad (newsletter). Economist Hazem Al-Nuaimi attributed the reasons for the Central Bank to retain large amounts of gold to avoid the Iraqi economy from the seriousness of the economic crisis that hit some countries in the world, as a safe haven for the national currency.

70 thousand degrees and careers through 2014

13/07/2013 12:00 AM

Baghdad, Omar Abdel-Latif Farah pumice
estimated the Finance Committee in the House of Representatives the number of grades that will be allocated within the budget of the year 2014 by 70 thousand degrees after the addition of 30 thousand degrees to her, according to parliamentary sources for "Center Brief for the Iraqi Media Network."

said committee member Hassan Auzmn Bayati: "The budget next year will be the priority in which to install contracts, while there will be degrees of functional as important needs."

It is said that Prime Minister Nuri al-Maliki face the need commitment Minister Mark install working as a contract in ministries and state institutions to the staffing of State Permanent and give them priority appointment.

and follow-Bayati said in a statement singled out (Center Brief for the Iraqi Media Network): "The total revenue budget next year would be 143.31 trillion dinars, while the total expenditures will be 157.712 trillion dinars, in what would be the amount of the deficit 14.681 trillion dinars

The deficit ratio of GDP Local is estimated at 4.9 percent, while the price of crude oil exported will be calculated at $ 90, what would be the production quantities of crude oil exported 3.5 million barrels,
while the exchange rate of the dinar against the dollar was calculated at 1.16.

in the meantime, the Committee expected to start the work of the Council of Public Service Federal next year.

Committee member MP Faleh Al Sari Djiashi confirmed for "Center Brief for the Iraqi Media Network": that "in the event of voting on a board this year, will start (the Board) the distribution of grades among applicants fairly."

It is said that the names of a Public Service Council came to the Parliament by the government recently.

The Council aims to regulate the affairs of public office and freed from politicization and vandalism, and build a state of institutions and the formation of Foundation mission is the development of work in government departments, and the development of rules and principles of sound and secure justice and impartiality, and to ensure that standards of competence in the appointment and re-appointment promotion and application of Article 107 of the Constitution.

By John Lee.
The Basra Oil and Gas International Free Zone (BIOGH) and its development managers EPGI have issued its first construction license to Basra Mas Company in relation to an initial 10 year construction programme.
Works commenced on site on the 9th July with handover to Basra Mas who this week began work on 230,000m2 of site clearance with options for another two sections of the same size to be further instructed.
Established in 2005 by local Iraqi businessman Ali Krabit, Basra Mas Company has built a strong reputation in Iraq particularly in the Khor Al Zubair region. It has built up core expertise in contracting and construction with a dedicated and experienced local Iraqi team, and is involved with the import and export of materials and plant to facilitate and deliver projects on time and at world-class quality. The company also continues to develop its engineering and consulting expertise through structured and active collaboration with the Consulting Engineering Bureau of Basra University.
Tim Hawkins, the Head of Production & Planning for EPGI stated:
We are making tremendous progress at BIOGH. The site establishment camp has been delivered and there is now plant on site to undertake the site clearance of the customs zone area in preparation for our new tenants.
“Perimeter walls and specific tenant buildings and facilities will in time follow site clearance works as they are coalesced in the next few months. Tenant interest continues to be strong and we are ramping up our production teams to align with tenant demand.
(Source: BIOGH)


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By John Lee.
The Baghdad Investment Commission (BIC) has inaugurated a new $35-million shopping mall in the Mansoor [Mansur] district.
The mall, the largest of its kind in Iraq, has four floors housing some of the world’s most famous commercial brands.
According to a report from Azzaman, it was the largest construction project undertaken by the commission, and one of the biggest private sector investment schemes in the capital.
(Source: Azzaman)


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By John Lee.
American Science and Engineering, Inc. (AS&E) has announced a $3.5-million order for its cargo inspection systems from Restrata, an Olive Group company, of a major housing project in Baghdad.
Restrata is acting as the security partner for the giant Bismaya development, 10 kilometers south of Baghdad. AS&E’s cargo X-ray inspection systems will be used to help ensure the security of the critical infrastructure project to build 100,000 housing units that will accommodate a half million Iraqi citizens.
Chuck Dougherty, AS&E’s President and CEO, said:
We are proud that AS&E was selected to support this important project and participate in the economic development in the region … Providing comprehensive screening for all vehicles and cargo entering the city, AS&E’s inspection solutions will reduce the level of vulnerability at this massive site and safeguard personnel, citizens, and the critical assets of the new development project in Bismaya.
(Source: AS&E)


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By John Lee.
Iraq has offered three discovered oilfields to India “on a nomination basis” and agreed to renegotiate a contract pending since 2000, reports Telegraph India.
Oil Minister M Veerappa Moily told reporters that Iraq offered to give state-owned Indian firms the Kifil, West Kifil and Merjan oilfields in the Middle Furat region in central Iraq.
The fields, south of Al-Razaza Lake, have estimated reserves of 600 million barrels of oil.
He said the “fields are discovered and work can start immediately”.
This is the first time in the recent history that Iraq has offered fields on a nomination basis — previously it had asked Indian firms to participate in competitive bidding.
Also, Iraq has agreed to renegotiate and conclude the contract for Block 8 with ONGC Videsh Ltd (OVL), the overseas arm of Oil and Natural Gas Corporation. The block, located in the western desert in southern Iraq bordering Saudi Arabia and Kuwait, was awarded to OVL in November 2000 by the then Saddam Hussein government. It is estimated to hold 645 million barrels of in-place reserves, of which 54 million are recoverable.
Moily said Iraq also agreed to consider investment in the upcoming 15-million-tonne refinery of Indian Oil Corporation (IOC) at Paradip in Odisha.
The Opec producer further committed itself to meeting the long-term requirement of crude oil of India and was willing to consider favourable commercial terms, including extending the interest free credit period from 30 to 60 days.
Iraq supplied 24.04 million tonnes of crude oil to India in 2012-13.
(Source: Telegraph India)


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By John Lee.
Prime Minister Nouri al-Maliki has announced that scheduled non-stop flights between Baghdad and Moscow will resume in August.
Azzaman reports that the agreement comes amid reports that Iraq is keen to expand its traditional ties with Russia, which was the country’s main supplier of arms, adding that an arms deal, which was shelved on suspicion of corruption, is to be revived.
Direct air links, according to Maliki, were necessary to facilitate movement of entrepreneurs, industrialists and businessmen between the countries.
Russia’s oil majors are involved in oil development contracts in Iraq worth billions of dollars.
(Source: Azzaman)


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07/13/2013 14:58
World Bank: Iraq moves to the category "High" for middle-income countries

The latest report issued by the World Bank shows that Iraq’s economic data transferred to the upper middle-income countries

Baghdad / Mesalla:

the World Bank said in its latest report this week that Iraq moved to the upper middle-income countries according to the latest classification based on estimates of per capita gross national income (GNI) in the previous year.

And adopt the World Bank classifications of income by per capita gross national income (GNI) as follows:Low-income countries: $ 1,035 or less.Middle-income countries: from $ 1,036 to $ 4,085.Upper-middle-income countries: $ 4,086 to $ 12.615.High-income countries: $ 12,616 or more.

According to the report, "a major revision to the data transmitted by Iraq to the upper-middle-income countries", achieving significant economic improvement compared to many countries in the world.

Changes in classifications

Categories tables include all members of the World Bank, as well as other countries with a population of more than 30,000 people.

And the change in the classification of 2013 President is the Russian Federation, who moved to the high-income countries.

And became Chile, Lithuania and Uruguay are also high-income countries for the first time (became Latvia from high-income countries in fiscal year 2011, and Antigua and Barbuda in fiscal year 2010), while falling Hungary to middle-income countries after remaining in a high-income countries since fiscal year 2009, while Iraq’s data showed a significant improvement in economic performance and the rate of per capita income.

The following table summarizes the changes in the rankings of countries by income from last year:

IraqLower middle-income countries to upper middle-income countries.Albania

Lower middle-income countries to upper middle-income countries.Antigua and Barbuda

Upper middle-income countries to high-income countries.Chile

Upper middle-income countries to high-income countries.Hungary

High-income countries to upper-middle-income countries.Lithuania

Upper middle-income countries to high-income countries.Mauritania

Low to lower-middle income countries.
Russian Federation

Upper middle-income countries to high-income countries.Meanwhile, according to a report published by "any mother any Info" on "the essence of Information Middle East business" is expected to "bring the Iraqi banking sector significant growth in assets and profits over the next decade as a result of many factors that come in the forefront of an environment huge economic and powerful, and the proliferation of credit, and the improved security situation in the state. "

The report issued by the company "Sansar Capital" (Sansar Capital) specializing in asset management in developing countries, "The International Monetary Fund expects total growth in gross domestic product in Iraq, a rate of 9% during the current year, 2013, is expected to keep the banking sector in particular on the level of steady growth over the next few years. "